Henderson Group's assets under management increased 6.2% to £100.9 billion ($131.2 billion) over the three months ended Sept. 30, said a financial update. Its AUM is up 23.8% from Sept. 30, 2015.
Institutional assets increased 7.8% to £40.4 billion, accounting for 40% of total assets. As of June 30, institutional assets accounted for 39% of total assets.
Institutional net inflows were £437 million over the quarter, compared with net inflows of £85 million in the three months ended June 30 and £206 million of net outflows in the third quarter of 2015.
Institutional net inflows were into global technology, global natural resources, small- and midcap U.S. equities and credit strategies.
Market and foreign-exchange movements added a total £6.5 billion to assets under management, £2.5 billion of which was attributable to institutional business. FX gains were attributed to weakness in the pound sterling.
The firm suffered £1 billion of net outflows from the retail side of its business in the latest quarter, “concentrated in the period immediately after the U.K. referendum, with the rotation out of European assets balanced to some extent by continued demand for absolute return and income-generating strategies,” said Andrew Formica, CEO of Henderson, in a statement accompanying the update. “Our institutional business continues to see steady growth, and the pipeline of mandates due to fund in the fourth quarter is strong.” The update said pipeline flows include into emerging markets equity, global credit, European high yield, Australian fixed income, and global buy and maintain credit.
The firm announced in October a merger with Janus Capital Group, which will see the launch of Janus Henderson Global Investors and a co-CEO structure, comprising Mr. Formica and Richard Weil, CEO of Janus.
