Henderson boss Andrew Formica: FTSE bull run will continue
Wednesday 26 February 2014
The FTSE 100 will break through 7000 shortly and continue rising, according to the boss of £75 billion fund manager Henderson Group.
Andrew Formica said: "It will certainly go through 7000 this year and then continue on apace ending the year closer to 7500."
Formica said there had been a huge return to investment by Henderson’s retail clients. He said: "We saw net retail inflows of £4.4 billion in 2013 with £2.5 billion of that in the final quarter.
That was partly a shift away from emerging markets to established ones where we are particularly strong. We also benefited from some of our rivals losing star fund managers."
He added that Henderson was really profiting from its £366 million takeover of Gartmore three years ago. He said: "I don’t believe either Henderson or Gartmore would have done so well if they had both remained independent. It was a great deal both financially and at the revenue line."
Henderson’s pre-tax profit rose 24 per cent last year to a record £190 million. Assets under management rose from £65.6 billion to £75.2 billion. The dividend for the year goes up 12 per cent to 8p a share.
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