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Henderson Group issues profits warning

Henderson Group has released a profits warning to the market after admitting that it will not meet its 2008 target of £90m.

The group says that the target, which is before tax and non-recurring items, is unrealistic after global markets deteriorated as well as increased volatility and client activity.

The statement reads: “A number of the assumptions that underpin our stated goal, and which are beyond management’s control, are no longer valid, resulting in pressure on assets under management and fee income.”

The group says it will take action to protect the business and profitability and will make a further update in its interim statement on November 6.

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