Schroders’ Brough, Noffke and Ground handed Openwork UK Equity mandate

MM Gill Cardy

Schroders’ Andy Brough, Sue Noffke and Jessica Ground have been appointed to the UK Equity fund mandate in the Openwork’s expanded Omnis investment proposition.

The mandate was originally to be managed by Errol Francis but he recently left Schroders with Richard Buxton to join Old Mutual Global Investors. The Omnis board has since decided to stick with Schroders on the mandate.

Openwork proposition and marketing director Philip Martin says: “Schroders has one of the most respected UK equity teams in the industry and we are very pleased that Andy, Sue and Jessica will be taking over the Omnis UK Equity Fund mandate.

The firm’s UK Equity mandate will sit alongside a range of new mandates run by asset managers including Threadneedle, Jupiter, The Boston Company and Thomas White International. This will be blended together in three model portfolios, with Omnis providing the asset allocation.

Martin adds: “Manager changes can be problematic for advisers but the Omnis structure allows us to make appropriate and timely governance decisions on their behalf with minimal or no disruption to their clients.

“This is a perfect example of the benefit of having a centralised, well-governed investment proposition and we look forward to developing our relationship with Schroders and the other fund groups to whom we have awarded mandates.”

Omnis also plans to launch a fund of passive fund range which features three single strategy funds with the same risk ratings as the actively managed range – Cautious, Balanced and Adventurous.

The new fund ranges sit alongside the existing Omnis proposition, which includes a number of multi-manager funds run by Octopus and three single strategy funds managed by Threadneedle.