Nick Purves and Ian Lance, the top-rated managers of Schroder’s UK Equity Income Fund, are leaving the firm to join RWC Partners, the London-based fund manager.
Purves is a veteran of some 16 years at Schroders, while Lance joined the firm in 2007; in his prior career Lance was head of global equity research at Gartmore and head of European equities at Citigroup.
On joining RWC in August, Purves and Lance will manage both the Value and Income funds.
“Value investing is the equity investment style that has stood the test of time. Nick and Ian have consistently demonstrated their willingness to apply their process in an extremely disciplined fashion,” said Peter Harrison, chief executive of RWC, adding that the Schroder UK Equity Income fund has been the best in its sector over three and five years since Purves started managing it.
“Equity Income is a hugely popular sector in the UK market. Not only does it provide a much needed source of regular dividends but Nick and Ian’s value approach to investing is one that has consistently provided good returns over the long-term,” Harrison added.
In other recent developments at the firm, in April RWC announced that it had received authorisation for its UCITS III US Absolute Alpha fund in Germany. The fund is a US equity long/short strategy managed by Mike Corcell which launched in October 2009 and has since raised $350 million.
Corcell was previously the manager of the Threadneedle American Crescendo fund which he managed from 2004 until 2008. At RWC he has a team of seven, including Alex Robarts, also from Threadneedle, and Gabe Marshank and Chris McNally from SAC Capital.