REG - abrdn PLC - Final Results - Part 6 of 8
01/03/2022 07:15
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RNS Number : 1199D abrdn PLC 01 March 2022
abrdn plc
Full Year Results 2021
Part 6 of 8
7. Group financial statements
31. Financial liabilities
Management determines the classification of financial liabilities at initial
recognition. Financial liabilities which are managed and whose performance is
evaluated on a fair value basis are designated as at fair value through profit
or loss. Changes in the fair value of these financial liabilities are
recognised in the consolidated income statement.
Derivatives are also measured at fair value. Changes in the fair value of
derivatives are recognised in Net gains on financial instruments and other
income in the consolidated income statement except for derivative instruments
that are designated as a cash flow hedge or net investment hedge. The
classification of derivatives and the accounting treatment of derivatives
designated as a hedging instrument are set out in Note 19.
Except for contingent consideration liabilities which are measured at fair
value, other financial liabilities are classified as being subsequently
measured at amortised cost. Amortised cost is calculated, and the related
interest expense is recognised in the consolidated income statement, using the
effective interest method.
All financial liabilities are initially recognised at fair value less, in the
case of financial liabilities subsequently measured at amortised cost,
transaction costs that are directly attributable to the issue of the
liability.
Where the terms of a financial liability measured at amortised cost are
modified and the modification does not result in the derecognition of the
liability, the liability is adjusted to the net present value of the future
cash flows less transaction costs with a modification gain or loss recognised
in the income statement.
The methods and assumptions used to determine fair value of financial
liabilities measured at fair value through profit or loss and derivatives are
discussed in Note 39.
The table below sets out an analysis of financial liabilities excluding unit
linked financial liabilities which are set out in Note 24.
At fair value through profit or loss(1) Cash flow hedge At amortised cost Total
2021 2020 2021 2020 2021 2020 2021 2020
Notes £m £m £m £m £m £m £m £m
Third party interest in consolidated funds 104 77 - - - - 104 77
Subordinated liabilities 32 - - - - 644 638 644 638
Derivative financial liabilities 19 5 7 - 6 - - 5 13
Other financial liabilities 35 165 6 - - 881 1,171 1,046 1,177
Total 274 90 - 6 1,525 1,809 1,799 1,905
1. All financial liabilities measured at fair value through profit or loss
have been classified at FVTPL on a mandatory basis except for third party
interest in consolidated funds which the Group has designated as at FVTPL.
32. Subordinated liabilities
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share
capital. Subordinated liabilities are initially recognised at the value of
proceeds received after deduction of issue expenses. Subsequent measurement is
at amortised cost using the effective interest rate method.
2021 2020
Notes Principal Carrying Principal Carrying
amount
value
amount
value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028 $750m £552m $750m £546m
5.5% Sterling fixed rate due 4 December 2042 £92m £92m £92m £92m
Total subordinated liabilities 39 £644m £638m
A description of the key features of the Group's subordinated liabilities as
at 31 December 2021 is as follows:
4.25% US Dollar fixed rate(1) 5.5% Sterling fixed rate
Principal amount $750m £92m
Issue date 18 October 2017 4 December 2012
Maturity date 30 June 2028 4 December 2042
Callable at par at option of the Company from Not applicable 4 December 2022 and on every interest
payment date (semi-annually) thereafter
If not called by the Company interest will reset to Not applicable 4.85% over the five-year gilt rate
(and at each fifth anniversary)
1. The cash flows arising from the US dollar subordinated notes give rise to
foreign exchange exposure which the Group manages with a cross-currency swap
designated as a cash flow hedge. Refer Note 19 for further details.
The difference between the fair value and carrying value of the subordinated
liabilities is presented in Note 39. A reconciliation of movements in
subordinated liabilities in the year is provided in Note 40.
The principal amount of all the subordinated liabilities is expected to be
settled after more than 12 months. The accrued interest on the subordinated
liabilities of less than £1m (2020: less than £1m) is expected to be settled
within 12 months.
During the year to 31 December 2020, the 5% 2015 Non-voting perpetual
non-cumulative redeemable preference shares issued by AAM PLC were
reclassified as subordinated liabilities. Refer Note 29 for further details.
