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Henderson Profit Soars in First Half

Henderson Group, a British fund manager, said Friday first-half profit more than doubled after the company boosted management fees.

The company also said it plans to return 250 million pounds ($499.9 million) to shareholders by late October.

Net income in the six months through June 30 rose to 89.5 million pounds ($179 million), from 35.5 million pounds in the same period a year earlier, the company said in a statement. Assets under management fell to 61.6 billion pounds ($123.2 billion) compared with 61.9 billion pounds at the start of 2007.

"Given recent market volatility, we have to assume that the second half of the year will be more challenging for fund flows," the company said. "That said, we have a number of new products planned and our emphasis on higher margin products should continue to drive revenues and profitability higher."

The shares dipped 0.7% to 137.75 pence ($2.75) on the London Stock Exchange.