Previously the fund was rated neutral and its next manager Patrick Vogel is expected to run the fund in what is expected to be "a more collegial style", according to Morningstar OBSR.
Vogel joins Schroders’ credit team in August from LGIM and will take up the role of head of European and UK credit, while another new recruit, Alix Stewart from UBS, will also bolster the team from next month.
In the meantime the firm’s CIO of fixed income, Philippe Lespinard, will take responsibility for the fund.
Morningstar OBSR said it would review the fund again when the new team has settled in.
Schroders has said only that Cordery left to pursue other opportunities, adding that Vogel has achieved first quartile annualised performance over one, two and three years.
