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Henderson confident of keeping Star staff

Henderson Group chief executive Andrew Formica does not expect to lose any New Star fund managers in the coming weeks.

There has been speculation that the end of lock-ins in September will trigger the departure of some fund managers and investment professionals who joined the firm after the acquisition of New Star in April.

Formica says: “I am more than confident that these people will remain as both the sales and investment teams believe in what the business can offer and what they can offer to the business.”

Last week, Henderson Group revealed a 47 per cent fall in profits for the first half of this year to £21.1m compared with £50.8m for the first half of 2008, citing outflows, negative markets and currency movements for the fall.

Formica says the firm is looking at a number of opportunities for further acquisitions but says that any talks are at an early stage.

He says: “We would look to increase our penetration in the Asian market as well as the property market. We are also looking at our hedge fund and retail offering. The aim is to improve the talent and depth of our investment team.”


JPM to merge health funds

JP Morgan Asset Management is to merge its offshore global healthtech and global life sciences funds into a new healthcare vehicle.

Fry role at Apollo

Apollo Multi-Asset Management has appointed former Crosby Asset Management chief executive Simon Fry as non-executive chairman. CAM terminated its joint venture with Apollo last week.

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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