Released: 29/10/2009
com:20091029:Rnsc5536B
.
RNS Number : 5536B
Standard Life plc
29 October 2009
Standard Life plc
Interim Management Statement - nine months to 30 September 2009
29 October 2009
Positive net inflows across the Group
* Standard Life Investments third party net inflows 75% higher at £4.3bn
* Life and pensions net inflows of £1.2bn1
* Life and pensions net inflows excluding bulk bond deals 18% higher at £1.8bn1
* Life and pensions net inflows in the third quarter 91% higher at £586m
Strong growth in assets as markets recover
* Standard Life Investments total assets under management increased by £15.3bn
in the third quarter
* Standard Life Investments third party assets under management 19% higher at
£54.1bn
* SIPP assets under administration 27% higher at £11.0bn2
* Wrap assets under administration 76% higher at £3.0bn
* Group pensions assets under administration 19% higher at £17.1bn
New business sales reflect impact of weaker average financial market levels
* Life and pensions sales 15% lower at £10.5bn3
Group Chief Executive Sir Sandy Crombie said:
"Standard Life has continued to deliver a reliable underlying performance in the
first nine months of the year, despite the challenging market conditions. I am
particularly pleased with the strong growth in assets, especially in the third
quarter. This should benefit the Group's profits and cashflow in the years to
come and is a testament to our track record, demonstrating the confidence shown
in us by our customers.
As announced last week, I am stepping down as Group Chief Executive at the end
of December after 43 years at Standard Life. I am delighted to be handing over a
business that, having positioned itself well to cope with the financial crisis,
is in the right place to benefit from the recovery as and when it comes.
Standard Life has a strong balance sheet, attractive products and significant
growth opportunities and I wish my successor David Nish every success as he
leads the business forward next year."
Unless otherwise stated, all sales figures are on a PVNBP basis and all
comparisons are in sterling and with the nine months ending 30 September 2008.
Strong growth in assets as markets recover
Continued demand for our broad and innovative product set, coupled with the
recent upturn in market levels, has led to strong growth in assets under
administration across the Group.
Third party assets under management at Standard Life Investments have increased
to a record level of £54.1bn. Good long term investment performance and the
diversity of our fund range have led to significant growth in third party net
investment inflows with a substantial contribution from our international
operations as we expand our global presence. During the third quarter total
assets under management increased by £15.3bn to £136.9bn.
Within our life and pensions operations we have also seen strong growth in
assets under administration with resilient customer run rates and positive net
inflows demonstrating the strength of our propositions, excellence in customer
service and strong distribution relationships. While markets have recovered
sharply in recent months, average equity market levels over the nine month
period were 25%4 lower than the prior year which has had an inevitable impact on
net flows and new business sales. Nevertheless, net flows across our life and
pensions operations have improved in the third quarter, with strong growth in
our retail product lines in Canada following the successful repositioning of the
business.
Worldwide life and pensions operations
Net inflows across our worldwide life and pensions operations1 were £1.2bn
(2008: net inflow of £2.1bn), reflecting our decision not to renew UK bulk
investment bond deals which were written in 2008 at lower margins in order to
secure distribution relationships. These generated net inflows of £597m in 2008
and led to net outflows of £581m in 2009. Excluding these bond deals, worldwide
net inflows increased to £1.8bn (2008: £1.6bn). Worldwide life and pension sales
were 15% lower at £10.5bn (2008: £12.4bn). Excluding the bond deals sales were
11% lower.
UK Financial Services
Within our UK life and pensions business, net inflows of £356m (2008: £1,086m)
and new business sales of £7.3bn (2008: £9.4bn) have been impacted by our
decision not to renew bulk investment bond deals as described above. Excluding
these deals, net flows strengthened to £937m (2008: £489m). As highlighted in
previous years, our UK pensions business is seasonal with higher flows and sales
in the first two quarters of the year reflecting increased activity levels
around the tax year end.
We continue to see strong growth in our individual SIPP customer base and assets
under administration. During the period the total number of customer accounts
increased to 79,100 (31 December 2008: 65,900, 30 June 2009: 74,700). The
strength of our customer run rate and the recent recovery in financial markets
have increased SIPP assets under administration to £11.0bn (31 December 2008:
£8.7bn, 30 June 2009: £9.7bn)2. Across our SIPP portfolio the average case size
was £139,000 (31 December 2008: £131,000, 30 June 2009: £130,000). The lower
average market levels over the period have had an inevitable impact on incoming
transfer values, which continue to represent the majority of new business. This
has been reflected in net inflows, which were lower at £1.3bn (2008: £1.9bn),
and a 25% reduction in new business sales to £2.2bn (2008: £2.9bn). During the
period we have seen a modest increase in SIPP outflows. This has been driven by
customers increasingly using the flexible features within the product such as
taking tax free cash and income drawdown. These outflows remain consistent with
our expectations.
