IMPROVING stock market conditions in
Retail investors added £2.88bn while institutional clients contributed £113m. Markets and foreign exchange added £977m.
Henderson's two flagship European-focused equity funds - which own shares in firms like French energy firm Total and German postal service
Such funds are benefiting from stronger equity markets in
A higher proportion of cash was also allocated by people living in
Henderson was founded in 1934 to manage the estate of Lord Faringdon, who helped finance the
ANALYST VIEWS WHAT DO THE RESULTS MEAN FOR HENDERSON? By Michael Bow PHILIP MIDDLETON BANK OF AMERICA MERRILL LYNCH Geographical diversity is positive for earnings quality, in our view. As the asset management industry consolidates, this is likely to become increasingly important. Henderson now looks well positioned, with a range of sellable product and well diversified distribution.
DAVID MCCANN NUMIS We regard Henderson as an asset manager with a lower than average quality of income. Around a third of profits from performance and transactional fees. We therefore feel that a small discount to the sector rating would be warranted.
EDWARD MORRIS JP MORGAN CAZENOVE The benefit of modestly higher assets under management, particularly within retail, causes us to increase estimates for the current year and beyond. Our price target is increased to 250p from 245p as a result of our revised estimates
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