Henderson warns H1 profits to halve; 77% of New Star assets retained

In Henderson's business update on the integration of its £107m purchase of New Star Asset Management in April, the group says it expected pre-tax profit for the first half of the year to be between £25m and £28m. This compares with £50.8m a year ago and includes a quarter's contribution from New Star. Henderson chief executive Andrew Formica says: "Although we saw some welcome stability return to markets in the second quarter of 2009, they remain significantly below the average level of last year. "As expected, and as flagged earlier this year, lower markets, combined with fragile inve...