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Henderson enters third phase of fund rationalisation

Henderson Global Investors is to merge two funds and close a third fund as part of the latest phase of its fund rationalisation.

The £41.4m Gartmore Long Term Balanced fund managed by William Edgar will be merged into the Henderson Diversified Growth fund managed by Bill McQuaker and Christopher Paine.

According to the asset manager, the merger will give investors access to a fund with greater flexibility.

Additionally, the Henderson Equity Income trust, in which there are no direct retail investors, will be merged into the £304.5m Henderson UK Equity Income fund.

The Henderson Japan Absolute Return fund will close due to its small size.

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