PHILIP MIDDLETON | BANK OF AMERICA MERRILL LYNCH
Geographical diversity is positive for earnings quality, in our view. As the asset management industry consolidates, this is likely to become increasingly important. Henderson now looks well positioned, with a range of sellable product and well diversified distribution.
DAVID MCCANN | NUMIS
We regard Henderson as an asset manager with a lower than average quality of income. Around a third of profits from performance and transactional fees. We therefore feel that a small discount to the sector rating would be warranted.
EDWARD MORRIS | JP MORGAN CAZENOVE
The benefit of modestly higher assets under management, particularly within retail, causes us to increase estimates for the current year and beyond. Our price target is increased to 250p from 245p as a result of our revised estimates