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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abdn.Asset.Man. | LSE:ADN | London | Ordinary Share | GB0000031285 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 317.60 | 313.00 | 313.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMADN
RNS Number : 2358Q
Aberdeen Asset Management PLC
28 November 2016
ABERDEEN ASSET MANAGEMENT PLC
RESULTS FOR THE YEAR TO 30 SEPTEMBER 2016 (AUDITED)
Highlights
Hot Features
Premium
-- Net revenue is down 14% to GBP1,007.1 million (2015: GBP1,169.0 million)
-- Underlying profit before tax decreased to GBP352.7 million (2015: GBP491.6 million)
-- Strong year-end net cash position of GBP548.8 million (2015: GBP567.7 million)
-- Final dividend of 12.0p per share (2015: 12.0p), making 19.5p for the full year (2015: 19.5p)
-- AuM GBP312.1 billion (2015: GBP283.7 billion)
-- Product diversification and cost discipline progress in line with strategy
2016 2015
------------------------------------------ ------------ ------------
Net revenue GBP1,007.1m GBP1,169.0m
Underlying results: before amortisation,
restructuring and acquisition-related
items
Profit before tax GBP352.7m GBP491.6m
Diluted earnings per share 20.7p 30.0p
------------------------------------------ ------------ ------------
Statutory results
Profit before tax GBP221.9m GBP353.7m
Diluted earnings per share 12.6p 21.8p
Total dividend per share 19.5p 19.5p
Gross new business GBP39.0bn GBP42.5bn
------------------------------------------ ------------ ------------
Net new business (GBP32.8bn) (GBP33.9bn)
------------------------------------------ ------------ ------------
Assets under management at the year-end GBP312.1bn GBP283.7bn
------------------------------------------ ------------ ------------
Martin Gilbert, Chief Executive of Aberdeen Asset Management commented:
"These financial results reflect, in part, our diversified business model and strict cost management. Economic and political newsflow has weighed on investor sentiment and as expected has led to further outflows from our business.
"Structural themes including fee pressure, technological innovation and greater regulatory requirements are a focus for all asset managers. Aberdeen's broad range of investment capabilities and global distribution platform means we are well placed to address these challenges and also benefit from the opportunities they create. By continuing to invest in the business and by being a good steward of our customers money we are committed to helping our investors - from individuals through to institutions - achieve their financial goals."
Management will host a presentation for analysts and institutions today at 09:30 (UK) to be held at the offices of Aberdeen Asset Management, Bow Bells House, 1 Bread Street, London EC4M 9HH. The event will also be available to view via a live webconference. To register please use the following weblink: http://edge.media-server.com/m/p/9atacmxa
For more information:
Aberdeen Asset Management
Martin Gilbert, Chief Executive + 44 (0) 207 463 6000 Bill Rattray, Finance Director + 44 (0) 207 463 6000
Maitland
Neil Bennett + 44 (0) 207 379 5151
Chairman's statement
I am pleased to present my first statement as Chairman, following Roger Cornick's retirement on 30 September.
The early part of 2016 saw the continuation of the volatile and challenging market conditions experienced in 2015. In part, our exposure to developed market equities, fixed income and property assets cushioned us from some of this volatility. By mid-year, sentiment rallied strongly. The benefits of improved markets, especially for our emerging market and Asian focused asset classes, and the depreciation of sterling supported assets under management ("AuM") and profit for the year.
Recognising that markets and investor sentiment may continue to fluctuate, we have remained resolute on the objectives that we outlined last year: diversification of our business, cost management and cash management, and these will remain in focus in 2017.
We ended the year with AuM of GBP312.1 billion, an increase of 10% over September 2015. The acquisitions of FLAG Capital Management ("FLAG"), Arden Asset Management ("Arden"), Advance Emerging Capital Ltd ("Advance") and Parmenion Capital Partners LLP ("Parmenion") have brought wider capabilities and resource to our alternatives business, as well as the opportunity to develop our digital distribution capacity to meet the future needs of our clients. Alongside alternatives, we have continued to promote our multi asset capability with the launch of several new funds.
Our investment teams have remained dedicated to following our fundamental investment processes in pursuit of consistent long term performance and we have seen a recovery in equity performance. However, the US election is another in a series of political events which continue to impact markets.
Net outflows were GBP32.8 billion, which included GBP8 billion of multi asset and quantitative investment outflows from lower margin insurance books, some of which are in long-term run-off. The level of equities outflows declined steadily throughout the year, although we do still expect some fluctuation from quarter to quarter. We will have outflows in the first quarter of 2017 from two lower margin, but large blocks of AuM. It has been pleasing to see more positive investor sentiment towards emerging markets as the year progressed and, while industry flows have initially favoured passive and Exchange Traded Funds ("ETF") strategies, we saw healthy net inflows to our emerging markets equities in the final quarter.
We have maintained tight control of costs throughout the year and are well advanced in our programme to achieve longer term efficiencies. We had implemented GBP50 million of annualised savings by the year end and remain on track to achieve the full GBP70 million target by March 2017. The balance sheet remains strong with healthy levels of cash generation which has enabled the Board to propose an unchanged dividend for the year.
The management team has been strengthened with a number of highly regarded external appointments, including Campbell Fleming who joined the Group as Global Head of Distribution just before the year-end. Hugh Young has taken on the role of Head of Investment, with responsibility for the oversight of the entire investment division across all asset classes.
Financial highlights
Net revenue for the year of GBP1,007.1 million was 14% lower than in 2015; recurring management fee income was also 14% lower, while performance fees increased slightly to GBP15.8 million (2015: GBP13.5 million). The blended average management fee rate was 33.6 basis points.
We have implemented the first GBP50 million of our cost efficiency programme during the year and, on a constant currency basis, the phasing of these savings has reduced 2016 costs by GBP28 million, thus negating the additional costs introduced by the FLAG, Arden, Advance and Parmenion acquisitions. However, the effect of sterling weakness has increased our overseas costs, such that, overall, costs have increased by 1%.
Conversion of underlying operating profit to cash has remained robust with core operating cash flow of GBP362.9 million (2015: GBP531.7 million), representing a conversion rate of 111% (2015: 107%). The balance sheet remains strong with a year-end net cash position of GBP548.8 million (2015: GBP567.7 million) and, despite an increase in the requirement during the year, we retain healthy headroom above our regulatory capital requirement.
The blended fee rate has reduced from 36.1bps to 33.6bps. This is principally due to product mix, given outflows from higher margin equities, emerging market debt and high yield products and inflows into money market funds. Fee margins within individual investment capabilities remain constant year-on-year.
As a consequence of lower revenues, underlying earnings per share were 20.7p, compared to 30.0p in 2015.
