Buxton’s former Schroders fund halves in size

Schroders’ UK Alpha Plus fund has halved in size since the departure of its manager Richard Buxton to rival Old Mutual Global Investors.

The UK Alpha Plus fund was £3.6bn in March - the month Mr Buxton quit the group - but has now fallen to just more than £1.7bn in size or by 51 per cent, according to data from FE Analytics.

The group, however, has been able to offset these outflows on the UK desk thanks in large part to Julie Dean’s UK Opportunities fund, which has risen in size by £1bn from the end of March to now, according to FE Analytics.

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The UK Alpha Plus fund is now being run by Philip Matthews, who joined the group a few weeks ago from Jupiter.

Robin Stoakley, managing director UK intermediary at Schroders, said he was optimistic the company would recoup assets and more.

“Not only do we have a first class multi-manager capability with Marcus Brookes and his team, but we also have great growth potential in our equity range specifically Matt Hudson’s Cazenove UK Equity Income fund and James Sym’s Cazenove European Income fund.

“We are very excited about these offerings and their potential for growth.”