The rules of succession

Two recent fund manager handovers have refocused our attention on firms' succession plans.

How do you handle the situation when a big-name manager steps away from a fund? When do you inform investors of the decision and how do you manage their expectations? One of the changes over the past few years has been a move away from the ‘star’ manager culture with groups keener to promote their team-based approach and strength in depth. However, this still leaves them vulnerable when a manager with a long-standing track record and loyal following moves on. J.P. Morgan Asset Management (JPMAM) faced just such a challenge as veteran manager Ian Henderson stepped down from the £2bn N...