Henderson's £700 million Brexit hit as investors flee

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SHOCKED punters pulled more than £700 million out of fund manager Henderson after the vote to leave the European Union, the company said today.

Of the £1 billion withdrawn by retail investors, over 70% of the outflow happened in July in the immediate aftermath of the referendum. 

Sources said investors pulled cash out of a wide range of funds including European equities as well as products linked to commercial property, which were temporarily shuttered to withdrawals following the vote but have since reopened.

Retail investors account for nearly two thirds of its £100.9 billion under management. The withdrawals were only partially offset by £437 million of inflows from institutional clients. 

“Despite a stronger economic backdrop than many expected, retail client sentiment remains cautious,” it said. The shares fell 3.9p, or 2%, to 234.5p. 

Henderson this month unveiled plans to merge with American peer Janus Capital.

Source Article from http://www.standard.co.uk/business/henderson-s-700m-brexit-hit-a3380511.html

October 28, 2016 |
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