Henderson is facing claims of negligence, according to this morning's Times, as the fund manager looking after the nest eggs of 2.3m Pearl policyholders put money into an Italian fitness clubs business whose chief executive is facing fraud charges.
According to the Times newspaper, it is alleged altogether Henderson Group has lost more than £100m by investing Pearl policyholders’ money in a number of "disastrous private equity deals" and the €20million investment in Wellnet, the fitness clubs venture, was one of those written off. Henderson is said to face suggestions it used Pearl policyholders’ money to expand aggressively in areas such as private equity and there are apparently also questions over the amount of due diligence conducted on transactions such as Wellnet. The paper says at the time of such transactions Henderson own...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes