Fund manager Henderson's (HGG) half-year figures revealed a 10 per cent hike in funds under management (FUM) to £74.7bn. But that was still weaker than some analysts had expected: Numis Securities, for instance, says FUM (adjusted for joint-ventures) came in around 5 per cent lower than its forecast. And Henderson’s shares fell 6 per cent on the day the figures appeared.
The group did see nearly £5bn of net fund inflows from retail clients, which is a big improvement on last year’s £0.6bn net retail inflow. That's presumably due to strong performance: Henderson says 86 per cent of its funds have outperformed their benchmarks on a three-year basis. But institutions still aren’t flocking to the fund manager. It saw just £0.3bn of institutional fund inflows in the period - although that’s an improvement on last year’s £2bn net outflow of institutional funds.