REG - abrdn PLC - Final Results - Part 6 of 7
04/03/2025 07:15
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RNS Number : 1949Z abrdn PLC 04 March 2025
abrdn plc
Full Year Results 2024
Part 6 of 7
31. Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
- Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group's defined benefit
plans, with the exception of a small plan in Ireland, are closed to future
service accrual.
- Defined contribution plans where the Group makes contributions to a member's
pension plan but has no further payment obligations once the contributions
have been paid.
The Group's liabilities in relation to its defined benefit plans are valued by
at least annual actuarial calculations. The Group has funded these liabilities
in relation to its UK and Ireland defined benefit plans by ring-fencing assets
in trustee-administered funds. The Group has further smaller defined benefit
plans some of which are unfunded.
The consolidated statement of financial position reflects a net asset or net
liability for each defined benefit pension plan. The liability recognised is
the present value of the defined benefit obligation (estimated future cash
flows are discounted using the yields on high quality corporate bonds) less
the fair value of plan assets, if any. If the fair value of the plan assets
exceeds the defined benefit obligation, a pension surplus is only recognised
if the Group considers that it has an unconditional right to a refund of the
surplus from the plan. The amount of surplus recognised will be limited by tax
and expenses. Our judgement is that, in the UK, any refund would be subject to
an authorised surplus payments charge and that a surplus payments charge is
not an income tax. Consequently, any UK surplus is recognised net of an
authorised surplus payments charge and the authorised surplus payments charge
is not included within deferred taxation.
For the principal defined benefit plan (abrdn UK Group plan), the Group
considers that it has an unconditional right to a refund of a surplus,
assuming the gradual settlement of the plan liabilities over time until all
members have left the plan. The plan trustees can purchase annuities to insure
member benefits and can, for the majority of benefits, transfer these
annuities to members. The trustees cannot unconditionally wind up the plan or
use the surplus to enhance member benefits without employer consent. Our
judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan
is in deficit) is calculated using yields on high quality corporate bonds and
recognised in the consolidated income statement. A current service cost is
also recognised which represents the expected present value of the defined
benefit pension entitlement earned by members in the period. A past service
cost is also recognised which represents the change in the present value of
the defined benefit obligation for service in prior periods, resulting from an
amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in
actuarial assumptions, the effect of the limit on the plan surplus and returns
on plan assets (other than amounts included in net interest) are recognised in
other comprehensive income in the period in which they occur. Remeasurements
are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once
the contributions have been paid. The contributions are recognised in current
service cost in the consolidated income statement as staff costs and other
employee-related costs when they are due.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on
the employing entity and other factors. Some of these plans are located within
the same legal vehicles as defined benefit plans. The Group contributes a
percentage of pensionable salary to each employee's plan. The contribution
levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and
employee nominated trustees and an independent trustee. The plans are subject
to the statutory funding objective requirements of the Pensions Act 2004,
which require that plans be funded to at least the level of their technical
provisions (an actuarial estimate of the assets needed to provide for benefits
already built-up under the plan). The trustees perform regular valuations to
check that the plans meet the statutory funding objective.
While the IAS 19 valuation reflects a best estimate of the financial position
of the plan, the funding valuation reflects a prudent estimate. There is no
material difference in how assets are measured. The funding measure of
liabilities (technical provisions) and the IAS 19 measure are materially
different. The key differences are the discount rate and inflation
assumptions. While IAS 19 requires that the discount rate reflect corporate
bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding
valuation adopts a market consistent measure of inflation without any
adjustment. The IAS 19 RPI inflation assumption is derived from market-implied
RPI inflation with an adjustment to remove the inflation risk premium believed
to exist within market prices, with an additional deduction required to derive
the IAS 19 CPI inflation assumption (to reflect differences between RPI and
CPI).
The trustees set the plan investment strategy to protect the ratio of plan
assets to the trustees' measure of the value of assets needed to meet the
trustees' objectives. This investment strategy does not aim to protect the IAS
19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of
funding and investment principles and set a schedule of contributions. If
necessary, this schedule includes a recovery plan that aims to restore the
funding level to the level of the technical provisions.
abrdn UK Group (SLSPS) plan (principal plan) This is the Group's principal defined benefit plan. The plan closed to new
membership in 2004 and changed from a final salary basis to a revalued career
average salary basis in 2008. Accrual ceased in April 2016.
Following a High Court ruling against a third party's pension scheme in 2018,
that required pension schemes to address inequalities for the effect of
unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed
equalisation was recognised as a past service cost for our principal defined
benefit plan in 2018 and this adjustment has been carried forward to 2024.
There was a further judgement in 2020 requiring pension schemes to address
inequalities for the effect of unequal GMPs for those beneficiaries that
transferred out of the scheme between May 1990 and October 2018. The estimated
impact is immaterial and was recognised as a past service cost in 2020 and
this adjustment has been carried forward to 2024.
The Virgin Media Ltd v NTL Pension Trustees decision, delivered by the High
Court on 16 June 2023 and upheld by the Court of Appeal in June 2024 (the VM
judgement), considers the implications of section 37 of the Pension Schemes
Act 1993 for amendments to contracted-out schemes between 1997 and 2016. The
Company is aware of the VM judgement and is in discussions with advisers
regarding its potential impact on the Group's three UK defined benefit pension
plans. The judgement left significant questions unanswered. There is legal
uncertainty since the Group's pension plans are governed by Scots law, while
the VM judgement was issued in English courts. The Group considers it would
only be appropriate to assess the full implications of the VM judgement once
further guidance is available, and it will work with the trustee boards of its
pension plans to carry out further investigations when the position is
clearer.
The funding of the plan depends on the statutory valuation performed by the
trustee, and the relevant employers, with the assistance of the scheme actuary
- i.e. not the IAS 19 valuation. The funding valuation was last completed at
31 December 2022, and measured plan assets and liabilities to be £3.0bn and
£2.1bn respectively. This corresponds to a surplus of £0.9bn and a funding
level of 144%. As there is currently no deficit, no recovery plan is required.
Following the judgement by the Court of Session in August 2023 that, among
other things, confirmed that if a buy-out were to be completed and sufficient
provision made for: (i) any remaining liabilities; and (ii) expenses of
completing the winding-up of the pension scheme, there would be a resulting
trust in respect of any residual surplus assets in favour of the employer, the
Group has continued to work with the trustee on the long-term strategy for
the plan.
The Group has reached agreement with the trustee of the defined benefit
pension plan to utilise part of the existing surplus to fund the cost of
providing defined contribution benefits to current employees with an annual
review of other options including an insurance buyout and within certain
guardrails ensuring the continued financial strength of the plan. This is
expected to result in an annual benefit of c.£35m to net capital generation
from July 2025, assuming there is a decision to proceed with the proposed DC
consolidation following completion of the ongoing employee consultation
expected to conclude in March 2025. This agreement enables the Group to unlock
value from the plan, while largely maintaining the surplus and retaining
optionality. Any residual amount that would be returned to the Group would be
determined at the time of the ultimate refund.
Other UK plans The Group also operates two UK defined benefit plans as a result of the
acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings
Limited) in 2017. These plans are final salary based, with benefits depending
on members' length of service and salary prior to retirement. At the last
statutory valuation date (30 June 2022), one plan, the Edinburgh Fund Managers
Group Scheme (the EFM Scheme) was in deficit and the Group agreed funding
plans with the plan's trustees which aimed to eliminate the deficit. The other
plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was
in surplus. Refer Section (d) for details of the buy-in undertaken on the MJ
Plan in 2023.
Other plans
abrdn ROI plan In December 2009, this plan closed to new membership and changed from a final
salary basis to a career average revalued earnings (CARE) basis. Following the
sale of the UK and European insurance business in 2018, there remain two
employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2022, the plan was in
deficit and as above, the Group agreed funding plans with the plan's trustees
which aimed to eliminate the deficit.
Other The Group operates smaller funded and unfunded defined benefit plans in other
countries.
Plan regulations
The plans are administered according to local laws and regulations in each
country. Responsibility for the governance of the plans rests with the
relevant trustee boards (or equivalent). The UK pensions market is regulated
by the Pensions Regulator whose statutory objectives and regulatory powers are
described on its website, www.thepensionsregulator.gov.uk
(www.thepensionsregulator.gov.uk)
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined
contribution and defined benefit plans are as follows:
2024 2023
£m £m
Current service cost 48 55
Past service cost - (5)
Net interest income (33) (38)
Administrative expenses 11 4
Expense recognised in the consolidated income statement 26 16
Contributions made to defined contribution plans are included within current
service cost.
Contributions to defined benefit plans in the year ended 31 December 2024
comprised £5m (2023: £8m) to the Other UK plans and the abrdn ROI plan.
Contributions are expected to be £4m in 2025 and are not expected to
materially change in the two subsequent years. These contributions include a
mixture of deficit funding and funding to achieve a targeted level of overall
financial strength.
(b) Analysis of amounts recognised in the consolidated statement of financial
position
2024 2023
Principal Other Total Principal Other Total
plan plan
£m £m £m £m £m £m
Present value of funded obligation (1,552) (217) (1,769) (1,784) (234) (2,018)
Present value of unfunded obligation - (2) (2) - (2) (2)
Fair value of plan assets 2,591 222 2,813 2,912 233 3,145
Net asset/(liability) before the limit on plan surplus 1,039 3 1,042 1,128 (3) 1,125
Effect of limit on plan surplus(1) (260) (4) (264) (394) (3) (397)
Net asset/(liability) 779 (1) 778 734 (6) 728
1. UK recoverable surpluses are reduced to reflect an authorised surplus payments
charge of 25% that would arise on a refund. This charge was reduced from 35%
to 25% effective from 6 April 2024 and this is reflected in the net asset at
31 December 2024. The comparative figures at 31 December 2023 are shown with
a 35% surplus charge.
Other comprises a defined benefit plan asset relating to two defined benefit
plans (2023: one) of £7m (2023: £6m) and a number of other defined benefit
plans with a total liability of £8m (2023: £12m).
A pension plan surplus is considered to be recoverable where an unconditional
right to a refund exists.
(c) Movement in the net defined benefit asset
Present value of obligation Fair value of plan assets Net asset/(liability) before the limit on plan surplus Effect of limit of plan surpluses Net asset/(liability)
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m £m £m
At 1 January (2,020) (1,986) 3,145 3,252 1,125 1,266 (397) (447) 728 819
Total expense
Current service cost - - - - - - - - - -
Past service cost - 5 - - - 5 - - - 5
Interest (expense)/income (91) (88) 142 146 51 58 (18) (20) 33 38
Administrative expenses (9) (4) (2) - (11) (4) - - (11) (4)
Total (expense)/income recognised in consolidated income statement (100) (87) 140 146 40 59 (18) (20) 22 39
Remeasurements
Return on plan assets, excluding amounts included in interest income - - (392) (186) (392) (186) - - (392) (186)
(Loss)/gain from change in (1) 31 - - (1) 31 - - (1) 31
demographic assumptions
(Loss)/gain from change in financial assumptions 236 (56) - - 236 (56) - - 236 (56)
Experience gains/(losses) 27 2 - - 27 2 - - 27 2
Change in effect of limit on plan surplus - - - - - - 154 70 154 70
Remeasurement (losses)/gains recognised in other comprehensive income 262 (23) (392) (186) (130) (209) 154 70 24 (139)
Exchange differences 5 4 (4) (4) 1 - (3) - (2) -
Employer contributions - - 5 8 5 8 - - 5 8
Benefit payments 82 72 (81) (71) 1 1 - - 1 1
At 31 December (1,771) (2,020) 2,813 3,145 1,042 1,125 (264) (397) 778 728
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who
pursue different strategies according to the characteristics and maturity
profile of each plan's liabilities. Assets and liabilities are managed
holistically to create a portfolio with the dual objectives of return
generation and liability management. In the principal plan this is achieved
through a diversified multi-asset absolute return strategy seeking consistent
positive returns, and hedging techniques which protect liabilities against
movements arising from changes in interest rates and inflation expectations.
Derivative financial instruments support both of these objectives and may lead
to increased or decreased exposures to the physical asset categories disclosed
below.
To provide more information on the approach used to determine and measure the
fair value of the plan assets, the fair value hierarchy has been used as
defined in Note 36. Those assets which cannot be classified as level 1 have
been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group's funded defined
benefit plans is as follows:
Principal plan Other Total
2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m
Assets measured at fair value based on level 1 inputs
Debt securities 1,412 1,403 - - 1,412 1,403
Total assets measured at fair value based on level 1 inputs 1,412 1,403 - - 1,412 1,403
Assets measured at fair value based on level 2 or 3 inputs
Derivatives (3) (3) - (2) (3) (5)
Equity securities 43 44 - - 43 44
Interests in pooled investment funds
Debt 106 286 19 19 125 305
Equity - - 12 7 12 7
Multi-asset private markets 217 230 - - 217 230
Property 79 82 9 11 88 93
Absolute return - - 4 9 4 9
Cash - 9 52 73 52 82
Debt securities 909 1,110 3 2 912 1,112
Qualifying insurance policies 2 2 116 125 118 127
Total assets measured at fair value based on level 2 or 3 inputs 1,353 1,760 215 244 1,568 2,004
Cash and cash equivalents 111 103 4 4 115 107
Liability in respect of collateral held (285) (354) 3 (15) (282) (369)
Total 2,591 2,912 222 233 2,813 3,145
Further information on risks is provided at Section (g) of this Note. The
£2,324m (2023: £2,515m) of debt securities includes £1,619m (2023:
£1,608m) of government bonds (including conventional and index-linked). Of
the remaining £705m (2023: £907m) debt securities, £645m (2023: £815m) are
investment grade corporate bonds or certificates of deposit.
Included in the qualifying insurance policy asset of £118m (2023: £127m) is
£112m (2023: £121m) in relation to two insurance policies purchased by the
trustees of Other UK defined benefit plans to protect the plans against future
investment and actuarial risks.
- £40m (2023: £43m) in relation to the partial buy-in completed on the EFM
Scheme in 2015.
- £72m (2023: £78m) in relation to the substantially full buy-in completed on
the MJ Plan in 2023. The premium paid was £99m.
The MJ Plan buy-in was not considered to be a settlement therefore, as noted
above, the insurance policy is recognised within the plan assets. The buy-in
transaction was an investment decision made by the trustee to increase the
security of plan benefits. The insurance policy does provide the option to
convert the buy-in into individual policies which would transfer the future
obligation to pay pensions to the insurer for the members covered by the
policy (known as a buy-out). However, this obligation remains with the Group
and while the conversion to a buy-out may be considered in the future, a
separate decision will be required, and certain conditions will need to be
met, including changes to the MJ Plan's trust deed and rules, before any
buy-out can be executed. Consequently the difference between the valuation of
the policy and the premium paid was recognised within Remeasurement
gains/(losses) recognised in other comprehensive income in 2023.
