Profits before tax at Henderson Global Investors, the London funds group, fell 8% last year as the company worked to turn around performance and stem outflows at New Star Asset Management, the troubled rival it acquired last January.

Henderson reported today that it made £73.7m (€83.9m) during 2009, down from £80.4m in 2008. The decline was mainly due to a jump in costs, arising from its integration of New Star's £8bn funds business and the move of 100 former New Star staff to its offices on Bishopsgate.