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The Gartmore effect drives 58% Henderson profit jump

by Dylan Lobo on Feb 29, 2012 at 07:51

The Gartmore effect drives 58% Henderson profit jump

The acquisition of Gartmore helped profit at Henderson Group jump 58% to £159.2 million in 2011 with revenue rising 32%

Assets under management rose from £61.6 billion in 2010 to £64.3 billion, while income jumped from £362.9 million to £480 million.

The numbers prompted the group to recommend a final dividend of 5.05p, increasing the total dividend for the year by 8%.

Henderson attributed much of its success to the integration of Gartmore - which it acquired at the end of 2009 - 'in record time'. The purchase has seen the group rise to sixth in terms of assets under management as it starts to see the strategic benefits of the acquisition. These include an absolute return proposition and capability in global and emerging market equities. 

The firm also extended its distribution network into areas such as Japan and further enhanced its global hedge distribution capability through the purchase.

Henderson saw good performance over the year with the group saying 66% of its funds met or exceeded benchmarks over the year. The group’s fixed income business, fronted by John Pattullo, continued to go from strength-to-strength with three of its four funds topping £1 billion on the back of positive net flows. UK absolute return, cautious managed and multi-manager funds were also enjoyed positive flows.

Commenting on the numbers, Henderson chief executive Andrew Formica (pictured) said: ‘Henderson has delivered a strong set of results in 2011 in what were challenging market conditions…the acquisition of Gartmore has exceeded our expectations on all counts and made a significant contribution to these results.’

He added: ‘We also made good progress in our key strategic objectives, growing our retail and absolute return businesses and selling a number of non-core assets. We have succeeded in driving efficiencies in the group, whilst continuing to invest in the business.

‘Market conditions remain uncertain, but I am confident about the outlook for the Henderson Group. We have succeeded in strengthening both our business and client offerings and are well equipped to continue to deliver good returns for our investors through this volatility. As always, our focus is on delivering the best product and service to our clients, and creating value for our shareholders.’

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