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Henderson Global Investors Adopts Bloomberg TCA

December 2, 2010

  Henderson Global Investors Adopts Bloomberg TCA

 - Bloomberg Transaction Cost Analysis (BTCA) Offers Broker-Neutral, Pre- and
             Post-Trade Analytics to Optimize Trading Performance

    - BTCA Meets Compliance Needs and Delivers Performance Assessment with
                             On-Demand Reporting

  - TCA importance reflects regulatory scrutiny, competition for assets and
                      increased liquidity fragmentation

Business Wire

NEW YORK -- December 02, 2010

Bloomberg Professional executives announced today that Henderson Global
Investors (‘Henderson’), a leading independent global asset management firm
with over GBP 59 billion in assets under management, has adopted the Bloomberg
Transaction Cost Analysis (BTCA) tool globally for Henderson’s equity

Henderson will be using BTCA, a dynamic and highly customizable pre- and
post-trade transaction cost analysis solution, to get to the root cause of
trade outliers. BTCA uses the same accurate, transparent and unmatched market
data suite available on the Bloomberg Professional® service.

Transaction Cost Analysis (TCA) is growing in importance due to mounting
regulatory scrutiny and increased competition for assets among buy-side
players. These market pressures combined with liquidity fragmentation and the
resulting explosion in choice of execution strategies makes TCA crucial in
today’s marketplace.

BTCA receives transactional data from Bloomberg Asset and Investment Manager
(AIM), a global, multi-asset order management system, as well as the Bloomberg
Execution Management System (EMSX). To support non-users of these systems,
BTCA also integrates with any other OMS/EMS or proprietary system, collecting
data on a daily or periodic basis to tailor to clients’ unique needs. By
combining Bloomberg’s extensive library of TCA benchmarks with historical
trading information, BTCA enables clear assessment of transaction costs and
evaluation of trader/broker performance.

“We chose BTCA for the independence it delivered us,” said Andy Munro, Global
Head of Trading at Henderson. “BTCA is flexible, intuitive and integrates
seamlessly with all the familiar Bloomberg functions we use day-to-day,
allowing us to analyze quickly the facts behind a certain performance number.
The on-demand reporting and flexibility to create custom reports means we can
investigate and analyze issues quickly and efficiently and then make changes
to our trading strategies, which ultimately allow us to improve our
performance and garner better returns for our clients.”

Henderson also uses Bloomberg EMSX, a global, multi-asset, broker-neutral
execution management system to manage orders, access liquidity and monitor
trading performance through the suite of real-time TCA capabilities.

“Henderson has been a valued customer of Bloomberg’s for a long time and we
are delighted to extend this relationship to support the mission critical
functions of analyzing their transaction costs and on-demand reporting,” said
Don Carey, Global Head Bloomberg EMS Solutions. “Bloomberg’s clients demand
products that are broker-neutral and easily accessible on demand. BTCA is a
natural evolution of our offering and fills in a major gap for our global
client base.”

Bloomberg Professional service users can access the service at BTCA <Go>. For
more information go to, contact Peter Johnston,
European Head of Bloomberg EMS Solutions, at, +44 20
7330 7877 or call Bloomberg’s 24/7 Customer Service at +212-318-2000.

Bloomberg Trading Solutions connects clients to the world’s most extensive
financial community. Hosted on a secure platform fully integrated with the
Bloomberg Professional® service and a firm’s proprietary systems, it delivers
global customer service at the local level. With Bloomberg Trading Solutions
and Bloomberg news, data, and analytics, professionals gain the insights to
make more informed and timely trading decisions, the power to respond to
market changes and innovations, and the ability to lower your total cost of

About Bloomberg

Bloomberg is the world’s most trusted source of information for financial
professionals and businesses. Bloomberg combines innovative technology with
unmatched analytics, data, news, display and distribution capabilities, to
deliver critical information via the Bloomberg Professional® service and
multimedia platforms. Bloomberg's media properties span television, radio,
digital and print, making up one of the world’s largest news organizations
with more than 2,300 news and multimedia professionals at 146 bureaus in 72

About Henderson Global Investors

Established in 1934, Henderson Global Investors is a leading independent
global asset management firm. The company provides its institutional, retail
and high net-worth clients with access to skilled investment professionals
representing a broad range of asset classes, including equities, fixed income,
property and private capital. With its principle office in London, Henderson
is one of Europe’s largest investment managers, with £59.2 (USD$93.4) billion
assets under management (as at 30 September 2010) and employs around 950
people world-wide.


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