Value fund manager departs Schroders after two decades

The fund manager ran three UK equity funds and had an impressive track record, writes Sam Benstead.

24th July 2025 11:13

The head of Schroders global value team, Nick Kirrage, has left the group after more than two decades.

He was co-manager of the Schroder Recovery, Schroder Income and Schroder Income Maximiser funds, but is leaving to pursue other opportunities.

All these funds invest in UK equities and follow a value investment style, searching for shares that other investors are ignoring but offer substantial upside.

Invest with ii: SIPP Account | Stocks & Shares ISA | See all Investment Accounts

According to data from FE Analytics, since starting to manage money for Schroders in 2006, Kirrage has returned 330% compared with 240% for his average peer.

This is the second recent high-profile departure for Schroders’ value investment team. Last year, Kevin Murphy, the co-head of the team, left to join Brickwood Asset Management to work alongside Ben Whitmore. The latter started his own value investment firm after managing more than £10 billion in value equities at Jupiter Asset Management.

We have recently interviewed both Whitmore and Kirrage for our Insider Interview series. Watch the videos below to find out how they manage money.

There’s been a flurry of fund manager changes so far in 2025. Exits include Duncan MacInnes, of Ruffer Investment Company (LSE:RICA), Stephen Lilley at Greencoat UK Wind (LSE:UKW), as well as the managers of Bankers Ord (LSE:BNKR) and Janus Henderson Europe Select.

If a fund manager leaves, it’s important to assess whether you want to stick with the fund or look for another option. While fund groups often try and promote a team approach, individuals do have a key influence over how a fund is managed.

As a rough rule of thumb, the following guidelines may help you make your decision.

Stay with the fund if:

• The manager is retiring and there’s been good succession planning

• The departing manager and the new one have worked together in a transition period

• The manager was a team player and the team remains in place

Follow the manager if:

• The manager is a solo star operator

• The whole team is going with the departing manager

• The new fund is a strong match for your needs

Seek pastures new if:

• The incoming manager appears to be making major portfolio changes

• The incoming manager is an unknown quantity

• The investment approach of the fund has changed and no longer meets your needs.

And remember…

It’s important to bear in mind, as the fund management industry so often warns, that past performance is no guide to future performance. While there are some really good active fund managers, the reality is that not even the best managers are immune to a change in fortune.

These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

Get more news and expert articles direct to your inbox