Cordell (pictured), who joined Schroders in July 2013, is leaving to pursue opportunities outside the industry.
In April, Cordell was dropped as manager on the £438m European Opportunities fund and replaced by Andrew Lyddon and Andrew Evans. It had delivered returns of 2.9% and 19.3% compared to 5.3% and 26.8% against the IA Europe excluding UK sector at the time of the announcement, according to FE Analytics.
Cordell’s responsibilities on three remaining funds will be divided across the equities team.
James Sym and James Rutland will become co-managers of the ISF European Opportunities fund.
Meanwhile, Nicholette MacDonald-Brown and Stephen Shields will become co-managers of ISF European Equity Absolute Return, and Bill Casey and Nick Kissack will become co-managers of SARFCO European Equity Absolute Return.
Chelsea Financial Services managing director Darius McDermott said Cordell’s departure was “not a real shock”. McDermott said Sym, who also joined Schroders as part of the Cazenove purchase, and existing members of the team represented a continuity of investment style.
“We would rate all Steve’s funds as a hold for now,” he said.
The change also included altering the name from the Schroder European Opportunities fund to European Recovery fund.
Schroders European Opportunities performance
| 3 month | 6 month | 1 year | 3 year | 5 year | |
| Schroders European Opportunities | -0.2% | -1.5% | -0.1% | 22.6% | 50.7% |
| IA Europe ex-UK | 1.9% | 1.5% | 2.8% | 34.4% | 60.% |
Source: FE
Rory Bateman, Schroders head of UK and European equities, said Cordell is pursuing opportunities outside of the industry, following a 25-years career.
Bateman said Cordell will remain with Schroders until the start of Q3 and will work with the team to ensure a smooth handover of responsibilities.
