FUND manager Henderson yesterday said it hoped to reverse a disappointing fall in profits last year on the back of an expected uptick in performance fees.
The company, which started life managing the estate of railway financier Lord Henderson some 80 years ago, saw performance fees plunge 48 per cent for the year ending December 2012.
This was due to volatile markets hitting absolute return funds and European investment trust fees, helping reduce total fee income from £65.2m to £33.9m.
The fall fed into lower revenues and an eight per cent slump in underlying full year profits.
Chief executive Andrew Formica told City A.M. he would be “very disappointed” if the performance fees were not up on last year.
“These results were solid rather than spectacular,” he added.
The business also saw nearly £4bn of client cash pulled from its funds, with the institutional business losing close to £2bn alone.