Dividend
The Board is recommending a final dividend of 12.0p per share, making a total payment for the year of 19.5p per share, which is unchanged from 2015. The final dividend will be paid on 9 February 2017 to qualifying shareholders on the register at 9 December 2016.
Acquisitions
During the year we completed the acquisitions of Arden, Advance and Parmenion adding GBP9.5 billion of assets under management. Arden and Advance, together with FLAG which was completed in August 2015, have been integrated with Aberdeen's wider alternatives business.
Parmenion will continue to operate as a distinct business under our ownership, as part of our strategy to capitalise on advancements in financial technology systems and to become a leader in using technology to provide investors with portfolios appropriate to their needs.
Investment review
Whilst this has been another tough year for flows overall, the mix effect of these outflows has varied within strategies and asset classes from 2015 when we saw significant outflows from equities mainly due to macroeconomic factors towards Asia and emerging markets.
Equity net outflows have reduced to GBP13.6 billion this year from GBP16.4 billion in 2015, with much of the improvement being in the second half year. Emerging market equities recorded a small net inflow of GBP0.6 billion for the final quarter, albeit negative for the year overall with net outflows for the year of GBP0.8 billion (2015: GBP4.0 billion). We have also been encouraged by new business wins with growing traction from broader based asset classes into diversified growth strategies within multi asset and in equities from North American and Australian small cap and Japanese equities.
Gross new business of GBP39.0 billion was added during the year, sourced from investors in EMEA ex UK 35%, the Americas 13%, the UK 46% and Asia Pacific 6%. Net outflows for the year were GBP32.8 billion.
Equity performance has improved during the year as a consequence of some of our long-term holdings recovering. Whilst we set our objectives around longer term performance, it is pleasing that Global Equities has performed well in 2016, which is gradually feeding into the longer term performance numbers. Our consistent priority is to adhere to our investment process and we believe that our longer term investment approach of investing in higher quality companies, together with a strong focus on engagement with the companies we own is fundamental. Although some strategies remain slightly behind benchmark over some shorter time periods, longer term track records remain healthy. Assets under management increased to GBP89.1 billion (2015: GBP80.1 billion).
Fixed income performance continues to be solid, albeit the continuing low yield environment is a difficult one in which to excel with more traditional products. The fixed income teams now manage AuM of GBP70.0 billion and we provide clients with dedicated fixed income portfolios and a range of pooled funds, as well as incorporating these investments into bespoke/tailored multi asset solutions. Our strongest areas of performance are credit and emerging market debt, but the latter suffered outflows as a result of sentiment.
Negative net flows of GBP0.8 billion from property were the result of a reduction in appetite for UK assets, especially after the Brexit vote and the successful realisation for our clients of some of the fixed-life Nordic funds. Following the UK referendum, the Aberdeen UK Property Fund was one of only a few open end funds that did not close for an extended period. Our focus was to treat all customers fairly by providing liquidity to those who requested to redeem, whilst protecting the interests of long-term investors and we suspended dealing for a few days, solely to enable investors to consider and understand our proposals. More generally, we successfully increased our capabilities in the residential sector across UK and Europe, generating a strong pipeline of committed investments of over GBP1 billion and continue to see strong demand for European assets.
We made our multi asset capability a separate asset class, reflecting the GBP89.9 billion managed for insurance, pension and wealth clients. We are developing our fund offerings where we have a good performance track record in our diversified growth strategy which has helped to receive a number of buy recommendations from consultants during the year. This has not yet turned into significant inflows, albeit we have won a significant pensions mandate funding after the year-end, and we are optimistic about future growth. Whilst the structural outflow from SWIP amounted to GBP8 billion, flows into this fund will be at considerably higher fee rates than the average.
Much of the GBP22.8 billion managed by the quantitative investments team is for the benefit of larger multi asset mandates, where the team is able to offer lower volatility and lower cost investment options. The recently launched low volatility equity and equity income strategies aim to outperform global equities indices over the longer term, whilst only capturing 75% to 85% of the volatility.
The acquisitions that we have made in alternatives serve to round our offerings by both investment capability and geographic coverage. The integrations have gone very well and we are pleased to report good stability across the investment teams, and importantly retention of the focus and expertise that we have acquired in areas such as venture capital, real assets, lower mid-market private equity, liquid alternatives and managed account solutions.
A strategic priority for the Group has been to broaden out our solutions role within the wider business such that it now works across all of our investment departments to provide bespoke solutions and portfolios to clients and strategic partners. This central solutions team has leading skills in research and the design and build of client solutions across multiple asset classes for large and complex clients.
We are focused on our distribution capabilities where our strengths match market demand and develop new channels in order to attract new clients. We recognise that not only do we need to have best in class products but that we need to build strong relationships across multiple channels. This approach has led us to build out specialist distribution teams covering investment and client solutions across insurance, closed-end and wealth channels as well as consultant driven opportunities together with more proactive client engagement.
Brexit
Until the negotiation begins formally, expected by the end of March 2017, the terms of the withdrawal and any impact will be largely unknown. We do not expect either our non-UK or UK businesses to be affected in a substantive way by the result of the referendum, although there may be regulatory and/or legal changes in the longer term.
Our principal cross-border fund range for European investors outside the UK has been domiciled in Luxembourg for many years. Beyond the fund range, the core issue is how we will be able to provide our investment management skills from the UK into the EU market - whether through the benefit of passporting, acceptance that the UK forms
an 'equivalent' regime or through co-operation agreements with member states.
The Board
I would like to thank my colleagues on the Board who have, once again, made valuable contributions to its effective operation during the year. We have added further strength during the year with the appointment of Gerhard Fusenig as an independent non- executive director.
As had been reported previously, Roger Cornick retired following close of business on 30 September 2016, having served on the Board for 12 years, the last seven years of which as Chairman. On behalf of myself and my fellow directors, I would like to thank and pay tribute to Roger for his leadership of the Board throughout his tenure and the invaluable advice and support he always provided. I would also like to thank Anne Richards and Jim Pettigrew, who both stepped down from the Board this year, for their contribution to Aberdeen over many years.
On behalf of the Board I would like to welcome all new colleagues who have joined Aberdeen over the past year and to thank all of our staff for their dedication and commitment to the Group's continuing success.
Outlook
Our primary objective remains unchanged - to ensure that our clients achieve the long term outcomes that they
expect - and we remain fully focused on this goal. We enter the new financial year with a healthy balance sheet and as a full-service asset manager with a strong distribution focus, and a broad range of capabilities which can adapt to changing investor appetites to enable us to remain competitive in a rapidly adapting market.
The asset management sector is facing three head winds: fee pressure, increased investment in technology and regulatory capital requirements. We will continue to seek further cost efficiencies, whilst also being prepared to make appropriate investment in innovation and otherwise supporting the future growth of the business and motivating our diverse workforce.
