Update: Schroder Asia Pacific
Few trusts can boast such stable management as this one: Matthew Dobbs has run it for its entire 25-year existence. He is an Asia-Pacific investor to his fingertips but on Tuesday he finally announced his retirement.
The trust said his replacements, Richard Sennitt and Abbas Barkhordar as his deputy, would bring “continuity of approach, with Richard having worked with Matthew on his Asian funds for the past 13 years”. It added that “Richard and Abbas will continue to draw upon Schroders’ deep resources in Asia”.
But this kind of thing is always said when a trusted manager steps down so we should have a degree of scepticism. Let’s see how investment trust analysts reacted. Those at Numis said: “Matthew has been supported by Richard Sennitt for the past 13 years and as a result we do not expect significant changes to the investment approach. He is an experienced fund manager. Matthew Dobbs will remain at Schroders as an adviser until the end of 2021. We note that the current discount of about 13pc on Schroder Asia Pacific offers value and would view any further widening as a buying opportunity.”
JP Morgan Cazenove said: “We would not expect any radical changes, with the board focusing on continuity.”
We will hold but monitor progress.