Schroders UK long/short manager Paul Marriage is to leave the fund firm along with colleague John Warren, taking their absolute return funds with them to a new boutique.
The duo, who joined Schroders in 2013 when it bought Cazenove, are set to leave in the fourth quarter of 2017 as they establish their own business, Tellworth Investments.
Tellworth will partner with distributor BennBridge, which will become investment manager on the £273m Schroders UK Dynamic Absolute Return fund. The management duo will continue to run the portfolio and its offshore equivalent once their move completes.
The offshore version would then sit on Schroders' Gaia platform, a service in which the firm partners with third parties to distribute funds.
Mr Marriage and Mr Warren will continue to run Schroders' £622m UK Dynamic Smaller Companies vehicle until they leave their current employer. A new management team for the fund will be announced in the coming months, Schroders said.
Schroders head of UK and European equities Rory Bateman added: “I’m delighted that Schroders will be able to continue the successful relationship with Paul and John while enabling them to pursue their personal ambition of starting their own company.
"This will enable our clients to remain fully invested in these funds with no substantive change of manager or investment process. We look forward to continuing to work with Paul and John, as well as the BennBridge team.”
The move is the first step in BennBridge's aim to establish a multi-boutique model in the UK. The firm is a subsidiary of Bennelong Funds Management, which operates a similar model in Australia.
