cdi interest in hgi is increasing

Now when Henderson was spun off from AMP, the theory was that, over time, UK instos would buy them and Australian shareholders would gradually sell out.

For a while, this was happening.

However, in the latest reporting, it is revealed that the number of Henderson shares represented by CDI's on ASX has substantially increased. The proportion of Henderson shares represented by ASX CDI's appears to have increased from 60.6% to 62.3%

This is rather odd. It means that arbitragers are relocating the shares from the UK market to the Australian market, presumably because they can buy the shares cheaper in the UK and sell them in Australia.

Given that UK instos and analysts are probably in a better position to put a correct value on Henderson, the fact that they are selling off is somewhat disturbing.