HHG returned to profit last year on the back of stronger markets and higher margins in its core fund management division.

The company announced a pre-tax profit of £47m (£864m losses). Headline figures were boosted by Henderson Global Investors, its asset management arm, which delivered pre-tax profit of £52m (£32m). HGI achieved revenues of £234m, up 21 per cent. HGI experienced a net outflow of funds last year of £1.5bn, to leave total funds under management of £69.1bn. The outflows included the loss of flagship mandates in its investment trusts business. The shares closed down 2p at 61¾p yesterday. Sundeep Tucker