Henderson reports 12% drop in assets
Henderson Group reported a 12 per cent drop in assets under management for the first three months of the year, but said there were signs of improvement for the second quarter of 2009.
The group said assets under management (AUM) in the first three months fell more than 12 per cent to £43.4bn since the beginning of January.
Pearl outflows also totalled £2.4bn and negative market movements were £3.1bn, with New Star’s AUM at £8.6bn as of 27 March 2009.
Meanwhile, modest net inflows into UK wholesale and horizon funds were offset by net outflows from US wholesale, hedge funds and structured products while private equity net flows were flat.
Andrew Formica, Henderson Group's chief executive, said: "Market conditions remained challenging in the period, with average market levels well below the same period last year.
"Our top priority is good investment performance. Overall, our investment performance is competitive, particularly in core products.
"Since the end of the period we have seen increased interest from clients looking to shift back towards higher margin products.
"These factors, together with cost management initiatives which we started last year, provide support to earnings."
