Henderson Global Investors fully expects John Duffield’s new venture – Hyde Park Asset Management – to take control of the £60m New Star Investment Trust when the group is established.
Hyde Park will be set up initially primarily to manage Duffield’s family money. Because he owns 59% of the New Star Investment Trust, Henderson knows he intends to take the mandate.
James de Sausmarez, the head of investment trusts at Henderson, says: “We knew this was the case when we bought the New Star business.”
In terms of New Star’s other investment trusts, the mandate of the £58m Private Equity trust was last week handed to Henderson’s private equity team and is now run by Ian Barrass. It was previously managed by Nick Brind and Paul Craig.
While Craig moved across to Henderson from New Star after last week’s merger, Brind did not.
Overall, Henderson’s private equity business runs about £1.3 billion in assets. The investment trust is its first closed-ended mandate.
“The managers are now evaluating the portfolio,” says de Sausmarez. “The results of the trust are published next month so we should know more then about their strategy for the portfolio.”
Meanwhile, the board of the £29.5m New Star Financial Opportunities trust announced last week that it had appointed Guy de Blonay, manager of the open-ended New Star Global Financials fund, to run the portfolio. The trust was previously managed by Brind.