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Henderson to streamline strategic bond range

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Henderson is considering a merger within its range of four strategic bond funds following the departure of director of retail James Gledhill.

Henderson head of retail fixed income John Pattullo says the group does not need four funds in the sector and suggests the size of the high-yield monthly income fund may see it merged into another product.

He says: “Four is too many. It is reasonable to have three funds in the sector. One of the funds is reasonably small, the high-yield monthly income fund at about £200m.”

He adds that Henderson must speak to clients about possible changes and will not make a merger in the next six months.

Pattullo and director of retail fixed income Jenna Barnard have taken over the £10m Hender-son fixed-interest monthly income bond fund and the £217m high-yield monthly income fund from Gledhill, who was made redundant this week.

Pattullo says he will align these funds closer to his strategy. He says: “About 78 per cent of the funds that James ran are the same as our existing funds. We will switch 5 to 10 per cent of the beta high-yield bonds in the funds into the ones we hold.”

Pattullo also runs two other funds in the strategic bond sector, the £650m preference and bond and the £1.1bn strategic bond funds.

Bestinvest senior adviser Adrian Lowcock says: “It makes sense if you have four bonds in the same sector from one group to streamline the range. It will also make it easier for an adviser to explain to clients the funds in their range.”

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