Henderson director of retail, fixed income James Gledhill has been made redundant, as revealed by Moneymarketing.co.uk.
Gledhill co-managed the £510m Henderson fixed-interest monthly income bond fund and the £217m high-yield monthly income fund. He joined Henderson as part of the New Star acquisition in 2009.
Bond fund managers John Pattullo and Jenna Barnard will take on Gledhill’s management duties and Ben Pakenham will remain as deputy on the funds.
Henderson says there is a lot of duplication of effort in running similar funds and strategies in the strategic bond sector.
The Henderson fixed-interest monthly income bond fund is currently fourth quartile in the sector over three years, having returned 14.5 per cent compared with the sector average of 20.8 per cent.
The high-yield monthly income fund is second quartile over three years, having returned 18.6 per cent.
Former New Star multi-manager duo Mark Harris and Craig Heron were made redundant from Henderson earlier this year following a consolidation of the fund of funds’ range.
Chelsea Financial Services managing director Darius McDermott says: “Henderson is in a growth phase following the New Star and Gartmore acquisitions. With assets coming in and consolidation of an enlarged fund range, it makes sense to see some managers departing from the firm. James Gledhill will not have to wait too long to find another job.