IMA ejects Henderson fund from UK Income sector

James Henderson's UK Equity Income fund has been ejected from the IMA UK Equity Income sector for failing to meet the trade body's sector requirements.

The fund failed to meet IMA requirements for UK income funds to yield at least 110% of the FTSE All Share over a rolling three-year period. The £400m fund now sits in the IMA UK All Companies sector, following in the footsteps of other portfolios to have been removed from the UK Equity Income sector in recent months. Manager James Henderson (pictured), who has previously criticised the IMA's rules for UK equity income portfolios, defended the fund's decision to balance income and growth prospects rather than "simply chase yield". "The above-average dividend payers in the past were ...