Schroders is to merge two corporate bond products in the second quarter following the rebrand of the Cazenove funds it acquired last year.
Schroders’ Alix Stewart, who has managed the £126m Schroder Corporate Bond fund since August 2012, has taken on the £197.8m Cazenove UK Corporate Bond fund from Alex Smitten.
Mr Smitten, who joined Schroders as part of the Cazenove acquisition last summer, will continue to manage corporate bond mandates for private bank clients.
The Cazenove fund will be renamed as the Schroder UK Corporate Bond fund from March 24 and will see the original Schroders fund merged into it, subject to investor approval, with Ms Stewart running the combined portfolio.
Robin Stoakley, managing director of UK intermediary at Schroders, said the group was “looking to simplify” the combined fund range. Last week Schroders announced the new names of the Cazenove funds while also laying out plans to merge away a number of multi-manager products.
“The Cazenove UK Corporate Bond fund and the Schroder Corporate Bond fund have similar objectives,” Mr Stoakley added.
“The Cazenove fund is the larger of the two funds and was launched four years prior to the Schroder fund. As a result we have made the decision to merge the Schroder fund into the existing Cazenove fund.”