InvestmentsJun 28 2018

Matthews leaves Schroders to join investment boutique

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Matthews leaves Schroders to join investment boutique

Schroders' former UK equity fund manager Philip Matthews is joining the boutique asset management firm Wise Investments.

Mr Matthews spent five years at Schroders, and prior to that worked at Jupiter from 1999.

At Schroders, Mr Matthews ran the £900m UK Alpha Plus fund, taking over from veteran fund manager Richard Buxton in April 2013, as well as the £300m UK Growth trust.

When Mr Matthews took over the Alpha fund it had £3.5bn of investor cash in it.

As FTAdviser has previously reported, Schroders has recently lost the right to manage the UK Growth investment trust, which was run by Mr Matthews.

The trust has returned 41 per cent ov erht past five years to 27 June. This compares with 61 per cent for the average trust in the AIC UK All Companies sector.

Schroders also lost a UK equity mandate it had run for clients of Openwork.

Wise investments is run by Tony Yarrow and based in Oxfordshire. The company runs the TB Wise Multi-Asset Growth Fund and TB Wise Multi-Asset Income Fund. Mr Matthews will join as co-portfolio manager on both strategies.

Mr Yarrow said: “I have known Philip for a decade and have a great respect for his ability as a fund manager. I look forward to working closely with him on the management of our growing Multi-Asset Income and Multi-Asset Growth portfolios.”

Darius McDermott, managing director at Chelsea Financial Services said: “Philip has a good long term track record and his performance suffered during his time at Schroders due to a strong bias in the market to growth over value.

"Philip has a value investment style and I believe that will fit in well with Tony and his team at Wise.

"It’s not often you get a manager ending up in a small multi asset house having been at a number of larger Asset Management firms.  

"It looks like a good opportunity for both Wise and Philip.”

David.Thorpe@ft.com