Multi-manager duo Mark Harris and Craig Heron leave Henderson

Henderson Global Investors has made star multi-manager duo Mark Harris and Craig Heron redundant after proposing to merge five multi-manager offerings.

The proposals will see the £10m American portfolio merged into the £372m North American enhanced equity fund managed by Robert Villiers, the £23m Asia portfolio will be merged into the £150m Asia Pacific capital growth fund, managed by Andrew Beale, while the £37m European portfolio will be merged into Richard Pease’s £818m European growth fund.

Henderson’s £61m multi-manager tactical and £188.2m multi-manager balanced funds will be merged into the £441m active and £136m managed funds’ respectively, with both funds’ managed by Bill McQuaker, who recently stepped down from his role as head of equities at the firm.

Harris and Heron, who manage a total of £791m, joined Henderson has part of the acquisition of New Star Asset Management in 2009. Henderson has recently announced the appointment of multi-manager Tony Lanning as part of the Gartmore acquisition, which is set to be completed at the end of the first quarter.

Henderson head of equities Graham Kitchen says: “Today’s announcement is an important step in streamlining our fund range and relates purely to Henderson funds. Whilst we hope to announce more details with regard to Gartmore fund managers and proposed mergers within the next few weeks, the changes announced today will ensure that the combined investment talents of the two groups will be available to investors within a coherent range as quickly as possible.”

McQuaker says: “This is an opportunity to make our range of multi-manager funds more relevant to investors. The primary focus for the six-strong Henderson multi-manager team will be on what we believe are the key sectors for multi-manager funds; active, balanced and cautious managed. Funds in these sectors form the core of many investors’ long-term portfolios.”