Patrick Harrington is leaving M&G after 12 years to head-up Henderson Investors' UK equity income te...
Patrick Harrington is leaving M&G after 12 years to head-up Henderson Investors' UK equity income team, writes Kira Nickerson.
Harrington, who has run the M&G Extra Income fund since August 1999, joins Richard Prew, who came to Hendersons from Norwich Union earlier this year to head up the group's UK equity growth area.
He is to take over management responsibility for Hendersons' portfolio of UK retail equity income funds, which will include running money for Pearl, London Life and NPI funds. Harrington, who joins the group over the summer, will also take over management of Hendersons' UK Equity Income fund, which, until now, has been run by the group's UK equity team.
At M&G, Harrington managed Charifund, the specialist UK equity income unit trust for charities, in addition to the M&G Extra Income fund. He has managed income funds for nearly 10 years, having joined M&G as a graduate trainee in 1988.
Taking over from Harrington on the M&G Extra Income portfolio will be Richard Plackett, director of UK retail funds, on an interim basis. Richard Hughes is taking over responsibility for the M&G Charifund fund.
The M&G Extra Income fund has a track record dating back just under one year as it switched into the UK Equity & Bond Income sector in June 2000 from UK Equity Income, losing its longer-term performance numbers. The fund is ranked three out of 47 funds for the year to 1 June, based on bid to bid returns of 2.31%.
The Henderson UK Equity Income fund is ranked 64 out of 90 funds for the year to 1 June, based on bid to bid returns of -0.33%. Over one year, the £123m fund is ranked 70 out of 89 funds, based on offer to bid returns of -5.39%.
Mike Clare, chief investment officer of Henderson Investors UK retail, said: 'Harrington's appointment will further add to our UK retail fund management capability, which has been boosted significantly recently.'
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