Henderson loses Asia investment trust mandate to Schroders

Henderson Global Investors has lost the management contract of its £286m Asian Growth trust to Schroders, after the board undertook a review of its investment management arrangements.

The trust has been headed up by Henderson's Andrew Beal since September 2005, but in recent years performance has been patchy. Over three years the trust has delivered an NAV return of 13.6%, well below the Asia Pacific ex Japan sector average return of 43.1% to 17 December, according to Morningstar. The trust will now be managed by Hong Kong based Robin Parbrook and King Fuei Lee, who run the top performing offshore £1.1bn Schroder ISF Asia Total Return fund. According to broker Numis Securities, the trust will be managed along similar lines to ISF Asia Total Return, although it w...