Senior Henderson fund manager John Botham has stepped down from the S&P AAA-rated onshore Europe...
Senior Henderson fund manager John Botham has stepped down from the S&P AAA-rated onshore European Capital Growth fund.
Botham, who continues to manage the offshore 422m Horizon Continental European Equity fund and heads up Henderson's £1.1bn European institutional funds business, supported by Andrew Koch.
Paul Casson has taken over the £436m onshore fund and plans to increase the tracking error of the fund to make for a higher conviction portfolio.
Casson, who joined the group in October 2005 from SVM, has been running European equity mandates for Henderson's US mutual fund clients. His approach is driven by the cashflows of businesses he invests in and usually holds a portfolio of between 40 and 60 stocks at any time with a split between large and mid/small caps.
He said: "As this is a growth fund, over time I expect to increase the tracking error of the fund to between 5% and 7%."
Under Botham, the S&P AAA-rated fund has returned 17.8% over the year to 19 June 2006, bid to bid, while the IMA Europe ex-UK sector returned 20.5% over the same period.
This is the latest management reshuffle within the group's 12-strong pan European equities team, headed up by Stephen Peak.t
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