Schroders senior Japanese equities fund manager Denis Clough is taking leave of absence from May until April 2005.
Clough, a Schroders veteran, will relinquish management of the £550m Toyko fund and £90m Japan growth investment trust on a permanent basis.
It is unclear whether he will run money when he returns. Schroders says it will be subject to negotiation with Clough next year.
Head of Japanese equities Andrew Rose – Clough's choice as his replacement – will take over managing the Toyko fund from April but Schroders is still in negotiation with the investment trust's board about a replacement manager.
Clough, who has managed the Toyko fund since 1985, is understood to be taking time out to pursue his interests after spending more than 20 years managing money. He says: “I have been considering this move for some time after a long period as a fund manager and I am pleased that Schroders have given me the opportunity to take this leave of absence.”
Best Invest fund analyst Steve Marriott says: “We rate him very highly. Leaves of absence often turn into something more and our guess is that he will not be coming back.”