The £282m liability in respect of collateral held (2023: £369m) consists of
repurchase agreements of £287m (2023: £353m), margins on derivatives of
£(17)m (2023: £(8)m) and collateral of £12m (2023: £24m).
(e) Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate
as a result of the assumptions made relating to both economic and non-economic
factors.
The key economic assumptions for the principal plan, which are based in part
on current market conditions, are shown below:
2024 2023
% %
Discount rate 5.60 4.60
Rates of inflation
Consumer Price Index (CPI) 2.75 2.65
Retail Price Index (RPI) 3.10 3.00
The changes in economic assumptions over the period reflect changes in both
corporate bond prices and market implied inflation. The underlying methodology
used to set these assumptions has not changed over the reporting period. The
population of corporate bond prices excludes bonds issued by UK universities.
The inflation assumption reflects the future reform of RPI effective from 2030
as described in Section (g)(i) below.
The determination of the present value of the funded obligation at
31 December 2024 includes a methodology change for post-retirement pension
increases on 'post 6th April 88' GMP pensions in the principal plan. The
previous methodology used a deterministic approach in line with the relevant
CPI index. The updated methodology allows for the contractual pension increase
cap and floor when deriving the pension increase assumption, using an assumed
CPI inflation volatility of 2% p.a. The impact of this methodology change is
to reduce the closing obligation by £5m.
The most significant non-economic assumption for the principal plan is
post-retirement longevity which is inherently uncertain. The longevity
assumptions (along with sample expectations of life) are illustrated below:
Expectation of life from NRA
Normal retirement Age Male age today Female age today
2024 Table Improvements (NRA) NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Core parameterisation of the CMI 2021 mortality improvements model (SK 60 27 28 29 32
parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for
demographics males and females, and a long-term rate of improvement of 1.5%.
Expectation of life from NRA
Normal retirement Age Male age today Female age today
2023 Table Improvements (NRA) NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Core parameterisation of the CMI 2021 mortality improvements model (SK 60 27 28 29 31
parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for
demographics males and females, and a long-term rate of improvement of 1.5%.
These assumptions reflect a cautious allowance for the recently observed
slowdown in longevity improvements. The mortality improvement assumptions are
in line with CMI 2021 but with a 10% weighting on 2020 and 2021 data. This
makes some allowance for recent post-pandemic experience whilst recognising
that greater stability in recent 2022 mortality experience may be indicative
of expected future trends.
(f) Duration of defined benefit obligation
The graph below provides an illustration of the undiscounted expected benefit
payments included in the valuation of the principal plan obligations.
Diagram removed for the purposes of this announcement. However it can be
viewed in full in the pdf document
Undiscounted benefit payments (£m)
2024 2023
Weighted average duration years years
Current pensioner 11 11
Non-current pensioner 20 22
The weighted average duration is calculated based on discounted benefit
payments so is impacted by changes in the discount and inflation rates used
(Refer Section (e)).
(g) Risk
(g)(i) Risks and mitigating actions
The Group's consolidated statement of financial position is exposed to
movements in the defined benefit plans' net asset. In particular, the
consolidated statement of financial position could be materially sensitive to
reasonably likely movements in the principal assumptions for the principal
plan. By having offered post-retirement defined benefit pension plans the
Group is exposed to a number of risks. An explanation of the key risks and
mitigating actions in place for the principal plan is given below.
Asset volatility
Investment strategy risks include underperformance of the absolute return
strategy and underperformance of the liability hedging strategy. As the
trustees set investment strategy to protect their own view of plan strength
(not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to
movements in corporate bond prices) may not always result in a similar
movement in plan assets.
Failure of the asset strategy to keep pace with changes in plan liabilities
would expose the plan to the risk of a deficit developing, which could
increase funding requirements for the Group. abrdn and the trustees are
working together to determine the most appropriate de-risking strategy to best
protect against the risk that this plan strength deteriorates in the future.
Yields/discount rate
Falls in yields would in isolation be expected to increase the defined benefit
plan liabilities.
The principal plan uses both bonds and derivatives to hedge out yield risks on
the relevant plan basis in order to meet the trustee's objectives, rather than
the IAS 19 basis, which is expected to minimise the plan's need to rely on
support from the Group.
Inflation
Increases in inflation expectations would in isolation be expected to increase
the defined benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out inflation
risks on the relevant plan basis in order to meet the objectives, rather than
the IAS 19 basis, which is expected to minimise the plan's need to rely on
support from the Group.
In the principal plan, pensions in payment are generally linked to CPI,
however inflationary risks are hedged using RPI instruments due to lack of
availability of CPI linked instruments. Therefore, the plan is exposed to
movements in the actual and expected long-term gap between RPI and CPI.
A House of Lords report in 2019 raised the potential for changes to the RPI
measure of inflation, which was followed by recommendations from the UK
Statistics Authority. The results of the consultation on the reform of RPI
(announced on 25 November 2020) confirmed that RPI will be aligned to CPIH
(CPI including owner occupiers' housing costs) as proposed, but not before
2030. While uncertainty remains, there is a risk that future cash flows from,
and thus the value of, the plan's RPI-linked assets fall without a
corresponding reduction in the plan's CPI-linked liabilities. While not
directly observable from market data, the plan's RPI-linked asset values may
already reflect an element of the expected changes and risk of such changes.
Life expectancy
Increases in life expectancy beyond those currently assumed will lead to an
increase in plan liabilities. Regular reviews of longevity assumptions are
performed to ensure assumptions remain appropriate.
Climate
The principal plan adopts a low-risk strategy to investment, with the majority
of plan assets invested in UK government bonds. The trustees have assessed the
principal plan's exposure to severe climate change as being minimal, as a
result of the low-risk investment strategy alongside the plan's strong funding
level.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan's obligation and assets to the key
assumptions is disclosed below.
2024 2023
(Increase)/decrease Increase/(decrease) in present value of obligation (Increase)/decrease Increase/(decrease) in fair value of plan assets (Increase)/decrease Increase/(decrease) in present value of obligation (Increase)/decrease Increase/(decrease) in fair value of plan assets
Change in assumption £m £m £m £m
Yield/discount Decrease by 1% (266) 444 (342) 566
rate (e.g. from 5.60% to 4.60%)
Increase by 1% 210 (346) 266 (432)
Rates of inflation Decrease by 1% 184 (299) 233 (371)
Increase by 1% (229) 384 (306) 485
Life expectancy Decrease by 1 year 47 N/A 54 N/A
Increase by 1 year (47) N/A (54) N/A
32. Other financial liabilities
2024 2023
Notes £m £m
Accruals 234 284
Amounts due to counterparties and customers for unsettled trades and fund 355 464
transactions
Lease liabilities 16 193 223
Cash collateral held in respect of derivative contracts 34 57 40
Contingent consideration liabilities 36 96 114
Deferred income 12 4
Other 101 112
Other financial liabilities 1,048 1,241
The amount of other financial liabilities expected to be settled after more
than 12 months is £268m (2023: £323m).
Accruals includes £13m (2023: £43m) relating to accruals for rebates due on
contracts with customers.
33. Provisions and other liabilities
Provisions are obligations of the Group which are of uncertain timing or
amount. They are recognised when the Group has a present obligation as a
result of a past event, it is probable that a loss will be incurred in
settling the obligation and a reliable estimate of the amount can be made.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, a separate reimbursement asset is
recognised when it is virtually certain that reimbursement will be received if
the Group settles the obligation.
(a) Provisions
The movement in provisions during the year is as follows:
Separation costs Process execution Tax related provisions Other provisions Total provisions
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m £m £m
At 1 January - 33 - 41 42 - 24 23 66 97
Charged/(credited) to the consolidated income statement
Additional provisions - - - - - 42 22 33 22 75
Release of unused provision - (32) - - (1) - (1) (4) (2) (36)
Used during the year - (1) - (41) - - (22) (28) (22) (70)
At 31 December - - - - 41 42 23 24 64 66
The provision for a potential liability of £41m (2023: £42m) relates to a
tax related matter which is the subject of an ongoing appeal. Any resolution
is not expected to be until 2026 at the earliest. A reimbursement asset has
been recognised within receivables and other financial assets for £19m (2023:
£18m) which is an expected recovery in the event of any settlement.
The opening separation cost provision at 1 January 2023 of £33m was in
respect of costs expected to be incurred following the sale of the UK and
European insurance business to Phoenix. Following the completion of the
separation programme during the year ended 31 December 2023 the Group expected
no further costs to be incurred and £32m was released from the provision in
the year ended 31 December 2023.
The opening process execution provision recognised at 1 January 2023 for £41m
was in respect of a payment required to compensate an asset management client
relating to the provision of certain services has been fully utilised in the
year ended 31 December 2023 to fully settle the compensation. Following the
settlement, the Group had agreed a recovery of £36m from its liability
insurance, being the cost of the compensation net of a £5m excess of which
£36m had been received by 31 December 2023. The recovery was credited against
other administrative expenses for the year ended 31 December 2023 in the
consolidated income statement.
The majority of Other provisions relate to dilapidations on leased properties
and restructuring provisions. Dilapidations are generally expected to be
settled after more than 12 months. Refer Note 16 for further details of the
Group's leases. Restructuring provisions are generally expected to be settled
within 12 months. Remaining balances relate to other ongoing matters across
the Group and are typically expected to be settled within 12 months.
The amount of provisions expected to be settled after more than 12 months is
£52m (2023: £45m).
(b) Other liabilities
As at 31 December 2024, other liabilities totalled £7m (2023: £4m). The
amount of other liabilities expected to be settled after more than 12 months
is £nil (2023: £nil).
34. Financial instruments risk management
(a) Overview
The principal risks and uncertainties that affect the Group's business model
and the Group's approach to risk management are set out in the Risk management
section of the Strategic report.
The Group's exposure to financial instrument risk is derived from the
financial instruments that it holds directly, the assets and liabilities of
the unit linked funds of the life operations of the Group and the Group's
defined benefit pension plans. In addition, due to the nature of the business,
the Group's secondary exposure extends to the impact on treasury income and
investment management and other fees that are determined on the basis of a
percentage of AUMA and are therefore impacted by financial risks borne by
third party investors. In this Note, exposures and sensitivities provided
relate to the financial instrument assets and liabilities, in scope of IFRS 7,
to which the shareholder is directly exposed.
For the purposes of this Note:
- Shareholder business refers to the assets and liabilities to which
the shareholder is directly exposed. The shareholder refers to the equity
holders of the Company.
- Unit linked funds refers to the assets and liabilities of the unit
linked funds of the life operations of the Group. It does not include the cash
flows (such as asset management charges or investment expenses) arising from
the unit linked fund contracts. These cash flows are included in shareholder
business.
- Third party interest in consolidated funds and non-controlling
interests refers to the assets and liabilities recorded on the Group's
consolidated statement of financial position which belong to third parties.
The Group controls the entities which own the assets and liabilities but the
Group does not own 100% of the equity or units of the relevant entities.
Unit linked funds are excluded from the analysis in this Note. Details
regarding the financial risks of instruments relating to the Group's unit
linked funds can be found in Note 23 and the risks relating to the Group's
principal defined benefit pension plan are explained in Note 31.
Third party interests in consolidated funds do not expose the shareholder to
market, credit or liquidity risk since the financial risks from the assets and
obligations are borne by third parties. As a result, equity risk, interest
rate risk and credit risk quantitative disclosures in this Note exclude these
assets.
Under IFRS 7 the following financial instruments are excluded from scope:
- Interests in subsidiaries, associates and joint ventures.
- Rights and obligations arising from employee benefit plans.
- Insurance contracts as defined by IFRS 17.
- Share-based payment transactions.
For the purposes of managing risks to the Group's financial instrument assets
and liabilities, the Group considers the following categories:
Risk Definition and exposure
Market The risk of financial loss as a result of adverse financial market movements.
The shareholder is directly exposed to the impact of movements in equity
prices, interest rates and foreign exchange rates on the value of assets held
by the shareholder business.
Credit The risk of financial loss as a result of the failure of a counterparty,
issuer or borrower to meet their obligations or perform them in a timely
manner. The shareholder is directly exposed to credit risk from holding cash,
debt securities, derivative financial instruments and receivables and other
financial assets.
Liquidity The risk of financial loss as a result of being unable to settle financial
obligations when they fall due, as a result of having insufficient liquid
resources or being unable to realise investments and other assets other than
at excessive costs. The shareholder is directly exposed to the liquidity risk
from the shareholder business if it is unable to realise investments and other
assets in order to settle its financial obligations when they fall due, or can
do so only at excessive cost.
As set out in the Risk management section of the Strategic report, the Group
reviews and manages climate-related risks and opportunities. Climate change is
considered amongst our principal risks and uncertainties, specifically sitting
within our 'Sustainability' principal risk. We consider climate risk to be
material and acknowledge its relationship with financial and regulatory and
legal risk. We continue to assess the potential impacts on our business with a
view to the resilience of our operations and investment strategies. This is
monitored through our climate risk and opportunity radar to ensure we are well
positioned to realise opportunities and mitigate risks. Our day-to-day
business is predominantly exposed to transition risk as markets and policies
increasingly align to a lower carbon world. We have a critical role to play as
stewards of clients' capital and this is reflected in our business strategy
and our commitment to reduce the carbon intensity of our portfolios and
absolute emissions from our direct operations. The Group is also exposed to
climate risk in relation to its investment property which are primarily
properties which are no longer being used operationally by the Group and are
being sublet. Refer Note 15 for details of the Group's consideration of
climate-related factors in relation to investment property. We have considered
the implications of climate-related risk, including transition risks, for the
2024 financial statements, and have concluded that there are no material
impacts on the valuation of the Group's assets and liabilities, including the
valuation of financial instruments held at fair value through profit or loss
(in particular in relation to level 3 investments) or at amortised cost (in
particular in relation to expected credit losses).
(b) Market risk
The Group's largest exposure to market risk relates to our investment in
Phoenix. Other market risk exposures primarily arise as a result of holdings
in newly established investment vehicles which the Group has seeded and
co-investments in property and infrastructure funds in the Investments
segment. Seed capital is classified as held for sale when it is the intention
to dispose of the vehicle in a single transaction and within one year.
Co-investments are typically held for a longer term and align the Group's
economic interests with those of property, private equity and infrastructure
fund co-investors. The consolidated statement of financial position includes
the following amounts in respect of seed capital and co-investments.
2024 2023
£m £m
Equity securities and interests in pooled investment funds at FVTPL 150 209
Debt securities 69 86
Assets held for sale 17 -
Total seed capital 236 295
Equity securities and interests in pooled investment funds at FVTPL 184 116
Total co-investments 184 116
The Group sets limits for investing in seed capital and co-investment activity
and regularly monitors exposures arising from these investments. The Group
will consider hedging its exposure to market risk in respect of seed capital
investments where it is appropriate and efficient to do so. The Group will
also consider hedging its exposure to currency risk in respect of
co-investments where it is appropriate and efficient to do so. Other market
risks associated with co-investments are not hedged given the need for the
Group's economic interests to be aligned with those of the co-investors.
