The board of Henderson European Trust says that it has been notified that the company’s two co-portfolio managers, Tom O’Hara and Jamie Ross, have resigned from Janus Henderson Investors.

With effect from today, Robert Schramm-Fuchs and Nick Sheridan, experienced portfolio managers who have worked in the manager’s European Equities team since 2014 and 2009 respectively, will assume interim joint responsibility for management of the portfolio, supported by the rest of the European equities team.

There is no change to the investment approach of seeking to maximise total return by investing in Europe’s “global champions”.

The board says that it will, via Deutsche Numis, be soliciting shareholder views on the strategic direction of the company, and intends to review the company’s position in light of the feedback received.

[The merger of the two Henderson European trusts looked like a great move last year, but now, with the future of whole trust seemingly thrown up in the air, shareholders face an anxious wait as the board reviews the situation. On similar past occasions, departing managers have popped up at a new firm and been handed the management contract. Watch this space!]

Update 12:30pm: The managers have popped up at GAM Investments, where they are coming in to replace a team that left to go to Jupiter. As is usual in these cases, the managers might have to take some enforced time off (gardening leave) between firms. The board will then have to choose between sticking with the replacement team at Janus Henderson, moving the mandate to GAM, or perhaps even looking elsewhere.

HET : Shock departure puts question mark over future of Henderson European