Schroders has handed responsibility for its £622m UK Dynamic Smaller Companies fund to Luke Biermann, as the firm prepares for the departure of managers Paul Marriage and John Warren.
Mr Biermann has worked in the Schroders pan European small and mid-cap team for 10 years and has managed the company’s £170m European Smaller Companies fund since 2011.
The firm said he would begin to work with Mr Marriage and Mr Warren on UK Dynamic Smaller Companies “with immediate effect” to ensure a smooth transition before the pair exit in the fourth quarter.
Mr Biermann will also continue in his role as lead manager on Schroder European Smaller Companies. According to FE Analytics the fund has returned 57.6 per cent over three years versus an average of 49.6 per cent for the IA European Smaller Companies peer group.
Mr Marriage and Mr Warren, who joined Schroders in 2013 when it acquired Cazenove, are to establish their own business, Tellworth Investments.
Tellworth will partner with distributor BennBridge, which will become investment manager on the £281m Schroder UK Dynamic Absolute Return fund. The management duo will continue to run the portfolio and its offshore equivalent once their move completes.