ft.com/alphaville

Shares in Henderson Group tumbled on Thursday after the UK fund manager issued a surprise profit warning late morning. The shares were down 17¾p or 19.4% at midday as analysts grappled with a statement that was short on detail. Henderson said that “global market conditions have deteriorated significantly and we have seen high levels of volatility as well as increased client activity.” It said some of the assumptions behind its target of making a pre-tax profit for 2008 of at least £90m, which had been set in August, were “no longer valid” and profits would now be less than £90m. Assets under management and fee income were under pressure, it said. Last year the group made a profit before tax and non-recurring items of £106.7m. Investors will have to wait for an interim management statement on Nov 6 to hear further details. Henderson said meanwhile it was “taking actions to protect our business and profitability”.