Roger Yates, CEO of Henderson Group, will step down in November, confirmed spokesman Richard Acworth. Andrew Formica, head of equities, will replace him.
Mr. Acworth said Mr. Yates is planning to take a year off.
The London-based firm also announced it plans to incorporate the firm in Jersey and be domiciled in Dublin for tax reasons. The firm's U.K. taxes were scheduled to increase next year. Offices will remain in London, Mr. Acworth said.
The announcements came as the firm reported assets under management of £52.6 billion ($96.8 million) as of June 30, down 11% from year-end 2007. After-tax profit fell to £41.2 million at the end of June, a 54% drop from the same time last year.
The economic environment in the first six months of 2008 was extremely hostile compared with the same period last year, Mr. Yates said in a statement. Weaker markets and subdued demand for investment products, particularly from retail investors, put pressure on our fee income.