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Cash fund transfer sees fall in assets for Henderson

Assets under management at Henderson Group fell by £1.2bn in the first quarter.

Assets fell from £61.7bn in the final quarter of 2010 to £60.5bn in the first quarter this year after the group transferred £1.5bn of cash fund assets to DB Advisors.

Henderson’s assets under management rose by 4 per cent from £58.1bn in the final quarter of 2010 to £60.3bn in the first quarter of 2011.

There was a net inflow of £319m into the firm’s retail funds in the first quarter. The UK retail arm saw £285m of net inflows through its long-dated credit, credit alpha, strategic bond and multi-manager funds. The group also saw £97m of net inflows into its retail absolute return funds.

Henderson’s acquisition of Gartmore means the firm had a total of £76.2bn of pro-forma assets under management at March 31. It expects most of the Gartmore integration plans to be concluded by the third quarter.

Henderson Group chief exe-cutive Andrew Formica says: “We completed the acquisition of Gartmore at the beginning of April and the integration is well advanced with all staff working on our systems and following our processes.”

Chelsea Financial Services managing director Darius McDermott says: “Henderson has seen a bit more money come out of the Gartmore assets under management than perhaps it would have liked and it is just a case of ensuring that both teams of fund managers continue to perform. I expect we will see more mergers across the fund range.”

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