Henderson AUM reaches £100bn despite Brexit outflows

Henderson AUM reaches £100bn despite Brexit outflows

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Henderson, the UK investment firm set to merge with Janus Capital, has reported a 6% rise in assets under managements in the third quarter.

The London-listed company said it had £100.9bn of AUM at the end of September, driven by positive markets and FX gains caused by sterling weakness.

Money from institutional clients totaled £0.4bn with inflows into technology, natural resources, small and mid-cap US equities, credit, European high yield and emerging markets.

Henderson said the institutional figures reflected the health of its core UK business, as well as an increasingly global client base in continental Europe, the US and Australia.

However, institutional flows were offset by a £1bn net outflow of retail client money – most of which occurred immediately after the Brexit vote.

“Our institutional business continues to see steady growth, and the pipeline of mandates due to fund in the fourth quarter is strong,” said chief executive Andrew Formica.

He added that he was pleased with the “supportive response.” from clients, employees and shareholders to the recent announcement of the merger with Janus Capital Group.

“Over the next few months, we will continue to serve our clients with our customary dedication, and use the time well to prepare for the launch of Janus Henderson Global Investors." 

Henderson’s results for the period came a day after Janus had revealed its investors had withdrawn $2.4bn from funds over the quarter. Profit rose despite those outflows

“Neither the investment performance nor the flows were what I want or expect,” Janus chief executive Dick Weil told analysts.

Weil added that he expects the merger with Henderson to result in “genuinely exciting” future growth opportunities for the combined firm.

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