Schroders' head of European equities Gary Clarke has left the firm to join rival JP Morgan.
JP Morgan has confirmed that Clarke has taken up a post in the firm's global equity team, where he will be co-head of global thematic and retail portfolios alongside Peter Kirkman.
'Gary Clarke brings with him a wealth of investment experience and an outstanding track record,' JP Morgan's head of global equities Howard Williams said. 'This experience will not only compliment an already robust and successful team but will also help Peter Kirkman to manage and develop further our growing suite of global retail and thematic funds.'
Clarke, who joined Schroders from Gartmore where he ran the firm's 'aggressive alpha' portfolios, has handed the reins of the European Equity Alpha fund he has run since 2005 to Jamie Lowry.
Clarke also ran the Schroder ISF EURO Equity fund, which is to be taken over by Martin Skanberg.
Both new appointments Lowry and Skanberg joined Schroders in 2004. Skanberg will continue to work with Rory Bateman, head of European institutional portfolios, who joined Schroders in 2008 to manage the core European equity portfolios and manage the team’s seven European research analysts.
Lowry has been an alternate fund manager of Schroder ISF European Equity Alpha for the past three years and will continue as the sole manager on the fund.
Over the last five years the Schroder ISF EURO Equity fund posted returns of 4.6% while its benchmark, MSCI EMU NR, has risen 12.7%.
During the same period the Schroder ISF European Equity Alpha fund has returned 13.8% while its benchmark, MSCI Europe, has risen 14.9%.