Advisers say they are more surprised by the departure of Schroders head of multi-manager Andrew Yeadon than they are that Henderson duo Mark Harris and Craig Heron have been made redundant.
Hargreaves Lansdown senior analyst Meera Patel says she is disappointed by Yeadon’s departure. She says: “Andrew produced some good num- bers on his funds over the long term and I am not wholly convinced that the multi-asset team is as good.”
Chelsea Financial Services managing director Darius McDermott says Yeadon had a difficult 2008 but the multi-manager offering at Schroders was a strong franchise.
But he says the departures of Harris and Heron make sense, given the number of funds and people working on the multi-manager range at Henderson following the acquisition of New Star in 2009 and the proposed acquisition of Gartmore.
Patel highlights the poor performance of the £441m tactical fund run by the pair. It has fallen by almost 25 per cent over three-year cumulative performance figures compared with a 7.9 per cent rise for the sector.
She says: “That fund has been appalling. Bill McQuaker has a very good track record at Henderson and the firm simply has too many funds and too many managers. There will be more consolidation at the group.”
Skerritt Consultants head of investments Andy Merricks says: “It can be a pain when you follow a multi- manager for their style and they end up leaving. It can be an uncomfortable conversation with clients.”