Henderson profits fall 8% as performance fees drop

Henderson Global Investors saw underlying profits fall 8% last year as it struggled in a challenging sales environment and moved to streamline its business.

In its full-year results for 2012, the group said it had faced tough time for sales in Europe and the US in particular, and this, combined with lower performance and transaction fees, lead to the drop in revenues. Underlying pre-tax profit was £146.5m for the year, down from £159.2m for 2011. AUM increased slightly from £64.3bn to £65.7bn for the year, while the board recommended a 2% dividend rise, giving a final dividend payout of 5.05p per share. Management fee income decreased by 1% to £355.2m, mainly due to net fund outflows in 2011 and 2012 offsetting the additional quarter o...