Rice (pictured), who has been at the firm for a decade and in the industry for over 20 years, is leaving to take a break.
His £1 billion Cazenove European fund and European Equity ex UK fund will be managed by Steve Cordell, who has over 19 years’ investment experience.
Following the announcement of Schroders’ acquisition of the firm revealed by Wealth Manager earlier this year, there were concerns Cazenove’s Business Cycle team would see its process taken over by Schroders.
Cazenove has confirmed the team will remain independent and will be headed by Julie Dean, director and fund manager at Cazenove.
Chris Taylor, Schroders' current head of equities management, will become Head of Equities Investment Operations to support the CCM team to ensure that operational requirements are managed separately and do not impact fund management activities.
Andrew Ross, chief executive of the firm said: ‘I would like to thank Chris for all his hard work over the years and wish him well for the future. I am confident that the business cycle team will continue their success under the leadership of Julie Dean.
‘Steve Cordell and James Sym are excellent successors for the management of our European funds.’
Rice said: ‘After 22 years in the industry, I feel that I need a break and the transaction has crystallised those thoughts. It would be unfair on all concerned not to be open about this.
‘I am very supportive of the transaction and have a great amount of respect for Schroders: I see it as a natural home for the team.’