Schroders manager Steve Cordell is leaving the firm in the next few weeks to pursue opportunities outside of the industry, Investment Week can reveal.
Cordell, who joined Schroders as part of the takeover of Cazenove Capital in July 2013, currently runs four European mandates.
His fund management responsibilities will be split across the equities team, with James Sym and James Rutland becoming co-managers of Schroder International Selection Fund (SISF) European Opportunities, Nicholette MacDonald-Brown and Stephen Shields taking over SISF European Equity Absolute Return and Bill Casey and Nick Kissack running SARFCO European Equity Absolute Return.
In addition, the SISF European Equity (Ex UK) fund - also managed by Cordell - is being merged into the SISF European Alpha Focus fund, run by Sym and Rutland.
Cordell previously managed the European Opportunities fund but was replaced by Andrew Evans and Andrew Lyddon in May as part of raft of changes, which also included altering the name of the fund to become the Schroder European Recovery fund and amending the investment policy to focus on undervalued companies.
Rory Bateman, head of UK and European equities said: "After 25 years in the investment industry, Steve has decided to leave Schroders to pursue opportunities outside of the industry.
"He will remain with Schroders until the start of Q3 and will work closely with the team to ensure a smooth handover of his responsibilities.
"Steve has had a very successful 25 years as a fund manager, most recently at Schroders since 2013 and at Cazenove for over a decade before that. We would like to thank Steve for his contribution and wish him every success for the future."
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