Henderson sees record H1 profit despite £2bn redemption

Henderson Group has seen a record jump in underlying profit before tax in the first half of 2013 despite a £2bn outflow from its institutional business.

The group's profit jumped to £101.1m in the first six months of the year, up from £82.8m in the same period the previous year. Assets under management at the group increased from £63.6bn to £67.9bn between H1 2012 and H1 2013. However, this was largely due to market and foreign exchange movements contributing £3.7bn, as net inflows were dampened by redemptions from the institutional business. Clients withdrew a total of £2bn from institutional funds, partly due to legacy Gartmore clients unsatisfied with historical performance. However, retail flows improved in 2013, with nearly...