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Schroders hard-closes Marriage's UK Smaller Cos fund

Schroders hard-closes Marriage's UK Smaller Cos fund

Schroders is to hard-close Paul Marriage’s Cazenove UK Smaller Companies fund.

The news comes as the fund breached £1 billion and follows other recent hard and soft closures within the Cazenove fund range.

Commenting on the decision, Robin Stoakley, managing director UK intermediaries at Schroders, explained: 'As a result of strong inflows this year, and Schroders’ commitment to maintaining the integrity and performance of the fund, we have decided to hard-close the Cazenove UK Smaller Companies fund, managed by Paul Marriage and John Warren, with effect from 22 January 2014.

'The fund is consistently top decile and the decision to close the fund was taken to protect the returns that existing investors have seen in recent years and to ensure that the fund’s objective is delivered.'

Marriage (pictured), co-manager of the Cazenove UK Smaller Companies fund, added: 'Having experienced exceptional support from investors over recent years, the closure of the fund gives us the best possible opportunity to maintain our long term record.'

Post its acquisition of Cazenove, Schroders has also moved to stem flows into Julie Dean's UK Opportunities and offshore UK Equity funds. The UK Opportunities fund attracted a £900 million inflow in the third quarter, increasing its assets under management to £2.1 billion. 

The interest has left Schroders keeping a close watch on capacity to ensure new money does not have a detrimental impact on performance. Over three years, the fund is the second best performer in its peer group with a return of 82% versus a 33% rise by the FTSE All-Share index, according to Lipper.  

Meanwhile, Schroders took the decision to hard-close Paul Marriage's £339 million Absolute UK Dynamic fund in early November.

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Paul Marriage
Paul Marriage
12/42 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 76.36%
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