Henderson GI appoints global head of distribution
Henderson Global Investors has boosted its sales, marketing and client service activities with the appointment of Phil Wagstaff as global head of distribution.
The move comes as a surprise, given that Wagstaff had accepted only two weeks ago the post of chief executive of Skandia Investment Group (SIG). Wagstaff’s replacement at SIG is Paul Feeney, who was previously head of distribution for BNY Mellon Asset Management.
Wagstaff has held senior sales and distribution roles at Gartmore, New Star Asset Management, M&G and other major asset management firms in a career that spans more than 25 years.
At Henderson, Wagstaff will find many of his former colleagues at Gartmore and New Star. Henderson acquired New Star in 2009 and Gartmore in April this year. At the time, Wagstaff was Gartmore’s head of global distribution, but he did not join Henderson.
Wagstaff’s role at Henderson has been created for him, though it is not clear if this has meant a reorganization of the firm’s management structure. Mark Skinner is head of European retail and Simon Hillenbrand is director of UK retail.
Henderson said Wagstaff will lead “current global distribution teams across retail, institutional and hedge funds, with a focus on co-ordinating global sales channels, further developing the client service model and ensuring that the product strategy is aligned with the group strategy.”
Andrew Formica, chief executive of Henderson, said: “Our strategy centres on our clients who are already benefiting from our investments in our distribution efforts. I am proud of what the team has achieved following our recent acquisitions. I am confident we can take a significant leap forward with the considerable experience and enthusiasm Phil brings to the team we have in place.
Feeney will head up the long-term savings division of Old Mutual. Both Feeney and Wagstaff start their respective jobs in January.
Henderson Group released a trading update this morning to advise underlying profits for 2011 are expected to be between £155m and £159m. The group expects to earn £11m from performance fees in the second half of the year. Full results will be announced on 29 February 2012.