Henderson adds Pattullo and Barnard to Cautious Managed fund
Henderson has named John Pattullo and Jenna Barnard as co-managers with Chris Burvill on its £817m Cautious Managed fund.
The move comes as Henderson has secured investor approval to scrap its £277m Managed Distribution fund, which is run by all three managers, by merging it into the Cautious Managed product.
The merged £1bn Henderson Cautious Managed fund invests both in equities and bonds. Under the reshuffled management structure, Mr Burvill manages the fund’s equity portfolio and Mr Pattullo (pictured) and Ms Barnard manage its bond portfolio.
The group said the merger, which was first announced in February as part of a continuing programme of rationalisation of the firm’s product range, came as Managed Distribution and Cautious Managed were both based in the IMA Mixed Investment 20-60% Shares sector.
Simon Hillenbrand, head of UK retail at Henderson, said: “Our stated objective to clients in the ongoing rationalisation of our fund range is to provide greater clarity and focus whilst removing complexity and duplication.”
The programme of fund mergers comes as in recent years Henderson has bought out both New Star Asset Management and Gartmore, a move that has seen its fund range spiral with overlap in many sectors.
The Henderson Cautious Managed fund is a former Gartmore product. The fund and Mr Burvill joined Henderson in April 2011 when the Gartmore acquisition completed.
In the past five years it gained 15.1 per cent, ranking it 23 out of 81 peers in its sector, according to Morningstar.
But the Henderson Managed Distribution fund, a former New Star product that was once headed by Theo Zemek, supported by Toby Thompson and James Gledhill, lost 0.6 per cent over the period, ranking it 61 in the sector.
Mr Pattullo and Ms Barnard will continue to co-manage their £1bn Henderson Strategic Bond fund.