Following the news that Richard Pease has decided to depart from Henderson we have suspended the AAA Square Mile rating on the Henderson European Growth fund. We shall therefore conduct a review into the new management structure and meet with new lead manager (previous co-manager) Simon Rowe.

Based on an agreement made between Mr Pease and Henderson upon his arrival at the firm in 2009, though still subject to regulatory and client approval, Mr Pease will transfer over to Crux Asset Management with the other fund for which he is responsible, Henderson European Special Situations fund. He will also be joined in the move by the fund's co-manager James Milne.

We look forward to meeting with Mr Pease at Crux but remain satisfied that due to Henderson's European capabilities and depth of resources this development will not impact upon the management of the Henderson European Selected Opportunities and Henderson European Focus funds. Both these funds retain their AA Square Mile rating.