Henderson has closed its global currency offering, including its £36.7m horizon global currency fund, global currency hedge strategy and various managed accounts.
As revealed by Moneymarketing.co.uk last week, the currency team of five, which includes head of currency Bob Arends, are all leaving the firm. Other members of the team include senior portfolio managers Dennis van den Bosch and Bernd Kraan, as well as portfolio managers Jill Rootsaert and Brieuc de Hults. The team, based in Amsterdam, were recruited from Fortis Bank in January 2009. The horizon global currency fund, a Luxemburg-domiciled Ucits III Sicav, has fallen by 6.34 per cent in value since its launch on June 30 last year.
A spokesman says: “We have decided to close our quantitative currency strategy. We arrived at this decision with the team after a thorough consideration. The horizon global currency Ucits III Sicav and the Henderson global currency fund will be liquidated and cash will be returned to shareholders.”
Chelsea Financial Services managing director Darius McDermott says: “The closure is not a huge surprise as it appears it was a struggle to get a decent capacity for the strategies. You need to be able to gain traction in that market quickly to make it successful.”