In group pensions, net inflows and positive market movements have driven an
increase in UK group pensions assets under administration to £17.1bn (31
December 2008: £14.4bn, 30 June 2009: £14.7bn)5. The quality, sustainability and
flexibility of our proposition, combined with the financial strength of the
Group, continue to act as key differentiators and enable us to win profitable
new business. The number of new schemes implemented during the period was 317
(2008: 380). Increments into existing schemes have been impacted by current
economic conditions, including lower average levels of salary increases and
recruitment across the UK. This trend, combined with lower average asset values
has been reflected in lower net inflows of £962m (2008: £1,201m) and a 17%
reduction in new business sales. Volumes in our flexible group SIPP increased by
35% and accounted for 50% of total group pensions sales (2008: 31%).
As reported in our Interim Results 2009, regular premium contributions in
respect of the 18,000 member BT scheme generated £347m of PVNBP in the first
half of 2009. Single premium asset transfers for the BT scheme of £220m were
received during October and will be reflected in our reported sales figures for
Q4. We are particularly pleased that three quarters of the active members have
chosen to transfer to the scheme.
Demand for mutual funds sold through our UK life and pensions business on our
Wrap, Sigma and Fundzone platforms remains strong with net inflows increasing to
£538m (2008: £257m) and sales 48% higher at £830m (2008: £559m).
Assets under administration on our Wrap platform increased to £3.0bn (31
December 2008: £1.7bn, 30 June 2009: £2.3bn)6. At the end of the quarter there
were 532 IFA firms using the platform (31 December 2008: 409, 30 June 2009: 484)
and 26,600 customers (31 December 2008: 16,900, 30 June 2009: 23,000) with an
average fund size of £111,000 (31 December 2008: £101,000, 30 June 2009:
£101,000)6. We continue to see strong momentum in our Wrap offering, with a
strong pipeline of IFA firms in the process of adopting the platform.
A number of endowment policies that were written during the early 1980s reached
maturity during the period. This led to a net outflow of £1.1bn (2008: net
outflow of £1.2bn) in respect of pre-Demutualisation life products. The vast
majority of these products are conventional with profits contracts, which
generate minimal shareholder margin. Excluding these flows, UK life and pensions
net inflows amounted to £1.4bn during the period (2008: £2.3bn) within worldwide
life and pensions net inflows of £2.3bn (2008: £3.4bn).
Claims levels across our UK life and pensions operations remain broadly in line
with assumptions, with lower claims in respect of individual pensions leading to
a reduced net outflow from this product line.
Savings balances in our banking operations have increased to £5.6bn (31 December
2008: £5.0bn, 30 June 2009: £5.5bn) with business accounts performing well
during 2009. This total includes combined SIPP and Wrap balances of £1.8bn (31
December 2008: £1.5bn, 30 June 2009: £1.8bn).
Consistent with our strategy to manage our mortgage exposure, gross mortgage
lending decreased by 78% to £210m (2008: £946m). Mortgages under management
stood at £8.2bn (31 December 2008: £9.7bn, 30 June 2009: £8.8bn), with an
arrears rate of 0.78%, which is less than a third of the Council of Mortgage
Lenders industry average of 2.62% reported at 30 June 2009.
Healthcare sales were 21% lower at £15m (2008: £19m) on an APE basis reflecting
adverse economic conditions and our strategy of only writing profitable
business.
Europe
In Europe, net inflows were 27% lower at £564m (2008: £771m)7 and sales were 26%
lower in constant currency at £854m (2008: £1,063m).
In Ireland, sales of £589m (2008: £661m) were 15% lower in constant currency.
Domestic sales increased by 29% in constant currency, driven by increased sales
of post-retirement products during the second quarter ahead of planned changes
to tax legislation. However, offshore bond sales were 42% lower at £252m (2008:
£433m) due to the impact of the weak economic conditions experienced during the
year.
