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Schroders loses £1bn Omnis mandate to Franklin Templeton

Schroders loses £1bn Omnis mandate to Franklin Templeton

Financial advice network Openwork has pulled more than £1 billion in UK equity assets from Schroders and handed the management contract to Colin Morton’s team at Franklin Templeton.

The assets were formerly run by Schroder Prime UK Equity fund managers Sue Noffke and Jessica Ground, and Schroder UK Mid 250 manager Andy Brough.

The money is held within the company’s in-house funds team Omnis Investments, which manages £6 billion on behalf of clients advised by Openwork financial planners.   

In early 2017 Omnis said that while it was ‘confident’ in the Schroders' abilities, it nonetheless felt ‘the fund managers were not demonstrating as much conviction in the portfolio as we would have liked and they weren’t making full use of the risk allowance we had given them’.

Following a ‘resolution process’ Schroders appointed its Core Equity fund manager David Docherty to co-manage Brough’s portion of the portfolio.    

‘We are thrilled to have been selected to run the Omnis UK Equity fund,’ said Morton. ‘The fund will be managed as a core fund, drawing on the experience of the whole Franklin UK equity team.’

The capital will be invested alongside existing strategies. The largest fund managed by Morton’s team, the £513 million Franklin UK Equity Income fund, has returned 24.4% over the last three years versus a peer average of 17.4%.

Omnis chief investment officer Toni Meadows (pictured) said: ‘We see the team at Franklin Templeton as offering a genuine core approach to investing in UK equities, having also built a formidable reputation of expertise in medium and smaller company stocks; this is a real stand-out feature compared to rival managers in the UK equity sector, and we think they will do an excellent job.’

The division was launched just over four years ago and currently runs 10 single strategy funds.

Former Wealth Manager coverstar Meadows joined Omnis in early 2017 from Tilney Bestinvest. He launched a discretionary service for the business last year.

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David Docherty
David Docherty
64/159 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 23.77%
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45/159 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 26.42%
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94/159 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 19.82%
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45/70 in Equity - European Small & Medium Companies (Performance over 3 years) Average Total Return: 28.73%
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