Henderson has announced plans to merge away 12 funds as it continues to rationalise its range following the acquisition of both New Star and Gartmore.
The rationalisation will take place in two tranches in May 2012 and July 2012 and are subject to regulatory and shareholder approval between April and June 2012.
Henderson is also restructuring its £43m diversified absolute return and £556m higher income funds next month. The Henderson diversified absolute return fund will be renamed the multi-manager diversified fund. The fund will be managed by Bill McQuaker and Paul Craig and will be placed in the IMA mixed investment 0-35 per cent sector on March 30, 2012. The Henderson higher income fund will be renamed the global equity income fund under the management of Ben Lofthouse and Andrew Jones, the change also takes place on March 30.
The first tranche of mergers will see the Henderson £195m extra monthly income bond and the £171m Henderson high yield monthly income fund, managed by John Pattullo and Jenna Barnard, merged into the £453m fixed interest monthly income fund, managed by the same pair.
The £4m Henderson European value fund, managed by Nick Sheridan, is to be merged into £867m European growth fund, run by Simon Rowe and Richard Pease. The £136m US opportunities fund, managed by Brandon Geisler, is to be merged into the £366m US growth fund, run by Tom Marsico, Coralie Witter and Doug Rao. The final merger in the first tranche will see the £35m UK strategic capital unit trust, managed by Paul Craig, merged into the £43m Henderson global strategic capital unit trust, run by the same manager.
The second tranche will see seven mergers. Both the £84m Henderson industries of future fund and £79m global care UK income funds will be merged into the £190m Henderson global care growth fund managed by Nick Anderson. The £287m managed distribution fund will be absorbed by the £830m Henderson cautious managed fund run by Chris Burvill, while the £48m Henderson international fund merges into the £215m global innovation unit trust, run by Ian Warmerdam and Stuart O’ Gorman.
The £19m Henderson UK strategic income fund trust will merge with the Henderson multi-manager diversified fund, run by Bill McQuaker and Paul Craig, while the £62m European smaller companies fund will be merged into John Bennett’s £27m European focus fund. The final merger will see the £24m global dividend income fund absorbed into the global equity income fund managed by Ben Lofthouse and Andrew Jones.
Henderson director of global retail distribution Mark Skinner says: “Since the acquisitions of both New Star and Gartmore we have successfully consolidated over 50 funds across our global distribution channels. It has always been our intention to further rationalise the UK retail range for two main reasons. Firstly, to remove complexity and duplication, and secondly, to enable us to focus on a smaller number of key investment strategies that are clearly relevant to our investors.”