28th Jul 2016 07:43
LONDON (Alliance News) - Fund manager Henderson Group PLC on Thursday said its assets under management grew in the first half of 2016, but it recorded net outflows overall driven by post-Brexit uncertainty.
Henderson said assets under management at the end of June stood at GBP95.0 billion, up from GBP92.0 billion at the end of December thanks primarily to good performances from its funds.
However, the group recorded net outflows of GBP2.0 billion in the first half, mainly as a result of investors pulling their money following the outcome of the UK's EU referendum.
Pretax profit for the group dropped to GBP68.4 million in the half from GBP98.1 million the year prior, as net income declined to GBP282.1 million from GBP322.8 million. Henderson declared an interim dividend of 3.20 pence per share, up from 3.10p in the first half of 2015.
"The first half was dominated by widespread market uncertainty in the run up to the UK referendum. Clients pulled back from investing in European assets and UK property, particularly after the referendum result, but we saw good demand for absolute return and income generating investment styles," said Chief Executive Andrew Formica.
"Our new investment teams continue to deliver excellent performance and half of our assets are now managed for clients outside the UK. The dislocation caused by the UK referendum result demonstrates the importance of continuing to diversify our business," he added.
Shares in Henderson were up 1.3% to 225.70p Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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