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Henderson sees profits jump 79 per cent

Henderson has reported a 79 per cent increase in profit before tax for the first six months of 2010.

The firm made £48.5m of underlying profits before tax for the first half of the year, compared to £27.1m in the first half of 2009.

However, the group has reported a fall in assets under management in the first half of 2010. At June 30, 2010, the firm had £56.4bn assets under management down from £58.1bn at the end of December 2009. The group did see a net inflow of £1bn in higher margin products in the first half of 2010.

The group’s operating margin grew from 16 per cent to 29.1 per cent,  a rise which it attributes to improved markets in the first half of the year as well as the benefits of the New Star Asset Management acquisition made in April 2009.

Henderson chief executive Andrew Formica would not comment on industry speculation that the firm was planning to make a bid for rival fund manager Gartmore. He says there a number of interesting opportunities in the market place and pointing to interest in both the US and Asia.

Formica also says the firm is looking to expand its product range in the property, hedge fund and absolute return space.

He says: “Henderson has delivered a strong first half, despite market volatility and fragile investor confidence, with revenues growing by 50 per cent and underlying profits by some 80 per cent compared to the first half of 2009.

“Our competitive investment performance, our skilled sales teams, improved brand awareness and a proven ability to capitalise on diverse investment opportunities have all contributed to this good result.

“We expect market volatility to continue in the second half, though the business trends seen so far this year remain intact. We are also alert to the potential impact of regulatory changes on our business as regulators and governments seek to rebuild trust and confidence.

“Notwithstanding the challenges faced by markets and by the industry, we are well positioned to launch new products and to continue to grow our business in all the channels and geographies where we operate.”

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