Wealth Manager - the site for professional investment managers

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
When Brewin's Gutteridge met BlackRock's easy Rieder

When Brewin's Gutteridge met BlackRock's easy Rieder

Following Federal Reserve chair Janet Yellen’s testimony, Ben Gutteridge, head of fund research at Brewin Dolphin, grills Rick Rieder, CIO of fundamental fixed income at BlackRock.

Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter