The Schroder Income fund managers Nick Purves and Ian Lance have announced their departure from the fund, to join investment boutique RWC Partners.
Purves and Lance will be replaced by Kevin Murphy and Nick Kirrage, who have been appointed as co-managers of the fund. These are both internal promotions.
Kevin Murphy joined Schroders in 2000 and has been a fund manager within the Specialist Value UK Equity team and co-manager of Schroder Recovery Fund since 2006.
Nick Kirrage joined Schroders in 2001 and has managed Schroder Recovery Fund alongside Kevin Murphy since 2006.
As a result of this management change, we have placed the Schroder Income fund under review on our preferred fund list and within our model portfolios. The fund has a successful track record, but a management shake-up like this can often cause a period of underperformance, not due to a change in style but simply the disruption caused by changing key personnel.
Time will tell whether Kirrage and Murphy can form a winning partnership as co-managers of this fund. Management changes like this should always prompt investment advisers and investors to review their holding, even if the final decision is to remain invested.