Sales in Germany of £265m (2008: £402m) were 43% lower than the prior year in
constant currency. This reflects weak consumer confidence and a continuing
preference for the German domestic life insurers. Net flows of £492m were more
resilient and were 4% higher (2008: £471m) due to strong inflows of regular
premiums from the in-force book.
Canada
Canadian net inflows of £328m (2008: £292m) reflect higher gross inflows into
individual insurance, savings and retirement product lines, with positive trends
in the retail market driving a marked turnaround in net inflows to £189m (2008:
net outflow £12m) during the third quarter.
Canadian sales were 12% higher in constant currency at £1,938m (2008: £1,562m)
with sales in the third quarter significantly higher than those recorded during
the same period in 2008. Group savings and retirement sales of £964m were 7%
lower in constant currency due to the distorting impact of a large defined
benefit administration mandate secured in 2008. Within the Group savings and
retirement total, sales of our core defined contribution offering increased by
41% in constant currency to £810m (2008: £519m).
Individual insurance, savings and retirement new business has increased by 58%
in constant currency to £442m (2008: £252m) with strong sales growth of 153%
achieved in the third quarter amid early signs of a recovery in the previously
challenging Canadian retail market. However, the market for mutual funds remains
challenging, where new business sales over the period were 22% lower in constant
currency at £155m (2008: £180m).
Group insurance new business has also increased by 82% in constant currency to
£377m (2008: £187m). This increase is due to changes to renewal assumptions,
which were made as part of the year end process and were reflected in our 2008
Preliminary Results.
Asia
Combined sales across our Indian and Chinese joint ventures and our Hong Kong
operation were 6% higher in constant currency at £448m (2008: £373m)8.
Sales in India increased by 1% in constant currency as we continue to refocus
the business for greater profitability. Standard Life's share of these sales was
£301m (2008: £275m)8.
In China, sales volumes decreased by 9% in constant currency. Standard Life's
share of these sales was £78m (2008: £66m). The lower sales reflect reduced
consumer confidence caused by the economic downturn.
Hong Kong has continued to enjoy strong growth due to the success of its new
unit-linked savings product, with new business sales in constant currency
increasing by 72% to £69m (2008: £32m).
Global investment management
At Standard Life Investments, strong inflows across our international markets,
and the recent recovery in market levels, have driven an increase in third party
assets under management to a record level of £54.1bn (31 December 2008: £45.5bn,
30 June 2009: £47.3bn). Third party assets under management now represent 39% of
total assets under management compared with 37% as at 31 December 2008. Total
assets under management increased by £15.3bn in the third quarter to £136.9bn
(31 December 2008: £123.8bn, 30 June 2009: £121.6bn).
Despite volatile markets Standard Life Investments achieved strong third party
net inflows of £4.3bn, £3.2bn of which relates to investment products only,
representing a 75% increase over the equivalent period last year and an
annualised 13% of opening third party assets under management. Over 85% of the
net inflows came from outside the UK, further emphasising Standard Life
Investments' growing global capability.
In UK and Europe, we have seen strong client demand for our Fixed Interest and
Global Absolute Return Strategy (GARS) products, while sales of our mutual fund
and SICAV9 ranges showed very significant increases on the same period last year
with net inflows of retail mutual funds of £444m (2008: net inflow £57m).
While conditions remain challenging within the UK market for segregated
institutional mandates, we have seen strong growth in institutional flows across
our international markets. Total European net flows rose to £913m (2008: net
inflow £373m), with a significant increase in net flows in India of £1,630m
(2008: £219m)10 reflecting greater traction into higher margin cash funds. In
addition we have seen strong inflows into Canadian institutional business of
£1,021m (2008: net outflow £102m).
The money-weighted active investment performance over all time periods (1, 3, 5
and 10 years) continues to be comfortably above median for our third party
business. The strength of our investment process across a range of OEICs and
unit trusts is demonstrated by the proportion of eligible actively managed funds
(21 out of 29) rated 'A' or above by Standard & Poor's.
Of particular note is the outstanding performance of the UK Equity Recovery Fund
(OEIC), which has returned 110% since its launch on 6 March this year, and the
UK Equity Unconstrained Fund (OEIC), which has produced a return of over 95%
during the year to date.
The pipeline for institutional and retail business remains encouraging with
fixed interest and GARS products attracting a lot of interest. We also continue
to see very positive demand for our mutual funds in the UK and for our SICAVS9
in continental Europe.
Capital strength maintained
In our Interim Results 2009 on 5 August 2009, we reported that Standard Life had
a robust capital position that had been largely insensitive to market movements.
