Henderson names fixed income head

The ongoing reshuffle at Henderson, however, has yet to convince fund strategists to start investing with the asset manager again.

No date has yet been agreed for Jacob’s arrival at Henderson. He joins from UBS Asset Management where he was pan-European head of fixed income responsible for a 50-strong team across the UK, Switzerland and Germany. He previously worked at Merrill Lynch and JP Morgan Investment Management.

Roger Yates, managing director of Henderson, says Jacob has been hired because the firm wanted a head of each of its four main asset classes – equities, fixed interest, property and private capital. Andrew Formica, head of equities, and Jacob will now report directly to Yates rather than to Buckley. Yates adds: “This structure means that the role of chief investment officer is no longer needed and, as a consequence, Ian Buckley will be leaving Henderson in March 2005.”

This is the latest in a series of changes to the investment team since the recruitment of Phil Jefferson as director of UK retail from First State in May. But fund strategists say more time and changes are required before they advise clients to invest with Henderson. Mark Dampier (pictured left), head of research at Hargreaves Lansdown, says: “Henderson has been OK in fixed income but the problem is that many other groups are better. It is very difficult to stand out now. I reckon about 75% of our money is going into just 30 funds.

“Henderson needed a shake-up. It could certainly not do any worse. It needs an outstanding fund or manager to attract investors’ attention. Even though Henderson has made these changes now it will take time to build a good track record.”

Tim Cockerill, head of research at Rowan & Co Capital Management, adds: “Henderson went off the boil some time ago. I could not tell you the last time I bought a Henderson fund. It needs an overhaul and has not been strong enough in fixed income against the competition.”