What Next for Henderson Multi-manager Funds?

Bill McQuaker is leaving Henderson Global Investors to join Fidelity later this year - what is the impact on investors in his multi-asset fund-of-funds?

Randal Goldsmith 21 April, 2016 | 12:33AM
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Randal Goldsmith: We've decided put the Henderson Multi-Manager funds under review following this announcement of the departure of Bill McQuaker.

The main reason for our positive rating on Henderson's Multi-Manager funds was the asset allocation contribution. Even though they have a well-resourced multi-manager team and Bill McQuaker had historically been the main driver of that decision. And he has got about 30 years macro experience, so he brings a lot of credibility to it.

Henderson had moved though to reduce the dependence on McQuaker. In 2013, they brought in Paul O'Connor to head the team jointly with McQuaker. Paul O'Connor is actually somebody who McQuaker has worked within the past on strategy.

Recently, they've been taking the tactical asset allocation together. Chris Paine, the team's Director of Research, has also been doing work on strategic asset allocation. So, I think what we need to do is look more closely at the inputs provided by O'Connor and Paine and then we can more fully understand the implications of McQuaker's departure.

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Randal Goldsmith  is a Manager Research Analyst with Morningstar.