Cazenove

Last week Aberdeen held a little party in London to celebrate its 30th anniversary - a remarkable achievement for a company which, at the turn of the century, did not look like it would last another three years, let alone 30.

Cazenove Capital's European manager Chris Rice has left the firm, ahead of Schroders' takeover of the group next month.

Cazenove has confirmed it is moving to stem flows into Julie Dean's UK Opportunities and offshore UK Equity fund as assets in the strategy approach £2.5bn.

We are not even halfway through the year but already one of the big themes emerging for 2013 is the sheer number of prominent funds which have been soft-closed owing to capacity constraints.

Cazenove Capital's director of investment funds Robin Minter-Kemp is expected to exit Schroders after the two groups combine later this year, Investment Week understands.

ECONOMICS

Fund closures and mergers in the UK have soared to a record high in the past six months as groups cull smaller or underperforming funds amid pressure on margins.

Cazenove Capital's shareholders have approved the proposed acquisition of the business by Schroders for £424m.

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