Schroders merges away European fund

Schroders is merging its underperforming £54.1m European fund with its £261.3m Institutional European portfolio.

Institutional managers Martin Skanberg and Rory Bateman wull run the merged fund, replacing Riita Hujanen, current manager of the retail European fund. Hujanen will focus on running her two offshore value funds, namely the Schroder SISF Euro Active Value and the SISF Italian Equity. The merger comes after a period of underperformance for the retail fund. Over three years to 11 March, it has returned 5% compared to the IMA Europe Ex-UK sector average of 12.1%, according to Morningstar. The merged fund will retain the same strategy, aiming to achieve capital growth by investing predo...