Appointment portfolio manager

Henderson TR Pacific Inv. Trust PLC 12 July 2005 HENDERSON GLOBAL INVESTORS HENDERSON TR PACIFIC INVESTMENT TRUST PLC Appointment of Andrew Beal as the new Portfolio Manager The Board of Henderson TR Pacific Investment Trust plc is pleased to announce the appointment of Andrew Beal as Fund Manager to the Trust following his recruitment by Henderson Global Investors, the company's appointed Investment Manager. Andrew will succeed Michael Watt, who will retire after 18 years as Fund Manager. Andrew joins Henderson Global Investors on 1 August 2005 and will take responsibility for the Trust's portfolio after a handover period. Michael Watt will remain on the Board for a time to ensure a smooth transfer of responsibilities. A British citizen, Andrew was most recently Lead Portfolio Manager, Emerging Markets and Pacific Rim for Nicholas Applegate Capital Management in San Diego. He was responsible for the PIMCO NACM Pacific Rim Fund, which won Best Fund over 3 Years, Pacific Region in the 2005 Lipper Fund Awards. He also ran the Emerging Market Opportunities Strategy, which achieved an annualized alpha of 4.5% over the 3 years to 31 December 2004. Prior to Nicholas Applegate, Andrew spent 10 years at Schroder Investment Management managing Asian equities. Concurrent with this appointment, the Board has entered into management fee negotiations with Henderson, which will lead to a lower base management fee and the introduction of a performance fee. Commenting on the appointment, David Robins, Chairman of Henderson TR Pacific Investment Trust plc, said: ' The Board has been working closely with Henderson to identify a high quality candidate to succeed Michael Watt. In Andrew Beal we have an experienced Pacific investor with a bottom up style, who has both a detailed knowledge of the region with a disciplined and proven stock selection process. We believe that the combination of Andrew and Henderson's enhanced Pacific research team will deliver the outperformance our shareholders expect. Given this change, it is entirely appropriate for us to review our management fee arrangements with Henderson so as to incentivise them to deliver outperformance. It is intended that Michael will stand down from the board of Henderson TR Pacific in due course. On behalf of the Board, I should like to thank Michael for his contribution to the Board and management of the fund over the last 18 years.' -ends- Press enquiries David Robins 07774 732955 Chairman Henderson TR Pacific Investment Trust plc James de Sausmarez 020 7818 3349 james.desausmarez@henderson.com Head of Investment Trusts Henderson Global Investors Sarah Gibbons-Cook 020 7818 319 sarah.gibbons-cook@henderson.com PR Manager Investment Trusts This information is provided by RNS The company news service from the London Stock Exchange
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