Schroders fixed income chief heads to JP Morgan-sources

* Head of global fixed income defects to JP Morgan-sources

* Gartside to remain at Schroders until year end

LONDON, Sept 13 (BestGrowthStock) – Schroders’ (SDR.L: ) head of
global fixed income is to move to rival JP Morgan (JPM.N: ),
sources said, where he will run assets many times larger than
his existing business.

Schroders said in a statement that Nick Gartside would be
leaving at the end of the year, while sources close to Schroders
and JP Morgan said he is headed to the U.S. banking group.

At Schroders he ran funds with assets of around 2.2 billion
pounds ($3.4 billion), a small part of the firm’s 164 billion in
funds under management, while JP Morgan is one of the world’s
largest fixed income managers with around $800 billion globally.

Gartside’s own funds have had a mixed run of late, up 6
percent on average but underperforming rival funds by an average
of 1.4 percentage points since the beginning of the year. His
160 million pound Strategic Bond fund was underperforming peers
by 4.6 percentage points over the period.

His responsibilities and management of the funds will be
split between the existing team that he currently heads,
Schroders said in a statement.

Gartside’s move follows in the footsteps of Bob Michele,
former global head of fixed income at Schroders who moved to JP
Morgan in 2008, where he is currently global chief investment
officer of fixed income.

A spokesman at JP Morgan declined to comment.

Schroders has seen strong inflows of new money this year but
Gartside’s move follows more high profile departures earlier in
the year. [ID:nLDE6731OI]

In May, two top performing equity fund managers, Nick Purves
and Ian Lance — who ran the 1.5 billion pound ($2.2 billion)
Schroder Income fund (LP60011119: ), left to join rival firm RWC

One month later, Schroders said it had acquired a 49 percent
stake in RWC. [ID:nLDE65L1QX]
(Reporting by Chris Vellacott; Editing by Jon Loades-Carter)
($1 = 0.6488 pound)
(For the Funds Hub blog:
(For Global Investing:

Schroders fixed income chief heads to JP Morgan-sources