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Henderson moves to stem flows into Pease's European fund

Henderson moves to stem flows into Pease's European fund

Henderson Global Investors is looking to stem flows into Richard Pease’s £1 billion (€1.2 billion) European Special Situations fund.

While a spokesperson said there were no immediate plans to soft-close the fund, Henderson will no longer actively market it or seek fresh inflows.

The move follows a year in which the fund attracted over £400 million (€483 million) in new money, as investment appetite for European equities continued to increase.

Citywire + rated manager Pease said: ‘At £1 billion, it is slightly more than we would have hoped for. We are trying to not market it and stop new clients coming in certainly.

‘I was very popular for a brief while at New Star. We had a lot of hot European money and it got to £6.5 billion, which was too big. We are keen to avoid that fate because with mid caps you don’t want to get stuck.

‘What I would say is that we have been careful about who we have let into the Special Situations fund and I would like to think the majority of money is with sensible UK investors.’

Henderson said it would continue to monitor capacity on the fund and the underlying liquidity in the European market, particularly in the small and mid cap areas.

The UK-domiciled fund is registered for sale in Switzerland, France and Spain.

Over the three years to the end of December, Pease has returned 29.2% with the fund, versus a 25.8% rise by the FTSE World Europe ex UK index, according to Lipper.

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