Leading Gartmore fund managers John Anderson, Leigh Himsworth and Dan Roberts will not move across to Henderson after the firm completes it takeover on April 25.
An update on the proposed acquisition of Gartmore, published last week, shows that most of the managers’ funds will merge into existing Henderson products while the company confirmed the three will not be joining Henderson in April.
Anderson’s Gartmore corporate bond is planned to merge into Henderson all stocks credit, Gartmore fixed interest will be incorporated by Henderson sterling bond and Gartmore Sicav European corporate bond will merge with Henderson horizon Euro corporate bond, subject to regulatory and investor approval.
Gartmore UK alpha and Gartmore UK growth, both run by Himsworth, will merge with Henderson UK alpha while Roberts’ Gartmore UK equity income will merge into Henderson higher income Overall, Henderson has confirmed that 14 Gartmore funds will be merged into existing Henderson funds in the summer.
Hargreaves Lansdown head of research Mark Dampier says: “This is no surprise as there are always fund mergers. They are all good managers but there are so many managers and funds between the two firms that this was likely to happen. I am surprised there was not more consolidation within the European team as there are a number of funds and managers there too.”
Chelsea Financial Services managing director Darius McDermott says: “The departures are on the UK and fixed-interest desks where Henderson is already very strong.”