Henderson unveils raft of fund changes
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Henderson has unveiled a raft of mergers across its UK equity and multi-manager ranges following the acquisition of New Star Asset Management last year.
The firm is set to merge away five funds as well as make a number of proposed changes to the global equity and fixed income ranges.
Within the UK fund range, the group is planning to merge the Henderson growth and income fund into the higher income fund, with the fund continuing to be managed by Graham Kitchen and Andy Jones.
The Henderson UK growth fund, managed by Trevor Green, will merge into UK alpha fund and will be managed by Stephen Peak, while the Henderson UK extra income fund, managed by Job Curtis, will be merged into the managed distribution fund and has been given sophisticated powers and will continue to be run by John Pattullo, Jenna Barnard and Trevor Green.
Henderson is also merging away two of its multi-manager portfolios with the cautious portfolio unit trust managed by Craig Heron merging into the Henderson multi-manager income & growth fund managed by Bill McQuaker. The Henderson multi-manager growth fund, managed by Bill McQuaker, will merge into the Henderson active portfolio managed by Mark Harris and Heron. The fund will change its name to the Henderson multi-manager active fund.
The firm is also making a trio of name changes on the multi-manager range with the balanced and tactical being renamed multi-manager balanced and multi-manager tactical. The Henderson managed portfolio, managed by Harris and Heron, will become the multi-manager managed fund, with management passing to Bill McQuaker.
Henderson is making four changes to its fixed income range with the extra high yield bond fund renamed the extra monthly income bond and will be managed by James Gledhill and Trevor Pakenham. Meanwhile, the Henderson fixed interest unit trust will be renamed Henderson fixed interest monthly income fund and the high yield bond will become high yield monthly income fund. Management of the three funds remains unchanged and all have been given sophisticated powers as has the sterling bond unit trust managed by Stephen Thariyan and Philip Payne.
Meanwhile, the Henderson global equity fund, managed by Nick Sheridan will change its objective and policy and will be renamed the Henderson global dividend income fund. The fund will be managed by Ben Lofthouse and Job Curtis.
Henderson director of UK retail Simon Hillenbrand says: “These changes are designed to streamline our product range following the merger of our two client administration platforms in April.
“The proposed changes to the retail fund range, whether it be a fund merger, a change of investment objective/policy or the appointment of a new manager, will make it easier for investors and advisers to access the investment talent of our fund managers.
“We regularly review our product range as well as look to develop new products in the interests of our investors.”
The changes are subject to shareholder and unitholder approval in May 2010. The group is now able to make the changes after both the Henderson and New Star ranges were placed on the same administration platform.
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