Schroders’ property manager Jim Rehlaender will no longer be running the three property funds he co-managed for the group after a decision to move management in-house.
The group said it had previously announced it wanted to bring management of all the Global Property Securities funds in-house having built its own team internally.
However, Schroders said it was now looking to expedite this process given it had been told by European Investors Incorporated, the firm Mr Rehlaender worked for, had left. EII was contracted as the investment manager on the Schroders funds.
Mr Rehlaender ran the £784m Global Property Securities fund, $589.3m (£345.7m) ISF Global Property Securities fund and £105.7m Global Property Income Maximiser fund
“We have been informed by European Investors Incorporated that Jim Rehlaender, co-manager of the Global Property Securities product at EII has left the firm,” Schroders said.
“We recently announced that we will take the management of all the Schroder Global Property Securities funds in–house, having recently built our own, highly experienced GPS fund management team, led by Tom Walker and Hugo Machin who joined us earlier this month.
“The transfer of funds to Schroders’ management was due to take place on August 15. In the light of the recent news from EII, we are in discussions with EII as to whether an earlier transfer of management responsibility is in the best interests of investors.”
Schroders said a handover date would be announced shortly.
