Higher demand for Euro stocks helps Henderson lure £3bn more

Michael Bow
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IMPROVING stock market conditions in Europe helped fund manager Henderson Group attract an extra £3bn last quarter, as retail investors rushed to buy funds focused on continential Europe.

FTSE 250 listed Henderson, led by 42-year-old Australian chief executive Andrew Formica, said assets under management rose to £79.2bn at the end of March from £75.2bn three months earlier.

Retail investors added £2.88bn while institutional clients contributed £113m. Markets and foreign exchange added £977m.

Henderson’s two flagship European-focused equity funds – which own shares in firms like French energy firm Total and German postal service Deutsche Post – saw the biggest flow of new money.

Such funds are benefiting from stronger equity markets in France and Germany, where stock markets have risen 20.7 per cent and 23 per cent respectively over the past 12 months. Britain’s blue chip index has risen 8.3 per cent in comparison.

A higher proportion of cash was also allocated by people living in Latin America, Henderson said, as it tries to diversify overseas.

Henderson was founded in 1934 to manage the estate of Lord Faringdon, who helped finance the Manchester to London railway.