Henderson assets up despite outflows
FUND manager Henderson yesterday said the recent market rally boosted assets under management over the third quarter, despite the firm suffering from client withdrawals.
Henderson, which took over stricken rival New Star in April, said it had £57.7bn under management at the end of September, up nine per cent from the £53bn it posted three months ago. The group said net inflows from higher margin products came to £0.3bn over the period, though this was offset by outflows of £0.3bn from lower margin products and insurer Pearl withdrawing £1.2bn. Pearl has a further £1.4bn of assets invested which Henderson said it had given notice on but had yet to withdraw.
Henderson said positive market and forex movements contributed £5.9bn over the period, while inflows at the combined Henderson New Star UK wholesale business had stabilised. The update came after the group was rocked earlier this week by news of the defection of star fund manager Guy de Blonay to rival Jupiter.