Key points
Fund under Management (FUM) up 35% to $72.9 billion (31 December 2013: $54.1 billion)
o Gross sales up 36% to $21.9 billion (2013: $16.1 billion)
o Redemptions down 6% to $18.6 billion (2013: $19.7 billion)
o Net inflows of $3.3 billion (2013: net outflows $3.6 billion)
o Investment movement of $3.6 billion (2013: $4.3 billion)
o FX translation effects and other movements of -$4.3 billion (2013: -$3.6 billion)
o Acquisition of Numeric (a US based quant manager) and Pine Grove (a US based fund of fund credit manager) completed during the year, adding $16.2 billion to FUM
Adjusted profit before tax (PBT) up 62% to $481 million in 2014 (2013: $297 million) due to:
o Higher performance fees and cost savings
o Partially offset by a decrease in management fees linked to a decline in the blended management fee margin due to a change in product and business mix
Statutory PBT for the year ended 31 December 2014 of $384 million (2013: $56 million)
$270 million cost savings programme completed ahead of schedule
Proposed final dividend of 6.1 cents per share bringing total dividend for the year to 10.1 cents (2013: 7.9 cents)
Intention to repurchase $175 million of shares
Surplus regulatory capital of $419 million at 31 December 2014 (2013: $760m); $350 million pro-forma for acquisitions, final dividend and share repurchase
