Since New Star was acquired by Henderson earlier this year, New Star Investment Trust has been managed by Simon Ackroyd. However, it was not expected that Henderson would have a long-term involvement with the trust as around 60 per cent of its shares are held by former New Star chief John Duffield.

The trust has suffered from poor performance over recent years, with net asset value returns of -6, -38 and -4 per cent over one three and five years according to WINS data as of 30 October.

This is in contrast to the sub sector average for global growth/specialist of 25, -4 and 42 per cent over those periods, and the FTSE World ex UK NAV returns of 28, 3 and 39 per cent.

James Roe has also retired from the trust’s board due to ill health.

Henderson still has two of the four trusts it acquired from New Star, now renamed Henderson Private Equity and Henderson Financial Opportunities.Earlier this week it was announced the manager of the latter trust, Guy de Blonay is to leave Henderson, but the Henderson will continue to manage the trust.

The New Star RBC Hedge was wound up earlier this year.