Perhaps it is a sign of renewed optimism: hot fund managers are once again striking out to start their own shops. At least one is: Ira Unschuld has told his bosses that he is leaving the $215 million Schroder Ultra Fund at the end of the year, reports the Wall Street Journal. The paper reports that he will either start a new mutual fund or create a hedge fund.

Unschuld also managed the Schroder U.S. Opportunities Fund. The firm has tapped Jenny Jones, who has managed the Morgan Stanley Special Value Fund since 1996, to take over for him. (The fund has been closed to new investors since the end of 1998). Unschuld will  

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