(b)(i) Elements of market risk
The main elements of market risk to which the Group is exposed are equity
risk, interest rate risk and foreign currency risk, which are discussed on the
following pages.
Information on the methods used to determine fair values for each major
category of financial instrument measured at fair value is presented in Note
36.
(b)(i)(i) Exposure to equity risk
The Group is exposed to the risk of adverse equity market movements which
could result in losses. This applies to daily changes in the market values and
returns on the holdings in equity securities.
At 31 December 2024 the shareholder exposure to equity markets was £734m
(2023: £792m) in relation to equity securities. This primarily relates to the
Group's investments in Phoenix of £530m (2023: £557m), seed capital
investments of £114m (2023: £151m), and equity securities held by the abrdn
Financial Fairness Trust of £67m (2023: £64m).
The Group is also exposed to adverse market price movements on its interests
in pooled investment funds. The shareholder exposure of £278m (2023: £235m)
to pooled investment funds primarily relates to £220m (2023: £174m) of seed
capital and co-investments, investments in certain managed funds to hedge
against liabilities from variable pay awards that are deferred and settled in
cash by reference to the price of those funds of £29m (2023: £35m) and
pooled investment funds held by the abrdn Financial Fairness Trust of £25m
(2023: £22m).
Equities and interests in pooled investment funds at FVTPL included in the
consolidated statement of financial position includes £94m (2023: £112m)
relating to third party interest in consolidated funds and non-controlling
interests - ordinary shares to which the shareholder is not exposed.
Exposures to equity risk are primarily managed though the hedging of market
risk in respect of seed capital investments where it is appropriate and
efficient to do so. Additionally limits are imposed on the amount of seed
capital and co-investment activity that may be undertaken. The Group does not
hedge equity risk in relation to its investment in Phoenix.
(b)(i)(ii) Exposure to interest rate risk
Interest rate risk is the risk that arises from exposures to changes in the
shape and level of yield curves which could result in losses due to the value
of financial assets and liabilities, or the cash flows relating to these,
fluctuating by different amounts.
The main financial assets held by the Group which give rise to interest rate
risk are debt securities and cash and cash equivalents. The Group is also
exposed to interest rate risk on its investments in pooled investment funds
where the underlying instruments are exposed to interest rate risk.
Interest rate exposures are managed in line with the Group's risk appetite.
(b)(i)(iii) Exposure to foreign currency risk
Foreign currency risk arises where adverse movements in currency exchange
rates impact the value of revenues received from, and the value of assets and
liabilities held in, currencies other than UK Sterling. The Group's financial
assets are generally held in the local currency of its operational geographic
locations. The Group generally does not hedge the currency exposure relating
to revenue and expenditure, nor does it hedge translation of overseas profits
in the consolidated income statement. Where appropriate, the Group may use
derivative contracts to reduce or eliminate currency risk arising from
individual transactions or seed capital and co-investment activity.
The table below summarises the financial instrument exposure to foreign
currency risks in UK Sterling.
UK Sterling Euro US Dollar Singapore Dollar Other currencies Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Notes £m £m £m £m £m £m £m £m £m £m £m £m
Financial assets 17 3,183 3,280 193 204 540 612 87 59 160 159 4,163 4,314
Financial liabilities 29 (1,014) (1,130) (31) (48) (757) (823) (10) (15) (20) (20) (1,832) (2,036)
Cash flow hedges (599) (588) - - 599 588 - - - - - -
Non- designated derivatives 265 296 (69) (66) (146) (186) (12) - (38) (44) - -
1,835 1,858 93 90 236 191 65 44 102 95 2,331 2,278
Other currencies include assets of £50m (2023: £41m) and liabilities of
£nil (2023: £nil) in relation to the fair value of derivatives used to
manage currency risk.
On 18 October 2017, the Group issued US dollar subordinated notes with a
principal amount of US$750m. The related cash flows expose the Group to
foreign currency risk on the principal and coupons payable. The Group manages
the foreign exchange risk with a cross-currency swap which is designated as a
cash flow hedge.
Non-designated derivatives relate to foreign exchange forward contracts that
are not designated as cash flow hedges or net investment hedges and primarily
relate to the management of currency risk arising from seed capital and
co-investment activity.
In addition to financial instruments analysed above, the principal source of
foreign currency risk for shareholders arises from the Group's investments in
overseas subsidiaries and associates and joint ventures accounted for using
the equity method. The carrying value of the Group's Chinese joint venture is
disclosed in Note 14. The Group does not hedge foreign currency risk in
relation to these investments.
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group's profit/loss after tax and equity are sensitive to variations in
respect of the Group's market risk exposures and a sensitivity analysis is
presented below. The analysis has been performed by calculating the
sensitivity of profit after tax and equity to changes in equity security
prices (equity risk), changes in interest rates (interest rate risk) and
changes in foreign exchange rate (foreign currency risk) as at the reporting
date applied to assets and liabilities other than those classified as held for
sale, and after allowing for the Group's hedging strategy.
The variables used in the sensitivity analysis are considered reasonable
assumptions and are consistent with market peers. Changes to variables are
provided by internal specialists who determine what are reasonable
assumptions.
Profit/loss after tax and equity sensitivity to market risk
31 December 2024 31 December 2023
A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit
% £m % £m
Equity prices Increase 10 71 10 74
Decrease 10 (71) 10 (74)
US Dollar against Sterling Strengthen 10 14 10 12
Weaken 10 (11) 10 (9)
Euro against Sterling Strengthen 10 10 10 10
Weaken 10 (8) 10 (8)
The reasonable change in variables have no impact on any other components of
equity. These sensitivities concern only the impact on financial instruments
and exclude indirect impacts of the variable on fee income and certain costs
which may be affected by the changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the
next calendar year is not material in either 2024 or 2023.
Limitations
The sensitivity of the Group's profit after tax and equity may be non-linear
and larger or smaller impacts should not be derived from these results. The
sensitivities provided illustrate the impact of a reasonably possible change
in a single sensitivity factor, while the other sensitivity factors remain
unchanged. Correlations between the different risks and/or other factors may
mean that experience would differ from that expected if more than one risk
event occurred simultaneously.
(c) Credit risk
Exposures to credit risk and concentrations of credit risk are managed by
setting exposure limits for different types of financial instruments and
counterparties. The limits are established using the following controls:
Financial instrument with credit risk exposure Control
Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit
assessments.
Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with
reference to internal credit assessments. The forms of collateral that may be
accepted are also specified and minimum transfer amounts in respect of
collateral transfers are documented.
Debt securities The Group's policy is to set exposure limits by name of issuer, sector and
credit rating.
Other financial instruments Appropriate limits are set for other financial instruments to which the Group
may have exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are
responsible for the escalation of any limit breaches to the Chief Risk
Officer.
Expected credit losses (ECL) are calculated on financial assets which are
measured at amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses resulting from possible default within the next 12 No significant increase in credit risk since initial recognition.
months)
Trade receivables or contract assets with significant financing component, or
lease receivables if lifetime ECL measurement has not been elected.
Lifetime ECL (losses resulting from possible defaults over the remaining life Significant increase in credit risk since initial recognition.
of the financial asset)
Trade receivables or contract assets with no significant financing component.
Trade receivables or contract assets with significant financing component, or
lease receivables for which lifetime ECL measurement has been elected.
Changes in Lifetime ECL Credit-impaired at initial recognition.
In determining whether a default has taken place, or where there is an
increased risk of a default, a number of factors are taken into account
including a deterioration in the credit quality of a counterparty, the number
of days that a payment is past due, and specific events which could impact a
counterparty's ability to pay.
The Group assumes that a significant increase in credit risk has arisen when
contractual payments are more than 30 days past due. The Group assumes that
credit risk on a financial instrument has not increased significantly since
initial recognition if the financial instrument is determined to have low
credit risk at the reporting date. Financial instruments with an external
rating of 'investment grade' are presumed to have low credit risk in the
absence of evidence to the contrary. Investment grade financial instruments
are financial assets with credit ratings assigned by external rating agencies
with classification within the range of AAA to BBB. If a financial asset is
not rated by an external agency it is classified as 'not rated'.
The Group applies the simplified approach, as permitted under IFRS 9, to
calculate the ECL allowance for trade receivables and contract assets
including accrued income from contracts with customers and lease receivables.
Under the simplified approach, the ECL allowance is calculated over the
remaining life of the asset, using a provision matrix approach based on
historic observed default rates adjusted for knowledge of specific events
which could influence loss rates.
The Group does not hold significant financial assets at amortised cost that it
regards as credit-impaired or for which it considers the probability of
default would result in material expected credit losses in its Investments and
Adviser segments. At 31 December 2024, these segments had total receivables
of £4m (2023: £nil) which were considered to be credit impaired for which a
lifetime loss allowance of £4m (2023: £nil) has been recognised based on
expected recovery. Historically, default levels have been insignificant for
the Group's customers within these segments. Trade debtors past due but not in
default at 31 December 2024 for these segments were £58m (2023: £71m) of
which £43m was over 90 days past due (2023: £36m). Except for a £4m balance
above, we have not identified significant credit risk with counterparties with
balances over 90 days past due and recovery is still expected. The expected
credit losses recognised for non-credit impaired assets were less than £1m
(2023: less than £1m). In making this assessment the Group has considered if
any evidence is available to indicate the occurrence of an event which would
result in a detrimental impact on the estimated future cash flows of these
assets.
The Group is exposed to a higher level of credit risk within its ii segment,
primarily in relation to ii. Trade debtors past due for the ii segment at
31 December 2024 were £6m (2023: £5m), the majority of which were
considered to be credit impaired. A lifetime loss allowance of £2m (2023:
£2m) has been recognised based on expected recovery.
(c)(i) Credit exposure
The following table presents an analysis of the credit quality of shareholder
financial assets and the maximum exposure to credit risk without taking into
account any collateral held.
Amortised cost
Fair Value through profit or loss Cash flow hedge 12 month ECL Lifetime ECL(1) Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m £m £m
AAA - 30 - - 138 115 - - 138 145
AA+ to AA- 67 169 - - 137 76 - - 204 245
A+ to A- 467 405 50 41 942 977 - - 1,459 1,423
BBB 69 86 - - 75 127 - - 144 213
Not rated 18 12 - - 533 610 479 452 1,030 1,074
Gross carrying amount 621 702 50 41 1,825 1,905 479 452 2,975 3,100
Loss allowance - - - - - - (5) (2) (5) (2)
Carrying amount 621 702 50 41 1,825 1,905 474 450 2,970 3,098
Derivative financial assets 4 2 50 41 - - - - 54 43
Debt securities 600 689 - - (1) 125 - - 599 814
Receivables and other financial assets 17 11 - - 533 610 474 450 1,024 1,071
Cash and cash equivalents - - - - 1,293 1,170 - - 1,293 1,170
Carrying amount 621 702 50 41 1,825 1,905 474 450 2,970 3,098
1. As noted in Section (c) above, Lifetime ECL balances include trade debtors
with a gross carrying value of £10m (2023: £5m) which are credit impaired
for which a loss allowance of £6m (2023: £2m) has been recognised. All other
Lifetime ECL balances are not credit impaired.
In the table above, debt securities exclude debt securities relating to third
party interests in consolidated funds of £60m (2023: £51m). Cash and cash
equivalents exclude cash and cash equivalents relating to third party
interests in consolidated funds of £28m (2023: £26m). The shareholder is not
exposed to the credit risk in respect of third party interests in consolidated
funds since the financial risk of the assets are borne by third parties.
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial
instruments and bilateral repurchase agreements is accepted from and provided
to certain market counterparties to mitigate counterparty risk in the event of
default. The use of collateral in respect of these instruments is governed by
formal bilateral agreements between the parties. For OTC derivatives the
amount of collateral required by either party is determined by the daily
bilateral OTC exposure calculations in accordance with these agreements and
collateral is moved on a daily basis to ensure there is full
collateralisation. Under the terms of these agreements, collateral is posted
with the ownership captured under title transfer of the contract. With regard
to either collateral pledged or accepted, the Group may request the return of,
or be required to return, collateral to the extent it differs from that
required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any
collateral balances will be included in the close-out calculation of net
counterparty exposure. At 31 December 2024, the Group had pledged £12m
(2023: £19m) of cash and £nil (2023: £nil) of securities as collateral for
derivative financial liabilities. At 31 December 2024, the Group had accepted
£57m (2023: £40m) of cash and £105m (2023: £35m) of securities as
collateral for derivatives financial assets and reverse repurchase agreements.
None of the securities were sold or repledged at the year end.
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally
enforceable right to offset the recognised amounts and there is an intention
to settle on a net basis, or to realise the asset and settle the liability
simultaneously.
The Group does not offset financial assets and liabilities on the consolidated
statement of financial position, as there are no unconditional rights to set
off. Consequently, the gross amount of other financial instruments presented
on the consolidated statement of financial position is the net amount. The
Group's bilateral OTC derivatives are all subject to an International Swaps
and Derivative Association (ISDA) master agreement. ISDA master agreements and
reverse repurchase agreements entered into by the Group are considered master
netting agreements as they provide a right of set off that is enforceable only
in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to
master netting agreements or similar arrangements.
The following table presents the effect of master netting agreements and
similar arrangements.
Related amounts not offset on the consolidated statement of financial position
Gross amounts of financial instruments as presented on the consolidated Financial instruments Financial collateral pledged/(received) Net position
statement of financial position
2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m
Financial assets
Derivatives(1) 54 43 - (2) (54) (39) - 2
Reverse repurchase agreements 105 35 - - (105) (35) - -
Total financial assets 159 78 - (2) (159) (74) - 2
Financial liabilities
Derivatives(1) (3) (2) - 2 - - (3) -
Total financial liabilities (3) (2) - 2 - - (3) -
1. Only OTC derivatives subject to master netting agreements have been included
above.
(d) Liquidity risk
The shareholder is exposed to liquidity risk if the Group is unable to realise
investments and other assets in order to settle its financial obligations when
they fall due, or can do so only at excessive cost. The following quantitative
liquidity risk disclosures are provided in respect of these financial
liabilities.
The Group has a liquidity risk framework and processes in place for
monitoring, assessing, and managing liquidity risk.
This framework ensures that liquidity risks are identified across the Group
and, where relevant, mitigation measures are put in place. Stress testing of
the residual risks is performed to understand the quantum of risk under stress
conditions. This then informs the level of liquid resources that need to be
maintained. Where appropriate, this is enhanced with external credit
facilities and the Group has a syndicated revolving credit facility of £400m
which was undrawn at 31 December 2024.
