Additional information
Funds under Management (FUM) - 2008 Flows
| Institutional £bn |
Retail £bn |
Private Banking £bn |
Total £bn |
|
|---|---|---|---|---|
| 31 December 2007 | 73.2 | 56.2 | 9.7* | 139.1 |
| Net flows | (1.1) | (0.2) | 0.2 | (1.1) |
| Market movements & other | (5.4) | (4.8) | 1.2 | (9.0) |
| Acquisition adjustments | 0.9 | - | 0.3 | 1.2 |
| 30 June 2008 | 67.6 | 51.2 | 11.4 | 130.2 |
* Private Banking FUM at 31 December 2007 excluded custody related assets of £0.8bn. In line with industry best practice, these are now included in reported FUM for 2008 (within market movements & other).
Income and Cost Metrics for the Group
| Six months ended 30 June 2008 |
Six months ended 30 June 2007 |
|
|---|---|---|
| Group cost: income ratio | 70% | 61% |
| Group cost: gross profit | 75% | 64% |
| Return on average capital (pre-tax) | 16% | 25% |
| Return on average capital (post-tax) | 12% | 19% |
| Asset Management cost: gross profit | 68% | 68% |
| Asset Management gross profit on average funds under management | 65bps | 57bps |
| Asset Management costs on average funds under management | 44bps | 39bps |
| Asset Management costs on closing funds under management | 45bps | 38bps |
Group capital
| 30 June 2008 | 31 December 2007 | |
|---|---|---|
| Cash and cash equivalents | 504 | 582 |
| Fixed income: mortgage and asset backed securities | 151 | 249 |
| Third party hedge funds | 173 | 208 |
| Seed capital | 248 | 191 |
| Private Banking net assets | 221 | 213 |
| Private Equity | 126 | 138 |
| Pension fund surplus | 12 | 43 |
| Other net assets | 182 | 72 |
| Total Group capital | 1,617 | 1,696 |