London fund manager Henderson Global Investors has hired a team of Dutch currency managers from the beleaguered Belgo-Dutch bank Fortis, in a move that illustrates how firms that have been hit less hard by the credit crunch - including asset managers - can profit from the woes of the investment banks.

The team, led by Bob Arends and Dennis van den Bosch, are well-known in the Dutch pensions industry. From 1996 to 2003 Arends managed currency for the Royal Dutch Shell pension fund, one of the biggest in the country, while van den Bosch did the same job at Mn Services, one of the Netherlands' largest domestic fund managers.