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Formica takes over from Yates at Henderson

Henderson chief executive Roger Yates is stepping down after 10 years to be replaced by current head of equities Andrew Formica.

The news comes as Henderson confirmed plans to relocate its business offshore with a new holding company to be incorporated in Jersey and tax residence in the Republic of Ireland.

Yates says: “As our business becomes increasingly global, we have concluded that the Group and its shareholders would be better served by having an international holding company with a group structure that is designed to help protect the Group’s taxation position and better facilitate its financial management.”

The group posted an operating profit before tax and non-recurring items of £50.8m, a fall of 16 per cent from the £60.5m return for the first half of 2007.

After non-recurring item the group’s profits were slashed by 54 per cent, from £101m to £47m.

Henderson Global Investors saw profit before tax fall by 1.3 per cent from £61.4m for the first half of 2007 to £60.6m for this year.

The company also saw a 14 per cent loss in assets under management in the past 12 months from £61.6bn at June 30, 2007 to £52.6bn on June 30 this year.

Yates says: “Assuming markets do not fall materially from here, Henderson is still aiming to meet or beat its pre-tax operating profit from last year of £109.6m and achieve an expense ratio of below 65 per cent in 2008.”

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