Henderson Global Investors, the UK asset management group, has shut the activist fund it set up two years ago following the departure of its manager, John Havranek, to rival Hermes. He has been tapped to replace two executives at Hermes Focus Asset Management, who are to step down after its flagship fund fell by more than half last year.

Havranek founded Henderson's fund in February 2007 in a joint venture with accountants PwC, but the company may have struggled to sell the concept in the context of a severe equity market downturn, according to a source close to the situation. Activist funds in general have suffered during the financial crisis.