GLOBAL - First-half profits at Henderson Global Investors plummeted to A$62m (£25.6m) - a fall of nearly 40% on the same period last year.
Profits at Henderson Global Investors North – which encompasses the fund manager’s UK, European and US operations – tumbled 52% to A$28m.
The dramatic fall in profits comes despite a round of redundancies in Henderson’s administration, distribution and support arms.
It is also scaling back its Japanese operations, its global product line-up, and cut back its distribution activities in Hong Kong.
Henderson’s parent, Australian insurance giant AMP, said that management expenses had been reduced by £2m since the introduction of the cost-cutting programme.
Expenses for operations in the southern hemisphere were reduced by A$7m.
AMP chief executive officer Andrew Mohl said: “In our asset management arm Henderson, the lagged of weak investment markets continues to impact upon the business, although it is well positioned for market recovery.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.