Henderson is to overhaul its retail fund range again following the acquisitions of New Star and Gartmore.

The streamlining of a number of funds will take place in two main phases, starting in May, where there is ‘an overlap of investment objective and policy’ or where a merger is ‘in the best interests of investors’.

The Henderson Diversified Absolute Return Fund will be restructured as the Henderson Multi-Manager Diversified Fund, to be managed by Bill McQuaker and Paul Craig. This change will take place at the end of March. The new fund will also be joined by the asset manager’s existing UK Strategic Income Unit Trust.

From 4 May, Henderson Higher Income will become Henderson Global Equity Income, to be managed by Ben Lofthouse and Andrew Jones. The existing Henderson Global Dividend Income Fund will also be merged into this vehicle.

Also at the start of May, Henderson European Value will merge into Henderson European Growth, Henderson US Opportunities will merge into Henderson US Growth and Henderson UK Strategic Capital Unit Trust will merge into Henderson Global Strategic Capital Unit Trust.

Two bond funds, Henderson Extra Monthly Income Bond and Henderson High Yield Monthly Income, will combine into the Henderson Fixed Interest Monthly Income Fund, managed by John Pattullo and Jenna Barnard.

The second phase begins on 20 July and proposes the merger of the group’s Industries of the Future Fund and the Global Care UK Income Fund into the Henderson Global Care Growth Fund, managed by Nick Anderson.

Finally, the Henderson Managed Distribution Fund, the Henderson International Fund and the Henderson European Smaller Companies Fund will merge into the Cautious Managed Fund, Global Innovation Unit Trust and the European Focus Fund respectively.

Mark Skinner, director of retail global distribution at Henderson, says that since acquiring New Star and Gartmore, the group has consolidated over 50 funds.

He adds: ‘It has always been our intention to further rationalise the UK retail range for two main reasons. Firstly, to remove complexity and duplication, and secondly, to enable us to focus on a smaller number of key investment strategies that are clearly relevant to our investors.’

The changes are subject to regulatory and shareholder approvals at EGMs to be held in April and June this year.

Henderson has sent a letter out to advisers letting them know about the proposed fund rationalisation, and that investors in all affected funds will need to vote on the proposals. The group will also send the necessary documents and voting forms direct to investors.
 
They will have the opportunity to vote on the changes via post, online as well as attend the EGM.