The level of liquid resources in the Group is also projected under a number of
adverse scenarios. These are described more fully in the Viability statement.
A contingency funding plan is maintained to ensure that if liquidity risk did
materialise, processes and procedures are already in place to assist with
resolving the issue. Regular monitoring of liquid resources is performed and
projections undertaken (under both base and stressed conditions) to understand
the outlook.
As a result of the policies and processes established to manage risk, the
Group expects to be able to manage liquidity risk on an ongoing basis. We
recognise there are a number of scenarios that can impact the liquid resources
of a business as discussed in the Risk management section of the Strategic
report.
(d)(i) Maturity analysis
The analysis that follows presents the undiscounted cash flows payable under
contractual maturity at the reporting date for all financial liabilities,
other than those related to unit linked funds which are discussed in Note 23.
Within 1 Year 1-5 years 5-10 Years 10-15 Years 15-20 Years Greater than 20 Years Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m £m £m £m £m £m £m
Subordinated liabilities 26 24 662 647 - - - - - - - - 688 671
Other financial liabilities 789 950 178 185 80 97 29 46 7 6 - - 1,083 1,284
Total 815 974 840 832 80 97 29 46 7 6 - - 1,771 1,955
Refer Note 18 for the maturity profile of undiscounted cash flows of
derivative financial instruments.
The Group also had unrecognised commitments in respect of financial
instruments as at 31 December 2024 (refer Note 39) with a contractual
maturity of within one year, between one and five years and over five years of
£8m, £6m and £52m respectively (2023: £2m, £29m and £36m). The
commitments may generally be requested anytime up to the contractual maturity.
35. Structured entities
A structured entity is an entity that is structured in such a way that voting
or similar rights are not the dominant factor in deciding who controls the
entity. The Group has interests in structured entities through investments in
a range of investment vehicles including:
- Pooled investment funds managed internally and externally, including OEICs,
SICAVs, unit trusts and limited partnerships.
- Debt securitisation vehicles which issue asset-backed securities.
The Group consolidates structured entities which it controls. Where the Group
has an investment in, but not control over these types of entities, the
investment is classified as an investment in associate when the Group has
significant influence. Investments in associates at FVTPL are included in
equity securities and pooled investment funds in the analysis of financial
investments.
The Group also has interests in structured entities through asset management
fees and other fees received from these entities.
(a) Consolidated structured entities
As at 31 December 2024 and 31 December 2023, the Group has not provided any
non-contractual financial or other support to any consolidated structured
entity and there are no current intentions to do so.
(b) Unconsolidated structured entities
As at 31 December 2024 and 31 December 2023, the Group has not provided any
non-contractual financial or other support to any unconsolidated structured
entities and there are no current intentions to do so.
The following table shows the carrying value of the Group's interests in
unconsolidated structured entities by line item in the consolidated statement
of financial position.
2024 2023
£m £m
Financial investments
Equity securities and interests in pooled investment funds 482 482
Debt securities - -
Total financial investments 482 482
Receivables and other financial assets 162 196
Other financial liabilities 63 114
The Group's exposure to loss in respect of unconsolidated structured entities
is limited to the carrying value of the Group's investment in these entities
and the loss of future asset management and other fees received by the Group
for the management of these entities. Exposure to loss arising from market and
credit risk in relation to investments held in the unit linked funds and
relating to third party interest in consolidated funds and non-controlling
interests - ordinary shares is not borne by the shareholder.
Additional information on the Group's exposure to financial risk and the
management of these risks can be found in Note 23 and Note 34.
The total assets under management of unconsolidated structured entities are
£137,343m at 31 December 2024 (2023: £108,993m). The fees recognised in
respect of these assets under management during the year to 31 December 2024
were £413m (2023: £453m).
As at 31 December 2024, the Group had no investments in unconsolidated
structured debt securitisation vehicles (2023: £nil).
36. Fair value of assets and liabilities
The Group uses fair value to measure many of its assets and liabilities. Fair
value is the amount for which an asset could be exchanged, or a liability
settled, between knowledgeable willing parties in an arm's length transaction.
An analysis of the Group's financial assets and financial liabilities in
accordance with the categories of financial instrument set out in IFRS 9
Financial Instruments is presented in Notes 17, 23 and 29 and includes those
financial assets and liabilities held at fair value.
(a) Fair value hierarchy
In determining fair value, the following fair value hierarchy categorisation
has been used:
- Level 1: Fair values measured using quoted prices (unadjusted) in active
markets for identical assets or liabilities. An active market exists where
transactions take place with sufficient frequency and volume to provide
pricing information on an ongoing basis.
- Level 2: Fair values measured using inputs other than quoted prices included
within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: Fair values measured using inputs that are not based on observable
market data (unobservable inputs).
Information on the methods and assumptions used to determine fair values for
equity securities and interests in pooled investment funds, debt securities
and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds(1,2) Debt securities Derivatives(3)
Level 1 Equity instruments listed on a recognised exchange valued using prices sourced Debt securities listed on a recognised exchange valued using prices sourced Exchange traded derivatives valued using prices sourced from the relevant
from their primary exchange. from their primary exchange. exchange.
Level 2 Pooled investment funds where daily unit prices are available and reference is Debt securities valued using prices received from external pricing providers Over-the-counter derivatives measured using a range of valuation models
made to observable market data. based on quotes received from a number of market participants. including discounting future cash flows and option valuation techniques.
Debt securities valued using models and standard valuation formulas based on
observable market data(4).
Level 3 These relate primarily to interests in private equity, real estate and Debt securities valued using prices received from external pricing providers N/A
infrastructure funds which are valued at net asset value. Underlying real based on a single broker indicative quote.
estate and private equity investments are generally valued in accordance with
independent professional valuation reports or International Private Equity and Debt securities valued using models and standard valuation formulas based on
Venture Capital Valuation Guidelines where relevant. The underlying unobservable market data(4).
investments in infrastructure funds are generally valued based on the phase of
individual projects forming the overall investment and discounted cash flow
techniques based on project earnings.
Where net asset values are not available at the same date as the reporting
date, the latest available valuations are reviewed and, where appropriate,
adjustments are made to reflect the estimated impact of changes in market
conditions between the date of the valuation and the end of the reporting
period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1. Investments in associates at FVTPL are valued in the same
manner as the Group's equity securities and interests in pooled investment
funds.
2. Where pooled investment funds have been seeded and the
investment in the funds have been classified as held for sale, the costs to
sell are assumed to be negligible. The fair value of pooled investment funds
held for sale is calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each
counterparty is also considered on a net exposure basis in line with the
Group's risk management policies. At 31 December 2024 and 31 December 2023,
the residual credit risk is considered immaterial and no credit risk
adjustment has been made.
4. If prices are not available from the external pricing
providers or are considered to be stale, the Group has established procedures
to arrive at an internal assessment of the fair value.
The fair value of liabilities in respect of third party interest in
consolidated funds and non-participating investment contracts are calculated
equal to the fair value of the underlying assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and
assumptions set out above in relation to the underlying assets and
liabilities:
- For third party interest in consolidated funds, when the
underlying assets and liabilities are valued using readily available market
information the liabilities in respect of third party interest in consolidated
funds are treated as level 2. Where the underlying assets and liabilities are
not valued using readily available market information the liabilities in
respect of third party interest in consolidated funds are treated as level 3.
- For non-participating investment contracts, the underlying assets
and liabilities are predominately categorised as level 1 or 2 and as such, the
inputs into the valuation of the liabilities are observable and these
liabilities are predominately categorised within level 2 of the fair value
hierarchy. Where the underlying assets are categorised as level 3, the
liabilities are also categorised as level 3.
In addition, contingent consideration assets and contingent consideration
liabilities are also categorised as level 3 in the fair value hierarchy.
Contingent consideration assets and liabilities have been recognised in
respect of acquisitions and disposals. Generally valuations are based on
unobservable assumptions regarding the probability weighted cash flows and,
where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the
consolidated statement of financial position
The table below presents the Group's non-unit linked assets measured at fair
value by level of the fair value hierarchy (refer Note 23 for fair value
analysis in relation to assets backing unit linked liabilities).
Fair value hierarchy
As recognised in the consolidated statement of financial position line item Classified as held for sale Total Level 1 Level 2 Level 3
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m £m £m £m £m
Owner occupied property - 1 - - - 1 - - - - - 1
Derivative financial assets 54 43 - - 54 43 - - 54 43 - -
Equity securities and interests in pooled investment vehicles(1) 1,105 1,139 17 - 1,122 1,139 711 769 133 137 278 233
Debt securities 659 740 - - 659 740 5 7 653 732 1 1
Contingent consideration assets 17 11 - - 17 11 - - - - 17 11
Total assets at fair value 1,835 1,934 17 - 1,852 1,934 716 776 840 912 296 246
1. Includes £530m (2023: £557m) for the Group's listed equity investment in
Phoenix which is classified as a significant listed investment. The Group's
listed equity investments in HDFC Asset Management and HDFC Life which were
also classified as significant listed investments were sold in the year ended
31 December 2023.
There were no significant transfers between levels 1 and 2 during the years
ended 31 December 2024 and 31 December 2023. Transfers generally relate to
assets where changes in the frequency of observable market transactions
resulted in a change in whether the market was considered active and are
deemed to have occurred at the end of the calendar quarter in which they
arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the
consolidated statement of financial position
The table below presents the Group's non-unit linked liabilities measured at
fair value by level of the fair value hierarchy.
Fair value hierarchy
Total Level 1 Level 2 Level 3
2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m
Liabilities in respect of third party interest in consolidated funds 184 187 - - 115 117 69 70
Derivative financial liabilities 3 9 - 7 3 2 - -
Contingent consideration liabilities 96 114 - - - - 96 114
Other financial liabilities(1) 15 15 - - - - 15 15
Total liabilities at fair value 298 325 - 7 118 119 180 199
1. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the years
ended 31 December 2024 and 31 December 2023. Refer Section (a)(iii) below
for details of movements in level 3. Transfers are deemed to have occurred at
the end of the calendar quarter in which they arose.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair
value, excluding unit linked assets and liabilities and assets and liabilities
held for sale, are analysed below.
Owner occupied property Equity securities and interests in pooled investment funds Debt securities Liabilities in respect of third party interest in consolidated funds
2024 2023 2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m £m £m
At 1 January 1 1 233 231 1 2 (70) (74)
Total gains/(losses) recognised in the consolidated income statement - - 6 1 - - - -
Purchases - - 45 18 - - - -
Sales and other adjustments (1) - (6) (17) - (1) 1 4
At 31 December - 1 278 233 1 1 (69) (70)
Contingent consideration assets Contingent consideration liabilities Other financial liabilities(1)
2024 2023 2024 2023 2024 2023
£m £m £m £m £m £m
At 1 January 11 19 (114) (132) (15) (11)
Total amounts recognised in the consolidated income statement 2 7 9 16 - (5)
Additions 11 7 - (11) - -
Settlements (7) (21) 9 12 - 1
Other movements - (1) - 1 - -
At 31 December 17 11 (96) (114) (15) (15)
1. Excluding contingent consideration liabilities.
For the year ended 31 December 2024, gains of £19m (2023: gains of £19m)
were recognised in the consolidated income statement in respect of non-unit
linked assets and liabilities held at fair value classified as level 3 at the
year end, excluding assets and liabilities held for sale. Of this amount,
gains of £19m (2023: gains of £19m) were recognised in Net gains or losses
on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and
debt securities into level 3 generally arise when external pricing providers
stop providing a price or where the price provided is considered stale.
Transfers of equity securities and interests in pooled investment funds and
debt securities out of level 3 arise when acceptable prices become available
from external pricing providers.
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to
equity securities and interests in pooled investment funds categorised as
level 3 instruments at 31 December 2024 with a fair value of £278m (2023:
£233m).
Fair value
2024 2023 Valuation technique Unobservable input Range (weighted average)
£m £m
Private equity, real estate and infrastructure funds 266 221 Net asset value Net asset value statements provided for a large number of funds including nine A range of unobservable inputs is not applicable as we have determined that
significant funds (fair value >£5m). the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity securities 12 12 Indicative share price Calibration to the price of a recent investment. A range of unobservable inputs is not applicable as we have determined that
the calibration to the price of a recent investment represents fair value at
the end of the reporting period.
The unobservable input for the Group's related liabilities in respect of third
party interest in consolidated funds categorised as level 3 instruments at
31 December 2024 with a fair value of £(69)m (2023: £(70)m) are the same as
for the private equity, real estate, hedge and infrastructure funds above.
There are no single significant funds in relation to liabilities in respect of
third party interest in consolidated funds.
The table below identifies the significant unobservable inputs in relation to
contingent consideration assets and liabilities and other financial instrument
liabilities categorised as level 3 instruments at 31 December 2024 with a
fair value of £(94)m (2023: £(118)m).
Fair value
2024 2023
£m £m Valuation technique Unobservable input Input used
Contingent consideration assets and liabilities and other financial instrument (94) (118) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where
liabilities relevant, discount rates.
The most significant unobservable inputs relate to assumptions used to value
the contingent consideration liability related to the acquisition of Tritax of The earn-out valuation used EBITDAs reflecting a probability weighted
£85m (2023: £90m). The liability comprises an earn-out element, which will revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026
be settled on the exercise of put and call options based on the EBITDA of of 19% and a probability weighted cost/income ratio of c57%.
Tritax in 2025 or 2026, and a profit share element based on the net profit of
Tritax up to the exercise of the options.
The risk adjusted contingent consideration cash flows have been discounted
using a discount rate of 4% (2023: 4%).
As in prior periods, the valuation uses as its base, a forecast for Tritax's
core traditional business which includes the management of Tritax Big Box REIT
plc (Big Box). In addition to the base forecast, in 2024 the assumptions
reflect the effect of a new Big Box strategy which will generate new forms of
revenues arising from the development, securing of power grid connections
and management of large data centres, some of which are not recurring in
nature.
The contingent consideration has been valued applying a probability weighting
reflecting a number of outcomes. In respect of the new strategy, the revenues
have been assigned a lower probability than the base business reflecting the
higher risk inherent in any new strategy.
The valuation also allows for the possibility of adjustments to the profit
used to determine the element of contingent consideration relating to the new
Big Box strategy under the sale purchase agreement.
The resulting valuation is discounted from the payment date to the balance
sheet date. It was assumed that the timing of the exercise of the earn out put
options between 2025 and 2026 would be that which is most beneficial to the
holders of the put options.
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key
assumptions
At 31 December 2024 the shareholder is directly exposed to movements in the
value of all non-unit linked level 3 instruments. See Note 23 for unit linked
level 3 instruments.
Sensitivities for material level 3 assets and liabilities are provided below.
Changing unobservable inputs in the measurement of the fair value of the other
level 3 financial assets and financial liabilities to reasonably possible
alternative assumptions would not have a material impact on loss attributable
to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled
investment funds, £266m relates to private equity, real estate, hedge and
infrastructure funds (2023: £221m) which are valued using net asset value
statements. A 10% increase or decrease in the net asset value of these
investments would increase or decrease the fair value of the investments by
£27m (2023: £22m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated
funds
As noted above, £69m of liabilities in respect of third party interest in
consolidated funds of the level 3 equity securities and interests in pooled
investment funds (2023: £70m) are also valued using net asset value
statements. A 10% increase or decrease in the net asset value of these
investments would increase or decrease the fair value of the liability by £7m
(2023: £7m).
(a)(v)(iii) Contingent consideration assets and liabilities and other
financial instrument liabilities
As noted above, the most significant unobservable inputs for level 3
instruments relate to assumptions used to value the contingent consideration
related to the purchase of Tritax. Sensitivities for reasonably possible
changes to key assumptions are provided in the table below.
Assumption Change in assumption Consequential increase/(decrease) in contingent consideration liability
2024
£m
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 Decreased by 5% (17)
Increased by 10% 44
Cost/income ratio Decreased by 5% 15
Increased by 5% (12)
Discount rate Decreased by 2% 2
Increased by 2% (2)
(a) Assets and liabilities not carried at fair value
The table below presents estimated fair values by level of the fair value
hierarchy of non-unit linked financial assets and liabilities whose carrying
value does not approximate fair value. Fair values of assets and liabilities
are based on observable market inputs where available, or are estimated using
other valuation techniques.
As recognised in the consolidated statement of financial position line item Fair value Level 1 Level 2 Level 3
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Notes £m £m £m £m £m £m £m £m £m £m
Assets
Debt securities - 125 - 125 - - - 125 - -
Liabilities
Subordinated liabilities 30 597 599 572 534 - - 572 534 - -
The estimated fair values for subordinated liabilities are based on the quoted
market offer price.
The carrying value of all other financial assets and liabilities measured at
amortised cost approximates their fair value.
37. Statement of cash flows
The Group classifies cash flows in the consolidated statement of cash flows as
arising from operating, investing or financing activities.
Cash flows are classified based on the nature of the activity to which they
relate and with consideration to generally accepted presentation adopted by
peers. For activities related to asset management business, cash flows arising
from the sale and purchase of debt securities and equity securities and
interests in pooled investment funds, with the exception of those related to
unit linked funds, are classified as cash flows arising from investing
activities. For activities related to insurance business, including those
related to unit linked funds, cash flows arising from the sale and purchase of
debt securities and equity securities and interests in pooled investment funds
are classified as cash flows arising from operating activities.
For activities related to the acquisition and disposal of subsidiaries,
associates and joint ventures, cash flows are classified as investing
activities. The settlement of contingent and deferred amounts recognised on
acquisitions and disposals are classified as investing activities where there
is not considered to be a significant financing component of the related
inflows or outflows.
Purchases and sales of financial investments are presented on a gross basis
except for purchases and sales of short-term instruments with a high turnover
held in consolidated liquidity funds which are presented on a net basis.
Dividends received from associates and joint ventures are presented as cash
flows arising from operating activities.
Movements in cash collateral held in relation to derivative contracts hedging
subordinated debt are presented as cash flows arising from financing
activities.
The tables below provide further analysis of the balances in the consolidated
statement of cash flows.
(a) Change in operating assets
2024 2023
£m £m
Equity securities and interests in pooled investment funds 55 314
Debt securities (29) 13
Derivative financial instruments (9) 30
Receivables and other financial assets and other assets 91 (184)
Assets held for sale 4 (16)
Change in operating assets 112 157
Change in operating assets includes related non-cash items.
(b) Change in operating liabilities
2024 2023
£m £m
Other financial liabilities, provisions and other liabilities (161) 76
Pension and other post-retirement benefit provisions (13) (48)
Investment contract liabilities (19) (90)
Change in liability for third party interest in consolidated funds (7) (53)
Liabilities held for sale (2) 6
Change in operating liabilities (202) (109)
Change in operating liabilities includes related non-cash items.
(c) Other non-cash and non-operating items
2024 2023
£m £m
Gain on sale of subsidiaries and other operations (89) (79)
Profit on disposal of interests in associates (11) -
Gain on disposal or derecognition of property, plant and equipment - (6)
Depreciation of property, plant and equipment 29 32
Amortisation of intangible assets 123 128
Impairment losses on intangible assets 9 65
Reversal of impairment of interests in associates and joint ventures - (2)
Impairment losses recognised on property, plant and equipment - 50
Reversal of impairment losses recognised on property, plant and equipment - (3)
Movement in contingent consideration assets/liabilities (11) (23)
Equity settled share-based payments 26 24
Finance costs 25 25
Share of profit or loss from associates and joint ventures accounted for using (24) (1)
the equity method
Other non-cash and non-operating items 77 210
(d) Disposal of subsidiaries and other operations(1)
2024 2023
Notes £m £m
Intangibles 1 59
Other assets of operations disposed of 48 30
Other liabilities of operations disposed of (14) (12)
Net assets disposed of 35 77
Items transferred to profit or loss on disposal of subsidiaries 1 - (1)
Fair value of deferred/contingent consideration and retained interest (36) (5)
Other non-cash consideration(2) 1 (17) (3)
Gain on sale 1 89 79
Transaction costs 4 13
Total cash consideration 75 160
Cash and cash equivalents disposed of (26) (21)
Cash inflow from disposal of subsidiaries 49 139
1. Relates to a number of disposals in 2024 (refer Note 1(c)(i)
for further details) and 2023 (refer Note 1(c)(iii) for further details).
2. Includes the additional upfront consideration of £12m (2023:
£nil) for the sale of our European-headquartered Private Equity business
(refer Note 1(c)(i) for further details).
(e) Movement in subordinated liabilities
The following table reconciles the movement in subordinated liabilities in the
year, split between cash and non-cash items.
2024 2023
£m £m
At 1 January 599 621
Cash flows from financing activities
Interest paid (38) (13)
Cash flows from financing activities (38) (13)
Non-cash items
Interest expense 24 26
Foreign exchange adjustment 12 (35)
At 31 December 597 599
Interest paid on subordinated liabilities and other equity in the consolidated
statement of cash flows of £38m (2023: £20m) also includes an inflow of
£11m (2023: £4m) in relation to the related cash flow hedge (refer table
below and Note 18) and an outflow of £11m (2023: £11m) in relation to other
equity (refer Note 28).
The table below reconciles the movements in the year in the cash flow hedge
asset of £50m (2023: asset of £41m) and the liability of £52m (2023:
liability of £39m) with the collateral held in respect of the derivative
contracts liability of £57m (2023: liability £40m (included in Other
financial liabilities) which relates to the cash flow hedge, split between
cash and non cash items.
Cash flow hedge (asset) Collateral held in respect of the cash flow hedges
2024 2023 2024 2023
£m £m £m £m
At 1 January (41) (85) 39 89
Cash flows from financing activities
Realised gains on cash flow hedge 11 4 - -
Change in cash received relating to collateral held in respect of derivatives - - 13 (50)
hedging subordinated liabilities
Cash flows from financing activities 11 4 13 (50)
Non-cash items
Other fair value movements (20) 40 - -
At 31 December (50) (41) 52 39
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year,
split between cash and non-cash items.
2024 2023
£m £m
At 1 January 223 224
Cash flows from financing activities
Payment of lease liabilities - principal (23) (24)
Payment of lease liabilities - interest (6) (6)
Cash flows from financing activities (29) (30)
Non-cash items
Additions 5 28
Disposals and adjustments (13) (2)
Interest capitalised 6 6
Foreign exchange adjustment 1 (3)
At 31 December 193 223
38. Contingent liabilities and contingent assets
Contingent liabilities are possible obligations of the Group of which timing
and amount are subject to significant uncertainty. Contingent liabilities are
not recognised on the consolidated statement of financial position but are
disclosed, unless they are considered remote. If such an obligation becomes
probable and the amount can be measured reliably it is no longer considered
contingent and is recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent
assets are only disclosed if it is probable that the Group will receive the
benefit. If such a benefit becomes virtually certain it is no longer
considered contingent and is recognised as an asset.
Legal proceedings, complaints and regulations
The Group is subject to regulation in all of the territories in which it
operates investment management, asset administration and insurance businesses.
In the UK, where the Group primarily operates, the FCA has broad powers,
including powers to investigate marketing and sales practices.
The Group, like other financial organisations, is subject to legal
proceedings, complaints and regulatory and tax authority discussions and
reviews in the normal course of its business. All such material matters are
periodically reassessed, with the assistance of external professional advisers
where appropriate, to determine the likelihood of the Group incurring a
liability. Where it is concluded that it is more likely than not that a
material outflow will be made a provision is established based on management's
best estimate of the amount that will be payable. A subsidiary of the Group is
currently responding to certain information requests from an overseas Tax
Authority in connection with its Income Tax Returns. Interpretation of tax
legislation is complex and therefore, as part of the normal course of
business, local tax authorities may sometimes request further information in
order to clarify facts and technical approach. These types of enquiries can
sometimes be prolonged due to inherent complexity. At this stage of enquiry,
it is not possible to reliably predict the outcome. Certain other Group
entities are also currently responding to information requests from an
investor in relation to the performance of a fund managed by a subsidiary of
the Group. At this time, the Group has received no notification of a claim,
and it is not possible to reliably predict the outcome of ongoing
communications to which the Group is a party.
There are no other identified contingent liabilities that the Group
anticipates could result in a material exposure.
39. Commitments
The Group has contractual commitments which will be payable in future periods.
These commitments are not recognised on the Group's statement of financial
position at the year end but are disclosed to give an indication of the
Group's future committed cash flows.
(a) Unrecognised financial instruments
As at 31 December 2024, the Group has committed to investing an additional
£66m (2023: £67m) into funds in which it holds a co-investment interest.
(b) Capital commitments
As at 31 December 2024, the Group has no capital commitments other than in
relation to financial instruments (2023: none).
In addition, the Group has commitments relating to future acquisitions.
- In February 2021, the Group announced the purchase of certain
products in Phoenix's savings business offered through abrdn's Wrap platform,
comprising a self-invested pension plan (SIPP) and an onshore bond product;
together with Phoenix's trustee investment plan business for UK pension scheme
clients. The transfers to the Group of the majority of the SIPP contracts and
the TIP business are subject to regulatory and court approvals. The transfer
of the TIP business is expected to be completed during H1 2025. The Group and
Phoenix are working collaboratively on the timing of the transfer of the SIPP
contracts. The upfront consideration paid by the Group in February 2021 was
£62.5m, which is offset in part by payments from Phoenix to the Group
relating to profits of the products prior to completion of the legal transfer.
The net amount of consideration paid is included in prepayments in the
consolidated statement of financial position with cash movements in relation
to the consideration included in prepayment in respect of potential
acquisition of customer contracts in the consolidated statement of cash flows.
Refer Note 20 for details of the release of the prepayments to expenses in the
year ended 31 December 2024.
40. Employee share-based payments and deferred fund awards
The Group operates share incentive plans for its employees. These generally
take the form of an award of options, conditional awards or restricted shares
in abrdn plc (equity-settled share-based payments) but can also take the form
of a cash award based on the share price of abrdn plc (cash-settled
share-based payments). The Group also incentivises certain employees through
the award of units in Group managed funds (deferred fund awards) which are
cash-settled. All the Group's incentive plans have conditions attached before
the employee becomes entitled to the award. These can be performance and/or
service conditions (vesting conditions) or the requirement of employees to
save in the save-as-you-earn scheme (non-vesting condition). The period over
which all vesting conditions are satisfied is the vesting period and the
awards vest at the end of this period.
For all share-based payments, services received for the incentive granted are
measured at fair value.
For equity-settled share-based payment transactions, the fair value of
services received is measured by reference to the fair value of the equity
instruments at the grant date. The fair value of the number of instruments
expected to vest is charged to the consolidated income statement over the
vesting period with a corresponding credit to the equity compensation reserve
in equity.
At each period end the Group reassesses the number of equity instruments
expected to vest and recognises any difference between the revised and
original estimate in the consolidated income statement with a corresponding
adjustment to the equity compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity
compensation reserve in respect of those equity instruments is transferred to
retained earnings.
For cash-settled share-based payment and deferred fund awards transactions,
services received are measured at the fair value of the liability. The fair
value of the liability is remeasured at each reporting date and any changes in
fair value are recognised in the consolidated income statement.
The following plans made awards during the year ended 31 December 2024:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
abrdn plc Deferred Share Plan/Discretionary Share Plan/ Executive LTIP Plan(1) Yes Yes No 1-3 years Up to 10 years from date of grant Executives and senior management Service, or service and performance conditions. These can be tailored to the
individual award.
(3 years for Executive LTIP)
Sharesave (Save-as-you-earn) Yes No No 3 or 5 years Up to 6 months after vesting UK employees Service only
Share incentive plan No No Yes 3 years Not applicable UK and Irish employees Service only
1. Included in Deferred and discretionary share plans in Section (b)(i) below.
All of the awards made under these plans are equity-settled except for a small
number of cash-settled awards for the deferred and discretionary share plans
(see Section (d)(ii) below).
The fair value of awards granted under the Group's incentive schemes is
determined using a relevant valuation technique, such as the Black Scholes
option pricing model. The fair value of awards is recharged to employing
entities over the life of the awards.
The awards made under the deferred and discretionary share plans include
awards for deferred bonuses of the prior year. The deferred bonus awards
generally still have service conditions of one, two or three years after the
date of the award but have no outstanding performance conditions.
The awards made include the awards for executive Directors under the Executive
LTIP plan and certain awards under the deferred and discretionary share plans
to senior management with specific performance conditions.
Further details of the Executive LTIP are set out in the Directors'
remuneration report.
The deferred and discretionary share plans also made a number of deferred fund
awards in the year end 31 December 2024 (see Section (d)(i) below).
Options and conditional awards are all at nil cost with the exception of
Sharesave where eligible employees in the UK save a monthly amount from their
salaries, over either a three or five year period, which can be used to
purchase shares in the Company at a predetermined price.
The share incentive plan allows employees the opportunity to buy up to £1,800
of shares from their salary each year with the Group matching up to £600 per
year. The matching shares awarded are granted each month but are restricted
for three years (two years for Ireland).
In addition, the Group operates the following plan for which there are
outstanding awards but for which no awards were made during the year ended
31 December 2024:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
Aberdeen Asset Management Deferred Share Plan 2009(1) Yes No No 1-3 (3-5 for executive management) Up to 10 years from date of grant Executives and senior management Service only. There are no outstanding performance conditions at date of
grant.
