Henderson Global Investors, the UK fund manager which today confirmed plans to move its tax domicile to Ireland in a blow to the UK government, is to replace chief executive Roger Yates who will step down in November after nine years in the role.

Yates, who is 51, said this morning he had "come to the end of his agenda for Henderson." He has led the group through its demerger from the Australian insurance group AMP, a London listing, and a reorientation of its business away from traditional balanced mandates toward higher-margin product lines.