We welcome the FCA's interim report on its review of the competitiveness of the UK investment sector as it focuses attention on some key industry issues impacting customers. Asset managers play a vital role in helping investors achieve their financial goals and the FCA's proposals will help deliver this for the UK industry, making it more attractive on the global stage by leading the way in best practice. There is a need for increased transparency in relation to the services provided, the costs of such services and also for ensuring value for money.
Future political and economic events, including the UK's negotiations to exit the EU, the start of President-elect Trump's term in office and European elections, will contribute to ongoing volatility in global markets in the short term. However, until there is greater clarity, it is difficult to predict the impact on markets over the medium and longer term. We will not allow any such volatility to distract us from our long term approach to investing, and we remain well positioned to identify and grasp the opportunities that may arise to deliver further profitable growth.
Simon Troughton
Chairman
Group Income Statement
For the year to 30 September 2016
2016 2015
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Before Amortisation, Before
amortisation, restructuring amortisation
restructuring and and Amortisation
and acquisition acquisition acquisition and acquisition
- related - related - related - related
items items Total items items Total
Notes GBPm GBPm GBPm GBPm GBPm GBPm
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Gross revenue 1,114.0 - 1,114.0 1,318.9 - 1,318.9
Commissions payable (106.9) - (106.9) (149.9) - (149.9)
-------- ------------------------ ------------------- ------------- ------------------ ---------------------
Net revenue 2 1,007.1 - 1,007.1 1,169.0 - 1,169.0
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Operating costs (679.0) - (679.0) (670.3) - (670.3)
Amortisation and impairment
of intangible assets - (128.4) (128.4) - (131.3) (131.3)
Restructuring and
acquisition-related
income (costs) 4 - 0.7 0.7 - (0.1) (0.1)
----------------- --------------- ------------------- ------------- ------------------ -------------------
Operating expenses (679.0) (127.7) (806.7) (670.3) (131.4) (801.7)
----------------- --------------- ------------------- ------------- ------------------ -------------------
Operating profit 328.1 (127.7) 200.4 498.7 (131.4) 367.3
Net finance income
(costs) 6 1.6 (3.1) (1.5) 2.5 (6.5) (4.0)
Net gains (losses)
on investments 23.0 - 23.0 (9.6) - (9.6)
Profit before
taxation 352.7 (130.8) 221.9 491.6 (137.9) 353.7
Tax expense 7 (58.2) 25.5 (32.7) (74.7) 30.0 (44.7)
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Profit for the
year 294.5 (105.3) 189.2 416.9 (107.9) 309.0
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Attributable
to:
Equity shareholders of the
Company 164.9 288.2
Other equity
holders 24.8 18.0
Non-controlling
interests (0.5) 2.8
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
189.2 309.0
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Earnings per
share
Basic 9 12.83p 22.28p
Diluted 9 12.62p 21.79p
--------------------- ------ ----------------- --------------- ------------------- ------------- ------------------ -------------------
Group Statement of Comprehensive
Income
For the year to 30 September 2016
----------------
2016 2015
GBPm GBPm
----------------------------------------------------------------- ------- ------
Profit for the year 189.2 309.0
Items that will not be reclassified subsequently to profit
or loss
Remeasurement (loss) gains on defined benefit pension schemes (76.2) 10.7
Tax on net remeasurement of defined benefit pension schemes 12.6 (2.1)
(63.6) 8.6
----------------------------------------------------------------- ------- ------
Items that may be reclassified subsequently to profit or
loss
Translation of foreign currency net investments 107.0 (8.5)
Available for sale assets:
- Gains during the period 1.5 1.3
Tax on items that may be recycled to profit or loss (0.5) (0.3)
----------------------------------------------------------------- ------- ------
108.0 (7.5)
Other comprehensive income, net of tax 44.4 1.1
Total comprehensive income for the year 233.6 310.1
----------------------------------------------------------------- ------- ------
Attributable to:
Equity shareholders of the Company 214.3 289.3
Other equity holders 19.8 18.0
Non-controlling interests (0.5) 2.8
----------------------------------------------------------------- ------- ------
Group Balance Sheet
As at 30 September 2016
-------------------------------
2016 2015
(restated(1)
)
Notes GBPm GBPm
--------------------------------------------------------- ------ -------- -------------
Assets
Non-current assets
Intangible assets 10 1,489.4 1,486.2
Property, plant & equipment 21.5 21.3
Investments 13 62.9 52.1
Deferred tax assets 32.4 19.9
Pension surplus 15 - 30.1
Trade and other receivables 5.2 3.7
Total non-current assets 1,611.4 1,613.3
--------------------------------------------------------- ------ -------- -------------
Current assets
Assets backing investment contract liabilities 14 1,670.6 1,926.1
Trade and other receivables 427.1 557.9
Investments 13 254.6 192.6
Derivative financial assets 13 - 29.6
Cash and cash equivalents 847.9 922.3
Total current assets 3,200.2 3,628.5
--------------------------------------------------------- ------ -------- -------------
Total assets 4,811.6 5,241.8
--------------------------------------------------------- ------ -------- -------------
Equity
Called up share capital 131.8 131.8
Share premium account 898.7 898.7
Other reserves 783.7 675.7
Retained earnings (123.3) 30.3
--------------------------------------------------------- ------ -------- -------------
Total equity attributable to shareholders of the parent 1,690.9 1,736.5
--------------------------------------------------------- ------ -------- -------------
Non-controlling interest (0.6) (0.1)
7.0% Perpetual cumulative capital notes 12 321.6 321.6
5.0% Preference shares 12 100.0 100.0
--------------------------------------------------------- ------ -------- -------------
Total equity 2,111.9 2,158.0
--------------------------------------------------------- ------ -------- -------------
Liabilities
Non-current liabilities
Deferred contingent consideration 45.1 46.8
Pension deficit 15 48.0 12.0
Provisions 1.0 5.0
Deferred tax liabilities 80.3 92.7
Total non-current liabilities 174.4 156.5
--------------------------------------------------------- ------ -------- -------------
Current liabilities
Investment contract liabilities 14 1,670.6 1,926.1
Interest bearing loans and borrowing 299.1 354.6 Trade and other payables 512.3 582.0 Current tax payable 43.3 34.9 Derivative financial liabilities - 29.7 Total current liabilities 2,525.3 2,927.3 --------------------------------------------------------- ------ -------- ------------- Total liabilities 2,699.7 3,083.8 --------------------------------------------------------- ------ -------- ------------- Total equity and liabilities 4,811.6 5,241.8 --------------------------------------------------------- ------ -------- -------------
(1) Restated to reflect gross position for cash pooling arrangements (see note 1).
