Network Openwork has confirmed it is replacing Schroders with Franklin Templeton as the appointed manager of its £1bn Omnis UK equity fund.
The mandate will now be managed by the UK equity team at Franklin Templeton, lead by Colin Morton. Franklin Templeton said it would be “investing in attractively valued, good-quality businesses with pricing power and cashflow-generating abilities.”
Toni Meadows, chief investment officer at Omnis Investments, 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 managing the Omnis UK Equity Fund.”
A Schroders spokesman said: “We have an excellent, long standing relationship with Omnis and work with them on a number of funds. Whilst we are naturally disappointed with this decision we look forward to continuing to work with them in the future.”
The Omnis range had accrued more than £5bn in assets by the end of 2017.