Major groups planning raft of fund mergers and redundancies

Consolidation in the industry took off this week with Schroders looking set to merge two major funds....

Consolidation in the industry took off this week with Schroders looking set to merge two major funds. Meanwhile New Star continued its reshuffle of managers in a bid to improve its overall performance. Schroders is planning to merge its £188m UK Select Growth fund into Simon Brazier's £374m UK Equity vehicle, Investment Week understands. Vincent Vinatier, co-manager of UK Select Growth, has been told that his job is at risk, one of 60 potential redundancies at the firm. The fund, which Vinatier has run alongside Ed Meier since 2006, lost 41% in the 12 months to 10 November, and was also...