Group Statement of Changes in Equity
For the year to 30 September 2016
-------------------------------------------------------------------------- --------------- ------------ -------
Share
Share Premium Other Retained Non-controlling Total
capital account reserves earnings interest Other Equity Equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------- -------- -------- --------- ---------- --------------- ------------ -------
Balance at 30 September
2014 131.4 898.7 656.1 28.0 40.1 321.6 2,075.9
Profit for the period - - - 288.2 2.8 18.0 309.0
Other comprehensive (expense)
income - - (7.5) 8.6 - - 1.1
------------------------------- -------- -------- --------- ---------- --------------- ------------ -------
Total comprehensive (expense)
income - - (7.5) 296.8 2.8 18.0 310.1
Share-based payments - - - 45.4 - - 45.4
Deferred share issue on
acquisition - - (67.6) - - - (67.6)
Arising on the issue of
ordinary shares 1.8 - 65.8 - - - 67.6
Redemption of shares (1.4) - 1.4 (50.3) - - (50.3)
Issue of preference share
capital - - - (0.5) - 100.0 99.5
Purchase of own shares - - - (37.0) - - (37.0)
Dividends paid to shareholders - - - (243.2) - (18.0) (261.2)
Non-controlling interest - - - - (6.5) - (6.5)
Acquisition of non-controlling
interest - - 27.5 (8.9) (36.5) - (17.9)
------------------------------- -------- -------- --------- ---------- --------------- ------------ -------
Balance at 30 September
2015 131.8 898.7 675.7 30.3 (0.1) 421.6 2,158.0
Profit for the period - - - 164.9 (0.5) 24.8 189.2
Other comprehensive income
(expense) - - 108.0 (63.6) - - 44.4
------------------------------- -------- -------- --------- ---------- --------------- ------------ -------
Total comprehensive income
(expense) - - 108.0 101.3 (0.5) 24.8 233.6
Share-based payments - - - 39.2 - - 39.2
Purchase of own shares - - - (43.5) - - (43.5)
Dividends paid to shareholders - - - (250.6) - (24.8) (275.4)
Balance at 30 September
2016 131.8 898.7 783.7 (123.3) (0.6) 421.6 2,111.9
------------------------------- -------- -------- --------- ---------- --------------- ------------ -------
Group Statement of Cash Flows
For the year to 30 September 2016
------------------------------------------------- ---------------------------
2016 2015
Notes GBPm GBPm
------------------------------------------------- ------- -------- --------
Core cash generated from operating activities 362.9 531.7
Short term timing differences on open end
fund settlements (0.5) (1.3)
------------------------------------------------- ------- -------- --------
Cash generated from operations 362.4 530.4
Net interest received 1.5 2.1
Tax paid (50.0) (62.2)
------------------------------------------------- ------- -------- --------
Net cash generated from operations 313.9 470.3
Restructuring and acquisition-related costs
paid (7.8) (23.9)
Net cash generated from operating activities 5 306.1 446.4
------------------------------------------------- ------- -------- --------
Cash flows from investing activities
Proceeds from sale of investments 83.1 36.6
Purchase of investments (73.5) (154.5)
Acquisition of businesses, net of cash acquired (55.1) (126.2)
Sale of subsidiary net of cash acquired 0.2 -
Purchase of intangible assets (18.5) (7.3)
Purchase of property, plant & equipment (6.0) (8.5)
------------------------------------------------- ------- -------- --------
Net cash used in investing activities (69.8) (259.9)
------------------------------------------------- ------- -------- --------
Cash flows from financing activities
Redemption of ordinary shares - (50.3)
Purchase of own shares (43.5) (37.0)
Issue of preference shares (net of expenses
paid) - 99.5
Dividends paid and coupon payments (280.4) (265.8)
Dividends paid to non-controlling interests - (12.0)
------------------------------------------------- ------- -------- --------
Net cash used in financing activities (323.9) (265.6)
------------------------------------------------- ------- -------- --------
Net decrease in cash and cash equivalents (87.6) (79.1)
Cash and cash equivalents at 1 October 567.7 653.9
Exchange rate fluctuations on cash and cash
equivalents 68.7 (7.1)
------------------------------------------------- ------- -------- --------
Cash and cash equivalents at 30 September 548.8 567.7
------------------------------------------------- ------- -------- --------
Notes to the Financial Statements
1. Preparation in accordance with IFRS
This preliminary announcement of audited results sets out information
which will be more fully covered in the Annual Report for the year
to 30 September 2016.
Restatement of cash pooling arrangements
The IFRS Interpretations Committee ("IFRIC") issued a clarification
on IAS 32 Financial Instruments Presentation - Offsetting and cash
pooling arrangements in April 2016. This clarifies a requirement to
gross up cash and overdraft balances associated with cash pooling arrangements
on the Group balance sheet. As a result the Group has grossed up the
balance sheet for 30 September 2016 and restated the balance sheet
at 30 September 2015. The impact is to increase cash and cash equivalents
and interest bearing loans and borrowings by GBP299.1 million at 30
September 2016 and GBP354.6 million at 30 September 2015. The changes
have no impact on the Group's results or cash flows.
2. Revenue
2016 2015
GBPm GBPm
--------- --------
Revenue comprises:
Gross management fees 1,091.8 1,296.8
Commissions payable to intermediaries (106.9) (149.9)
--------- --------
Net management fees 984.9 1,146.9
Performance fees 15.8 13.5
Transaction fees 6.4 8.6
--------- --------
Net revenue 1,007.1 1,169.0
--------- --------
3. Segmental disclosures
The Group operates a single business segment of asset management for
reporting and control purposes.
IFRS 8 Operating Segments requires disclosures to reflect the information
which the Group management board ("GMB"), being the body that is the
Group's chief operating decision maker, uses for evaluating performance
and the allocation of resources. The Group is managed as a single asset
management business, with multiple investment strategies of equities,
fixed income and property, complemented by a solutions business which
provides multi asset, alternatives and quantitative investment capabilities.
These strategies are managed across a range of products, distribution
channels and geographic regions. Reporting provided to the GMB is on
an aggregated basis.
Under IFRS 8, the Group is required to disclose by geographical location
revenue and amounts of non-current assets other than financial instruments,
deferred tax assets and retirement benefit assets. Revenue is allocated
by geographical location based on where the assets are managed and the
location of client service teams.
4. Restructuring and acquisition-related items
Change in fair value in deferred consideration
Acquisition-related items includes a gain of GBP17.8 million (2015:
GBP24.4 million) related to the reduction in the fair value of the deferred
contingent consideration payable to Lloyds Banking Group at 30 September
2016.
Restructuring costs
During 2016, we implemented a cost efficiency programme, reflecting
our long term focus on achieving further business efficiencies. In connection
with this programme, GBP13.0 million has been recognised in the year
to 30 September 2016 for severance costs and the charge for the acceleration
of deferred compensation awards for 'good leavers'. There is also an
onerous lease provision for the vacant space in the Swedish office.
