Henderson close to approval for local fund

Ten years after listing on the ASX, Henderson Group will set up a fully fledged investment business in Australia after seeking approval from the corporate regulator to sell its funds directly to local investors.

Ten years after listing on the ASX, Henderson Group will set up a fully fledged investment business in Australia after seeking approval from the corporate regulator to sell its funds directly to local investors.

The global fund manager may receive licence approval from the Australian Securities and Investments Commission over the next few weeks to launch its first Australian-domiciled investment fund.

It is understood the corporate regulator is close to giving the green light to the fund manager, which has a $2.8 billion market capitalisation and is looking to unveil a global equities fund later this year.

Henderson's move to target Australian investors will inject more competition into the global equities funds management market, and could mount challenges to high profile players such as Magellan Financial Group and Kerr Neilson's Platinum Asset Management.

"To be licensed locally is significant for us," Henderson Australia managing director Rob Adams said.

Henderson, publicly listed in Australia and the UK, was formed when AMP split its Australian and UK businesses a decade ago.

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