FUM summary
(Further analysis and explanation given in the Financial Review).
| Private Investor | Institutional | 2009 Total | 2008 Total | ||||||
| Guaranteed $bn |
Open-ended $bn |
Total $bn |
$bn | $bn | $bn | ||||
| Opening FUM - 1 April 2008 | 31.0 | 12.5 | 43.5 | 31.1 | 74.6 | 61.7 | |||
| Sales | 6.1 | 5.2 | 11.3 | 3.6 | 14.9 | 15.9 | |||
| Redemptions | (4.6) | (4.5) | (9.1) | (7.9) | (17.0) | (10.7) | |||
| Net sales | 1.5 | 0.7 | 2.2 | (4.3) | (2.1) | 5.2 | |||
| Investment movement | (1.8) | 0.3 | (1.5) | (5.1) | (6.6) | 5.6 | |||
| FX | (1.7) | (0.3) | (2.0) | (2.2) | (4.2) | 4.0 | |||
| De-risking | (12.1) | - | (12.1) | - | (12.1) | - | |||
| Other | (0.5) | (1.8) | (2.3) | (0.5) | (2.8) | (1.9) | |||
| Closing FUM - 31 March 2009 | 16.4 | 11.4 | 27.8 | 19.0 | 46.8 | 74.6 | |||
Financial summary
(Further analysis and explanation given in the Financial Review).
| 2009 £m |
2008 £m |
|
| Revenue | ||
| - Gross management and other fee income | 1,861 | 2,030 |
| - Gross performance fee income | 627 | 1,192 |
| 2,488 | 3,222 | |
| (Losses)/gains on investments at fair value | (260) | (51) |
| Profit before tax - continuing operations (statutory) | 743 | 2,079 |
| Adjusted for: | ||
| - Accelerated amortisation of MGS sales commissions | ||
| (all incurred in H1 2009) | 107 | - |
| - Restructuring charge | 37 | - |
| - Gain on sale of 50% of subsidiary | (48) | - |
| Impairment of Ore Hill investment and goodwill | 299 | - |
| Loss arising from residual interest in brokerage assets | 105 | - |
| Adjusted profit before tax | 1,243 | 2,079 |
| Net performance fee income | 358 | 936 |
| Net management fee income | 885 | 1,143 |
| Adjusting items | (500) | - |
| Profit before tax from continuing operations | 743 | 2,079 |
| Taxation | (240) | (362) |
| Profit after tax from continuing operations | 503 | 1,717 |
| Discontinued operations - Brokerage | - | 1,753 |
| Profit for the year | 503 | 3,470 |
| Diluted EPS - continuing operations (statutory) | 28.4c | 90.2c |
| Adjusted diluted EPS (excluding the adjusting items as above) | 57.0c | 90.2c |
| Cash inflow from total operations | 1,616 | 1,847 |
| Post-tax return on equity - continuing operations (ROE) | 13.5% | 41.6% |
| Ordinary dividend per share (relating to the year): | ||
| - Interim (cents/pence) | 19.2c/11.89p | 19.2c/9.18p |
| - Final (proposed for 2009) | 24.8c/15.47p | 24.8c/12.55p |
Balance sheet, capital and liquidity
| March 2009 $m |
September 2008 $m |
March 2008 $m |
|
| Seed capital exposure | 718 | 1,230 | 1,279 |
| Loans to fund products | 373 | 641 | 369 |
| Equity | 4,192 | 4,499 | 4,711 |
| Regulatory capital surplus | 1,700 | 1,500 | 1,600 |
| Net cash | 1,718 | 735 | 1,474 |
| Undrawn committed bank liquidity facility | 2,430 | 2,430 | 2,500 |
Returns to shareholders
| 2009 $m |
2008 $m |
2007 $m |
|
| Dividends relating to the year | 711 | 751 | 389 |
| Share buybacks | 280 | 520 | 375 |
| Total Shareholder return (dividends plus share price movement) | -58% | +16% | +38% |
The past year has seen extraordinary turmoil in financial markets globally. Severe market dislocations, sharp falls in asset prices, the absence of liquidity and a loss of confidence in counterparties have all combined to stress business models throughout the financial services