Acquisition costs
Costs largely relate to the acquisition of SWIP and the migration and
integration of this business into the Group, as well as deal costs related
to acquisitions, which completed in the year to 30 September 2016. Transaction
costs include advisers' fees and stamp duty. Integration costs include
charges in respect of a transitional services agreement with the vendor
to ensure transfer in a controlled manner; set up costs in respect of
migration of the back office; and costs of retaining duplicate staffing
for the transitional period.
Transaction and deal costs on other acquisitions in 2015 relate to advisers'
fees on the FLAG acquisition and in 2016 relate to Parmenion, Arden
and Advance acquisitions (see note 11).
2016 2015
GBPm GBPm
--------- ----------
Restructuring costs
Redundancy and other severance costs 13.0 -
Other costs 1.0 -
14.0 -
Acquisition-related costs
Arising on other acquisitions:
Transaction & deal costs 0.9 4.7
--------- ----------
Arising on SWIP acquisition:
Redundancy and other severance costs - 3.8
Costs of separation, migration & integration 2.0 16.4
Transitional service costs 0.2 2.8
--------- ----------
Migration & integration costs 2.2 23.0
Transaction & deal costs - (3.2)
Reduction in fair value of deferred consideration (17.8) (24.4)
--------- ----------
Total restructuring and acquisition-related (income)
costs (0.7) 0.1
--------- ----------
GBP1.8 million has been recognised as a tax credit in the income statement
in respect of restructuring and acquisition costs that are deductible
for tax purposes (2015: GBP5.3 million)
5. Analysis of cash flows 2016 2015
GBPm GBPm
--------- ----------
Reconciliation of profit after tax to operating cash
flow
Profit after tax 189.2 309.0
Depreciation 8.1 8.6
Amortisation of intangible assets 120.7 131.3
Impairment of intangibles 7.7 -
Unrealised foreign currency gains (2.6) (1.9)
Other gains (17.8) (23.1)
Loss on disposal of property, plant & equipment 0.1 0.1
(Gains) losses on investments (23.0) 9.6
Equity settled share-based element of remuneration 39.4 47.6
Net finance costs 1.5 4.0
Income tax expense 32.7 44.7
--------- ----------
356.0 529.9
Decrease in trade and other receivables 49.4 24.5
Decrease (increase) in open end fund receivables 173.5 (101.8)
Decrease in trade and other payables (46.3) (46.6)
(Decrease) increase in open end fund payables (174.0) 100.5
Decrease in provisions (4.0) -
--------- ----------
Net cash inflow from operating activities 354.6 506.5
Interest received 5.0 5.6
Interest paid (3.5) (3.5)
Income tax paid (50.0) (62.2)
--------- ----------
Net cash generated from operating activities 306.1 446.4
--------- ----------
6. Net finance costs 2016 2015
GBPm GBPm
--------- ----------
Finance revenue - interest income (5.2) (5.7)
Unwinding of discount on deferred consideration 3.1 6.5
Interest on overdrafts, revolving credit facilities
and other interest bearing accounts 3.6 3.2
--------- ----------
Net finance costs 1.5 4.0
--------- ----------
7. Tax expense 2016 2015
GBPm GBPm
--------- ----------
Current tax expense
UK corporation tax on profit for the year 32.7 37.6
Adjustment in respect of prior periods 0.8 (1.0)
--------- ----------
33.5 36.6
Foreign tax on profit in the year 25.7 28.9
Adjustments in respect of prior periods 0.4 (1.7)
Total current tax 59.6 63.8
--------- ----------
Deferred tax credit
Origination and reversal of temporary differences (21.1) (19.4)
Effect of tax rate change on opening deferred tax balances (4.8) -
Adjustment in respect of prior periods (1.0) 0.3
--------- ----------
Total tax expense in income statement 32.7 44.7
--------- ----------
8. Dividends and coupons payable 2016 2015
GBPm GBPm
--------- ----------
Coupon payments on perpetual capital securities
7.0% Perpetual cumulative capital notes 24.8 22.6
--------- ----------
Dividends on ordinary shares
Declared and paid during the year:
Final dividend for 2015 - 12.0p (2014: 11.25p) 154.2 145.9
Interim dividend for 2016 - 7.5p (2015: 7.5p) 96.4 97.3
--------- ----------
250.6 243.2
--------- ----------
Preference dividends
5.0% Preference shares 5.0 -
--------- ----------
Total dividends and coupon payments paid during the
year 280.4 265.8
--------- ----------
Proposed for approval at the Annual General Meeting
(not recognised as a liability at 30 September)
Dividends on ordinary shares:
Final dividend for 2016 - 12.0p (2015: 12.0p) 154.2 154.1
Dividend on 2016 preference shares 2.5 2.5
--------- ----------
The total ordinary dividend for the year is 19.5p per share including
the proposed final dividend for 2016 of 12.0p per share.
The proposed dividend on the 2015 preference shares is GBP2.5 million
(see note 12) and will be paid at the same time as the final ordinary
dividend for 2016.
The coupon payments on perpetual capital securities are tax deductible.
The deduction for 2016 is GBP5.0 million (2015: GBP4.6 million), resulting
in a net cost of GBP19.8 million (2015: GBP18.0 million).
9. Earnings per share
Basic earnings per share figures are calculated by dividing profit for
the year attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year, excluding shares
held by the Employee Benefits Trust.
Diluted earnings per share figures are calculated by dividing the profit
for the year attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year, plus the weighted
average number of ordinary shares that would be issued on the conversion
of all the potentially dilutive shares into ordinary shares.
Underlying earnings per share figures are calculated by adjusting the
profit to exclude amortisation and impairment of intangible assets, restructuring
and acquisition-related items. The purpose of providing the underlying
earnings per share is to allow readers of the accounts to clearly consider
trends without the impact of these non-cash or one-off items.
IAS 33 Underlying
--------------------- ---------------------
2016 2015 2016 2015
GBPm GBPm GBPm GBPm
-------- ----------- ----------- --------
Basic earnings per share
Profit for the financial year attributable
to equity shareholders of the Company 164.9 288.2 164.9 288.2
Amortisation and impairment of intangible
assets, net of attributable taxation 101.1 106.6
Restructuring and acquisition-related
costs, net of attributable taxation 4.2 1.3
-------- ----------- ----------- --------
Underlying profit for the financial
year 270.2 396.1
-------- ----------- ----------- --------
Weighted average number of shares (millions) 1,284.8 1,293.6 1,284.8 1,293.6
-------- ----------- ----------- --------
Basic earnings per share 12.83p 22.28p 21.03p 30.62p
-------- ----------- ----------- --------
Diluted earnings per share
Profit for calculation of diluted earnings
per share 164.9 288.2 270.2 396.1
-------- ----------- ----------- --------
Weighted average number of shares (millions)
For basic earnings per share 1,284.8 1,293.6 1,284.8 1,293.6
Dilutive effect of exercisable share
options and deferred shares 22.1 28.8 22.1 28.8
-------- ----------- ----------- --------
1,306.9 1,322.4 1,306.9 1,322.4
-------- ----------- ----------- --------
Diluted earnings per share 12.62p 21.79p 20.67p 29.95p
-------- ----------- ----------- --------
Profit for the financial year used in calculating earnings per share
is based on profit after tax after adjusting for a benefit of GBP0.5
million for non-controlling interests (2015: charge of GBP2.8 million),
coupon payments in respect of perpetual capital securities (net of tax)
of GBP19.8 million (2015: GBP18.0 million) and preference dividends
of GBP5.0 million (2015: nil).
