The London-listed investment house has confirmed another fund manager departure.

Iain Cunningham, a fund manager within Schroders' Multi-asset Investments and Portfolio Solutions (MAPS) team, will step down in June to pursue external opportunities, the firm has confirmed.

The news comes a day after Schroders confirmed the exit of Jamie Lowry, its European Equity Alpha fund manager.

Cunningham, who joined the firm in 2007, currently manages the Schroder Multi-Asset Income, Schroder ISF Global Multi-Asset Allocation and Schroder ISF Global Multi-Asset Income funds.

Following his departure, Aymeric Forest will continue to be lead manager of the range of global multi-asset income funds supported by the MAPS team. Schroders said there are no planned changes to the investment objectives or investment process of any impacted funds.

“We thank Iain Cunningham for his contribution over the past years and wish him well for the future. Our MAPS team of over 100 investment professionals will ensure that we continue to deliver the investment solutions and performance our clients expect,” said a Schroders spokesperson.

Over the year to the end of March 2016, the Schroder ISF Global Multi-Asset Allocation delivered a cumulative performance of -3.8 per cent, compared to a sector average of -1 per cent, according to FE Trustnet data.