Henderson’s institutional range stumbles

AnalyticsHenderson Group’s latest trading statement indicates its institutional division took a minor hit in the first quarter of this year.

There were net outflows of £0.8 billion (€0.99 billion) from its institutional funds, driven by £500 million in redemptions, and around £300 million in outflows spurred by the closure of funds due to limited client demand.

Nonetheless, the statement indicates the firm’s assets under management increased to £92.7 billion, up from £92 billion at December 31 2015, driven by small net inflows (£0.1 billion) to the firm’s retail funds, in particular income and absolute return strategies.

Negative market movements were counterbalanced by foreign exchange translation gains, driven by Australian dollar, US dollar and euro strength against the pound.

The firm largely maintained its performance standards in the quarter, with 77% of funds outperforming over the three years to March 31, 2016, although on December 31 this figure stood at 81%.

In addition, the firm’s 12-month performance has been impacted negatively by a difficult Q1 this year. On a year-to-year basis to December last year, 78% of the firm’s funds outperformed. However, with Q1 included, this outperformance falls to just 52%.

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