Schroders denies Buxton resigned over Cazenove acquisition

Schroders has denied allegations one of its senior fund managers, Richard Buxton, is leaving the company due to its acquisition of Cazenove Capital.

Schroders has denied allegations one of its senior fund managers, Richard Buxton, is leaving the company due to its acquisition of Cazenove Capital.

Buxton, who is head of UK equity at Schroders, resigned earlier this month after 11 years at the UK asset manager. He is stepping down to join rival Old Mutual this summer.

"Richard did not know about the merger when he made the decision to leave," Philip Mallinckrodt, group head of Schroders Private Banking, told the Financial Times.

Andrew Ross, Chief Executive of Cazenove Capital Management, also dismissed market chatter that Julie Dean, who runs the Cazenove UK Opportunities fund, will take over from Buxton.

"She runs her own fund in her own capacity," he said.

Schroders is purchasing the UK broker firm for a cash consideration of £424m.

The company is searching for a replacement for Buxton, whose deputy Errol Francis is also leaving to join Old Mutual.

RD

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