1. Included in Annual bonus deferred share options Section (b)(i) below.
(a) Employee share-based payments and deferred fund awards expense
The amounts recognised as an expense for equity-settled share-based payment
transactions and deferred fund awards with employees are as follows:
2024 2023
£m £m
Share options and share awards granted under deferred and discretionary share 24 22
plans(1)
Share options granted under Sharesave 1 1
Matching shares granted under share incentive plans 1 1
Equity-settled share-based payments 26 24
Cash-settled deferred fund awards(2) 10 7
Total expense 36 31
1. Includes expense for annual bonus deferred share options and
conditional awards.
2. The expense for cash-settled deferred fund awards includes
£nil (2023: £3m) for awards related to funds which are consolidated.
Included in the expense above is £10m (2023: £12m) which is included in
Restructuring and corporate transaction expenses in the consolidated income
statement.
(b) Options and conditional awards granted
(b)(i) Deferred and discretionary share plans
The number and remaining contractual life for options outstanding and the
share price at exercise of options exercised during the year are as follows:
2024 2023
Deferred and discretionary share plans Annual bonus deferred share options Deferred and discretionary share plans Annual bonus deferred
share options
Outstanding at 1 January 43,370,260 3,853,791 61,117,377 5,574,422
Granted 3,081,687 - 7,847,719 -
Forfeited (5,533,913) (3,005) (15,690,306) (58,611)
Exercised (15,255,187) (1,771,002) (9,904,530) (1,662,020)
Exercised
Outstanding at 31 December 25,662,847 2,079,784 43,370,260 3,853,791
Exercisable at 31 December 5,802,467 2,079,784 6,840,715 3,853,791
Remaining contractual life of options outstanding (years)(1) 4.80 2.08 5.96 2.70
Options exercised during the year
Share price at time of exercise(1) 151p 154p 198p 204p
1. Weighted average.
The options granted under the deferred and discretionary share plans in the
year ended 31 December 2024 had a grant date of 11 January 2024 and had a
£nil exercise price. The weighted average option term was 2.59 years. The
weighted average share price at grant date was 169p and the weighted average
fair value at grant date was 169p. The options include an entitlement to the
receipt of dividends in respect of awards that ultimately vest between the
date of grant and the vesting date. All other awards granted under the
deferred and discretionary share plans during the year ended 31 December 2024
were conditional awards (see below).
In addition to nil costs options, 26,976,096 nil cost conditional awards were
also granted under the deferred and discretionary share plans (2023: 357,888)
throughout 2024 with a main grant date of 8 April 2024. The weighted average
share price at grant date was 142p and the weighted average fair value at
grant date was 134p. As for the options above, the conditional awards include
an entitlement to the receipt of dividends in respect of awards that
ultimately vest between the date of grant and the vesting date.
(b)(ii) Sharesave
The number, exercise price and remaining contractual life for options
outstanding and the share price at exercise of options exercised during the
year are as follows:
2024 2023
Sharesave Weighted average exercise price for sharesave Sharesave Weighted average exercise price for sharesave
Outstanding at 1 January 9,109,490 130p 9,981,563 143p
Granted 4,101,947 120p 1,864,914 132p
Forfeited (812,071) 136p (501,929) 154p
Exercised (299,485) 118p (440,123) 186p
Expired (497,665) 196p (1,045,470) 205p
Cancelled (1,012,858) 133p (749,465) 154p
Outstanding at 31 December 10,589,358 123p 9,109,490 130p
Exercisable at 31 December 202,092 158p 774,894 173p
Remaining contractual life of options outstanding (years)(1) 2.68 2.85
Options exercised during the year
Share price at time of exercise(1) 151p 201p
1. Weighted average.
The Sharesave options were granted on 10 October 2024 with an exercise price
of 120p. The weighted average option term was 3.48 years. The weighted average
share price at grant date was 157p and the weighted average fair value at
grant date was 39p. Sharesave options have no dividend entitlement. In
determining the fair value of options granted under the Sharesave scheme the
historic volatility of the share price over a period of up to five years and a
risk-free rate determined by reference to swap rates was also considered.
The following table shows the range of exercise prices of Sharesave options
outstanding.
2024 2023
Number of options outstanding Number of options outstanding
117p-119p 4,906,803 6,161,234
120p-129p 3,988,426 -
130p-139p 1,354,082 1,819,506
140p-259p 340,047 1,128,750
Outstanding at 31 December 10,589,358 9,109,490
(c) Matching shares granted under share incentive plans
During the year ended 31 December 2024, 371,678 matching shares were granted
under the share incentive plan (2023: 338,001). The weighted average share
price at grant date was 153p which was also the weighted average fair value at
grant date. The plans include the entitlement to the receipt of dividends in
respect of awards that ultimately vest between the date of grant and the
vesting date.
(d) Deferred fund awards and cash settled share based payments
(d)(i) Deferred fund awards
At 31 December 2024, the liability recognised for cash-settled deferred fund
awards was £22m (2023: £27m). There is no liability (2023: £nil) for
deferred fund awards relating to funds which are consolidated.
(d)(ii) Cash settled share based payments
At 31 December 2024, the liability recognised for cash-settled share based
payments was £nil (2023: £nil).
41. Related party transactions
(a) Transactions and balances with related parties
In the normal course of business, the Group enters into transactions with
related parties that relate to investment management and insurance businesses.
In the year ended 31 December 2024, there have been no changes in the nature
of these transactions.
During the year, the Group recognised management fees of £2m (2023: £2m)
from the Group's defined benefit pension plans. The Group's defined benefit
pension plans have assets of £541m (2023: £748m) invested in investment
vehicles managed by the Group.
During the year, there were no sales to associates accounted for using the
equity method (2023: £nil) and no purchases in relation to services received
(2023: £nil). The Group had no balances due to or from associates accounted
for using the equity method as at 31 December 2024 (2023: £nil). In 2024,
the Group made no capital contributions to associates accounted for using the
equity method (2023: £nil ) and had no commitments to make such capital
contributions (2023: £nil).
During the year ended 31 December 2024, there were sales to joint ventures
accounted for using the equity method of £2m (2023: £4m) and no purchases
from joint ventures (2023: £nil). The sales to joint ventures accounted for
using the equity method included sales to Virgin Money UTM. The Group disposed
of its interest in Virgin Money UTM in 2024. Refer Note 1(c)(ii) for further
details. The Group had no balances due to or from joint ventures as at
31 December 2024 (2023: £nil). In 2024, the Group made no capital
contributions to joint ventures accounted for using the equity method (2023:
£nil) and had no commitments to make such capital contributions (2023:
£nil).
In addition to these transactions between the Group and the above related
parties during the year, in the normal course of business the Group made a
number of investments into/divestments from investment vehicles managed by the
Group which may be considered to be related parties including investment
vehicles which are classified as investments in associates measured at FVTPL.
Group entities paid amounts for the issue of shares or units and received
amounts for the cancellation of shares or units. Information in relation to
unconsolidated structured entities can be found in Note 35.
(b) Compensation of key management personnel
Key management personnel includes Directors of abrdn plc (since appointment)
and the members of the Executive Leadership Team (since appointment).
The summary of compensation of key management personnel is as follows:
2024 2023
£m £m
Salaries and other short-term employee benefits 10 10
Post-employment benefits - -
Share-based payments and deferred fund awards 12 7
Termination benefits 2 1
Total compensation of key management personnel 24 18
(c) Transactions with key management personnel and their close family members
Certain members of key management personnel hold investments in investments
products which are managed by the Group. None of the amounts concerned are
material in the context of funds managed by the Group. All transactions
between key management and their close family members and investments products
which are managed by the Group during the year are on terms which are
equivalent to those available to all employees of the Group.
42. Capital management
(a) Capital and risk management policies and objectives
Managing capital is the ongoing process of determining and maintaining the
quantity and quality of capital appropriate for the Group and ensuring capital
is deployed in a manner consistent with the expectations of our stakeholders.
For these purposes, the Board considers our key stakeholders to be our
clients, the providers of capital (our equity holders and holders of our
subordinated liabilities) and the Financial Conduct Authority (FCA) as the
lead prudential supervisor for the Group.
There are two primary objectives of capital management within the Group. The
first objective is to ensure that capital is, and will continue to be,
adequate to maintain the required level of financial stability of the Group
and hence to provide an appropriate degree of security to our stakeholders.
The second objective is to create equity holder value by driving profit
attributable to equity holders.
The treasury and capital management policy, which is subject to review at
least annually, forms one element of the Group's overall management framework.
Most notably, it operates alongside and complements the strategic investment
policy and the Group risk policies. Integrating policies in this way enables
the Group to have a capital management framework that robustly links the
process of capital allocation, value creation and risk management.
Capital requirements are forecast on a periodic basis and assessed against the
forecast available own funds (previously referred to as capital resources). In
addition, rates of return achieved on capital invested are assessed against
hurdle rates, which are intended to represent the minimum acceptable return
given the risks associated with each investment. Ongoing monitoring of
investments is incorporated into the Group's established performance
management process. The capital planning process is the responsibility of the
Chief Financial Officer. Capital plans are ultimately subject to approval by
the Board.
The formal procedures for identifying and assessing risks that could affect
the capital position of the Group are described in the Risk management section
of the Strategic report. Information on financial instruments risk is also
provided in Note 34.
(b) Regulatory capital
(b)(i) Regulatory capital framework (unaudited)
The Group is supervised under the Investment Firms Prudential Regime (IFPR).
The Group's regulatory own funds position under IFPR is determined by
consolidating the eligible capital and reserves of the Group (subject to a
number of deductions) to derive regulatory own funds, and comparing this to
the Group's regulatory capital requirements.
Stress testing is completed to inform the appropriate level of regulatory
capital and liquidity that the Group must hold, with results shared with the
FCA at least annually. In addition, the Group monitors a range of capital and
liquidity statistics on a daily, monthly or less frequent basis as required.
Surplus capital levels are forecast, taking account of projected dividends and
investment requirements, to ensure that appropriate levels of own funds are
maintained.
The Group is required to hold own funds to cover the higher of the Own Funds
Requirement and the Own Funds Threshold Requirement described below in
complying with the Overall Financial Adequacy Rule.
Own Funds Requirement
The Own Funds Requirement focuses on the Group's permanent minimum capital
requirement, its fixed overhead requirement and its K-factor requirement with
the Own Funds Requirement being the highest of the three. At 31 December
2024, the Group's indicative Own Funds Requirement was £296m.
Own Funds Threshold Requirement
The Own Funds Threshold Requirement supplements the Own Funds Requirement via
the Internal Capital Adequacy and Risk Assessment (ICARA), which is the means
by which the Group assesses the level of own funds that adequately supports
all of the relevant current and future risks in its business, taking into
account potential periods of financial stress during the economic cycle as
well as a potential wind-down scenario with the Own Funds Threshold
requirement being the highest of the two, as per the Overall Financial
Adequacy Rule. The results of the Group's ICARA process is subject to periodic
review by the FCA under the Supervisory Review and Evaluation Process (SREP).
The first review was conducted in 2023.
Under IFPR the Group fully excludes the value of its holding in significant
listed investments from its own funds. IFPR also includes constraints on the
proportion of the minimum capital requirement that can be met by each tier of
own funds. As a result, approximately £154m of Tier 2 own funds, whilst
continuing to be reported within the Group's own funds, is not available to
meet the minimum capital requirement.
(b)(ii) IFPR (unaudited)
2024(1) 2023
£m £m
IFRS equity attributable to equity holders of abrdn plc 4,827 4,878
Deductions for intangibles and defined benefit pension assets, net of related (2,160) (2,168)
deferred tax liabilities
Deductions for significant investments in financial sector entities (735) (780)
Deductions for non-significant investments in financial sector entities (12) (12)
Other deductions and adjustments, including provision for foreseeable dividend (455) (452)
Common Equity Tier 1 own funds 1,465 1,466
Additional Tier 1 own funds 207 207
Tier 1 own funds 1,672 1,673
Tier 2 own funds 417 539
Total own funds 2,089 2,212
Total own funds threshold requirement (1,054) (1,054)
CET1 own funds threshold requirement(2) (590) (590)
Surplus CET1 own funds 875 876
Own Funds Requirement 296 314
CET1 ratio (CET1 as % of own funds requirement) 495 % 467 %
1. 2024 draft position on 3 March 2025 following finalisation
of the Annual report and accounts.
2. 56% of total own funds threshold requirement.
The Group has complied with all externally imposed capital requirements during
the year.
43. Events after the reporting date
There have been no material events occurring between the balance sheet date
and the date of signing this report.
44. Related undertakings
The Companies Act 2006 requires disclosure of certain information about the
Group's related undertakings which is set out in this Note. Related
undertakings are subsidiaries, joint ventures, associates and other
significant holdings. In this context significant means either a shareholding
greater than or equal to 20% of the nominal value of any class of shares, or a
book value greater than 20% of the Group's assets.
The particulars of the Company's related undertakings at 31 December 2024 are
listed below. For details of the Group's consolidation policy refer to (b)
Basis of consolidation in the Presentation of consolidated financial
statements section. Under that policy, limited partnerships and limited
liability companies in which the Group has no interest but whose general
partner or manager is controlled by the Group are not consolidated. However,
such limited partnerships are considered to be subsidiaries under the
Companies Act 2006 and therefore are listed below. Where the Group has no
interest in a limited partnership or limited liability company that is
considered a related entity, the interest held is disclosed as 0%.
The ability of subsidiaries to transfer cash or other assets within the Group
for example through payment of cash dividends is generally restricted only by
local laws and regulations, and solvency requirements. Included in equity
attributable to equity holders of abrdn plc at 31 December 2024 is £98m
(2023: £94m) related to the abrdn Financial Fairness Trust, a subsidiary
undertaking of the Group. The assets of the abrdn Financial Fairness Trust are
restricted to be used for charitable purposes.
The registered head office of all related undertakings is 1 George Street,
Edinburgh, EH2 2LL unless otherwise stated.
