Buxton's legacy? Schroders hit with £1bn outflow in June but H1 profits jump

Schroders reported an outflow of more than £1bn in June, following a market sell-off and the departure of its head of UK equities Richard Buxton.

The group saw net inflows of £5.6bn in the first quarter, offset by a £1.1bn outflow in the second quarter, all of which occurred in June, the group said. Buxton's former fund, UK Alpha Plus, has seen assets dwindle from £3.6bn since news of the manager's departure. The fund has shed £1.5bn in assets since mid-March to stand at £2.1bn in AUM as of 26 July, according to Morningstar, despite strong performance over that period. A large chunk of these assets seem to have followed Buxton to Old Mutual Global Investors, with his new UK Alpha fund already more than £500m in size. He took up...