Board of Schroder UK Growth trust hands mandate to Baillie Gifford

Run by Schroders' Philip Matthews since 2014

Natalie Kenway
clock • 4 min read

The board of the £259m Schroder UK Growth investment trust is set to terminate its relationship with the group, removing Philip Matthews as manager and handing the portfolio to Baillie Gifford's Iain McCombie and Milena Mileva.

The investment company will be rebranded under Baillie Gifford and although there will be no change to the investment objective, the portfolio will be reshaped to invest in a ‘best ideas' portfolio with approximately 40 stocks, which the board said will offer shareholders a "UK-focused, high-growth investment proposition". In an announcement to the stock exchange this morning, the board noted a difficult period for performance. "It is disappointing to note that the company's long-term investment performance is considerably below the board's expectation and has lagged the benchmark sin...

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