UK - Schroder Investment Management has fired two of its senior US managers.
Ian Brady and Ian Cooke have now left the firm following poor performance by their unit.
A spokesman for Schroders said that the US division had underperformed it S&P500 benchmark by around 6-8% on a year-to-date basis. But he was quick to add that “a lot of managers have found things difficult in the current climate.”
The US equity operation will now largely be led from the investment strategy division, headed by Justin Abercrombie.
The move was steered by Schroders' new chief investment officer Mark Pignatelli. Pignatelli, previously head of pan European equities, took up his new post in September.
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