Henderson Group - GM Chairman's address (3733D)
2011年3月22日 - 5:18PM
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RNS Number : 3733D
Henderson Group plc
22 March 2011
General Meeting Chairman's address
22 March 2011
Henderson Group plc ("Henderson Group") is holding its General
Meeting today for Henderson Group's shareholders to vote on the
proposed acquisition of Gartmore Group Limited.
The script for the opening addresses by the Chairman is
attached.
Henderson Group plc
47 Esplanade
St Helier
Jersey JE1 0BD
Registered in Jersey
No. 101484
ABN 67 133 992 766
Further information
www.henderson.com or
Investor enquiries
Mav Wynn, Head of Investor Relations +44 (0) 20 7818 5135 or
+44 (0) 20 7818 5310
mav.wynn@henderson.com or
investor.relations@henderson.com
Media enquiries
Richard Acworth, Head of Corporate +44 (0) 20 7818 3010
Communications richard.acworth@henderson.com
United Kingdom: Maitland Australia: Cannings
George Trefgarne / Rebecca Mitchell Luis Garcia
+44 (0)20 7379 5151 +61 (0)2 8284 9911
Chairman's address
I will now talk more about Gartmore and why this acquisition
meets our strategic and financial criteria and why we as a Board
are recommending it as in the best interests of shareholders.
Gartmore is an established, traditional equity and alternative
asset management firm. It distributes retail funds, alternative
funds and segregated mandates to clients in the UK, Continental
Europe, North and South America and Japan. It is headquartered in
London, incorporated in the Cayman Islands and is listed on the
London Stock Exchange. Gartmore has offices in Tokyo, Boston,
Madrid and Frankfurt and employs approximately 300 people including
around 80 investment professionals.
Gartmore offers a variety of capabilities. It has over the last
ten years built a significant alternative asset management
business, that represents roughly 17% of its assets under
management. GBP1.6 billion of this is in hedge funds and the
balance is held through an interest in a private equity JV with
Hermes. This is in addition to its longstanding long-only equities
business, making it one of the few asset managers with significant
expertise in both market segments.
As at 31 December 2010, it had GBP16.5 billion assets under
management net of notified redemptions. These assets deliver an
estimated net revenue run-rate of GBP163 million. When they
announced their full year results, they reported that between
December 31st and 18 February net outflows had been GBP792 million.
These outflows are around 5% of assets under management, in line
with our expectations. We therefore continue to have confidence
that we will achieve an attractive operating margin from the
Gartmore business.
Given Gartmore's high level of retail and alternative funds its
net management fees are 83bps, compared with Henderson Group's at
48bps.
We have signed up a number of the key portfolio managers, who
between them (and including the sub-advised assets of Gartmore),
manage around 84% of Gartmore's assets under management and produce
90% of the revenues. Signing up these managers gives certainty and
comfort to clients. We are working closely with everyone at
Gartmore to ensure that the integration process goes as smoothly as
possible. We have received considerable co-operation from all those
at Gartmore and we thank them for their support. We also note the
overwhelming support of the transaction received from Gartmore
shareholders at their meeting yesterday. This means we are well on
track to meet our integration timetable.
The proposed transaction creates significant value for Gartmore
and Henderson shareholders. It is being financed by an all equity
offer for 100% of the issued shares of Gartmore. We are offering 2
Henderson shares for every 3 Gartmore shares. So at yesterday's
closing price this values each Gartmore share at 107.5p and values
the total Gartmore equity at GBP391.4 million. The fact that it is
an all equity deal means that Gartmore shareholders will
participate in the benefits of the transaction.
Let me talk a bit more about this potential value creation.
Gartmore historically had an operating margin in the low thirties,
which means that we reckon we can extract substantial synergies
from combining Gartmore with Henderson. Even on prudent assumptions
about assets under management, we do not expect the operating
margin to be less than 50%. As such, we should be able to move our
combined operating margin to 35%, with a medium term aim of closer
to 40%.
Clearly the financial benefits of this transaction are
compelling. Even more important is that we accelerate our strategic
plans in a number of key areas. First, it fits our higher margin
growth strategy. Secondly, we expand and strengthen our product
range, notably in UK retail and Absolute Return. We fill gaps in
our investment capabilities, especially in two priority areas we
have been seeking to fill - Global Equities and Emerging Markets
Equities. We also add new capabilities in large cap companies,
particularly in Absolute Return Funds. We already have good
distribution in the UK, US and Europe. However, this acquisition
will extend our distribution network into other areas such as
Japan, and enhance our Global hedge distribution.
This transaction has compelling strategic and financial benefits
and creates value for clients and shareholders. In particular, it
will generate a significant enhancement in underlying earnings per
share and underlying returns are expected to exceed our cost of
capital from 2011, in each case before integration and deal costs.
To deliver this, we will draw on our experience from the successful
integration of New Star to give Gartmore's clients comfort and make
the transition as seamless as possible.
Overall, the acquisition reinforces Henderson Group's position
as a high margin, diversified fund management group with product
strength in traditional long-only and absolute return
offerings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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