EuropeanOct 24 2014

Blow for Henderson as Pease departs

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The departure of veteran fund manager Richard Pease from Henderson Global Investors has prompted ratings agencies and advisory groups to put various funds on hold.

Last week (CORRECT), the manager announced he would be joining new boutique Crux Asset Management. One of the funds, Henderson European Special Situations, will be transferred by a scheme of arrangement to Crux’s nominated third-party authorised corporate director, subject to approval.

On the news, Square Mile suspended the AAA-rating on Mr Pease’s Henderson European Growth Fund, which together with Henderson Horizon European Growth Fund will be given to the current co-manager Simon Rowe.

Gill Hutchison, head of investment research for City Financial, said the firm’s Adviser Centre had decided to remove the European Growth Fund from its recommended list “with immediate effect”.

Laith Khalaf, senior analyst for Bristol-based Hargreaves Lansdown, said: “The Henderson European Special Situations fund has been removed from the Wealth 150.

“We would emphasize this is not a recommendation to sell the fund because in this instance, the fund is moving with the manager.”

Mr Pease, who was formerly at New Star Asset Management, will join Crux in 2015. His departure is the latest in a long line of veteran fund managers leaving for pastures new. Earlier this year, Pimco’s Bill Gross left to join Janus, while Neil Woodford left Invesco Perpetual to set up his own boutique.

Adviser view

Darius McDermott, managing director of London-based FundCalibre, said: “Unfortunately we have had to remove the Elite Rating on Henderson European Growth Fund, following Mr Pease’s exit from Henderson. This is with regret due to his distinguished track record as a European equities manager at Henderson.”

“However, we continue to have a high regard for Henderson’s European equity capabilities. John Bennett, who has a 26-year track record of managing European equities, runs two FundCalibre Elite-rated strategies – the Henderson European Focus and European Selected Opportunities funds.”