Henderson reveals bumper profits amid £70m Gartmore costs

The asset manager, the sixth largest by AUM in the country, said in its full year results the total acquisition and integration costs of the Gartmore takeover came in at £69.7m before tax, although this fell to £34.5m after tax and other benefits. This was on top of the cost of the deal itself, completed in April last year, of £365.4m. However, Henderson said the deal itself had 'exceeded all expectations' with the group holding onto 85% of Gartmore's AUM post takeover, as well as acquiring an operating margin above 50%. Overall the group reported underlying profits before tax jumped ...