But Mr McDermott was confident that Schroders will be able to maintain continuity for investors.
In the interim, however, Chelsea has downgraded the Schroder UK Dynamic Smaller Companies fund to a ‘Hold’ from a ‘Buy’.
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A spokeswoman for Schroders stressed that clients in the UK Dynamic Absolute Return funds will be able to remain fully invested in this strategy, with no change of manager or investment process.
“We therefore anticipate no material impact for clients,” she added.
katherine.denham@ft.com
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