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Threadneedle chief in move to Henderson

Henderson has poached former head of UK equities at Threadneedle Graham Kitchen to head its thema- tic team.

Kitchen has been tasked with improving equity performance at Threadneedle for the past nine months. At Henderson, he will report to head of equities Andrew Formica who has been with the firm for 10 months.

Kitchen also reunites with former Invesco Perpetual colleague Andy Jones who had been running the firm’s income and growth fund. Kitchen worked with Jones at Invesco Perpetual before joining Henderson.

The news comes as Henderson tops Bestinvest’s Spot The Dog list of underperforming funds as the group with the most ‘dog funds’ by value. The report says it is too early to see whether major changes to the firm’s management team and structure over the last year are working.

Kitchen’s role at Thread- needle will be taken by his former deputy Michael Taylor, with the help of Paul Findley, head of UK High Alpha, and William Davies, head of European equities.

Kitchen says: “It is rare to find an investment house that can capture a culture of balancing fund manager autonomy with the accountability and commercial drive to deliver sustainable performance to clients.”

A spokesman for Thread-needle says: “Threadneedle will take whatever steps are required to rebuild its rep- utation for excellence in UK equities.”

Chelsea financial services managing director Darius McDermott says: “This will be disappointing for Thread- needle as Kitchen has only been there nine months and it has put a lot of time and effort into promoting him. It will feel as though he has left the job half finished. It is obviously going to help Henderson.”

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