Schroder UK Growth board to review management after Dean exit

The board of the Schroder UK Growth trust is preparing to talks with potential new managers following the departure of the company’s existing manager Julie Dean.

Schroders announced earlier this week that Julie Dean, who joined Schroders as part of the acquisition of Cazenove Capital Management in 2013, had left her role as UK equity manager at the firm.

The board of the Schroder UK Growth trust did say that it is happy for the Schroders’ business cycle investment team to continue managing the trust over the short-term but added that the board may look to switch managers looking further ahead.

It said: “Representatives of the Board of Schroder UK Growth Fund plc (the ‘Company’) have met with Schroders and are satisfied with the current management arrangements under which the Business Cycle Investment team will continue to run the Company’s portfolio for the immediate future.

“However, the Board believes that a full review of potential long-term management options is in shareholders’ interests.”

Both the board and its advisers are set to meet with “a limited number of potential managers” with the ”credentials and capacity to deliver superior returns through investment in UK companies.”

The management review will be conducted over the next few weeks,the board says, and a final decision will be announced “as soon as practicable.”

All gearing has also been taken off the investment trust following Dean’s departure, according to the board.