Henderson retains 91% of Gartmore AUM as outflows slow

Henderson has managed to retain 91% of the assets it took on with the acquisition of Gartmore, reporting an outflow of £438m from Gartmore funds in the first half of the year.

Henderson's assets under management reached £74.4bn at the end of June, £12.8bn above December's figure.

The group said it was encouraging to note Gartmore's AUM had moved from £16.5bn at 31 December 2010 to £15.7bn, meaning the majority of assets had been retained.

Henderson is expecting to post almost doubled profits for H1 compared to 2010, as well as a £575m net inflow into its retail arm.

The group said it expects to see a £38.5m increase in its underlying profits in the first six months of 2011, forecasting a figure of £83m-£87m compared to £48.5m last year.

Henderson UK retail saw net inflows of £482m, while its absolute return range took in £374m of assets in 2011.

However, the level of performance fees generated in this year will be "substantially lower" than the previous year because of market conditions, the group said.

Henderson is set to post its first half results on 17 August.