The liabilities were recognised at fair value of £102m with fair value
movements since acquisition of £1m being transferred to retained earnings.
The fair value included the final dividend paid of £2m as part of the
redemption. The preference shares were redeemed on 8 July 2020 for a total
consideration of £102m which included the dividend.
33. 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 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, an authorised surplus tax charge
is not an income tax. Consequently, the surplus is recognised net of this tax
charge rather than the tax charge being included within deferred taxation.
For the principal defined benefit plan (UK Standard Life 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 assumption incorporates an adjustment to remove the
inflation risk premium believed to exist within market prices.
The trustees set the plan investment strategy to protect the ratio of plan
assets to the trustees' measure of technical provisions. 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.
UK Standard Life Group 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 2021.
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 2021.
The funding of the plan depends on the statutory valuation performed by the
trustees, and the relevant employers, with the assistance of the scheme
actuary - i.e. not the IAS 19 valuation. The funding valuation was last
completed as at 31 December 2019, and measured plan assets and liabilities to
be £4.6bn and £3.3bn respectively. This corresponds to a surplus of £1.3bn
and funding level of 140%. As there is currently no deficit, no recovery
plan is required.
Other UK plans The Group also operates two UK defined benefit plans as a result of the
acquisition of AAM PLC 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 2019), both plans
were in deficit and the Group agreed funding plans with the plans' trustees
which aimed to eliminate the deficits. At 31 December 2021, one of the two
schemes is in surplus on an IAS 19 basis.
Other plans
Ireland Standard Life 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 fewer
than 10 employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2019, the plan was 72%
funded on an ongoing basis.
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.
(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:
2021 2020
£m £m
Current service cost 53 59
Net interest income (21) (23)
Administrative expenses 4 3
Expense from continuing operations recognised in the consolidated income 36 39
statement
Contributions made to defined contribution plans are included within current
service cost, with the balance attributed to the Group's defined benefit
plans.
Contributions to defined benefit plans in the year ended 31 December 2021
comprised £14m (2020: £14m) to the Other UK plans and the Ireland Standard
Life plan. Contributions are not expected to change materially over 2022 and
the subsequent two 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
2021 2020
Principal Other Total Principal Other Total
plan
plan
£m £m £m £m £m £m
Present value of funded obligation (2,899) (350) (3,249) (3,015) (375) (3,390)
Present value of unfunded obligation - (3) (3) - (4) (4)
Fair value of plan assets 5,337 349 5,686 5,253 343 5,596
Effect of limit on plan surplus (853) (12) (865) (783) - (783)
Net asset/(liability) 1,585 (16) 1,569 1,455 (36) 1,419
A pension plan surplus is considered to be recoverable as a right to a refund
exists. The recoverable surplus is reduced to reflect an authorised surplus
payments charge that would arise on a refund. This applies to both the
principal plan surplus and a defined benefit plan within Other which has a
surplus of £22m at 31 December 2021 (2020: £19m).
(c) Movement in the net defined benefit asset
Present value Fair value of Total Effect of limit on plan surpluses Total
of obligation
plan assets
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m £m £m
At 1 January (3,394) (3,194) 5,596 4,917 2,202 1,723 (783) (615) 1,419 1,108
Total expense
Current service cost - (1) - - - (1) - - - (1)
Interest (expense)/income (48) (63) 80 99 32 36 (11) (13) 21 23
Administrative expenses (4) (3) - - (4) (3) - - (4) (3)
Total (expense)/income recognised in consolidated income statement (52) (67) 80 99 28 32 (11) (13) 17 19
Remeasurements
Return on plan assets, excluding amounts included in interest income - - 120 712 120 712 - - 120 712
Gain from change in demographic assumptions - 286 - - - 286 - - - 286
Loss from change in financial assumptions 144 (607) - - 144 (607) - - 144 (607)
Experience gains (78) 44 - - (78) 44 - - (78) 44
Change in effect of limit on plan surplus - - - - - - (69) (155) (69) (155)
Remeasurement (losses)/gains recognised in other comprehensive income 66 (277) 120 712 186 435 (69) (155) 117 280
