McDermott: de Blonay defection a ‘major dent' for Henderson

Guy de Blonay's defection to Jupiter raises serious concerns about the integration of Henderson and New Star, Chelsea Financial Services' Darius McDermott believes.

McDermott, the Chelsea managing director, says he downgraded the fund immediately from a buy to a hold once he received news of de Blonay's decision to rejoin Jupiter. "I was a big fan of de Blonay's investment process and as he was the key manager on the fund, I felt I had no other choice but to downgrade the status of this fund to a hold immediately," McDermott says. "This development raises some concerns about the previously relatively seamless integration process and leaves a major dent in their retail ambitions. De Blonay was a deal-breaker when Henderson acquired New Star last y...