Schroders eyes remit change on UK Absolute Target after Dean's exit

Schroders is planning to change the investment remit of its UK Absolute Target fund to a pan-European mandate following the departure of co-manager Julie Dean, Investment Week understands.

The £432m fund is currently managed by Julie Dean and Steve Cordell (pictured) who took over from former manager Tim Russell after he left in 2011. Investment Week understands the group has been considering widening the remit of the fund - which currently invests at least 80% of its assets in the UK - for some time. The long/short fund's existing remit is to provide capital growth in both a rising and falling market, but it has struggled recently, losing 3.7% in the year to 5 September. The departure of Dean this morning has left Cordell as lead manager on the fund. Cordell's ma...