People Moves

Henderson Star Manager Departs; Advisors Are Relaxed Over Move

Stephen Little Reporter London 16 October 2014

Henderson Star Manager Departs; Advisors Are Relaxed Over Move

Henderson Group’s director of European equities Richard Pease is leaving to join Crux Asset Management, a new fund management company.

UK-listed Henderson Group’s director of European equities Richard Pease is leaving to join Crux Asset Management, a new fund management company.

The Henderson European Special Situations Fund, which is currently managed by Pease, will be transferred to Crux’s nominated third-party authorised corporate director, subject to obtaining regulatory and client approval, Henderson Group said in a statement.

Following the transfer, the fund will continue to be managed by Pease and his team at Crux Asset Management.

Current co-manager Simon Rowe will take responsibility for the management of both the Henderson European Growth Fund and Henderson Horizon European Growth Fund. He will be supported by the wider European equities team led by John Bennett.  

“Henderson and Crux will work closely together over the next few months to facilitate a seamless transition.  Clients will be kept updated on timings and progress,” Henderson said.

Pease will remain an employee of Henderson until the transfer of the Henderson European Special Situations Fund is completed and throughout that period will continue to manage the Henderson European Special Situations Fund during the transfer of the fund to Crux.

The news comes following a number of high-profile moves in recent years, including the retirement of Fidelity’s Anthony Bolton, Neil Woodford leaving Invesco Perpetual to set up his own fund management firm and Richard Buxton going from Schroders to Old Mutual. Most notably bond giant Bill Gross left PIMCO to rival firm Janus.

Impact


Jason Hollands, managing director, business development and communications at Tilney Bestinvest, advised investors in the Henderson European Special Situations fund to take no immediate action as the deal was designed to provide management continuity.

“While this will see the loss of a block of assets for Henderson, it appears to be an elegant way of handling a manager move in a manner that should minimise disruption to clients and avoid a process of battling against outflows in the way Invesco Perpetual have experienced following the news of Neil Woodford’s departure,” said Hollands.

“It is likely in our view that there has been a pre-existing agreement relating to the European Special Situations and we therefore see this as an exceptional move, unlikely to be repeated generally at other fund groups where managers want to spin themselves out,” he added.

Thomas McMahon, fund analyst at FE research, said that Rowe’s experience and knowledge of the underlying companies meant the underlying strategy was unlikely to change.

“The fund’s low turnover style and clearly defined bottom-up, growth orientated approach means that Rowe should be able to take over the reins without any immediate disruption,” said McMahon.

“In the medium term it remains to be seen how he will handle the additional burden of managing the portfolio single-handedly, and we will be monitoring this. However, he will be assisted by Henderson’s highly successful European equities team led by John Bennett, and we rate the team and Bennett highly,” he added.

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