Schroders has completed the winding up of its Microcap Fund, following the departure of three key staff in 2016 and an analyst in June 2017.
The Schroder Microcap Fund has been closed, with money to be returned to investors as "soon as practicable", a spokesperson has confirmed to InvestorDaily.
The winding up of the fund comes after key portfolio managers Marcus Burns and Matthew Booker left in early 2016 along with analyst Adam Lund to establish their own boutique fund, Spheria Asset Management.
Schroder small cap analyst Alexander Chin also left the company "at the end of June 2017", according to a spokesperson.
In a notice of winding up, dated 13 July 2017, Schroders said it anticipated the winding up of the fund would be completed "on or before 31 August 2017" and that "the proceeds will be distributed to investors as soon as practicable thereafter".
"Schroder Investment Management Australia Limited as responsible entity of Schroder Microcap Fund has resolved that it is in the best interest of investors to wind up the scheme," said the notice.
The fund has been closed to applications and redemptions since 13 July 2017 and Schroders is in the process of selling its assets.
Schroders "apologised for any inconvenience" the winding up of the fund may have caused its clients in the notice.
"We continue to focus on our Core and Opportunities Funds, which are among the strongest performing strategies in the market over the last 12 months," the spokesperson said.
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