Henderson has said there will be no repeat of the mass fund-merger programmes seen following its takeovers of New Star and Gartmore as it finalises plans to combine with Janus Capital.
The asset manager saw a trio of senior staff leave last week ahead of the deal, on which shareholders are due to vote in April, but is not planning a significant overhaul at an individual fund level.
Global equities head Matthew Beesley, multi-asset research head Chris Paine and head of US credit Kevin Loome are to leave the asset manager in the coming weeks.
Mr Beesley is to join Gam in a similar role, Mr Paine is leaving for Schroders’ multi-asset team, and US-based Mr Loome is moving to T Rowe Price.
Of the three, Mr Paine’s departure may have the largest impact on UK retail investors. Though he did not run any retail funds, he had input on other multi-asset portfolios.
Mr Beesley, by contrast, stepped back from day-to-day portfolio management last September, while Mr Loome ran an offshore US high yield fund.
Janus has also announced a series of fund mergers to take place in the US as part of the deal. They include a planned merger of its Emerging Markets fund with Henderson’s US-domiciled fund of the same name, run by former First State manager Glen Finegan. But similar moves are unlikely to follow for funds sold into the UK.
Speaking to analysts about the merger following the UK fund house’s annual results, Henderson chief executive Andrew Formica said the structure of the two firms’ UK-focused portfolios meant they were not intending to merge away portfolios following the completion of the Janus deal.
“In Europe, [Janus doesn’t] have a UK Oeic, [it has] a Dublin Oeic and we have a Sicav and we’re not intending to merge those fund families because of the tax and implications for clients in that regard. The biggest merger of fund capabilities is in the US.”
The decision suggests there will remain some overlap between the two firms’ European fund ranges, in areas such as emerging markets, US equities and high-yield debt. It contrasts with the actions taken following Henderson’s 2009 takeover of New Star and 2011 acquisition of Gartmore.
The two firms’ fund ranges had a more significant overlap with Henderson’s own, which in the latter case meant 14 funds were merged away shortly after the deal completed.
Mr Formica also told analysts he was also relatively calm over the implications of the FCA’s asset management market study, suggesting the regulator had not been as severe as some perceived.
The chief executive described the interim findings as negative in tone but “relatively benign” in terms of proposed changes.
“They would argue they don’t think the tone is [that negative] and that wasn’t their intention, so take that for what it is, but the remedies themselves don’t look to be so problematic at this stage.
“Obviously, at the final results…the devil could be in the detail.”
