Henderson profits hit by Brexit uncertainty as investors flee property fund

Outflows from European and property funds

Henderson has reported a fall in pre-tax profit to £100m, after being hit with £2bn in outflows in the first half of 2016.

In its results today for the first half of the year, the firm said underlying pre-tax profit fell from £117m a year ago to £100.5m due to lower performance fees, which dropped 59% from £48.8m to £20.1m. The firm said net outflows were £2bn during the six months, although assets under management rose from £92bn at the start of 2016 to £95bn thanks to £5.1bn of market and foreign exchange movements. Henderson said retail outflows "accelerated considerably" in the aftermath of the Brexit vote, particularly from the Henderson UK Property fund, which was eventually suspended from trading o...