Schroders value fund manager Kevin Murphy (pictured, right) has exited the firm after 24 years.
His exit will see fellow value manager Nick Kirrage (pictured, left) take full responsibility for the firm’s global value team.
Kirrage will also rejoin Andrew Lyddon and Andy Evans on all UK value strategies, which he managed from 2013 until 2022, before his role shifted to focus on global portfolios.
Alongside Lyddon and Evans, Kirrage will become a named manager on the UK-focused Schroder Recovery, Schroder Income & Schroder Income Maximiser Funds, and UK Equity Value segregated mandates.
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Murphy said: “It has been a privilege to have spent almost 25 years at Schroders. I am a passionate value investor dedicated to generating strong returns on behalf of clients, and these priorities have always been well supported by Schroders and my colleagues.
“I am proud of the performance we have delivered, the process we have built, and the team I leave behind. We built strong client relationships, and ultimately, the returns we delivered were only possible due to the client’s trust, their patience and their long-term focus. I say goodbye to them with sadness.
“I have every confidence that the Schroder Value Team will continue to prosper under the continued leadership of Nick, ably supported by the broader team. I will ensure that my fund management responsibilities are smoothly transitioned to ensure client continuity and wish my value colleagues all the very best for the future.
Murphy’s sibling, Dermot Murphy, announced his exit from Jupiter in January alongside Ben Whitmore and Claudia Ripley in order to set up their own value equities boutique – Brickwood Asset Management.
Murphy’s move over to his brother’s firm should further bolster the new entrant’s profile in the industry, according to Paul Angell, head of investment research at AJ Bell.
“The hire of Kevin Murphy represents quite a coup for Brickwood Asset Management, particularly given Kevin departs a strong value investing franchise that he has been instrumental in building out at Schroders,” he said. “His hire should lend further credibility to Brickwood’s launch as they broaden out their team of talent beyond Ben Whitmore’s team from Jupiter.
“Schroders are re-shuffling the leadership roles across their global value proposition, with Nick Kirrage becoming sole head of the team and returning to its UK funds as lead manager. Given the strongly held investment process followed across the team, we expect no change to the philosophy or process deployed within the team’s funds, which should bring comfort to existing investors.”
