Hendersons drops cash

By Robert Stock Ian Dickson is to reduce his 8% cash weighting in the Henderson Preference & Bond Fund over a period of months with much of it likely to go into corporate paper. Dickson, who has run the fund since 1981, has held the cash position as a buffer to concerns about the preference share market, which is beset with liquidity problems. It also reflects Dickson's belief that yields were not making headway in a climate of rising interest rates. The change comes as Henderson Investors is making moves to expand its credit market team to cope with increased business and the rapid expa...