Janus Henderson’s director of pan European equities, Tim Stevenson (pictured), is to retire in 2019 after 32 years at the firm, but fund selectors argue there is little reason for investors in his funds to worry.
Stevenson is co-manager of both the €1.4bn Horizon Pan European Equity fund and £230m Euro Trust. His departure was announced in the Euro Trust’s annual financial results.
The veteran manager joined Henderson in 1986 as fund manager for Europe and has been a director since 1991. He is also a fund manager on the International Opportunities strategy.
Prior to this, he worked for Aetna Montagu Asset Management and was responsible for European investments for ERISA clients and MIM pension funds. His career began as a European equity analyst at Savory Milln.
Janus Henderson said Stevenson will remain with the team on a transitional basis through the first quarter of 2019 o offer counsel and advice to his co-manager, James Ross, who will take over his role.
Cause for concern?
Adrian Lowcock, head of personal investing at Willis Owen, said while it is important to recognise the fund manager is retiring and not leaving to join a competitor, his departure will still have an impact.
“Janus Henderson European team has clearly suffered in recent years with the high profile departure of Richard Pease and now this retirement. However, given that Stevenson co-managed his funds with James Ross there is continuity for investors.
“Stevenson has been a key part of the European team for many years so his retirement will have an effect, although I think Janus Henderson has enough resources at hand and time to prepare for his departure.”
Ryan Hughes, head of active portfolios at AJ Bell, said while it always disruptive when a manager with this much experience leaves a team, there is no reason to worry.
“He has been a constant presence in the European equity team at Janus Henderson but importantly looking forwards, the team remains strong,” he said.
“In John Bennett, the team has a hugely experienced manager who has seen all different kinds of market and therefore I don’t see this news as any cause for concern for investors.”
Jason Hollands, managing director at Tilney, added that investors and their advisers will “no doubt want to kick the tyres again” to check whether they should remain invested, but he believed there will be continuity in approach and an orderly transition.
Successor
Ross joined Henderson in 2007 and has been a fund manager on the European Equities team since 2016. Prior to that, he co-managed a UK equities pooled fund, and before that, was an assistant fund manager on the pan European Equities team.
The group said its team-based approach means portfolios will be managed in the same way following Stevenson’s departure.
Ross said: “I have thoroughly enjoyed working alongside Tim for the last few years; I am excited at the prospect of taking over sole responsibility for our mandates after his retirement.
“Tim will leave behind a legacy of consistent value-creation for clients; a record that I will seek to emulate.”
Stevenson added: “James has impressive enthusiasm for, and knowledge of the companies and the opportunities that exist from investing in Europe. The job of the European fund manager requires energy, brains, determination and skill. James has all of these and I am so pleased that he is taking on the full responsibility of looking after clients’ money in the complex but exciting area of Europe.
“I want to take this opportunity to wish him the very best of luck, and to thank clients for their support and patience over so many years. Finally, I would like to also thank all the great colleagues with whom I have worked in my career at Janus Henderson.”
