Andrew Beal is to take over as manager of the 196m Henderson TR Pacific investment trust following Michael Watt’s retirement later this year.Watt, who has managed the investment trust since its launch in 1987, will remain on the board for a period to ensure a smooth transition in responsibilities. Beal will join Henderson Global Investors on August 1 and, after a handover period, will take up the responsibility of running the portfolio. The board of the trust has also entered into discussions with Henderson to negotiate future management fees. The intention is to reduce the base management fee and include a performance-related charge for the investment trust. Beal previously worked at Nicholas Applegate Capital Management in San Diego as a lead portfolio manager on emerging markets and Pacific Rim mandates. He has also managed Asian equities at Schroder Investment Management. The Henderson TR Pacific fund aims to achieve a high rate of total return by investing in companies in the Pacific region, excluding Japan and Australasia. The trust is also allowed to invest in India following a resolution approved by shareholders at the April 2005 annual general meeting. The top three holdings of the fund at May 31 were Taiwan Semiconductor, Li & Fung and Chartered Semiconductor, with over half of the portfolio invested in equities in mainland China, South Korea and Taiwan.