Henderson UK Equity Income overhauls mandate

The Henderson UK Equity Income fund - run by James Henderson - has changed its name and objective as part of an overhaul of the fund which removes its need to chase high yielding stocks.

The £472m fund, which has already moved out of the IMA UK Equity income sector, will be renamed the Henderson UK Equity Income & Growth fund in the new year. Its mandate has also changed, with the fund now aiming "to provide dividend income with prospects for both income and capital growth over the medium to long term, by primarily investing in UK companies," a letter sent to investors said. It is a move away from the original mandate to provide an income which beats the FTSE All Share Index, with some prospects for capital growth. However, the group said the switch will give Hende...