Henderson Group has reported that the integration of the Gartmore business has seen 91 per cent of Gartmore’s December 31, 2010, assets being retained.
In its latest trading update, the group reports that its total assets under management as at June 30, 2011, had jumped to £74.4 billion, up from £61.6 billion at the end of December.
Meanwhile, the group predicts underlying profits in the region of between £83m and £87m for the six months ending June 30. This compares with the £48.5m underlying profit reported for the first half of 2010.
However, Henderson does report a large amount of outflows for the six months. Net inflows of £575m into Henderson retail were reportedly offset by net outflows of £290m from Gartmore retail, £148m from Gartmore institutional, £2.6 billion from Henderson institutional and £407m from Phoenix.
In a trading statement today, the group indicated it predicts the level of performance fees to be substantially lower in this second half of 2011 than for the first based on “lower performance fee potential.”