Further outflows for Henderson but funds improve performance

Marion Dakers
ASSET manager Henderson suffered £1.13bn in net outflows in the third quarter of the year, but managed to increase assets under management thanks to positive market movements.

Chief executive Andrew Formica said he is “encouraged by the strong investment performance across our clients’ portfolios” in spite of market-wide reluctance to put money into more risky products.

The firm said 70 per cent of its equity funds and 92 per cent of its fixed income funds outperformed the market over the year.

Henderson nevertheless saw clients pull a net £1.1bn from equities, £53m from fixed income and £12m from private equity in the quarter.

The exodus from Henderson’s retail products slowed, with outflows of £296m compared to £792m in the previous quarter.

Total assets under management grew £1.2bn to £64.8bn.

Shore Capital said Henderson had “disappointed in terms of the quantum of net outflows”.