10. Intangible assets 2016 2015
GBPm GBPm
----------- --------
Management contracts 468.1 535.1
Goodwill 981.7 932.8
Software 39.6 18.3
----------- --------
1,489.4 1,486.2
----------- --------
11. Acquisitions
a. On 29 December 2015, the Group completed the purchase of Advance Emerging
Capital Ltd ("Advance"), a London based specialist investment manager.
Total cash consideration for the transaction was GBP14.6 million.
In the period to 30 September 2016, Advance added revenue of GBP2.6
million and profit before tax of GBP1.5 million. Had the acquisition
occurred on 1 October 2015, we estimate that consolidated revenues would
have increased by GBP3.5 million, and consolidated profit before tax
for the period would have increased by GBP2.0 million. In determining
these amounts, we have assumed that the fair value adjustments that
arose on the acquisition date would have been the same if the acquisition
had occurred on 1 October 2015.
Acquisition-related costs of GBP0.1 million were incurred and have been
included in acquisition-related costs (see note 4).
b. On 31 December 2015, the Group completed the purchase of Arden Capital
Management LLC ("Arden"), a hedge fund solutions business with offices
in New York and London. Total consideration for this transaction was
GBP11.2 million ($16.6 million), comprising cash consideration of GBP10.4
million ($15.3 million) and contingent consideration of GBP0.8 million
under an earn-out agreement.
The fair value of the earn-out at completion was GBP0.8 million, determined
by the probability weighted expected return and growth over the period
from acquisition to 31 December 2019, subject to a maximum of GBP49
million ($73 million), and discounted to a present value. The undiscounted
fair values identified in this analysis range from GBP1.5 million to
GBP8.9 million. The deferred liability is GBP1.0 million at 30 September
2016.
In the period to 30 September 2016, Arden added revenue of GBP6.3 million
and profit before tax of GBP0.1 million. Had the acquisition occurred
on 1 October 2015, we estimate that consolidated revenues would have
increased by GBP9.4 million, and consolidated profit before tax for
the period would have increased by GBP0.9 million. In determining these
amounts, we have assumed that the fair value adjustments that arose
on the acquisition date would have been the same if the acquisition
had occurred on 1 October 2015.
Acquisition-related costs of GBP0.2 million were incurred and have been
included in acquisition-related costs (see note 4).
The acquisition of Advance and Arden are in line with the Group's strategy
to strategy to strengthen our alternatives capabilities.
c. On 11 January 2016, the Group completed the purchase of Parmenion Capital
Partners LLP and its sister company, Self Directed Holding Limited (together
"Parmenion"), a Bristol based provider of risk graded portfolios to
UK financial advisers through a digital platform. Total consideration
for this transaction was GBP50.2 million, comprising cash consideration
of GBP40.1 million and contingent consideration of GBP10.1 million under
an earn-out.
The fair value of the earn-out at completion was GBP10.1 million, determined
by the probability weighted expected return and growth over the period
from acquisition to 31 December 2017, subject to a maximum of GBP16.8
million, and discounted to a present value. The undiscounted fair values
identified in this analysis range from GBP8.0 million to GBP16.8 million.
After the impact of unwinding the discount to date of GBP1.1 million,
the deferred liability is GBP11.2 million at 30 September 2016.
The acquisition is in line with the Group's strategy to capitalise on
advancements in financial technology systems and to become a leader
in using technology to provide investors with portfolios appropriate
to their needs, whilst also developing the channels for the distribution
of multi asset investment capabilities.
In the period to 30 September 2016, Parmenion added revenue of GBP7.6
million and profit before tax of GBP0.9 million. Had the acquisition
occurred on 1 October 2015, we estimate that consolidated revenues would
have increased by GBP10.1 million, and consolidated profit before tax
for the period would have increased by GBP1.2 million. In determining
these amounts, we have assumed that the fair value adjustments that
arose on the acquisition date would have been the same if the acquisition
had occurred on 1 October 2015.
Acquisition-related costs of GBP0.6 million were incurred and have been
included in acquisition-related costs (see note 4).
d. Independent valuation specialists were engaged to carry out a valuation
of the acquired goodwill and intangible assets acquired in these transactions.
The fair value adjustments from this allocation process are reflected
in the following table.
Goodwill is mainly attributable to the skills of the workforce acquired
and the synergies expected to be achieved from the acquisitions.
The fair value of intangible assets has been based on the present value
of expected cash flows of the underlying management contracts, with
the exception of GBP11.6 million internally developed software for Parmenion
which is based on management's best estimate of replacement cost.
The amounts recognised in respect of the identifiable assets and liabilities
assumed are as set out in the table below.
Business acquired from: Advance Emerging Arden Capital Management Parmenion Capital
Capital Ltd LLC Partners LLP
Fair Value Fair Value(1) Fair Value
GBPm GBPm GBPm
--------------------- ------------------------------ ----------------------
Intangible assets 11.5 1.1 38.1
Property, plant & equipment
Deferred tax assets - 0.3 0.4
- 0.2 -
Trade and other receivables 0.5 82.9 1.5
Cash 0.8 7.3 1.5
Other Investments - 1.5 -
Trade and other payables (0.6) (80.3) (2.3)
Current tax payable (0.1) - -
Deferred tax liabilities (2.3) (2.2) (7.6)
--------------------- ------------------------------ ----------------------
Total identifiable net
assets acquired 9.8 10.8 31.6
Goodwill 4.8 0.4 18.6
--------------------- ------------------------------ ----------------------
14.6 11.2 50.2
--------------------- ------------------------------ ----------------------
Discharged by:
Cash 14.6 10.4 40.1
Fair value of the earn-out
payment - 0.8 10.1
--------------------- ------------------------------ ----------------------
Total consideration 14.6 11.2 50.2
--------------------- ------------------------------ ----------------------
(1) Sterling equivalent of the fair value recognised on acquisition of
the Arden business is presented using the exchange rate ruling on date
of acquisition.
