Ann: Henderson Group - Update of Securities, page-10

Yes, AUM up but HGG are not capitalizing on this. Nett income from the increased AUM is actually down (why?) and for some reason, tax charges have increased more than 400% (probably a result of non-recurring items associated with the merger?) which has resulted in the big drop in after tax profits. Increased AUM good LT provided HGG can control costs post-merger