Exchange differences 10 (7) (7) 5 3 (2) - - 3 (2)
Employer contributions - - 14 14 14 14 (2) - 12 14
Benefit payments 118 151 (117) (151) 1 - - - 1 -
At 31 December (3,252) (3,394) 5,686 5,596 2,434 2,202 (865) (783) 1,569 1,419
(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 39. 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
2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m
Assets measured at fair value based on level 1 inputs
Derivatives 8 2 - - 8 2
Equity securities - 183 - - - 183
Interests in pooled investment funds
Debt - - - - - -
Equity - - - - - -
Property - - - - - -
Absolute return - - - - - -
Cash - - - - - -
Debt securities 4.557 4,431 - - 4,557 4,431
Total assets measured at fair value based on level 1 inputs 4,565 4,616 - - 4,565 4,616
Assets measured at fair value based on level 2 or 3 inputs
Derivatives 43 95 18 - 61 95
Equity securities 100 101 - - 100 101
Interests in pooled investment funds
Debt 440 434 12 13 452 447
Equity - 37 18 32 18 69
Multi-asset private markets 194 164 - - 194 164
Property 139 119 12 12 151 131
Absolute return 77 74 92 100 169 174
Cash 15 43 37 16 52 59
Debt securities 415 139 99 78 514 217
Qualifying insurance policies 3 3 76 80 79 83
Total assets measured at fair value based on level 2 or 3 inputs 1,426 1,209 364 331 1,790 1,540
Cash and cash equivalents 138 175 2 12 140 187
Liability in respect of collateral held (792) (743) (17) - (809) (743)
Other - (4) - - - (4)
Total 5,337 5,253 349 343 5,686 5,596
Further information on risks is provided in Section (g) of this note. The
£5,071m (2020: £4,648m) of debt securities includes £4,884m (2020:
£4,487m) government bonds (including conventional and index-linked). Of the
remaining £187m (2020: £161m) debt securities, £108m (2020: £101m) are
investment grade corporate bonds or certificates of deposit.
Included in the qualifying insurance policy asset of £79m (2020: £83m) is an
insurance policy purchased by the trustees of one of the Other UK defined
benefit plans to protect the plan against future investment and actuarial
risks.
The £809m liability in respect of collateral held (2020: £743m) consists of
repurchase agreements of £786m (2020: £647m), margins on derivatives of
(£10m) (2020: £51m) and collateral of £33m (2020: £45m).
One Other UK plan has a contract in place to hedge longevity risk for
pensioners. The fair value of this derivative is £nil at 31 December 2021
(2020: £nil)
(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:
2021 2020
% %
Discount rate 2.05 1.45
Rates of inflation
Consumer Price Index (CPI) 2.85 2.40
Retail Price Index (RPI) 3.25 2.90
The changes in economic assumptions over the period reflect changes in both
corporate bond prices and market implied inflation. 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 most significant non-economic assumption for the principal plan is
post-retirement longevity which is inherently uncertain. The assumptions
(along with sample expectations of life) are illustrated below:
Normal Retirement Age (NRA) Expectation of life from NRA
Male age today Fe
ma
le
ag
e
to
da
y
2021 Table Improvements NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Core parameterisation of the CMI 2019 mortality improvements model (SK 60 27 29 29 31
demographics parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for
males and females, and a long-term rate of improvement of 1.5%.
Normal Retirement Expectation of life from NRA
Age (NRA)
Male age today Fe
ma
le
ag
e
to
da
y
2020 Table Improvements NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Core parameterisation of the CMI 2019 mortality improvements model (SK 60 27 28 29 31
demographics parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for
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 assumptions have not been
updated for COVID-19 at this point as the impact on long-term mortality rates
for pension scheme members is not clear..
(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.
Undiscounted benefit payments (£m)
Diagram removed for the purposes of this announcement. However it can be
viewed in full in the pdf document
2021 2020
Weighted average duration years years
Current pensioner 14 14
Non-current pensioner 27 27
(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 offering 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.
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 plan's funding basis, 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 plan's funding basis, 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 excluding 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.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan's obligation and assets to the key
assumptions is disclosed below.
