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Pre-close trading update for the financial year ending 31 March 2011

29 March 2011

Key points – operating

  • Funds under Management (FUM) at 31 March 2011 currently estimated at $69.0 billion (31 December 2010: $68.6 billion)
  • Q4 expected to see net inflows of approximately $0.7 billion, reflecting $5.3 billion sales (predominantly in open ended alternatives and long only) and $4.6 billion redemptions
  • Investment movement flat across the firm in January and February, with positive performance at GLG counterbalancing a negative period for AHL; performance turned sharply down with markets after the Japanese earthquake but has since partially recovered
  • Good progress on strategic objectives: integration of GLG; sale of BlueCrest stake; significant Multi-Manager mandate win
  • Definitive agreement to acquire the remaining 50% of Ore Hill and integrate into GLG.

 

Key points - financial

  • Statutory profit before tax from continuing operations of an estimated $280 million including the impairment of Multi-Manager goodwill (2010: $541 million); adjusted profit before tax estimated at $560 million (2010: $560 million)
  • Diluted statutory EPS from continuing operations of an estimated 7.5 cents per share (2010: 24.8 cents per share); adjusted EPS of an estimated 24 cents per share (2010: 25.5 cents per share)
  • Financial position remains strong; regulatory capital surplus of around $350 million increases to around $850 million with BlueCrest proceeds; net cash including the BlueCrest proceeds of $900 million.
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