If information obtained within one year of the acquisition dates about
facts and circumstances that existed at acquisition date identifies adjustments
to the above amounts, or any additional provisions that existed at acquisition
date, then the accounting for the acquisition will be revised.
12. Other equity 2016 2015
GBPm GBPm
------- -------
US $500 million 7.0% Perpetual cumulative capital notes 321.6 321.6
5% 2015 Non-voting perpetual non-cumulative redeemable
preference shares 100.0 100.0
------- -------
421.6 421.6
------- -------
The perpetual capital notes bear interest on their principal amount at
7.0% per annum, payable quarterly in arrears on 1 March, 1 June, 1 September
and 1 December in each year.
There is no fixed redemption date, except at the sole discretion of the
Group after the fifth anniversary from issue, and dividends are discretionary.
Where preference share dividends are declared, they are paid in arrears
in two tranches at a rate of 5% per annum and are non-cumulative. No interest
accrues on any cancelled or unpaid dividends.
The preference shares can be converted irrevocably into a fixed number
of ordinary shares in the event of the conversion trigger. The conversion
trigger occurs if the Company's Common Equity Tier 1 ("CET1") capital ratio
falls below 5.125%. This is a regulatory requirement to enable the preference
shares to be treated as Additional Tier 1 capital. The CET1 ratio (unaudited)
at 30 September 2016 was 12.7% (2015: 16.9%).
13. Investments
2016 2015
Non-current investments GBPm GBPm
------- -------
Available for sale investments carried at fair value 46.4 34.6
Other investments held at amortised cost 16.5 17.5
------- -------
62.9 52.1
------- -------
Current investments
Held for trading carried at fair value:
Seed capital investments 200.6 148.9
Investments in funds to hedge deferred fund awards 53.7 43.4
Other investments 0.3 0.3
------- -------
254.6 192.6
------- -------
Derivative financial assets
Forward foreign exchange contracts - 29.2
Equity futures - 0.4
------- -------
- 29.6
------- -------
Seed capital investments consist of amounts invested to enable the launch
or development of funds where the intention is to withdraw the investment
once the fund has achieved a sustainable scale of third party investment.
The Group also holds investments in certain Aberdeen-managed funds to hedge
against liabilities from variable pay awards that are deferred and settled
in cash by reference to the share price of those funds.
14. Asset backing investment contract liabilities
2016 2015
GBPm GBPm
-------- --------
Listed investments 1,258.3 1,662.2
Unit trusts and OEICs 358.8 220.2
Cash, deposits and liquidity funds 47.0 34.8
Other net assets 6.5 8.9
-------- --------
1,670.6 1,926.1
-------- --------
The risks and rewards of these assets fall to the benefit of, or are borne
by, the underlying policyholders, consistent with other assets under management.
Therefore, the investment contract liabilities shown in the Group's balance
sheet are equal and opposite in value to the assets held on behalf of the
policyholders. The Group has no direct exposure to fluctuations in the
value of assets which are held on behalf of policyholders, nor to fluctuations
in the value of the assets arising from changes in market prices or credit
default. The Group's exposure to these assets is limited to the revenue
earned, which varies according to movements in the value of the assets.
Accordingly, these assets are not included in the fair value measurements
disclosure.
15. Retirement benefits
The Group's principal form of pension provision is by way of defined contribution
schemes operated worldwide. The Group also operates a small number of legacy
defined benefit schemes including: the Murray Johnstone Limited Retirement
Benefits Plan, the Edinburgh Fund Managers Group plc Retirement & Death
Benefits Scheme and the DEGI Pension Plan. These defined benefit schemes
are closed to new membership and to future service accrual.
The main defined benefit schemes in the UK are based on final salary payments
with benefits being adjusted in line with the schemes rules once in payment
after retirement. The level of benefits paid is dependent on a members'
length of service and salary prior to retirement. A funding plan, which
aims to eliminate any shortfall in funding, has been agreed between the
Trustees of the schemes and the employer. Annual contributions to the UK
schemes under these funding plans are currently GBP8.6 million. The defined
benefit schemes operated by the Group expose the Group to actuarial risks,
including longevity risk, interest rate risk and market (investment risk).
Where appropriate, the investment strategy takes the make up of the schemes'
membership into account (for example investing in assets that broadly aim
to partially match some of the liability outflows), which reduces the effect
of market movements on funding levels. Risk in relation to gilt yields
has also been mitigated by investing a proportion of the schemes' assets
in gilts/bonds/alternatives.
2016 2015
GBPm GBPm
--------------- ---------------
Pension scheme deficits (48.0) (12.0)
Pension scheme surplus - 30.1
--------------- ---------------
Net (deficit) surplus (48.0) 18.1
--------------- ---------------
On 9 November 2015 the Trustees of the Edinburgh Fund Managers Group scheme
completed a partial buy-in with Legal & General ('L&G'), paying a premium
of GBP103.6 million. The buy-in covers all the benefits in respect of the
deferred membership as at 9 November 2015 (excluding enhanced deferred
revaluation in excess of statutory revaluation applied after this date).
From 22 November 2029, L&G will also meet pension and contingent spouses
benefits in respect of the pensioner membership as at 9 November 2015.
The insured asset of GBP71.0 million has been calculated by valuing the
estimated benefits that will be paid by the insurer using the 30 September
2016 IAS 19 assumptions and the same approach used to value the year end
liabilities.
The pension deficits are recognised as non-current liabilities in the balance
sheet and are stated before deduction of the related deferred tax asset.
The pension surplus is recognised as a non-current asset in the balance
sheet and is stated before deduction of the deferred tax liability.
At 30 September 2016 GBP2.5 million (2015: GBP2.1 million) of contributions
were outstanding in respect of defined contribution schemes.
16. Contingent liabilities
The Group is, from time to time and in the normal course of business, subject
to a variety of legal claims, actions or proceedings. When such circumstances
arise, the Board considers the likelihood of a material outflow of economic
resources and provides for its best estimate of costs where an outflow
of economic resources is probable.
By their nature, provisions often reflect significant levels of judgement
or estimate. While there can be no assurances, the directors believe, based
on information currently available to them, that the likelihood of other
material outflows is remote.
The Company had no provisions or contingent liabilities at 30 September
2016 (2015: nil).
17. The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 September 2016 or 2015. Statutory
accounts for 2015 have been delivered to the registrar of companies, and
those for 2016 will be delivered in due course. The auditor has reported
on those accounts; their reports were (i) unqualified, (ii) did not include
a reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
The information provided in respect of assets under management and business
flows has not been subject to audit for any periods presented.
