Henderson to convert Higher Income fund as it merges range of portfolios

Henderson is to convert its £568m Higher Income fund into a global equity offering as part of a major overhaul of its fund range.

The fund – one of five the group offers in the IMA Equity Income space – is managed by Graham Kitchen and Andrew Jones.

It will now be run by Ben Lofthouse and Jones, and called the Henderson Global Equity Income fund.

Lofthouse and Jones’ existing global income fund, the £24m Global Dividend Fund, will be merged into the new Global Equity Income fund on 20 July.

Higher Income has returned 60.7% over the three years to 3 February 2012, according to Morningstar, compared with an IMA UK Equity Income sector average of 53.9%.

Henderson is also converting a range of other mandates as it rationalises its range following the acquisitions of New Star and Gartmore.

The group is merging John Pattullo and Jenna Barnard’s £191m Extra Monthly Income Bond and £168m High Yield Monthly Income funds into their £445m Fixed Interest Monthly Income fund.

Meanwhile, the Henderson European Value fund will merge into the European Growth fund, its US Opportunities fund into its US Growth fund, and its UK Strategic Capital unit trust into its Global Strategic Capital unit trust.

Proposed fund to be restructured New fund name Manager of New fund
Henderson Diversified Absolute Return Fund * Henderson Multi-Manager Diversified Fund Bill McQuaker & Paul Craig
Henderson Higher Income Fund Henderson Global Equity Income fund Ben Lofthouse & Andrew Jones
* changes to take place on 30 March 2012
 
Fund Mergers
Proposed fund to be merged Destination fund Manager of Destination fund
Henderson European Value Fund Henderson European Growth Fund Richard Pease & Simon Rowe
Henderson US Opportunities Fund Henderson US Growth Fund Tom Marsico, Coralie Witter & Doug Rao
Henderson UK Strategic Capital Unit Trust Henderson Global Strategic Capital Unit Trust Paul Craig
Henderson Extra Monthly Income Bond Fund Henderson Fixed Interest Monthly Income Fund John Pattullo & Jenna Barnard
Henderson High Yield Monthly Income Fund Henderson Fixed Interest Monthly Income Fund John Pattullo & Jenna Barnard
 
Phase Two 20 July 2012
 
Fund Mergers
Proposed fund to be merged Destination fund Manager of Destination fund
Henderson Managed Distribution Fund Henderson Cautious Managed Fund Chris Burvill
Henderson International Fund Henderson Global Innovation Unit Trust Ian Warmerdam & Stuart O’Gorman
Henderson Industries of the Future Fund Henderson Global Care Growth Fund Nick Anderson
Henderson Global Care UK Income Fund Henderson Global Care Growth Fund Nick Anderson
Henderson UK Strategic Income Unit Trust Henderson Multi-Manager Diversified Fund Bill McQuaker & Paul Craig
Henderson European Smaller Companies Fund Henderson European Focus Fund John Bennett
Henderson Global Dividend Income Fund Henderson Global Equity Income Fund Ben Lofthouse & Andrew Jones

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