These resignations are unrelated, with Mr Jensen returning home to Norway and Mr Mears taking a career break.

We are comfortable that Schroders is well placed to cover these departures until replacements have been appointed, a process which is underway. We note the departing analysts’ industry responsibilities have previously been covered by the other eight members of the team with stock responsibilities. Schroders has one of the largest Australian equity teams in the market, and we have a high regard for the quality and depth of its senior investment personnel and its ability to attract high quality recruits.

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