Henderson warns H1 profits to halve

Henderson Group has retained a better than expected 77% of New Star fund assets but warned first half profits will be half the level of a year ago.

In Henderson's business update on the integration of its £107 million purchase of New Star Asset Management in April, the group said it expected pre-tax profit for the first half of the year to be between £25 million and £28 million. This compares with £50.8 million a year ago and includes a quarter's contribution from New Star. Henderson chief executive Andrew Formica said: "Although we saw some welcome stability return to markets in the second quarter of 2009, they remain significantly below the average level of last year. "As expected, and as flagged earlier this year, lower mar...