Schroders calls for Equity Income sector overhaul as flagship fund removed

Schroders has called on the Investment Association to rethink its approach to UK Equity Income funds as Nick Kirrage and Kevin Murphy's Income fund is removed from the sector.

The £1.6bn fund, a top quartile UK Equity Income performer over three years, has been moved into the UK All Companies sector this week after failing to meet IA yield requirements. It joins a growing list of funds to have suffered a similar fate in recent years. Schroders' managing director of UK intermediary, Robin Stoakley, said: "We are disappointed with the Investment Association's decision to remove the Schroder Income fund from the IA UK Equity Income sector. "We believe that the methodology used by the IA to calculate the yield requirement is outdated and that end consumers a...