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New Star acquisition helps Henderson back into black

Henderson Group has unveiled a £15.5m profit for 2009 despite an 8 per cent fall in its recurring profit before tax.

The move into profit follows a £17m loss in 2008 but recurring profit fell by 8 per cent from £80.4m to £73.7m.

Assets under management rose by 17 per cent from £49.5bn to £58.1bn while the firm proposed a final dividend of 4.25p per share, bringing the total dividend for the year to 6.1p per share.

The acquisition of New Star in April 2009 added £8.1bn to the company’s assets under management. The group was hit with £4.6bn of net fund outflows, including a £4.2bn outflow from Pearl as well as £1.1bn from New Star Institutional Managers.

igher-margin products produced inflows of £700m and institutional net inflows of £600m.

Total fee income rose by 5 per cent in 2009 to £283.3m. Revenues rose to £24.9bn from £16.5bn in 2008 while performance fees fell slightly from £32m to £31.6m.

Henderson was also keen to highlight the improvement in the New Star UK fund range since it took on the business.

The firm says that 62 per cent of the funds beat their benchmarks to December 31, 2009, compared with 13 per cent at June 30, 2009.

Henderson Group chief executive Andrew Formica says: “Despite 2009 being a tough year, competitive long-term investment performance, diversity of products, channels and geographical reach stood the business in good stead.

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