The £1 billion fund will be handed to James Sym, with Howard-Spink (pictured) to focus solely on running pan-European portfolios.
‘James has a very strong track record, an unconstrained investment approach consistent with client expectations for an Alpha Plus fund, and is already well known in the UK,’ said Peter Harrison, head of investment at Schroders.
‘Leon fully supports this decision which is consistent with his desire to focus his efforts on managing his pan-European equity portfolios.’
Over the past three years European Alpha Plus has returned 18.3%, lagging both the FTSE World Series Europe ex-UK index’s 22.6% and the peer group average of 26.2%.
Sym’s £333 million European Alpha Income fund, which he has steered since November 2012, returned 39.1% last year compared with a sector average of 25.9%. He will continue to head the fund after taking on European Alpha Plus.
Cazenove alumnus Sym will employ the group’s business cycle philosophy in running European Alpha Plus, which will otherwise remain a high conviction, unconstrained and concentrated fund.