Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Henderson overcomes RDR income fall with performance fee gains

Henderson overcomes RDR income fall with performance fee gains

Increased fund flows to higher-margin products and solid performance helped Henderson overcome a 10% fall in transaction fees following RDR to deliver a record year of profits.

The company reported £190 million in profit before tax for 2013, up from £153 million in the same period as the year before, with operating margin actually rising from 34.1% to 35.7%. At 8.10 Henderson was up 2.1% at 248p.

That was despite a fall in transaction fees from £39.2 million to £34.9 million, with the company benefitting from performance fees up more than three-fold from £30.4 million to £94.5 million and total management fee income rising from £301.9 million to £331.9 million.  

‘We have further improved our investment performance and delivered strong returns for our clients across all of our core capabilities,’ said Henderson chief executive Andrew Formica (pictured).

‘Our consistently strong investment performance and market positioning have enabled a turnaround in our retail business and a return to strong positive net inflows, with a retail net inflow of £2.5 billion in the fourth quarter, up from £1.3 billion in the third quarter.

‘The financial strength of our business also continued to improve, allowing us to increase the total dividend by 12% over the prior year.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter