Manager to leave Schroders to set up hedge fund

Ira Unschuld, manager of the top performing Schroder US Smaller Companies fund, is leaving to set up a hedge fund.

The fund, which accounts for £226m out of £575.2m in the asset class, has significantly outperformed its peer group with returns of 25.8% over three years, compared with a sector average of -27.6%. The sector average would drop to -34.4% if the fund was taken out of the sector.

Former Fidelity and Merrill Lynch US large-cap manager Gary Lowe also plans to launch a hedge fund early nex