Fund manager puts pounds 1m on name

Henderson, the independent fund manager, revealed yesterday that its name change from Henderson Administration last autumn cost almost pounds 1m. The company has also increased its advertising budget from pounds 4m to pounds 5m this year to promote its new brand image.

Dugald Eadie, managing director, said the rebranding of its funds under the Henderson Investors banner had already paid dividends with more consultants displaying a willingness to recommend the group. "We feel we have a better, crisper image. People now don't have to keep track of half a dozen different companies."

He said the company was continuing to improve after a rash of client defections two years ago. Pre-tax profits rose from pounds 20.2m to pounds 20.8m in the year to 31 March with funds under management and administration rising by 12 per cent to pounds 15.9bn. Henderson added over pounds 1bn of net new client funds during the year. "We started turning the corner last year. We are now coming up the hill," Mr Eadie said.

Though the gain in UK institutional funds was modest, the company said it had won its first balanced pension fund account for some years. It claimed its above average UK pension fund performance over one, three and five years had put the company in a strong position to win more new business

In the personal investors division, the UK retail funds grew, helped by buoyant stock markets. Gains in international funds continued with Seligman Henderson again achieving strong growth. Funds under management there grew from pounds 1.8bn to pounds 2.2bn. The increasing demand for specialist administration skills boosted funds under management in this area from pounds 2.3bn to pounds 2.7bn.

Ben Wrey, Henderson chairman, said: "Our central challenges at Henderson have been to manage changes in our business mix and following our success in the United States with Seligman Henderson. We have made tangible further progress during the year."

Earnings per share during the year grew 5 per cent to 65.14p. The second- half dividend of 31.5p makes a total of 45p.

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