Henderson Global Investors has appointed David Smith as co-manager on its £209.7m Henderson High Income Trust.
Mr Smith will join Alex Crooke, who has been running the investment trust on his own since 1997, effective from January 2.
Mr Smith has been with Henderson for 11 yeas and was appointed as deputy manager on the High Income Trust in January 2013.
The High Income Trust, which is a member of the Investment Adviser 100 Club, has underperformed the AIC UK High Income sector average in the five years to January 2 2014, delivering a return 156.2 per cent compared to the sector average of 191.2 per cent, according to figures from FE Analytics.
Although in a three year period the trust has outperformed the sector with a return of 63.7 per cent compared with the sector average of 60.9 per cent.