Henderson posts £3m loss in first half

Henderson made a pre-tax loss of £3.1m in the six months to 30 June, compared to a £41.6m profit in the first half of the year, partly due to Gartmore-related expenses.

Gartmore employee share awards and other charges were responsible for a £37.8m reduction in underlying profits. Underlying profit before tax rose from £48.5m to £86.4m over the reporting period. Assets under management increased from £61.6bn in December 2010 to £74.4bn in the first half. Henderson’s retail range saw a £575m new inflow, driven by Henderson and Gartmore absolute return funds, although this was offset by a £300m net outflow from Gartmore retail funds. The firm’s interim dividend per share grew 5% to 1.95p per share, while total fee margin improved in H1 due to high...