2021 2020
Change in assumption (Increase)/decrease in present value Increase/(decrease) in fair value of (Increase)/decrease Increase/(decrease)
of obligation
plan assets
in present value
in fair value of
of obligation
plan assets
£m £m £m £m
Yield/discount rate Decrease by 1% (e.g. from 2.05% to 1.05%) (735) 1,584 (776) 1,666
Increase by 1% 586 (1,185) 617 (1,232)
Rates of inflation Decrease by 1% 498 (1,029) 555 (1,036)
Increase by 1% (670) 1,402 (698) 1,430
Life expectancy Decrease by 1 year 99 N/A 103 N/A
Increase by 1 year (99) N/A (103) N/A
34. Deferred income
Where the Group receives fees in advance (front-end fees) for services it is
providing, including investment management services, these fees are initially
recognised as a deferred income liability and released to the consolidated
income statement over the period services are provided.
2021 2020
£m £m
At 1 January 73 67
Additions during the year 2 25
Released to the consolidated income statement as revenue from contracts with (70) (19)
customers
At 31 December 5 73
The amount of deferred income expected to be settled after more than 12 months
is £nil (2020: £3m).
As detailed in Note 1(c)(iii), in May 2021 the Group transferred workplace
pensions marketing staff to Phoenix, who were employed by the Group but
provided services to Phoenix, and made an associated payment of £32m to
Phoenix. As a result, the Group released related deferred income of £57m in
May 2021. The release of deferred income has been recognised in revenue from
contracts with customers in the consolidated income statement net of the £32m
payment.
35. Other financial liabilities
2021 2020
Notes £m £m
Outstanding purchases of investment securities 5 6
Accruals 377 408
Creation of units awaiting settlement 107 121
Lease liabilities 17 225 249
Cash collateral held in respect of derivative contracts 37 15 14
Bank overdrafts 23 62 202
Contingent consideration liabilities 39 165 6
Outstanding contractual obligation for share buyback 25 - 40
Other 90 131
Other financial liabilities 1,046 1,177
The amount of other financial liabilities expected to be settled after more
than 12 months is £303m (2020: £217m).
Accruals includes £nil (2020: £nil) relating to contracts with customers
(refer Note 3(d)).
36. 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.
(a) Provisions
The movement in provisions during the year is as follows:
Separation costs Other provisions Total provisions
2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m
At 1 January 68 77 25 25 93 102
Charged/(credited) to the consolidated income statement
Additional provisions - - 7 16 7 16
Release of unused provision (25) - (1) (7) (26) (7)
Used during the year (8) (9) (17) (9) (25) (18)
At 31 December 35 68 14 25 49 93
The provision for separation costs of £35m (2020: £68m) is for costs
expected to be incurred following the sale of the UK and European insurance
business to Phoenix. Our judgement is that a provision should be recognised
for costs for which the Group will not derive ongoing benefits such as those
relating to the de-coupling and decommissioning of systems and data but that a
provision should not be recognised for costs related to the development of
replacement systems and services as these will give future benefits. Our
estimate of the total separation costs, including those relating to the
development of replacement systems and services, remains unchanged at £310m
of which £309m has been accounted for as at 31 December 2021. The £309m
includes the £80m provision recognised in 2018 for separation costs of which
£35m remains unused at 31 December 2021. The main uncertainty relating to the
provision relates to the costs required to complete the de-coupling of systems
including amounts payable to Phoenix. Following a reassessment of these
de-coupling costs during the year, £25m (2020: £nil) was released from the
provision. The remaining costs covered by the provision are expected to be
incurred in the next year.
Other provisions primarily relate to dilapidations. Dilapidations are
generally expected to be settled after more than 12 months.
The amount of provisions expected to be settled after more than 12 months is
£10m (2020: £12m).
(b) Other liabilities
As at 31 December 2021, other liabilities totalled £8m (2020: £6m). The
amount of other liabilities expected to be settled after more than 12 months
is £3m (2020: £2m).
37. 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 investment management
and other fees that are determined on the basis of a percentage of AUM 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 and the preference shareholders.
- 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 24 and the risks relating to the Group's
principal defined benefit pension plan are explained in Note 33.
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 4.
- 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, loans and derivative financial instruments.
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. We have considered the implications
of climate related risk for the 2021 financial statements and have concluded
that there are no 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 investments in
Phoenix, HDFC Life and HDFC Asset Management. Refer Sections (b)(i)(i) and
(b)(i)(iii) below for further details of the equity and foreign currency risks
on these investments.
