Schroders to overhaul Cordell's absolute return fund

Schroders has proposed to change its Schroder UK Absolute Target fund to a pan-European vehicle, as well as introducing a hurdle rate for the fund's performance fee.

Steve Cordell (pictured) took over lead management of the long/short fund following the departure of former manager Julie Dean last September; Investment Week reported the plans to widen the remit of the fund at that time. If approved by shareholders, the fund will invest in large and mid-sized companies across Europe, including the UK, as of 1 April. The name of the fund will also change to European Absolute Target. The group said this will give Cordell a more diverse range of investment opportunities and allow him to take advantage of better liquidity in the European markets, especi...