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Schroders has today announced that Michael Scott, manager of Schroder High Yield Opportunities fund, will be leaving the company in November to join Man GLG.
As a result of the manager change, the fund will lose its Elite Rating.
Commenting on the move, Darius McDermott, managing director of FundCalibre, said: “It is a shame for Schroders that Michael is leaving. He is an excellent fixed income fund manager.
“Man GLG has made a number of new appointments in the past few months and is actively strengthening its bond investment team. We look forward to seeing which fund they assign to Michael when he joins.
“Schroders has a very strong fixed income team and the new managers on the Schroder High Yield Opportunities fund will continue to run it with the same investment process. However, with Michael moving, the minimum three year track record is lost and the fund must unfortunately lose its rating.”