Henderson director of retail, fixed income James Gledhill has been made redundant with John Pattullo and Jenna Barnard taking on his management duties.
Gledhill co-managed the £510m Henderson fixed interest monthly income bond fund and the £217m high yield monthly income fund. Ben Pakenham will remain as deputy on the funds with Pattullo and Barnard.
Henderson says that there is a lot of duplication of effort in running similar funds and strategies in this sector.
Gledhill joined Henderson as part of the New Star acquisition in 2009.
The Henderson fixed interest monthly income bond fund is currently fourth quartile in the IMA strategic bond sector over three years, having returned 14.5 per cent compared to the sector average of 20.8 per cent. The high yield monthly income fund, which also sits in the strategic bond sector, is second quartile over three years having returned 18.6 per cent.
Former New Star multi-manager duo Mark Harris and Craig Heron were also made redundant from Henderson earlier this year as the group embarked upon the consolidation of its 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. I do not think James Gledhill will have to wait too long to find another job.”