City's Best Commodities Manager Replaced

Since managing the fund since 1993, Mr Henderson has earned investors 764pc return on the £2.14bn fund in the last ten years.

Considered widely to be one of the best commodities managers in the City, Mr Henderson will be replaced by Neil Gregson, who currently runs the JP Morgan mining fund.

Mr Gregson will take over the natural resources fund as well as the global natural resources fund in January 2012. Mr Henderson will remain in an advisory position until March 2013.

JP Morgan’s head of UK retail, Jasper Berens, stressed that Mr Henderson was not retiring but had nominated Mr Gregson as his successor.

"It was a mutual decision between Ian and the management. We both felt that after 20 years it was time for something new. Ian nominated Neil as he felt that he would run the fund in a similar way, as he believes in the commodities super cycle."

Mr Henderson said "I have been aware of Neil's expertise for many years and have had the pleasure of working closely with him for over a year. We share a very similar style of investment and he has already made his mark. He is the natural successor to take these funds forward."

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