ASSETS UNDER MANAGEMENT AT 30 SEPTEMBER 2016
30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16
GBPbn GBPbn GBPbn GBPbn GBPbn
Equities 80.1 77.5 78.3 83.2 89.1
Fixed income 65.6 66.6 66.9 70.6 70.0
Multi asset 83.0 83.3 84.9 85.5 89.9
Alternatives 14.0 21.3 21.8 21.5 21.8
Quantitative strategies 22.0 22.5 21.3 22.1 22.8
Property 19.0 19.4 19.6 18.5 18.5
---------- ---------- ---------- ---------- ----------
Total 283.7 290.6 292.8 301.4 312.1
---------- ---------- ---------- ---------- ----------
Fixed Multi
Equities income asset Alternatives Quant strategies Property Total
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------------- ----------- --------- ------- ------------- ----------------- ----------- --------
AuM at 30 September
2015 80.1 65.6 83.0 14.0 22.0 19.0 283.7
Net flows (13.6) (6.8) (7.1) (1.7) (2.8) (0.8) (32.8)
Markets and performance 11.7 6.2 11.3 (0.9) 3.6 0.5 32.4
Exchange 10.9 5.0 0.7 2.9 - 1.5 21.0
Corporate transactions - - 2.0 7.5 - (1.7) 7.8
------------------------- ----------- --------- ------- ------------- ----------------- ----------- --------
AuM at 30 September
2016 89.1 70.0 89.9 21.8 22.8 18.5 312.1
------------------------- ----------- --------- ------- ------------- ----------------- ----------- --------
OVERALL NEW BUSINESS FLOWS FOR 12 MONTHS TO 30 SEPTEMBER 2016
3 mths to 3 mths to 3 mths to 3 mths to Year to
31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 30 Sep 16
GBPm GBPm GBPm GBPm GBPm
Gross inflows:
Equities 2,121 2,992 2,213 3,323 10,649
Fixed income 5,559 3,568 4,600 2,096 15,823
Multi asset 1,936 1,711 1,612 1,990 7,249
Alternatives 79 272 44 75 470
Quantitative strategies 429 215 271 250 1,165
Property 791 1,784 484 618 3,677
Total 10,915 10,542 9,224 8,352 39,033
Gross outflows:
Equities 8,470 6,462 5,137 4,206 24,275
Fixed income 5,127 6,255 5,598 5,596 22,576
Multi asset 4,451 3,090 3,292 3,511 14,344
Alternatives 247 314 1,225 369 2,155
Quantitative strategies 1,015 1,165 898 900 3,978
Property 697 899 1,952 957 4,505
Total 20,007 18,185 18,102 15,539 71,833
Net flows:
Equities (6,349) (3,470) (2,924) (883) (13,626)
Fixed income 432 (2,687) (998) (3,500) (6,753)
Multi asset (2,515) (1,379) (1,680) (1,521) (7,095)
Alternatives (168) (42) (1,181) (294) (1,685)
Quantitative strategies (586) (950) (627) (650) (2,813)
Property 94 885 (1,468) (339) (828)
----------- ----------- ----------- ----------- -----------
Total (9,092) (7,643) (8,878) (7,187) (32,800)
----------- ----------- ----------- ----------- -----------
OVERALL NEW BUSINESS FLOWS FOR 12 MONTHS TO 30 SEPTEMBER 2016 - EQUITIES
3 mths
to
3 mths to 3 mths to 3 mths to 30 Sep Year to
31 Dec 15 31 Mar 16 30 Jun 16 16 30 Sep 16
GBPm GBPm GBPm GBPm GBPm
Gross inflows:
Asia Pacific 1,099 806 831 1,010 3,746
Global emerging
markets 710 1,637 780 1,834 4,961
Europe 9 145 53 10 217
Global & EAFE 136 218 154 145 653
UK 51 40 83 43 217
US 116 146 312 281 855
----------- ----------- ----------- -------- -----------
2,121 2,992 2,213 3,323 10,649
Gross outflows:
Asia Pacific 2,969 2,205 1,618 1,783 8,575
Global emerging
markets 1,639 1,571 1,332 1,244 5,786
Europe 42 188 42 46 318
Global & EAFE 3,678 2,245 1,949 883 8,755
UK 73 172 113 114 472
US 69 81 83 136 369
----------- ----------- ----------- -------- -----------
8,470 6,462 5,137 4,206 24,275
Net flows:
Asia Pacific (1,870) (1,399) (787) (773) (4,829)
Global emerging
markets (929) 66 (552) 590 (825)
Europe (33) (43) 11 (36) (101)
Global & EAFE (3,542) (2,027) (1,795) (738) (8,102)
UK (22) (132) (30) (71) (255)
US 47 65 229 145 486
----------- ----------- ----------- -------- -----------
(6,349) (3,470) (2,924) (883) (13,626)
----------- ----------- ----------- -------- -----------
OVERALL NEW BUSINESS FLOWS FOR 12 MONTHS TO 30 SEPTEMBER 2016 - FIXED INCOME
3 mths
to
3 mths to 3 mths to 3 mths to 30 Sep Year to
31 Dec 15 31 Mar 16 30 Jun 16 16 30 Sep 16
GBPm GBPm GBPm GBPm GBPm
Gross inflows:
Asia Pacific 16 19 28 48 111
Australia 96 96 117 197 506
Convertibles 52 10 2 5 69
Emerging markets 174 231 296 333 1,034
Europe 60 26 20 34 140
Global 54 204 95 67 420
High yield 223 200 217 91 731
Money market 3,573 2,373 2,206 983 9,135
UK 1,181 346 1,445 313 3,285
US 130 63 174 25 392
----------- ----------- ----------- -------- -----------
Total 5,559 3,568 4,600 2,096 15,823
----------- ----------- ----------- -------- -----------
Gross outflows:
Asia Pacific 69 210 80 33 392
Australia 496 303 1,013 133 1,945
Convertibles 43 30 10 20 103
Emerging markets 355 1,126 237 600 2,318
Europe 364 42 226 54 686
Global 127 173 132 322 754
High yield 478 303 366 695 1,842
Money market 1,805 2,331 1,873 2,343 8,352
UK 1,302 578 1,391 918 4,189
US 88 1,159 270 478 1,995
----------- ----------- ----------- -------- -----------
Total 5,127 6,255 5,598 5,596 22,576
----------- ----------- ----------- -------- -----------
Net flows:
Asia Pacific (53) (191) (52) 15 (281)
Australia (400) (207) (896) 64 (1,439)
Convertibles 9 (20) (8) (15) (34)
Emerging markets (181) (895) 59 (267) (1,284)
Europe (304) (16) (206) (20) (546)
Global (73) 31 (37) (255) (334)
High yield (255) (103) (149) (604) (1,111)
Money market 1,768 42 333 (1,360) 783
UK (121) (232) 54 (605) (904)
US 42 (1,096) (96) (453) (1,603)
----------- ----------- ----------- -------- -----------
Total 432 (2,687) (998) (3,500) (6,753)
----------- ----------- ----------- -------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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