Fund manager Henderson Group saw assets under management fall by £1.2bn in the three months to the end of March, mainly due to the transfer of its cash management to a Deutsche Bank unit.
Henderson, which confirmed the acquisition of troubled Gartmore last month, said on Wednesday that combined assets under management stood at £76.2bn – slightly behind analysts' expectations
At the end of December Gartmore had £16.5bn in assets under management, but saw a £1.2bn outflow in the three months to March, while Henderson had £61.6bn.
Henderson also said that Gartmore had net outflows of £100m during April.
Henderson said the fall in its assets under management was due to the previously notified transfer of £1.5bn to DB Advisors, to which it has transferred its liquidity management.
Favourable market and currency movements added £406m, which were partially offset by net outflows of £100m.
Numis Securities forecast £100m quarterly outflows, offset by an £800m increase in assets due to market movements.
"I am pleased with the pace of the integration which is both ahead of our plans and our previous experience from New Star, said chief executive Andrew Formica.
City A.M. Reporter