CITY money manager Henderson, which looks after about £69bn of people’s savings, yesterday said it attracted £188m more from punters last quarter, its first net inflow to the retail business in two years.
However, the cash was not enough to stem an overall outflow of £1.3bn from the group, after it wound up a property fund and lost a big tranche of cash from one institution.
The fund manager, set up 80 years ago to look after the estate of railway magnate Baron Faringdon, said its European investment schemes – known as Sicavs – had helped drive the retail reversal, increasing by nearly a fifth.
Demand for its global equity income fund also helped its US mutual funds range increase 16 per cent over the quarter.
It is the first time Henderson has attracted more money into its retail funds – pitched at people who want to convert cash into investments – since the first quarter of 2011.
The overall outflow across the business, which was cushioned by a £4.5bn boost from positive currency movements, is less gloomy after the group hinted the pipeline of institutional business had since improved and would start feeding through this quarter.