Henderson Global Investors, the UK fund manager, posted a 5% increase in operating profits for the six months to June 30 this year despite net client outflows of £5.6bn (€8.2bn). Net fund and life outflows for the whole of last year were £6.4bn.

This year's outflows included £4.2bn from institutional clients and £1.6bn of net outflows from its Pearl Life Assurance business, which was acquired by the venture capitalist Hugh Osmond at the end of last year.