PETER LENARDOS | RBC
While we acknowledge that investment performance was stronger than both we and consensus expected in quarter three, we maintain our conclusion and continue to believe that consensus forecasts should adjust downwards for current market conditions.
DAVID MCCANN | NUMIS
Overall we believe Henderson is approximately fairly valued. We still cannot see any reason why an investor would choose to hold Henderson in preference to Aberdeen, Ashmore, Jupiter or Schroders (among the larger asset managers), taking into account valuation and outlook.