UK fund manager Henderson's underlying profits fell 14.4% in the first half of 2016 as investors queued up to withdraw money following the Brexit vote. However, the value of assets under the firm's management increased to £95bn (€113bn; $125bn) from £92bn at the end of 2015.

This is because favourable changes in the exchange rate offset net outflows of £2bn during the six-month period.

Henderson UK Property Fund suspended trading on 5 July to give the fund time to dispose of assets and rebuild liquidity.

Nevertheless, the fund manager said it was in a strong position to weather negative impacts from the Brexit vote, with half of assets under its control being managed for clients outside the UK.

"The first half was dominated by widespread market uncertainty in the run up to the UK referendum," Henderson chief executive Andrew Formica said in a statement.

"Clients pulled back from investing in European assets and UK property, particularly after the referendum result, but we saw good demand for absolute return and income generating investment styles.

"Our institutional flows turned positive in the second quarter, with a positive pipeline. Across our retail product range since the end of June, outflows have moderated and investment performance has improved."