Henderson Global Investors is looking at switching its five fund of funds targets to outperform...
Henderson Global Investors is looking at switching its five fund of funds targets to outperformance of peer group rather than benchmark.
This follows a period of poor returns by several of the group's multi-manager products relative to their IMA sectors. This decision is part of a broader rethink on how the group should position its multi-manager product at a time when there are numerous new entrants to the market, such as HSBC, Skandia Investment Management, M&G and Solus.
John Husselbee, director of multi-manager at Hendersons, said the group is looking at what the key differentiators are going to be in the fund of funds market over the longer term.
In the balanced managed sector the Henderson Independent Balanced Portfolio is ranked 72 out of 90, offer to bid, over one year to 3 March 2003 with a return of -26.62% against -24.01% for the peer group.
In active managed the Henderson Independent Growth Portfolio is ranked 46 out of 49 over three years to 3 March, offer to bid, with returns of 48.17% against a sector average o -40.73%.
The 30-strong cautious managed sector has returned -14.17% over one year while the Henderson Independent Income Portfolio has returned -17.98%, ranked 26, and the Henderson Independent Distribution Portfolio is ranked 20 with a return of -16.88%.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till