Veteran UK equity investor James Henderson is to retire from Janus Henderson in June 2027, bringing to a close a 44-year career in fund management and ending one of the longest-running tenures in the UK investment trust sector.
The retirement will see Laura Foll succeed Henderson as lead manager of both Law Debenture (LWDB) and Lowland Investment Company (LWI), ensuring continuity across two of Janus Henderson’s flagship UK equity income mandates.
The succession plans were announced alongside half-year results from Law Debenture and in a separate statement from Lowland. Both boards stressed there would be no change to their investment objectives or investment approach, with Henderson remaining at the firm until June 2027 to oversee an orderly handover.
For Law Debenture, Henderson’s departure marks the end of more than 30 years managing the trust. Having first become involved with the portfolio in 1994 and assuming lead management responsibilities in 2003, he has overseen an underlying total investment return of 1,288%, compared with 546% from the FTSE All-Share over the same period.
Law Debenture chairman Robert Hingley described Henderson’s contribution as “outstanding”, while chief executive Denis Jackson said he had “played a central role in the success of the portfolio and leaves an impressive legacy in his retirement”.
The trust also reported another period of benchmark outperformance, with an NAV total return of 11.4% and a share price total return of 16.2% for the first half of 2026, ahead of the FTSE All-Share’s 7.2%. The board increased the first interim dividend by 6% to 8.875p, extending its intention to maintain or increase the annual dividend for a 47th consecutive year.
Meanwhile, Lowland confirmed that Henderson will also step down after 36 years as manager of the trust. Chair Helena Vinnicombe said he had made “an outstanding contribution” during his tenure and thanked him for his “exceptional and longstanding commitment” to the company and its shareholders.
Foll, who has co-managed Lowland since 2016 and has worked alongside Henderson on Law Debenture since 2011 before becoming joint manager in 2019, will become lead manager of both portfolios following his retirement. She joined Janus Henderson in 2009 and will continue to be supported by the firm’s Global Equity Income team.
Vinnicombe said Foll had “played a vital role in delivering for our shareholders over the past ten years” and that the board had “every confidence in her ability to continue doing so in the years ahead.”
The appointments continue a succession plan that has been developing over several years. Henderson and Foll have worked together on the Law Debenture portfolio for 15 years, including seven years as joint managers, while they have jointly managed Lowland since 2016.
Henderson joined Janus Henderson in 1983 after training as an accountant and has managed investment trusts since 1990. Over his career he has become one of the best-known UK equity income investors, recognised for his willingness to invest across the market-cap spectrum and for backing companies capable of delivering long-term dividend growth. His long association with both Law Debenture and Lowland has helped establish the pair among the UK’s strongest long-term performing investment trusts.
The transition underlines the increasing prominence of Laura Foll, who will inherit two of the firm’s flagship UK equity mandates while maintaining their established investment philosophy.
Our view
QuotedData’s Matthew Read said: “James Henderson has been a well respected figure in UK equity fund management for many years, and his retirement certainly feels like the end of an era. His patient, contrarian approach and willingness to look beyond the largest companies have served investors well across several market cycles. We wish him a long and happy retirement. While the retirement of such a longstanding manager might ordinarily cause some uncertainty for investors, shareholders in Lowland and Law Debenture can take comfort that James leaves both of these trusts in the very capable hands of Laura Foll, who has worked alongside him for a number of years now.”
