The future performance of the fund has been cast into doubt by the departure of its co-managers Paul Marriage and John Warren as they were “central” to its track record, AJ Bell’s head of fund selection Ryan Hughes said.
They have replaced the smaller companies fund with the Unicorn Income Fund on the favourite funds list.
Hughes said: “We made this decision because we believe that the investment approach taken by the managers at Schroders was central to the track record of the fund.
"Their departure later this year casts doubt on the potential future success of the fund, particularly as we expect the fund to suffer outflows in the short term.”
Marriage and Warren announced they will leave Schroders at the end of this year to set up their own boutique, Tellworth Investments, taking the firm’s UK Absolute Return strategies with them.
The AJ Bell list consists of 72 active and passive funds judged to offer the best funds for medium to long term growth or to provide income.