Henderson Group to bulk up Australian presence

Henderson Group (ASX: HGG), the UK-based asset and fund manager, has announced interim results for their 2013 year.

Highlights include:

  • Record underlying profit (up 22% on corresponding period)
  • Operating margin of 38%
  • 73% of funds met or outperformed benchmarks over the past three years
  • Positive and increasing retail flows
  • Interest in European equities increasing
  • Real estate joint venture with large US pension fund progressing well; now exploring other strategic opportunities with the same partner

Henderson Group is in a good financial position and has announced an intention to invest further in distribution capability and corporate growth options. Australia is one of the target markets and so far the action is modest. An office has been established, and a 30% stake in resources specialist fund manager 90 West Asset Management has been acquired.

The existing Henderson funds cover a broad range, from fixed interest to area specific equity funds. Several strategies have been mooted for Australia including taking stakes in boutique fund managers, employing high quality managers under a corporate structure and buying whole businesses. Evidently Henderson’s intent in Australia goes beyond distribution.

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Motley Fool contributor Peter Andersen owns shares in Henderson Group.

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