UBS is upbeat about Henderson which intends to merge its real estate business into a new joint venture with TIAA-CREF.
Henderson announced the plan in June and UBS said the relationship could be expanded. Henderson was also likely to benefit from the new terms agreed with Phoenix Group, UBS said. The broker increased its recommendation for the London investment manager from “neutral” to “buy” with a 180p price target. RBC Capital and JPMorgan also increased their price targets.
10/08/13 Independent 56
