Denis Clough, a Japanese equities star at Schroders who returned to the UK-listed asset manager to run European stocks in 2005, is to retire from fund management at the end of November.

Schroders has hired Riitta Hujanen from boutique fund manager Montanaro to succeed him. Hujanen will take on Clough's £265m (€390m) Schroder European fund when she joins the firm on October 22 as well as two other funds.