David Smith has been appointed the lead manager of the Henderson High Income trust.
Mr Smith became a co-manager on the £198m trust in January last year. The other co-manager, Alex Crooke, will become the deputy manager.
Mr Crooke has been in charge of the fund for 18 years. He will continue to remain lead manager on the Bankers Investment Trust.
The trust has done well since Mr Smith joined the team. The share price has risen by 7.9 per cent in the year to the end of June, compared with a 3.5 per cent return for its benchmark, which is comprised of 80 per cent FTSE All-Share index and 20 per cent the Merrill Lynch Sterling Non Gilts index, according to data from FE Analytics.
A note from investment trust broker Numis Securities said: “David Smith’s promotion to lead manager of Henderson High Income comes as no surprise, and reflects a gradual transition of management responsibilities. Returns have been as impressive since he took over as co-manager.”
