Schroders has hired a new manager for its key Schroder UK Alpha Plus Fund, which was managed by well-known stock picker Richard Buxton before he announced plans last month to depart the firm for a role at Old Mutual.

Philip Matthews, previously the manager of Jupiter Fund Management's growth and income fund, will now lead the £3.6bn Schroders fund. Matthews joined Jupiter in 1999, according to a biography posted on the fund manager's website, and was a member of the £26.3bn fund manager's UK equities team.