At the end of September 2009 there was a modest strengthening of this position,
with rising equity markets and lower gilt yields increasing our estimated FGD
surplus to £3.4bn (31 December 2008: £3.3bn, 30 June 2009: £3.1bn) and HWPF
residual estate to £0.5bn (31 December 2008: £0.5bn, 30 June 2009: £0.4bn).
Other developments
On 9 September 2009 we announced that the Chinese Regulators were in the final
stages of approving a business combination whereby Bank of China would take a
majority stake in Heng An Standard Life. The company would then become a
domestic insurance company. The commercial details, together with any further
approvals required are now being discussed between the parties.
On 19 October 2009 we announced that David Nish will succeed Sir Sandy Crombie
as Group Chief Executive with effect from 1 January 2010.
On 26 October 2009 we announced that we had entered into an agreement to sell
Standard Life Bank plc ("Standard Life Bank") to Barclays Bank PLC ("Barclays").
We also announced that Standard Life and Barclays UK Retail Banking have agreed
heads of terms to enter into a strategic agreement to explore joint
opportunities in the UK retail long-term savings and investments sector.
Standard Life Group outlook
Standard Life has a resilient balance sheet, innovative propositions and strong
distribution relationships which position us well for any future market upturn.
While the outlook for the UK savings and investment market remains challenging
in the short term, we are confident in the prospects for our pensions businesses
and Wrap proposition. We see opportunities for our Asian business and in Canada
have a good pipeline of business developing around our core defined contribution
proposition.
Standard Life Investments continues to see strong demand for Fixed Interest and
Global Absolute Return Strategy (GARS) products which will further increase our
global capability.
Our continued ability to attract positive net inflows, combined with the recent
upturn in market levels, has led to strong growth in assets across the Group. If
sustained, this will lead to higher revenues and cash profits.
For a PDF version of this Interim Management Statement, including a PDF of this
Press Release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/5536B_-2009-10-28.pdf
For further information please contact:
Institutional Equity Investors:
Gordon Aitken 0131 245 6799
Duncan Heath 0131 245 4742
Paul De'Ath 0131 245 9893
Retail Equity Investors:
Capita Registrars 0845 113 0045
Media:
Barry Cameron 0131 245 6165 / 07712 486 463
Paul Keeble 0207 872 4481 / 07712 486387
Neil Bennett (Maitland) 0207379 5151 / 07900 000 777
Debt Investors:
Andy Townsend 0131 245 7260
Alan Coutts 0131 245 0201
Notes to Editors
1 Worldwide life and pensions net flows do not include net
flows in respect of our Asia Pacific joint ventures and
our Hong Kong subsidiary.
2 Analysis of Individual SIPP funds under administration.
30 Sep 30Jun 31 Mar 31 Dec
2009 2009 2009 2008
£m £m £m £m
Insured Standard Life funds 2,757 2,495 2,375 2,559
Insured external funds 1,621 1,370 1,229 1,268
Collectives - Standard Life Investments 1,605 1,201 947 864
Collectives - Funds Network 913 764 658 656
Cash 1,114 1,092 1,056 869
Non collectives 3,023 2,796 2,540 2,443
Total 11,033 9,718 8,805 8,659
Insured 4,378 3,865 3,604 3,827
Non-insured 6,655 5,853 5,201 4,832
Total 11,033 9,718 8,805 8,659
Of the £11.0bn funds under administration at 30 September
2009, £1.4bn relate to funds on the Wrap platform.
3 Present value of new business premiums (PVNBP) is calculated
as 100% of single premiums plus the expected present value of
new regular premiums.
4 The daily average level of the FTSE All share index was 25%
lower over the nine months to 30 September 2009 when compared
to the same period in 2008. On the same basis the UK IPD All
Property Index was 25% lower and the Sterling 5-10 Yr
Corporate Securities Index was down 12%.
5 The group pensions AUA figure as at 31 December 2008 has been
restated to align with the methodology used for other product
lines.
6 Wrap assets under administration have been restated to
exclude amounts that have been secured but are pending
investment onto the Wrap platform.The impact of this
restatement has been immaterial, reducing the assets under
administration figures as at 31 December 2008 by £0.1bn.
7 Offshore bond net inflows of £100m (2008: £420m) are included
within the European results.
8 2008 PVNBP includes a £40m reduction due to a restatement to
opening assumptions in India.
