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Friday, March 22, 2013

Schroders Expands in the U.K.

News summary by MFWire's editors

So what do you call it when a global asset manager invades its home city?

The British parent of Schroders Investment Management North America is looking to buy fellow London-based fund boutique Cazenove Capital, according to Morningstar.

Morningstar notes that this news follows the announcement last week that star manager Richard Buxton and two of his colleagues will shortly depart Schroders' UK equity team for competitor Old Mutual. Morningstar.uk managing editor Holly Cook notes that "investors of both Schroders stock and the firm's managed UK equity funds have been keen to hear who will fill Buxton’s large boots."

Cook adds that "a successful acquisition of London-based Cazenove would see Schroders' UK equity team bolstered by the addition of Cazenove UK Opportunities manager Julie Dean, under whose tenure the fund has earned a Bronze Morningstar OBSR Analyst Rating; Cazenove UK Smaller Companies manager Paul Marriage, whose fund is also rated Bronze; and Cazenove UK Equity Income, which driven by Matthew Hudson has outperformed its Morningstar category peers and the FTSE All Share Index since 2010, earning it a 5-Star quantitive rating.

Moreover, she writes that "a Cazenove acquisition could also boost Schroders' European and multi-asset capabilities."

Meanwhile, Schroders remains busy across the pond as well. The firm is in the middle of integrating the recently acquired fixed-income shop STW and has a newly-minted, and very busy, new North American CEO, Karl Dasher

Edited by: Tommy Fernandez


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