Henderson swings to net outflows, though AUM improves
Henderson Group published its full year results for the year to 31 December on Thursday, with assets under management at year-end up 10% to £101.0bn.
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The FTSE 250 company reported net outflows for the year of £4.0bn, compared to £8.5bn net inflows in 2015, with underlying profit before tax falling to £212.7m from £220.0m year-on-year.
Underlying diluted earnings per share were 15.2p, down from 17.2p.
Henderson sand its capital was now above the regulatory requirement of £69.0m, following the FCA’s review.
Its board recommended a final dividend of 7.30p per share, taking the total dividend for the year to 10.5p per share.
It described a “strong long-term investment performance” for the period, despite challenging market conditions, with 77% of funds outperforming the relevant metrics over three years as at 31 December.
Institutional inflows reflected the success of new investment teams and an increasingly diverse client base, the board said, while the “transformational” merger announced with Janus Capital in October was said to be positioning the group for future growth.
“Henderson has delivered resilient financial performance in a year of extraordinary turbulence in politics and financial markets,” said chief executive Andrew Formica.
“It is testament to our strategic progress over the past three years that we report assets under management and management fees at record levels - progress that has enabled us to continue to move forward through the proposed merger with Janus Capital Group.”
Formica said the board was well advanced on its integration planning, and remained on track to complete the merger by the end of May.
“In Janus Henderson we are building an investment manager centred on delivering for our clients, that creates opportunities for our colleagues and retains the freedom to innovate, change and grow.
“I very much look forward to working even more closely with Dick Weil and our new colleagues from Janus.”