Schroders is set to merge its existing multi-manager funds into the Cazenove range and rebranding them all as Schroders funds.
The merger, which is part of the continued integration of the two firms following Schroders acquisition of Cazenove Capital last year, will see the total number of funds cut from 10 to six, with the team headed by Marcus Brookes.
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The seven funds in Cazenove range will be rebranded as Schroder MM funds on 24 March and moved onto the group’s administration platform.
The merger, which is subject to regulatory approval, will come into effect in the second quarter of 2014.
As part of the merger, The Cazenove Managed Portfolio fund, ,under its Schroder MM Managed Portfolio name, will be merged into Schroder MM Diversity Balanced, which is currently the Cazenove Multi-Manager Diversity Balanced fund.
Meanwhile, Schroders Multi-Manager High Alpha fund will be merged into the Diversity Tactical fund, while the Multi-Manager Strategic Balanced fund into the Diversity Balanced fund and Schroder Multi-Manager Cautious Managed into Schroder MM Diversity Income.
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By GlobalDataAll the newly-named portfolios will be managed by the Cazenove multi-manager team of Marcus Brookes, Robin McDonald and Joe Le Jehan.
Additionally, Iain Cunningham, who has managed the merged Schroder funds, will remain at the firm as a portfolio manager within the global multi-asset investments and portfolio solutions team. He will also stay as co-manager of Schroder ISF Global Multi-Asset Income.
Robin Stoakley managing director of UK intermediary Schroders said: "A number of advisers in the UK are now outsourcing a significant proportion of portfolio management responsibility.
"There are a number of leading multi-managers operating in the adviser space. I believe we now have the team, the brand, the funds, the performance and the distribution reach to become the preeminent offering in the UK adviser space," he added.
