Schroders targets challenge to Jupiter multi-managers

Schroders managing director Robin Stoakley is aiming to boost the Cazenove multi-manager team’s asset under management significantly in the next 2-3 years and has targeted a similar level of assets as Jupiter’s Merlin multi-manager range.

The multi-manager team, led by Marcus Brookes, transferred to Schroders earlier this year as part of the FTSE 100-listed asset manager’s £424m acquisition of Cazenove Capital.

Mr Stoakley said he was aiming to grow the team’s assets from their current level of roughly £1.8bn across the seven funds to nearer £10bn to compete with Jupiter’s flagship fund-of-funds products, run by John Chatfeild-Roberts.

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“I don’t see why we can’t take the Cazenove multi-manager range to a similar size [as Jupiter], and that is what I am going to be trying to do in the next few years,” Mr Stoakley said.

“Multi-manager is a growing business, and especially for adviser with smaller clients it can be a viable and efficient method of getting access to a discretionary manager.”

Each of the seven Cazenove multi-manager funds has comfortably outperformed its peer group average in the 12 months to October 4, according to FE Analytics, and the products with three-year track records have also beaten their sector averages.

Mr Stoakley added that the funds managed by Mr Brookes and co-managers Robin McDonald and Joe Le Jehan would remain separate from the three smaller Schroders-branded multi-manager funds for the time being. However, he said the trio of products - which are run by Schroders’ multi-asset team - remained under review.

Rob Hall, who ran the Schroders products since 2011, earlier this month rejoined Russell Investments with the Schroders funds passing to his co-manager Iain Cunningham.