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 (previously
part of the Asset management, platforms and wealth 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.
2021 2020
Notes £m £m
Equity securities and interests in pooled investment funds at FVTPL 239 222
Debt securities 76 54
Assets held for sale 22 - 1
Total seed capital 315 277
Equity securities and interests in pooled investment funds at FVTPL 96 86
Total co-investments 96 86
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
39.
(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 2021 the shareholder exposure to equity markets was £2,584m
(2020: £1,411m) in relation to equity securities. This primarily relates to
the Group's investments in Phoenix of £941m (2020: £nil), HDFC Life of
£508m (2020: £1,216m) and HDFC Asset Management of £840m (2020: £nil),
seed capital investments of £188m (2020: £109m), and equity securities held
by the abrdn Financial Fairness Trust (formerly named the Standard Life
Foundation) of £69m (2020: £53m).
The Group is also exposed to adverse market price movements on its interests
in pooled investment funds. The shareholder exposure of £456m (2020: £523m)
to pooled investment funds primarily relates to £147m (2020: £199m) of seed
capital and co-investments, corporate funds held in absolute return funds of
£218m (2020: £223m), 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 £56m (2020: £58m) and pooled
investment funds held by the abrdn Financial Fairness Trust of £31m (2020:
£36m).
The Equities and interests in pooled investment funds at FVTPL included in the
consolidated statement of financial position includes £75m (2020: £46m)
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 investments in Phoenix, HDFC Life and
HDFC Asset Management.
(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 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 Group does not
hedge foreign exchange risk in relation to its investments in HDFC Life and
HDFC Asset Management.
The table below summarises the financial instrument exposure to foreign
currency risks in UK Sterling.
UK Indian Rupee Euro US Singapore Other Total
Sterling
Dollar
currencies
Dollar
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Notes £m £m £m £m £m £m £m £m £m £m £m £m £m £m
Financial assets 18 4,606 3,170 1,348 1,233 212 258 552 373 56 37 126 179 6,900 5,250
Financial liabilities 31 (1,044) (1,025) - - (25) (60) (692) (750) (15) (23) (23) (47) (1,799) (1,905)
Cash flow hedges (554) (549) - - - - 554 549 - - - - - -
Non- designated derivatives 330 297 (1) - (79) (80) (203) (156) (1) (1) (46) (60) - -
3,338 1,893 1,347 1,233 108 118 211 16 40 13 57 72 5,101 3,345
The Indian Rupee exposure primarily relates to the Group's investments in HDFC
Life and HDFC Asset Management. Other currencies include assets of £8m (2020:
£10m) and liabilities of £1m (2020: liabilities of £6m) 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 15. 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 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 after tax and equity sensitivity to market risk
31 December 2021 31 December 2020
A reasonable change in the variable within the next calendar year Increase/(decrease) in A reasonable change in the variable within the next calendar year Increase/(decrease) in
post-tax profit post-tax profit
% £m % £m
Equity prices Increase 10 246 10 146
Decrease 10 (246) 10 (146)
Indian Rupee against US Dollar Strengthen 10 139 10 136
Weaken 10 (114) 10 (110)
US Dollar against Sterling Strengthen 10 22 10 11
Weaken 10 (18) 10 (9)
Euro against Sterling Strengthen 10 12 10 12
Weaken 10 (10) 10 (9)
The equity prices and Indian Rupee sensitivities primarily relate to the
Group's investments in HDFC Life and HDFC Asset Management. The Group's
investment in HDFC Life is held by an intermediate subsidiary which has a US
Dollar functional currency.
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 both 2021 and 2020.
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. Historically, default levels have been
insignificant. Trade debtors past due but not in default as at 31 December
2021 were £77m (2020: £44m) the majority of which were less than 90 days
past due (2020: less than 90 days). Of amounts greater than 90 days at 31
December 2021, less than £16m had not been received at the date of this
report of which no single counterparty represented more than £3m.
At 31 December 2021 the Group does not hold 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. The expected
credit losses recognised were less than £1m (2020: 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.
