Schroders has hired Philip Matthews, manager of the Jupiter Growth & Income Fund, to replace Richard Buxton as the man running the firm's popular UK Alpha Plus Fund.
Buxton intends to join Old Mutual in June after more than a decade at Schroders, and there has been speculation that many investors will go with him, leading to outflows at one of Schroders' top-performing products.
The appointment is surprising because Matthews had been expected to take on the running of Jupiter's High Income Fund later this year as current manager Anthony Nutt prepares for retirement.
Schroders also appointed Alex Breese to manage its UK Equity and ISF UK Equity funds. Breese joins from Neptune where he was head of UK equities and manager of the Neptune UK Special Situations fund.
“I am delighted Philip and Alex are joining Schroders,” says Peter Harrison, Schroders' global head of equities. “They are two highly rated UK equity fund managers with excellent performance track records.”
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