Asset Allocator opened our inbox this morning after a relaxing bank holiday weekend to discover a departure among our ranks.

Alex Funk, chief investment officer of Schroder Investment Solutions, has left the building for fellow DFM Portfoliometrix. 

Portfoliometrix has hired the South African as its new head of investments in the UK to replace incumbent Nic Spicer, who is stepping aside to pursue a masters degree at Imperial College. Funk’s new employer manages just over £1bn under its MPS arm, according to data from NextWealth.

Portfolio managers Robert Starkey and Ryan Paterson will be taking the reins once he leaves. 

“[The duo] have co-managed the SIS range of funds and models since May 2021 and, with £5.9 billion assets under management, they will continue in their roles ensuring client-focused investment outcomes through active management,” a Schroders spokesperson said. 

Funk has built his reputation at Schroders with a focus on blended solutions and a keen eye for strategic asset allocation. When we last caught up with him, he said that he’s ‘completely agnostic’ between active and passive to begin, before entertaining conversations with managers. You can read more about his approach to cost pressures affecting DFMs, here.

Before taking over the Schroders portfolios in 2021, when the company launched its DFM arm, Funk was CIO of Benchmark Capital and, before moving to the UK, was chief executive at Cinnabar Investment Management in South Africa.

Portfoliometrix is of course a South African based company itself and Funk will be taking over from Spicer, who helped launch the business in the UK in 2012.