(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 Lifetime ECL - not credit impaired Total
ECL
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m £m £m
AAA - - - - 134 151 - - 134 151
AA+ to AA- 241 88 - - 396 467 - - 637 555
A+ to A- 618 631 8 - 1,446 1,088 - - 2,072 1,719
BBB 82 61 - - 131 117 - - 213 178
BB - - - - - - 6 6 6 6
Not rated 32 31 - - 241 255 418 352 691 638
Gross carrying amount 973 811 8 - 2,348 2,078 424 358 3,753 3,247
Loss allowance - - - - - - - - - -
Carrying amount 973 811 8 - 2,348 2,078 424 358 3,753 3,247
Derivative financial assets 6 18 8 - - - - - 14 18
Debt securities 936 763 - - 221 320 5 5 1,162 1,088
Receivables and other financial assets 31 30 - - 231 244 418 352 680 626
Cash and cash equivalents - - - - 1,896 1,514 1 1 1,897 1,515
Carrying amount 973 811 8 - 2,348 2,078 424 358 3,753 3,247
In the table above debt securities exclude debt securities relating to third
party interests in consolidated funds of £25m (2020: £24m). Cash and cash
equivalents exclude cash and cash equivalents relating to third party
interests in consolidated funds of £7m (2020: £7m). Derivative financial
assets exclude derivative financial assets relating to third party interests
in consolidated funds of £nil (2020: £nil). Receivables and other financial
assets exclude receivables and other financial assets relating to third party
interests in consolidated funds of £nil (2020: £nil). 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 2021, the Group had pledged £26m (2020:
£28m) of cash and £nil (2020: £nil) of securities as collateral for
derivative financial liabilities. At 31 December 2021, the Group had accepted
£15m (2020: £14m) of cash and £50m (2020: £120m) 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.
Other than cash and cash equivalents disclosed in Note 23, 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 Financial collateral pledged/(received) Net position
statement of financial position
instruments
2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m
Financial assets
Derivatives(1) 8 11 - (3) (8) (1) - 7
Reverse repurchase agreements 50 120 - - (50) (120) - -
Total financial assets 58 131 - (3) (58) (121) - 7
Financial liabilities
Derivatives(1) (2) (11) - 3 - 1 (2) (7)
Total financial liabilities (2) (11) - 3 - 1 (2) (7)
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 controlling liquidity risk.
This framework ensures that liquidity risks are identified for each entity in
the Group. Stress testing of these 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 2021.
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.
Contingency funding plans are also 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 assets 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 by
remaining contractual maturity at the reporting date for all financial
liabilities, other than those related to unit linked funds which are discussed
in Note 24.
Within 1-5 5-10 10-15 15-20 Greater than Total
1 year
years
years
years
years
20 years
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m £m £m £m £m £m £m
Subordinated liabilities 29 28 114 113 627 629 26 22 26 22 97 101 919 915
Other financial liabilities 701 963 244 108 93 101 40 44 - 10 - - 1,078 1,226
Total 730 991 358 221 720 730 66 66 26 32 97 101 1,997 2,141
Refer Note 19 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 2021 with a contractual maturity of within one
year, between one and five years and over five years of £35m, £7m and £63m
respectively (2020: £7m, £22m and £7m). The commitments may generally be
requested anytime up to the
contractual maturity.
38. 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 2021 and 31 December 2020, 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 2021 and 31 December 2020, 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.
2021 2020
£m £m
Financial investments
Equity securities and interests in pooled investment funds 851 1,003
Debt securities 36 40
Total financial investments 887 1,043
Receivables and other financial assets 244 234
Other financial liabilities 121 128
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 24 and Note 37.
The total assets under management of unconsolidated structured entities are
£135,007m at 31 December 2021 (2020: £136,609m). The fees recognised in
respect of these assets under management during the year to 31 December 2021
were £670m (2020: £625m).
The total issuance balance relating to unconsolidated structured debt
securitisation vehicles in which the Group is invested is £1,741m (2020:
£2,857m).
39. 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 18, 24 and 31 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
Venture Capital Valuation Guidelines where relevant. The underlying
investments in infrastructure funds are generally valued based on the phase of Debt securities valued using models and standard valuation formulas based on
individual projects forming the overall investment and discounted cash flow unobservable market data(4).
techniques based on project earnings.
Where net asset values are not available at the same date as the reporting
date, these valuations are reviewed and, where appropriate, adjustments are
made to reflect the 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 at indicative share
prices from off market transactions.
