Henderson Global Investors has named Ben Pakenham as lead fund manager on its £151 million ($245 million) Henderson Extra Monthly Income fund in addition to his role as co-manager of two of the firm’s other funds.

Pakenham currently co-manages the Henderson High Yield Monthly Income and Fixed Interest Monthly Income funds with James Gledhill. In his new capacity Pakenham continues to report to John Pattullo, head of retail fixed income.

Pakenham joined Henderson as part of the firm’s acquisition of New Star Asset Management in 2009.

“It’s been a positive start to the year for high yield and despite the threat of rising inflation and government yields we believe this area of the market offers good value. With a benign default rate environment set to continue, low correlation with government bonds and rating agency upgrades on improving credit fundamentals, we believe high yield is the place to be in 2011,” Pakenham said in a statement on his appointment.

Henderson recently reported its results for 2010, posting an 11 per cent rise in average assets under management to £58.7 billion. The firm logged an underlying profit after tax of £77.4 million for the full year, representing a big rise from 2009’s profit of £14.5 million. The firm said it had seen £2 billion of net inflows.