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.”
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