9 A SICAV (societe d'investissement ss capital variable) is an
open-ended collective investment scheme common in Western
Europe.SICAVs can be cross-border marketed in the EU under
the UCITS directive.
10 Historically, the Indian cash fund flows were calculated on
the spot rate balances. Due to the volatility of these funds,
the approach has been changed to ensure consistency with the
methodology applied to UK money market funds.
11 There will be a conference call today for newswires and
online publications at 8:00am hosted by David Nish, Group
Finance Director, Keith Skeoch, Chief Executive of Standard
Life Investments, and Paul Matthews, Managing Director of
Distribution for UK Financial Services.Dial in telephone
number +44 (0) 1452 555 566.Callers should quote Standard
Life Media Call. The conference ID number is 35954645.A
recording of this call will be available for replay for one
week by dialling +44 (0)1452 550 000 (access code 35954654#).
12 There will be a conference call today for analysts and
investors at 9.30am hosted by David Nish, Group Finance
Director, Keith Skeoch, Chief Executive of Standard Life
Investments, and Paul Matthews, Managing Director of
Distribution for UK Financial Services.Dial in telephone
number +44 (0) 1452 555 566.Callers should quote Standard
Life Analysts & Investors Call.The conference ID number is
35958422.A recording of this call will be available for
replay for one week by dialling +44 (0)1452 550 000 (access
code 35958422#).
13 This Interim Management Statement is available on the
Financial Results page of the Standard Life website at
www.standardlife.com
Insurance operations net flows (regulatory basis)
9 months ended 30 September 2009
Gross inflows Redemptions Net inflows Gross inflows Redemptions Net inflows
9 months to 9 months to 9 months to 9 months to 9 months to 9 months to
30 Sep 2009 30 Sep 2009 30 Sep 2009 30 Sep 2008 30 Sep 2008 30 Sep 2008
£m £m £m £m £m £m
UK
Individual SIPP (a) 2,113 (790) 1,323 2,542 (623) 1,919
Individual pensions 738 (1,667) (929) 922 (2,336) (1,414)
Group pensions(a) 1,792 (830) 962 2,054 (853) 1,201
Institutional pensions 1,565 (663) 902 1,510 (924) 586
Pensions 6,208 (3,950) 2,258 7,028 (4,736) 2,292
Investment bonds 242 (1,282) (1,040) 1,267 (1,186) 81
Mutual funds (b) (c) 701 (163) 538 516 (259) 257
Savings and investments 943 (1,445) (502) 1,783 (1,445) 338
Annuities 486 (860) (374) 456 (823) (367)
Protection 72 (44) 28 83 (55) 28
Legacy life 303 (1,357) (1,054) 354 (1,559) (1,205)
UK life and pensions(d) (e) 8,012 (7,656) 356 9,704 (8,618) 1,086
Europe
Ireland(d) 635 (563) 72 724 (424) 300
Germany 583 (91) 492 520 (49) 471
Europe life and pensions 1,218 (654) 564 1,244 (473) 771
Canada
Group savings and retirement 1,018 (751) 267 1,135 (827) 308
Individual insurance, savings and retirement 494 (509) (15) 314 (475) (161)
Group insurance 261 (212) 49 228 (135) 93
Mutual funds (b) 155 (128) 27 180 (128) 52
Canada life and pensions 1,928 (1,600) 328 1,857 (1,565) 292
Total worldwide life and pensions 11,158 (9,910) 1,248 12,805 (10,656) 2,149
excluding Asia
(a) Included within non-insured SIPP is an element which is also included within
UK mutual funds net flows in the third party Investment operations figures.
(b) The mutual funds net flows are also included within mutual fund net flows in
the third party Investment operations figures.
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been restated
to reflect inclusion of these mutual funds. The total net outflow for the period
was £22m (2008: £176m outflow).
(d) The offshore business is shown within the total Ireland result. This was
previously included within UK life and pensions. The total net inflow for the
period was £100m (2008: £420m inflow).
(e) UK life and pensions include a total net outflow of £1,645m in relation to
conventional with profits business (2008: £1,795m outflow).
