Henderson pension funds down pounds 500m

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The Independent Online
Henderson pension funds down pounds 500m

Henderson Administration's shares fell 13p to 1,235p as it revealed another pounds 500m fall in pension funds under management and half-year profits of pounds 9.8m, down from pounds 11.2m last time. Dugald Eadie, who took over as group managing director a year ago, insisted that "the tide has turned" and that institutions were considering Henderson as a manager. In 1990 pension funds made up pounds 5.3bn of Henderson's pounds 8.3bn funds under management, compared to just pounds 3bn out of pounds 13.6bn today. Henderson has maintained profitability by boosting other areas of business including its successful US joint venture Seligman Henderson, where funds doubled to pounds 1.29bn. The half-year dividend was held at 13.5p.

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