Henderson plans new mergers and shuts Japan fund

Henderson is to close its Japan Absolute Return fund and merge away two other vehicles in the latest phase of its fund rationalisation process.

The group is to shut the £2.8m Japan Absolute Return fund run by John Stewart and Robert Tull on 20 September, saying the fund's small size makes it difficult to diversify assets in a cost effective manner. "It is also unlikely the fund will be able to attract significant levels of new inflows. We therefore believe that the fund will be unable to grow at a rate that would either maximise returns for investors or continue to make it feasible from a commercial viewpoint," Henderson said in a letter to shareholders. The group is also proposing to merge the fettered £41m Gartmore Long Ter...