(a) Direct subsidiaries
Name of related undertaking Share class(1) % interest held(2,3)
30 STMA 4 Limited⁴ Ordinary shares 100%
30 STMA 5 Limited⁴ Ordinary shares 100%
6 SAS 3 Limited⁴ Ordinary shares 100%
Aberdeen Corporate Services Limited Ordinary shares 100%
abrdn (Mauritius Holdings) 2006 Limited⁵ Ordinary shares 100%
abrdn Charitable Foundation N/A 100%
abrdn Client Management Limited Ordinary shares 100%
abrdn Finance Limited Ordinary shares 100%
abrdn Financial Fairness Trust N/A 100%
abrdn Financial Planning Limited⁶ Ordinary shares 100%
abrdn Holdings Limited Ordinary shares 100%
abrdn Investments (Holdings) Limited Ordinary shares 100%
Adviseros Limited⁴ Ordinary shares 100%
Adviseros Platform Limited⁴ Ordinary shares 100%
Adviseros Trustee Company Limited⁴ Ordinary shares 100%
Interactive Investor Limited⁷ Ordinary shares 100%
Standard Life Aberdeen Trustee Company Limited Ordinary shares 100%
Standard Life Savings Limited Ordinary shares 100%
The abrdn Company 2006 N/A 100%
(b) Other subsidiaries
Name of related undertaking Share class1 % interest held2,3
6 SAS 1 Limited Ordinary shares 100%
6 SAS 2 Limited Ordinary shares 100%
Aberdeen Asia Enhanced Core Property Fund of Funds⁸ SIF fund with only Class 1A Units 0%
Aberdeen Asia III Property Fund Of Funds⁸ SIF fund with only Class A1 Units 2%
Aberdeen Asia IV (General Partner) S.a.r.l.⁹ Ordinary shares 100%
Aberdeen Asia Pacific Fund II, LP¹⁰ Limited Partnership 0%
Aberdeen Asia Pacific Fund, LP¹⁰ Limited Partnership 0%
Aberdeen Asia Pacific II (Offshore), LP¹⁰ Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP¹⁰ Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP¹⁰ Limited Partnership 0%
Aberdeen Asia Pacific III, LP¹⁰ Limited Partnership 0%
Aberdeen Asia Partners III, LP¹¹ Limited Partnership 0%
Aberdeen ASIF Carry LP Limited Partnership 25%
Aberdeen Asset Management (Thailand) Ltd¹² Ordinary shares 100%
Aberdeen Asset Management Denmark A/S¹³ Ordinary shares 100%
Aberdeen Asset Management Finland Oy¹⁴ Ordinary shares 100%
Aberdeen Capital Managers GP LLC¹¹ Limited Liability Company 100%
Aberdeen Claims Administration, Inc.¹¹ Ordinary shares 100%
Aberdeen Direct Property (Holding) Limited⁴ Ordinary shares 100%
Aberdeen Emerging Asia Fund, LP¹⁰ Limited Partnership 0%
Aberdeen Emerging Asia Pacific II (Offshore), LP¹⁰ Limited Partnership 0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP¹⁰ Limited Partnership 0%
Aberdeen Energy & Resource Company IV, LLC¹¹ Limited Liability Company 73%
Aberdeen Energy & Resources Company V, LLC¹¹ Limited liability company 93%
Aberdeen Energy & Resources Partners III, LP¹¹ Limited Partnership 0%
Aberdeen Energy & Resources Partners IV, LP¹¹ Limited Partnership 1%
Aberdeen Energy & Resources Partners V, LP¹¹ Limited Partnership 2%
Aberdeen European Infrastructure Carry GP Limited Ordinary shares 100%
Aberdeen European Infrastructure Carry Limited Ordinary shares 100%
Aberdeen European Infrastructure Co-Invest II LP⁴ Limited Partnership 0%
Aberdeen European Infrastructure GP II Limited⁴ Ordinary shares 100%
Aberdeen European Infrastructure GP III Limited⁴ Ordinary shares 100%
Aberdeen European Infrastructure GP Limited⁴ Ordinary shares 100%
Aberdeen European Infrastructure III A Limited⁴ Ordinary shares 100%
Aberdeen European Infrastructure III B Limited⁴ Ordinary shares 100%
Aberdeen European Infrastructure IV Ltd⁴ Ordinary shares 100%
Aberdeen European Infrastructure Partners Carry II LP Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry III LP Limited Partnership 23%
Aberdeen European Infrastructure Partners Carry LP Limited Partnership 25%
Aberdeen European Infrastructure Partners II LP⁴ Limited Partnership 3%
Aberdeen European Infrastructure Partners III LP⁴ Limited Partnership 2%
Aberdeen European Infrastructure Partners LP⁴ Limited Partnership 5%
Aberdeen European Opportunities Property Fund of Funds LLC¹⁵ Limited Liability Company 3%
Aberdeen European Residential Opportunities Fund SCSp⁸ Limited Partnership 0%
Aberdeen Fund Distributors LLC¹¹ Limited Liability Company 100%
Aberdeen General Partner CAPELP Limited¹⁰ Ordinary shares 100%
Aberdeen General Partner CGPLP Limited¹⁰ Ordinary shares 100%
Aberdeen General Partner CMENAPELP Limited¹⁰ Ordinary shares 100%
Aberdeen General Partner CPELP II Limited¹⁰ Ordinary shares 100%
Aberdeen General Partner CPELP Limited¹⁰ Ordinary shares 100%
Aberdeen Global ex-Japan GP Limited¹⁰ Ordinary shares 100%
Aberdeen Global ex-Japan Property Fund of Funds LP¹⁰ Limited Partnership 5%
Aberdeen Global Infrastructure Carry GP Limited Ordinary shares 100%
Aberdeen Global Infrastructure GP II Limited¹⁶ Ordinary shares 100%
Aberdeen Global Infrastructure GP Limited¹⁶ Ordinary shares 100%
Aberdeen Global Infrastructure Partners II Carry LP Limited Partnership 25%
Aberdeen Global Infrastructure Partners II LP¹⁷ Limited Partnership 0%
Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25%
Aberdeen Global Infrastructure Partners LP¹⁷ Limited Partnership 0%
Aberdeen Indirect Property Partners II FCP-FIS⁸ Class A1, A2 and A3 units 1%
Aberdeen Infrastructure Feeder GP Limited Ordinary shares 100%
Aberdeen Infrastructure Finance GP Limited¹⁶ Ordinary shares 100%
Aberdeen Infrastructure GP II Limited⁴ Ordinary shares 100%
Aberdeen Infrastructure Partners II Carry LP Limited Partnership 25%
Aberdeen Infrastructure Partners II LP⁴ Limited Partnership 0%
Aberdeen Infrastructure Partners LP Inc¹⁷ Limited Partnership 0%
Aberdeen Investment Company Limited Ordinary shares 100%
Aberdeen Keva Asia IV Property Partners SCSp⁹ Limited Partnership 1%
Aberdeen Pension Trustees Limited Ordinary shares 100%
Aberdeen Pooling II GP AB¹⁸ Ordinary shares 100%
Aberdeen Property Investors (General Partner) S.a.r.l.¹⁹ Ordinary shares 100%
Aberdeen Property Investors The Netherlands BV²⁰ Ordinary shares 100%
Aberdeen Property Secondaries Partners II⁸ Limited Partnership 23%
Aberdeen Real Estate Fund Finland II LP²¹ Limited Partnership 100%
Aberdeen Real Estate Partners III, LP¹¹ Limited Partnership 0%
Aberdeen Secondaries II GP S.a.r.l.⁸ Ordinary shares 100%
Aberdeen Sidecar LP Inc¹⁷ Limited Partnership 0%
Aberdeen Standard Carlsbad Carry LP Limited Partnership 25%
Aberdeen Standard Carlsbad GP Limited¹⁶ Ordinary shares 100%
Aberdeen Standard Carlsbad LP¹⁷ Limited Partnership 0%
Aberdeen Standard Core Infrastructure III LTP LP Limited Partnership 25%
Aberdeen Standard Core Infrastructure III SCSp⁸ Limited Partnership 1%
Aberdeen Standard European Infrastructure GP IV Limited⁴ Ordinary shares 100%
Aberdeen Standard European Infrastructure Partners Carry IV LP Limited Partnership 25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP⁴ Limited Partnership 0%
Aberdeen Standard European Infrastructure Partners IV LP⁴ Limited Partnership 5%
Aberdeen Standard European Long Income Real Estate Fund SCSp⁸ Limited Partnership 9%
Aberdeen Standard Global Infrastructure GP III Ltd¹⁶ Ordinary shares 100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP Limited Partnership 25%
Aberdeen Standard Global Infrastructure Partners III LP¹⁷ Limited Partnership 5%
Aberdeen Standard Gulf Carry GP Limited Ordinary shares 100%
Aberdeen Standard Gulf Carry LP Limited Partnership 12%
Aberdeen Trust Limited Ordinary shares 100%
Aberdeen UK Infrastructure Carry GP Limited Ordinary shares 100%
Aberdeen UK Infrastructure Carry Limited Ordinary shares 100%
Aberdeen Unit Trust Managers Limited Ordinary shares 100%
abrdn - Emerging Markets Equity ADR Fund¹¹ Corporate Fund 100%
abrdn - US SMID Cap Equity Fund¹¹ Corporate Fund 100%
abrdn (CRED II) GP Limited Ordinary shares 100%
abrdn (General Partner CRED) Limited⁴ Ordinary shares 100%
abrdn (General Partner ELIREF) S.a.r.l.⁸ Ordinary shares 100%
abrdn (General Partner EPGF) Limited Ordinary shares 100%
abrdn (General Partner PFF 2018) S.a.r.l.⁸ Ordinary shares 100%
abrdn (General Partner SCF 1) Limited Ordinary shares 100%
abrdn (IL Infrastructure Debt) GP Limited⁴ Ordinary shares 100%
abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100%
abrdn Alternative Funds Limited Ordinary shares 100%
abrdn Alternative Holdings Limited Ordinary shares 100%
abrdn Alternative Investments Limited⁴ Ordinary shares 100%
abrdn Asia Limited²² Ordinary shares 100%
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF²³ ETF 41%
abrdn Brasil Investimentos Ltda²⁴ Limited Liability Company 100%
abrdn Canada Limited²⁵ Ordinary shares 100%
abrdn Commercial Real Estate Debt II LP Limited Partnership 0%
abrdn Commercial Real Estate Debt LP⁴ Limited Partnership 0%
abrdn Corporate Secretary Limited Ordinary shares 100%
abrdn Eclipse HFRI 500 SP¹⁰ Private Commingled Fund 43%
abrdn ETFs Advisors LLC¹¹ Limited liability company 100%
abrdn ETFs Sponsor LLC¹¹ Limited liability company 100%
abrdn European Property Growth Fund LP⁴ Limited Partnership 0%
abrdn European Sustainable Infrastructure Co-Invest V LP⁴ Limited Partnership 0%
abrdn European Sustainable Infrastructure GP V Limited⁴ Ordinary shares 100%
abrdn European Sustainable Infrastructure Partners Carry V LP Limited Partnership 25%
abrdn European Sustainable Infrastructure Partners V LP⁴ Limited Partnership 5%
abrdn FF USD 2 GP LLC¹¹ Limited Liability Company 100%
abrdn Financial Planning & Advice Limited⁴ Ordinary A shares Ordinary B 100%
abrdn Founder Co Limited Ordinary shares 100%
abrdn Fund Managers Limited⁴ Ordinary shares 100%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP¹¹ Limited Partnership 0%
abrdn Global Sustainable Infrastructure GP IV Ltd¹⁷ Ordinary shares 100%
abrdn Global Sustainable Infrastructure IV (Deeside) A Limited⁴ Ordinary shares 100%
abrdn Global Sustainable Infrastructure IV (Deeside) B Limited⁴ Ordinary shares 100%
abrdn Global Sustainable Infrastructure IV Carry LP Limited Partnership 25%
abrdn Global Sustainable Infrastructure Partners IV LP¹⁷ Limited Partnership 9%
abrdn Hong Kong Limited²⁶ Ordinary shares 100%
abrdn Inc.¹¹ Ordinary shares 100%
abrdn Income Plus Fund²⁷ Unit trust 100%
abrdn Inflation-Linked Infrastructure Debt LP⁴ Limited Partnership 0%
abrdn Investment Management Limited Ordinary shares 100%
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP) Ordinary shares 100%
abrdn Investments Beteiligungs GmbH²⁸ Limited Liability Company 90%
abrdn Investments Deutschland AG²⁸ Ordinary shares 90%
abrdn Investments Group Limited⁴ Ordinary shares 100%
abrdn Investments Holdings Europe Limited⁴ Ordinary shares 100%
abrdn Investments Ireland Limited²⁹ Ordinary shares 100%
abrdn Investments Jersey Limited³⁰ Ordinary shares 100%
abrdn Investments Limited Ordinary shares 100%
abrdn Investments Luxembourg Corporate Manager S.a r.l.⁸ Ordinary shares 100%
abrdn Investments Luxembourg S.A.⁸ Ordinary shares 100%
abrdn Investments Middle East Limited³¹ Ordinary shares 100%
abrdn Investments Switzerland AG³² Ordinary shares 100%
abrdn Islamic Malaysia Sdn. Bhd.³³ Ordinary shares 100%
abrdn Japan Limited³⁴ Ordinary shares 100%
abrdn Jersey Limited³⁵ Ordinary shares 100%
abrdn Korea Co. Limited.³⁶ Ordinary shares 100%
abrdn Korea GP 2 Pte. Ltd³⁷ Ordinary shares 100%
abrdn Korea Separate Account 2 LP³⁷ Limited Partnership 1%
abrdn Life and Pensions Limited⁴ Ordinary shares 100%
abrdn Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund⁸ SICAV 100%
abrdn Malaysia Sdn. Bhd.³³ Ordinary shares, Irredeemable 100%
abrdn MSPC General Partner S.a.r.l.⁸ Ordinary shares 100%
abrdn Multi-Sector Private Credit Fund SCSp⁸ Limited Partnership 3%
abrdn Nominees Services HK Limited²⁶ Ordinary shares 100%
abrdn Oceania Pty Ltd³⁸ Ordinary shares 100%
abrdn OEIC III - abrdn Multi-Sector Credit Fund⁴ OEIC 100%
abrdn OEIC III - abrdn MyFolio Sustainable I Fund³⁹ OEIC 41%
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund⁴ OEIC 52%
abrdn OldCo Limited Ordinary shares 75%
Abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF⁸ Limited Partnership 0%
abrdn Pan European Residential Property Fund SICAV-RAIF⁸ Limited Partnership 0%
abrdn Phoenix Fund Financing SCSp⁸ Limited Partnership 0%
abrdn Poinsettia GP Ltd¹⁰ Ordinary shares 100%
abrdn Portfolio Investments abrdn Asia-China Bond⁴⁰ Corporate Fund 98%
abrdn Portfolio Investments Limited Ordinary shares 100%
abrdn Portfolio Investments US Inc.¹¹ Ordinary shares 100%
abrdn Portfolio Solutions Limited⁴ Ordinary shares 100%
abrdn Premises Services Limited Ordinary shares 100%
abrdn Private Credit (Luxembourg) GP S.a.r.l⁸ Ordinary shares 100%
abrdn Private Fund Management (Shanghai) Company Limited⁴¹ Ordinary shares 100%
abrdn Private Real Assets Co-Investment Fund I GP, LLC¹¹ Limited liability company 80%
abrdn Private Real Assets Co-Investment Fund I, LP¹¹ Limited Partnership 1%
abrdn Property Investors France SAS⁴² Ordinary shares 100%
abrdn Real Estate Operations Limited Ordinary shares 100%
abrdn Secure Credit LP Limited Partnership 0%
abrdn SGD Money Market Fund²⁷ Unit trust 100%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited⁴¹ Ordinary shares 100%
abrdn SICAV I - Asia Pacific Dynamic Dividend Fund⁸ SICAV 100%
