View more on these topics

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.”


Threadneedle bolsters fixed income team

Threadneedle has appointed Jonathan Pitkänen as head of investment grade research. Pitkänen takes on the role following the appointment of Jim Cielinski to become head of fixed income from October. Pitkänen joins on September 15, 2010, and will report to David Oliphant, who manages the group’s corporate bond fund. He will manage the credit analyst […]


Paradigm halves loss and aims to double advisers

Paradigm Partners is planning to double the size of its IFA network, Paradigm Financial Advisers, from 200 to 400 by the end of the year. In its third year of trading, Paradigm Partners posted a pre-tax loss of £388,165 for the year ending March 31, 2010 against losses of £766,436 in the previous year. The […]

Fair Investment in Omo tie up with Annuity Team

Fair Investment Company has partnered with The Annuity Team to offer its customers a new open market option annuity service. Customers can now choose enhanced and standard annuities through The Annuity Team service or income drawdown through the Fair Investment Advisory Service. Head of investment and pensions research George Ladds says: “When looking to buy […]


Advisers say transfer ban will be disaster

Advisers have hit out at Government plans to stop the majority of people from transferring out of final-salary pensions into defined-contribution schemes from April 2012. Money Marketing last week revealed the Department for Work and Pensions’ proposals to end transfers, included in a consultation setting out the draft legislation for the abolition of contracting out. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm