Henderson needs to act to ensure it retains key fund managers from New Star following the departure of Tim Steer last week, according to one of the managers involved.
A source close to Henderson’s acquisition of New Star says Henderson is confident that Mark Harris, head of the New Star fund of funds team, and Guy de Blonay, manager of the New Star Global Financials fund, will move over to the firm when the deal is complete.
Harris, however, says that while he is keen to move he has yet to receive a firm offer from the group. “The truth is we’re in no-man’s land,” he says. “I have a positive outlook [on Henderson], but it hasn’t put a firm offer on the table.”
The closure of the Henderson Horizon Global Financials fund last week sent out worrying signals on the fate of de Blonay’s fund. But a spokesperson for the firm said the two were “unrelated issues” and reaffirmed the group’s interest in having a financials fund as part of its range.
News that Henderson is moving to retain well-known managers would reassure investors over the deal after Steer’s departure to Artemis. Steer will join the group’s multi-cap team and take over management of a hedge fund once his notice period with New Star is completed.
However, the fate of Richard Pease remains uncertain.