Henderson posts £15.5m pre-tax profits
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Henderson Group reported £15.5m pre-tax profits for the year ending December 31, compared to a £17m loss a year earlier.
Assets under management totalled £58.1bn, up from £49.5bn year on year with the acquisition of New Star adding £8.1bn to assets. The firm was boosted by favourable market and foreign exchange rate movements of £5.1bn during the year though this was marginally offset by £4.2bn net outflows from Pearl.
While Pearl continues to withdraw assets, Henderson says agreements in place will ensure these withdrawals will not have any material unexpected impact on future revenues.
Henderson’s dividend remains flat at 6.1p per share.
It has extended the deferral of its annual bonuses for executive directors from two to three years after considering FSA guidance. The change will also apply to other employees who receive annual bonuses above a certain threshold.
Chief executive Andrew Formica says the firm will be watchful to expand the business faster internationally if other partnership situations present themselves.
He says: “Our years of experience and established track record mean we are a sought after partner. We will continue to explore ways to improve both the reach and capabilities of Henderson.”
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