Henderson eyes overseas push amid record half year profits

 
Michael Bow
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FUND manager Henderson Group yesterday said it will target a bigger push into the US and Asia to help grow the business after surging to record half-year profits.

Chief executive Andrew Formica told City A.M. he would like to double the firm’s exposure to those regions in the next three to five years, adding more boots on the ground and potentially making small bolt on acquisitions.

The company yesterday said it roared to a record £101.1m half year profit in the six months to June, driven by £57.5m of performance fees.

Around three quarters of Henderson’s equity funds outperformed their three-year benchmark, helping lure a further £587m to its £68bn of assets.

“The hard work over the last two years is starting to come through,” said Formica, who at 42 is one of the FTSE’s youngest chief executives. “Markets are also up and there was a feel 2013 was a lot better for clients.”

Asia performed particularly well for the group, with over £100m attracted to its Asian retail funds.

Henderson Group fell slightly in trading after the results.