Hargreaves mail-shot to Buxton clients calls replacements lower 'calibre'

Hargreaves Lansdown has written to clients invested in the Schroder UK Alpha Plus fund, previously run by Richard Buxton, stating the new management team is not of the same 'calibre' as the veteran investor, and provided documents to enable them to switch funds.

In a 'research alert' sent to holders of the fund, the platform giant - which does not give out financial advice to clients - said following the departure of Buxton to Old Mutual Global Investors, remaining investors in the Schroder UK Alpha Plus fund were left with less experienced managers. The fund is currently run by Sue Noffke, with Philip Matthews from Jupiter and Alex Breese from Neptune joining shortly to take over the mandate. Despite Schroders' acquisition spree to replace Buxton, Hargreaves told clients the new duo were not of the same pedigree as Buxton. "While we have ...