European head Chris Rice quits Cazenove

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Cazenove head of pan-European equities Chris Rice is set to depart the asset manager after more than 10 years with the company.

Rice will leave Cazenove in July 2013, around the time it is acquired by Schroders, but “will work closely” with the team to oversee the handover of portfolios and clients.

Steve Cordell, manager of the Cazenove Pan Europe fund, will assume management responsibilities for Rice’s Cazenove European and Cazenove European Equity (ex UK) funds with immediate effect. James Sym will be lead manager of the Cazenove European Income fund.

Cazenove UK Opportunities fund manager Julie Dean will now head up the firm’s pan-European equities team, which will be known as the business cycle team after the Schroders deal.

Rice says: “After 22 years in the industry, I feel that I need a break and the transaction has crystallised those thoughts. It would be unfair on all concerned not to be open about this.”

The manager has no immediate plans for his time after Cazenove.

Dean adds: “I am pleased to have this opportunity to head up the equities team and will ensure that our distinctive business cycle investment process is maintained.”

Following the acquisition deal, Schroders head of equities management Chris Taylor will become head of equities investment operations – a move which will take all operational responsibilities off of the business cycle team to allow it to concentrate on running money.