Cazenove Capital’s Chris Rice is to leave the company just as it is set to be bought by Schroders.
Mr Rice is handing his European Income fund to co-manager James Sym, while Steve Cordell will take on the European and European Equity (ex UK) funds. Julie Dean, manager of the Cazenove UK Opportunities fund, will head up Cazenove’s business cycle investing team.
Mr Rice said the imminent takeover of Cazenove by Schroders had “crystallised” his desire for a break from the industry.
“I am very supportive of the transaction and have a great amount of respect for Schroders: I see it as a natural home for the team,” he added.
“Steve Cordell will make an excellent manager for the funds. We have worked together for 15 years, both at Cazenove Capital and HSBC, and I will retain a significant investment in them.”
Cazenove chief executive Andrew Ross said he was “confident that the business cycle team will continue its success” under Ms Dean’s leadership.
Since Mr Rice took on the £1bn Cazenove European fund in December 2002 it has gained 178.7 per cent, compared with a 153.9 per cent gain from the FTSE World Europe ex UK index.
The Cazenove European Income fund has gained 31.3 per cent since its launch in May last year, ranking in the top quartile of the IMA Europe ex UK sector.
