Fund Times 17 - 21 May

Equity income duo leaves Schroders; Ben Thompson departs Baillie Gifford; Man Group acquires GLG Partners: Jupiter plans to float; HSBC launches S&P

Chetan Modi 21 May, 2010 | 3:33PM

Equity income duo leaves Schroders
The managers of Schroder Income, Nick Purves and Ian Lance, have left the firm and will be joining RWC partners. Nick Kirrage and Kevin Murphy are taking over the fund and they will also continue managing their current charge, Schroder Recovery, which is rated Superior by Morningstar.

However, their inexperience in managing an equity income fund is a concern and the fund’s previous Superior rating has been placed under review by Morningstar analysts. The departure of Purves and Lance also has a significant impact on Schroder Income Maximiser because manager Thomas See replicates the Schroder Income portfolio before applying a covered call strategy to enhance the fund’s income. The Superior rating for Schroder Income Maximiser has also been placed under review by Morningstar analysts.     

Ben Thompson departs Baillie Gifford
Ben Thompson, manager of the Baillie Gifford High Yield Bond fund and co-manager of Baillie Gifford Corporate Bond, is leaving the company on 18 June 2010 to work outside the financial services industry. Rob Baltzer and Donald Phillips will take charge of the High Yield Bond fund while Torcail Stewart will be co-manager of the Corporate Bond fund alongside the current co-manager Stephen Rodger, a partner at Baillie Gifford and head of the fixed income team. Morningstar analysts have placed the Standard rating for Baillie Gifford High Yield Bond fund under review. However, Morningstar have retained the Superior rating for Baillie Gifford Corporate Bond because Stephen Rodger is still in place and Thompson was responsible for the high yield portion of the portfolio, which only makes up approximately 30% of assets.   

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About Author

Chetan Modi  is a fund analyst at Morningstar OBSR.

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