Three funds to go in latest Henderson mergers

Henderson Global Investors has embarked on another tranche of fund mergers with plans to merge away three underperforming funds in November.

The £66m Henderson European Smaller Companies fund, which is in the bottom quartile of the IMA European Smaller Companies sector for one, three and five years, is set to be merged into Richard Pease’s top performing £974.6m Henderson European Growth fund. The small cap fund is run by Henderson’s pan-European equities team.

The firm is also proposing the merger of two funds run by Matthew Beesley, with the £96.7m Henderson Global Focus fund being merged into the better performing £60.9m Henderson International fund.

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The £17.3m Henderson UK Strategic Income fund, run by Paul Craig, is set to be merged into the £1.4m Henderson Core 5 Income fund, which was launched in September last year to be managed by the firm’s multi-asset team. Mr Craig also runs several multi-asset funds and will remain in charge of these.

All three of the mergers are subject to regulatory approval and are set to go though on November 14.

The mergers are the latest in a series of fund consolidations that have taken place at Henderson in recent years following the takeovers of New Star and Gartmore, as the firm attempts to “streamline” its fund range.