Equity analysts at Citigroup have reduced their recommendation for UK-listed asset manager Henderson Group from "buy" to "hold" over fears that a row over Henderson's management of an infrastructure fund "may create uncertainty and a potential reputational overhang for some time".

In a research note published yesterday, Citigroup equity analysts Haley Tam, Nigel Pittaway and Mark Tomlins said they had lowered the recommendation and dropped its target price, what it considers a fair price for the shares, from £1.50 to £1.38, a fall of 8%.