Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Henderson’s McConkey and Burvill hit as HMV falls into administration

1 Comment
Henderson’s McConkey and Burvill hit as HMV falls into administration

Henderson Global Investors and a number of wealth firms have taken a hit from the demise of HMV.

The music retailer plunged into administration and put 4,000 jobs at risk after last ditch talks to save the firm failed. 

The news comes after the firm warned before Christmas if faced material uncertainties and it was locked in talks with its lenders over its banking covenants.

In a statement issued last night the HMV said: ‘The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect. 

'The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.'

The news impacts Henderson Global Investors, which until recently was the biggest investor in HMV with a 12% stake.

According to an Argus Vickers' shareholder register dated 14 November, Adam McConkey and Harmesh Suniara’s Henderson Fledgling Trust owned around 30.5 million shares in the firm equating to a 7% interest.

The pair has since been selling down its holding, which Henderson confirmed is now around two thirds lower at 10 million shares, or 0.13% of the fund.  

Meanwhile the Henderson Cautious Managed fund, run by Chris Burvill, John Pattullo and Jenna Barnard, owned around 2.9 million shares accounting for a little less than 0.7% and 0.01% of its equity component.

Henderson also owned 18.4 million contracts for difference representing a 4.3% stake on 14 November, which it has sold over the last few weeks.

There were also several wealth management firms with interests in HMV at 14 November, which were likely to be mainly held on behalf of execution only clients.

These included HSBC Wealth Management, Brewin Dolphin Barclays Private Bank, JM Finn and Cheviot, which owned 3.51%, 1.78%, 0.7%, 0.58% and 0.57% respectively.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Christopher Burvill
Christopher Burvill
123/140 in Mixed Assets - Balanced GBP (Performance over 3 years) Average Total Return: 6.30%
John Pattullo
John Pattullo
4/10 in Bonds - Sterling High Yield (Performance over 3 years) Average Total Return: 13.28%
Jenna Barnard
Jenna Barnard
5/10 in Bonds - Sterling High Yield (Performance over 3 years) Average Total Return: 13.28%
Adam McConkey
Adam McConkey
47/47 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 18.96%
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter