Phil Wagstaff quits SIG for Henderson distribution role

Phil Wagstaff is leaving his role as chief executive of Skandia Investment Group just two weeks after joining to become global head of distribution at Henderson Global Investors.

Wagstaff will join former New Star and Gartmore colleagues at Henderson, which took over both fund firms in 2009 and 2011 respectively. He joins in January 2009, subject to FSA approval.

Replacing Wagstaff at SIG is Paul Feeney, who was previously head of distribution for BNY Mellon Asset Management. Feeney, who starts at SIG in January, will also head up the long term savings division of Old Mutual.

At Henderson, Wagstaff will lead the retail, institutional and hedge fund distribution teams on a global scale.

Andrew Formica, chief executive of Henderson said: "Our strategy centres on our clients who are already benefiting from our investments in our distribution efforts. I am proud of what the team has achieved following our recent acquisitions.

"I am confident we can take a significant leap forward with the considerable experience and enthusiasm Wagstaff brings to the team we have in place."

Meanwhile, Henderson Group released a trading update this morning to advise underlying profits for 2011 are expected to be between £155m and £159m.

The group expects to earn £11m from performance fees in the second half of the year. Full results will be announced on 29 February 2012.