Insurance operations new business
9 months ended 30 September 2009
Single Premiums New Regular Premiums PVNBP
9 months 9 months to 30 Sep 2008 9 monthsto30 Sep 2009 9 monthsto 30 Sep 2008 9 months to30 Sep 2009 9 months to 30 Sep 2008 Change (g) Changein constant currency
to 30 Sep 2009 (g) (h)
£m £m £m £m £m £m % %
UK
Individual SIPP(a) 1,976 2,611 45 55 2,179 2,889 (25%) (25%)
Individual pensions(b) 333 472 19 26 379 571 (34%) (34%)
Group pensions(a)(b) 544 868 352 353 1,905 2,292 (17%) (17%)
Institutional pensions 1,384 1,410 14 60 1,414 1,554 (9%) (9%)
Pensions 4,237 5,361 430 494 5,877 7,306 (20%) (20%)
Investment bonds 194 1,186 - - 194 1,186 (84%) (84%)
Mutual funds (c) 683 509 19 7 830 559 48% 48%
Savings and investments 877 1,695 19 7 1,024 1,745 (41%) (41%)
Annuities 353 361 - - 353 361 (2%) (2%)
Protection - - 1 2 2 6 (67%) (67%)
UK life and pensions(d) 5,467 7,417 450 503 7,256 9,418 (23%) (23%)
Europe
Ireland(d) 561 615 7 9 589 661 (11%) (15%)
Germany 15 30 20 36 265 402 (34%) (43%)
Europe life and pensions 576 645 27 45 854 1,063 (20%) (26%)
Canada
Group savings and retirement 339 503 43 33 964 943 2% (7%)
Individual insurance, savings and retirement 418 236 2 1 442 252 75% 58%
Group insurance(e) 1 - 22 26 377 187 102% 82%
Mutual funds 155 180 - - 155 180 (14%) (22%)
Canada life and pensions 913 919 67 60 1,938 1,562 24% 12%
Asia
India(f) 9 12 61 73 301 275 9% 1%
China(f) 37 47 (i) 8 3 (i) 78 66 18% (9%)
Hong Kong 4 8 12 6 69 32 116% 72%
Asia life and pensions 50 67 81 82 448 373 20% 6%
Total worldwide life and pensions 7,006 9,048 625 690 10,496 12,416 (15%) (18%)
(a) Included within non-insured SIPP is an element which is also included within
UK mutual funds net flows in the third party Investment operations figures.
(b) Single premiums include Department of Work and Pensions rebate premiums of
£246m (2008: £272m), comprising Individual pension rebates of £134m (2008:
£148m) and Group pensions rebates of £112m (2008: £125m).
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been restated
to reflect inclusion of these mutual funds. The 2009 impact in PVNBP is £117m
(2008: £66m).
(d) The offshore business is shown within the total Ireland result, comprising
single premiums of £252m (2008: £433m) and PVBNP of £252m (2008: £433m). This
was previously included within UK life and pensions.
(e) Canada Group insurance includes £1.1m (2008: £2.4m) of new regular premiums
in respect of Consultaction policies, representing the comparable full premium
for £0.1m (2008: £0.3m) of new annualised fee income.
(f) Standard Life's share of the Joint Venture Company's new business.
(g) % change is calculated on the figures rounded to millions.
(h) Calculated using constant rates of exchange.
(i) Regular premiums in China of £2m for Group protection business have been
reclassified to single premiums for the nine months to 30 September 2008.
(j) New business gross sales for overseas operations are calculated using
average exchange rates. The principal average rates for the nine months to 30
September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: E1.12 (2008: £1:
E1.29).
Investment operations
9 months ended 30 September 2009
Opening FUM Gross inflows Redemptions Net inflows Market and other movements Net movement Closing FUM
1 Jan 2009 in FUM 30 Sep 2009
£m £m £m £m £m £m £m
UK Mutual funds (a) 4,237 1,116 (b) (672) 444 816 1,260 5,497
Private equity 3,859 56 (3) 53 (276) (223) 3,636
Segregated funds 11,312 820 (1,056) (236) 1,475 1,239 12,551
Pooled property funds 917 48 - 48 144 192 1,109
Total UK 20,325 2,040 (1,731) 309 2,159 2,468 22,793
Canada Mutual funds (a) 1,295 159 (c) (132) 27 191 218 1,513
Separate mandates (d) 1,375 1,092 (71) 1,021 355 1,376 2,751
Total Canada 2,670 1,251 (203) 1,048 546 1,594 4,264
International Europe 840 933 (20) 913 132 1,045 1,885
Asia (excluding India) 79 4 (5) (1) 13 12 91
India(e) 1,454 (144) - (144) 440 296 1,750
Total International 2,373 793 (25) 768 585 1,353 3,726
More to follow, for following part double-click [nRn2c5536B]