Schroders appoints BennBridge as its UK manager
Schroders has appointed Bennelong’s UK business, BennBridge, as an investment manager for its UK’s Dynamic Absolute Return strategy.
Under the terms of the deal, BennBridge would become investment manager of both of Schroders’SARFCO UK Dynamic Absolute Return Fund and SAS UK Dynamic Absolute Return Fund, subject to regulatory approval and due diligence.
Fund managers Paul Marriage and John Warren, branded as Tellworth Investments LLP, would transition to BennBridge in the fourth quarter and continue to manage both strategies.
Also, they would cease to be Shroders’ employees at that time. According to the fund, SAS UK Dynamic Absolute Return Fund would likely migrate onto the Schroder GAIA platform, which consisted of alternatives funds whereby Schroders acted as distributor with a third party as investment manager.
Schroders’ head of UK and European equities, Rory Bateman, said: “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 investments process.
“We look forward to continuing to work with Paul and John, as well as the BennBridge in the future.
AUTHOR
Oksana Patron
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