Henderson in a slide and its chief departs

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Yates, 51, is quitting after nine years to spend more time with his four children and go mountain climbing. "I don't think anyone should go on for longer than ten years," he said. "There was a natural end to my agenda. I have an excellent successor and felt it incumbent to get out of the way."

Profit in the six months to end June fell by £10 million to £50 million. Assets under management slumped by £7 billion to £52 billion, a sign of the malaise in the stock markets.

Yates described market conditions as "extremely hostile". "Investor confidence has collapsed and I can't see it coming back any time soon," he added.

The new man is Andrew Formica, the head of equities. The dividend slipped from 10p to 5.8p.