abrdn SICAV I - Asian Credit Sustainable Bond Fund⁸ SICAV 79%
abrdn SICAV I - Asian Sustainable Development Equity Fund⁸ SICAV 74%
abrdn SICAV I - CCBI Belt & Road Bond Fund⁸ SICAV 32%
abrdn SICAV I - China Next Generation Fund⁸ SICAV 76%
abrdn SICAV I - Climate Transition Bond Fund⁸ SICAV 46%
abrdn SICAV I - Global Mid-Cap Equity Fund⁸ SICAV 47%
abrdn UK Shopping Centre Feeder Fund Company Limited⁴³ Ordinary shares 100%
abrdn UK Shopping Centre Feeder Fund Limited Partnership⁴ Limited Partnership 100%
abrdn Wealthtech Singapore Pte. Ltd.⁴⁴ Ordinary shares 100%
AEROF (Luxembourg) GP S.a.r.l.⁸ Ordinary shares 100%
AERP V-A Master, LP¹¹ Limited Partnership 0%
AIA Series T Holdings LLC¹¹ Limited liability company 0%
AIP Co-investment Fund SCSp⁸ Limited Partnership 0%
AIPP Folksam Europe II Kommanditbolag¹⁸ Limited Partnership 0%
AIPP Folksam Europe⁸ Limited Partnership 0%
AIPP Pooling I SA⁸ Ordinary shares 100%
Airport Industrial GP Limited⁴⁵ Ordinary shares 60%
Airport Industrial Limited Partnership⁴⁶ Limited Partnership 0%
Airport Industrial Nominees B Limited⁴⁵ Ordinary shares 60%
Airport Industrial Nominees Limited⁴⁵ Ordinary shares 60%
Alliance Trust Savings Limited Ordinary shares 100%
Andean Social Infrastructure (No. 1) Limited⁴ Ordinary shares 100%
Andean Social Infrastructure Fund I LP¹⁰ Limited Partnership 5%
Andean Social Infrastructure GP Limited¹⁰ Ordinary shares 100%
Arden Garden State NJ Fund, LP¹⁵ Limited Partnership 0%
Arden Institutional Advisers, LP¹⁵ Limited Partnership 0%
Arthur House (No.6) Limited⁴ Ordinary shares 100%
ASI (KFAS) RE GP LLP Limited Liability Partnership 100%
ASI Direct RE GP LLP Limited Liability Partnership 100%
ASI Han Co-Investment LP Limited Partnership 93%
ASI REMM GP LLP Limited Liability Partnership 100%
ASI Shin Co-Investment LP Limited Partnership 100%
ASI Shin Global Investment GP Limited¹⁰ Ordinary shares 100%
ASIF Sidecar Carry LP Limited Partnership 25%
ASPER (Luxembourg) GP S.a.r.l.⁸ Ordinary shares 100%
BOSEMP Feeder LP Limited Partnership 0%
Coutts Global Property Limited Partnership¹⁰ Limited Partnership 0%
Edinburgh Fund Managers Group Limited Ordinary shares 100%
Edinburgh Fund Managers Plc Ordinary shares 100%
Edinburgh Unit Trust Managers Limited Ordinary shares, Deferred 100%
Elevate Portfolio Services Limited⁴ Ordinary shares 100%
Emerging Markets Income Equity Fund, a series of the aICF, LLC¹¹ Private Commingled Fund 100%
Finimize Limited⁴ Ordinary shares 100%
Flag Asia Company III, LLC¹¹ Limited liability company 100%
Flag Asia Company III, LP¹¹ Limited Partnership 0%
Flag Energy & Resource Company II, LLC¹¹ Limited liability company 0%
Flag Energy & Resource Company III, LLC¹¹ Limited liability company 0%
Flag Real Estate Company III, LLC¹¹ Limited liability company 0%
Flag Squadron Asia Pacific III GP LP¹⁰ Limited Partnership 100%
FSA III EA SPV, LP¹⁰ Limited Partnership 0%
FSA III Pacific SPV, LP¹⁰ Limited Partnership 0%
Godo Kaisha abrdn Portfolio Investments⁴⁷ Ordinary shares 100%
GPMS Corporate Secretary Limited⁴⁸ Ordinary shares 100%
Griffin Nominees Limited⁴ Ordinary shares 100%
Interactive Investor Services Limited⁷ Ordinary shares 100%
Interactive Investor Services Nominees Limited⁷ Ordinary shares 100%
Investor Nominees (Dundee) Limited Ordinary shares 100%
Investor Nominees Limited⁷ Ordinary shares 100%
Investor SIPP Trustees Ltd⁷ Ordinary shares 100%
KFAS Real Estate Limited Partnership Limited Partnership 0%
Local2Local Limited⁴⁵ Ordinary shares 60%
Loimua Co-Investment Fund SCSp⁸ Limited Partnership 100%
Murray Johnstone Limited Ordinary shares 100%
North East Trustees Limited⁴ Ordinary A shares Ordinary B 100%
Orion Partners CLP Inc.⁴⁹ Ordinary shares 100%
Orion Partners Services Inc.⁴⁹ Ordinary shares 100%
Ostara China Real Estate Fund LP⁴⁹ Limited Partnership 0%
Ostara Japan Fund 3 LP⁴⁹ Limited Partnership 1%
Ostara Korea GP 2 Pte. Ltd³⁷ Ordinary shares 100%
Ostara Korea Separate Account LP³⁷ Limited Partnership 0%
Ostara Partners Inc. China⁴⁹ Ordinary shares 100%
Ostara Partners Inc. Japan 3⁴⁹ Ordinary shares 100%
Pearson Jones & Company (Trustees) Limited⁴ Ordinary shares 100%
Pearson Jones Nominees Limited⁴ Ordinary shares 100%
Poinsettia Holdco LP¹⁰ Limited Partnership 0%
PT Aberdeen Standard Investments Indonesia⁵⁰ Limited Liability Company 99%
SG Commercial LLP⁴⁵ Limited Liability Partnership 60%
Share Nominees Limited⁷ Ordinary shares 100%
Shin Global Investment Partners LP¹⁰ Limited Partnership 0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp⁸ Limited Partnership 0%
SL Capital Infrastructure I GP LP Limited Partnership 100%
SL Capital Infrastructure I LP Limited Partnership 0%
SL Capital Infrastructure II LTP LP Limited Partnership 25%
SL Capital Infrastructure II SCSp⁸ Limited Partnership 1%
SL Capital Infrastructure Secondary I GP LP Limited Partnership 25%
SL Capital Infrastructure Secondary I LP Limited Partnership 0%
SL Capital Infrastructure Secondary II LP Limited Partnership 0%
SLCI I Executive Co Investment Limited Partnership Limited Partnership 0%
SLCI II Executive Co-Investment LP Limited Partnership 0%
SLCI Rail Co-Invest LP Limited Partnership 0%
SLCP (General Partner Infrastructure I) Limited Ordinary shares 100%
SLCP (General Partner Infrastructure Secondary I) Limited Ordinary shares 100%
SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary shares 100%
SLIPC (General Partner Infrastructure II) S.a.r.l.⁸ Ordinary shares 100%
SLIPC (General Partner Infrastructure III) S.à r.l.⁸ Ordinary shares 100%
Squadron Asia Pacific Fund II, LP¹⁰ Limited Partnership 0%
Squadron Asia Pacific Fund, LP¹⁰ Limited Partnership 0%
Squadron Capital Asia Pacific GP, LP¹⁰ Limited Partnership 100%
Squadron Capital Asia Pacific II GP LP¹⁰ Limited Partnership 100%
Squadron Capital Partners Limited¹⁰ Ordinary shares 100%
Squadron GP Participation II, LP¹⁰ Limited Partnership 0%
Squadron GP Participation, LP¹⁰ Limited Partnership 0%
Standard Life Investments (General Partner European Real Estate Club II) Ordinary shares 100%
Standard Life Investments (General Partner European Real Estate Club III) Ordinary shares 100%
Standard Life Investments (General Partner European Real Estate Club) Ordinary shares 100%
Standard Life Investments (General Partner GARS) Limited Ordinary shares 100%
Standard Life Investments (General Partner GFS) Limited Ordinary shares 100%
Standard Life Investments (General Partner Global Tactical Asset Ordinary shares 100%
Standard Life Investments (General Partner MAC) Limited Ordinary shares 100%
Standard Life Investments Brent Cross General Partner Limited Ordinary shares 100%
Standard Life investments Brent Cross LP Limited Partnership 0%
Standard Life Investments European Real Estate Club III LP⁴ Limited Partnership 2%
Tenon Nominees Limited Ordinary shares 100%
Touchstone Insurance Company Limited⁵¹ Ordinary shares 100%
TPIF (No. 1) GP LLP⁴⁸ Limited Liability Partnership 60%
TPIF (No. 1) LP⁴⁸ Limited Partnership 0%
TPIF (Portfolio No. 1) GP LLP⁴⁵ Limited Liability Partnership 60%
TPIF (Portfolio No. 1) LP⁴⁶ Limited Partnership 0%
TPIF (Portfolio No. 1) Nominee Limited⁴⁵ Ordinary shares 60%
Tritax abrdn Supply Chain Carry GP LLP⁴⁵ Limited Liability Partnership 60%
Tritax abrdn Supply Chain Carry LP⁴⁸ Limited Partnership 12%
Tritax abrdn Supply Chain GP LLP⁴⁵ Limited Liability Partnership 60%
Tritax abrdn Supply Chain LP⁴⁶ Limited Partnership 0%
Tritax Assets LLP⁴⁵ Limited Liability Partnership 60%
Tritax LMR Carry GP LLP⁴⁸ Limited Liability Partnership 60%
Tritax LMR Carry Limited Partnership⁴⁸ Limited Partnership 7%
Tritax Management LLP⁴ Limited Liability Partnership 60%
Tritax Powerbox 1 GP LLP⁴⁵ Limited Liability Partnership 60%
Tritax Powerbox 1 LP⁴⁵ Limited Partnership 60%
Tritax Powerbox Carry GP LLP⁴⁵ Limited Liability Partnership 60%
Tritax Powerbox Carry LP⁴⁸ Limited Partnership 60%
Tritax PowerBox Limited⁴⁵ Ordinary shares 60%
Tritax Securities LLP⁴⁵ Limited Liability Partnership 60%
UK PRS Opportunities General Partner Limited⁴ Ordinary shares 100%
UK PRS Opportunities LP³ Limited Partnership 0%
VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG²⁸ Limited Partnership 0%
VZWL Private Equity GmbH & Co geschlossene Investment KG²⁸ Limited Partnership 0%
(c) Associates and joint ventures
Name of related undertaking Share class(1) % interest held(2,3)
abrdn Investcorp Infrastructure Investments Manager Limited⁵² Ordinary shares 50%
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund⁴ OEIC 23%
Archax Group Ltd⁵³ Ordinary shares 11%
Criterion Tec Holdings Ltd⁵⁴ Ordinary shares 21%
Focus Business Solutions Limited⁵⁵ Ordinary shares 20%
Heng An Standard Life Insurance Company Limited⁵⁶ Ordinary shares 50%
PURetail Luxembourg Management Company S.a.r.l.³⁹ Class A shares 50%
Tenet Group Limited⁵⁷ Ordinary B shares 25%
1. OEIC = Open-ended investment company
SICAV = Société d'investissement à capital variable
ETF = Exchange traded fund
ICAV = Irish collective asset-management vehicle
2. Limited Partnerships or limited liability companies in which the Group has no
interest but whose general partner or manager is controlled by the Group are
considered subsidiaries under Companies Act 2006. Where the Group has no
interest in a limited partnership or limited liability company that is
considered a subsidiary, the interest held is disclosed as 0%.
3. % interest held is rounded to the nearest 1%.
Registered offices
4. 280 Bishopsgate, London, EC2M 4AG
5. c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis,
11324, Mauritius
6. 30 Finsbury Square, London, EC2A 1AG
7. 201 Deansgate, Manchester, M3 3NW
8. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
9. 287-289, route d'Arlon, L-1150 Luxembourg, Luxembourg
10. c/o Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand
Cayman, KY1-1104, Cayman Islands
11. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE,
19808, USA
12. Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn,
Bangkok, 10120, Thailand
13. Strandvejen 171,3, 2900 Hellerup, Denmark
14. c/o Aatsto DLA Piper Finland Oy, Kanavaranta 1, 00160, Helsinki, Finland
15. 1900 Market Street, Suite 200, Philadelphia, PA 19103, USA
16. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port,
Guernsey, GY1 1EJ
17. Top Floor, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
18. Box 162 85, 103 25 Stockholm, Sweden
19. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
20. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands
21. One London Wall, London, EC2Y 5AB
22. 7 Straits View, #23-04 Marina One East Tower, 018936, Singapore
23. 712 5th Ave, New York, NY 10019, USA
24. Sao Paulo, Avenida Presidente Juscelino Kubitschek, 1327, Vila Nova Conceicao,
04543-011, Brazil
25. 4 Chipman Hill, Suite 100, Saint John, New Brunswick, E2L 2A9, Canada
26. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
27. 5 Changi Business Park Crescent, Level 5, Singapore 486027
28. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
29. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland
30. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey
31. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al
Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates
32. Schweizergasse 14, Zurich, 8001, Switzerland
33. Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala
Lumpur, Malaysia
34. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo,
100-0004, Japan
35. 44 Esplanade, St Helier, Jersey, JE4 9WG
36. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero,
Seocho-gu, Seoul, Korea
37. 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
38. Governor Macquarie Tower, Level 40, 1 Farrer Place, Sydney, NSW, 2000,
Australia
39. 1, rue Jean Piret, L-2350 Luxembourg, Luxembourg
40. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore
41. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone
42. 19 Avenue de l'Opera 75001 Paris
43. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
44. 1 Marina Boulevard, #28-00, 018989, Singapore
45. 72 Broadwick Street, London, W1F 9QZ
46. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN
47. Tokyo Kyodo Accounting Office, 1-4-1 Marunouchi, Chiyoda-ku, Tokyo, 100-0005
48. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
49. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square,
Grand Cayman, KY1-9010, Cayman Islands
50. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega
Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia
51. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey
GY1 4AT
52. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box
1111, Grand Cayman, KY1-1102, Cayman Islands
53. 10 Queen Street Place, London, EC4R 1BE
54. 9-10 St Andrew Square, Edinburgh, EH2 2AF
55. 8 Hamilton Terrace, Leamington Spa, United Kingdom, CV32 4LY
56. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin,
People's Republic of China, 300051
57. c/o Interpath Advisory, 10 Fleet Place, London, EC4M 7RB
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