MONEY MANAGEMENT

BennBridge recruits 2 Schroders portfolio managers to launch new firm

Two Schroders' U.K. portfolio managers will depart at the end of the year to form Tellworth Investments, said a spokesman for Tellworth's parent company, BennBridge.

The managers in charge of the £280.7 million ($359.2 million) SARFCO U.K. Dynamic Absolute Return Fund and £76.8 million SAS U.K. Dynamic Absolute Return Fund, Paul Marriage and John Warren will leave Schroders in the fourth quarter of the year, the spokesman added. Mr. Marriage is head of U.K. dynamic smaller companies and Mr. Warren is fund manager-dynamic small cap.

Messrs. Marriage and Warren will then form Tellworth Investments, a boutique fund management company under BennBridgefocusing on absolute-return strategies.

BennBridge is owned by A$8 billion ($6 billion) Australian manager Bennelong Funds Management.

The SAS U.K. Dynamic Absolute Return Fund is expected to continue to be distributed via Schroders' UCITS hedge fund framework platform, said a news release.

“Having established the BennBridge business in London at the end of last year, we have since met with a large number of potential investment partners. (Messrs. Marriage and Warren) stood out in terms of their pedigree, extensive experience, robust investment process and excellent long-term track record. Since last summer we have been working to build a strong distribution, marketing, compliance and operational platform, which is now in place and awaiting FCA authorization, and which provides a strong foundation for BennBridge's future growth,” Greg Thomas, chief operating officer at BennBridge, said in a news release.

Mr. Marriage added in the release: “We are pleased to be able to continue our relationship with Schroders, whilst at the same time pursuing a personal ambition to start our own business, Tellworth Investments. We remain fully committed to our clients and look forward to working with them, Schroders and the team at BennBridge in the future.”