Julie Dean, the fund manager who last month took over the running of Schroders UK Growth Trust following the departure of Richard Buxton, grew her existing Cazenove UK Opportunities from £1.6 billion to £2.5 billion in the first half of the year.
That is considerably more than the £250 million which Buxton has pulled in at his new employer Old Mutual.
Schroders chief executive Michael Dobson declined to say how much money had followed the former star fund manager out of the door saying: “Richard Buxton is history at Schroders.”
But he admitted while there had been net inflows of £5.6 billion in the first quarter the entire £1.1 billion of outflows in the second quarter was in July as stock markets fell and after Buxton’s departure. First-half profits rose 29% to £228 million. The interim dividend goes up 23% to 16p a share.
Rival Henderson Group saw its best-ever first half with profits up 22% to £101 million and inflows of almost £600 million into its retail funds. Chief executive Andrew Formica said the FTSE 100 could end the year pushing 7000.
