Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a713581
Henderson crosses £70bn mark as equity flows turn positive
by Danielle Levy on Oct 31, 2013 at 07:40
Henderson posted a 4.3% asset rise over the third quarter as it passed the £70 billion threshold.
Equity products were in demand with £0.9 billion of net inflows during the third quarter, representing the first positive quarter since the first quarter of 2011.
Henderson posted net inflows of over £1.2 billion, which it said had been driven by flows into higher margin products. It said retail net flows amounted to £1.3 billion across its UK, Europe, US and Asia businesses, bringing total assets in this part of the business up to £35.8 billion.
In the UK net inflows totalled £0.5 billion, with the group noting demand for specialist credit, European equities, retail joint ventures Optimum and Cirilium, alongside its UK Property fund business. Flows into investment trusts slowed during the quarter to just £7 million, down from £184 million during the second quarter. Total assets in this space stood at £4.7 billion at the end of September.
Henderson was sat on a net cash position of £40 million, with cash and cash equivalents at £190 million in September.
Andrew Formica (pictured), Henderson chief executive, said: 'The business is performing strongly. I am delighted that our strategy and the changes we have made are bearing fruit. The net inflows into our retail businesses are testament to both improved investor confidence and our consistently strong investment performance across our core product ranges. All our geographies have seen substantial increases in net flows during the period. This momentum and strong cash generation allow us to continue to invest in the business whilst strengthening our balance sheet further.'
News sponsored by:
Today's top headlines
More about this:
Look up the shares
On the road
by Alex Steger on Dec 11, 2013 at 10:19