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 2021 and 31 December 2020, 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 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 24 for fair value
analysis in relation to assets backing unit linked liabilities).
Fair value hierarchy
Total Level 1 Level 2 Level 3
2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m
Owner occupied property 1 1 - - - - 1 1
Derivative financial assets 14 18 - - 14 18 - -
Equity securities and interests in pooled investment vehicles(1) 3,115 1,981 2,600 1,422 409 458 106 101
Debt securities 961 787 1 2 959 784 1 1
Contingent consideration asset 31 28 - - - - 31 28
Total assets at fair value 4,122 2,815 2,601 1,424 1,382 1,260 139 131
1. Includes £941m (2020: £nil), £840m (2020: £nil) and £508m (2020:
£1,216m) for the Group's listed equity investments in Phoenix, HDFC Asset
Management and HDFC Life respectively, which are classified as significant
listed investments (refer Note 12) and £nil (2020: £1m) for equity
securities and interests in pooled investment vehicles classified as held for
sale.
There were no significant transfers from level 1 to level 2 during the year
ended 31 December 2021 (2020: £355m). There were also no significant
transfers from level 2 to level 1 during the year ended 31 December 2021
(2020: £7m). Transfers from level 1 to level 2 for the year ended 31 December
2020 primarily related to interests in pooled investment vehicles which are
priced daily but where the daily price is only offered by the fund manager. As
disclosed in the prior year, the Group now considers these investments to be
level 2. All other transfers relate to assets where changes in the frequency
of observable market transactions resulted in a change in whether the market
was considered active. Transfers are deemed to have occurred at the end of the
calendar quarter in which they arose.
Refer Section 39(a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the 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
2021 2020 2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m £m £m
Liabilities in respect of third party interest in consolidated funds 104 77 - - 104 77 - -
Derivative financial liabilities 5 13 3 2 2 11 - -
Contingent consideration liabilities 165 6 - - - - 165 6
Total liabilities at fair value 274 96 3 2 106 88 165 6
There were no significant transfers between levels 1 and 2 during the year
(2020: none). Refer Section (a)(iii) below for details of movements in level
3.
(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 Debt securities
and interests in
pooled investment
funds
2021 2020 2021 2020 2021 2020
£m £m £m £m £m £m
At 1 January 1 2 101 82 1 1
Total gains recognised in the consolidated income statement - - 8 2 - -
Purchases - - 24 29 - -
Sales and other adjustments - (1) (27) (13) - -
Transfers in to level 3(1) - - - 1 - -
At 31 December 1 1 106 101 1 1
1. Transfers are deemed to have occurred at the end of the calendar quarter
in which they arose.
Contingent Contingent
consideration asset
consideration liabilities
2021 2020 2021 2020
£m £m £m £m
At 1 January 28 1 (6) (14)
Total amounts recognised in the income statement - (12) (3) 2
Additions 31 - (155) -
Settlements (34) 39 8 6
Other movements (3) - - -
Transfer to contingent consideration liability 9 - (9) -
At 31 December 31 28 (165) (6)
The additions in the year ended 31 December 2021 primarily relate to the
disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note
1 for further details.
For the year ended 31 December 2021, gains of £5m (2020: losses of £13m)
were recognised in the IFRS 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 £5m (2020: gains of £2m) were recognised in net gains on
financial instruments and other income. No gains or losses were recognised in
respect of discontinued operations (2020: losses of £15m).
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 2021 with a fair value of £106m (2020:
£101m).
Fair value
2021 2020 Valuation technique Unobservable input Range (weighted average)
£m £m
Private equity, real estate and infrastructure funds 91 85 Net asset value Net asset value statements provided for five significant funds (fair value A range of unobservable inputs is not applicable as we have determined that
>£5m) and a large number of smaller funds. the reported NAV represents fair value at the end of the reporting period.
Other unlisted equity securities 15 16 Indicative share price Recent off market capital raising transactions. A range of unobservable inputs is not applicable as we have determined that
the indicative share price from off market transactions represents fair value
at the end of the reporting period.
The table below identifies the significant unobservable inputs in relation to
contingent consideration assets and liabilities categorised as level 3
instruments at 31 December 2021 with a fair value of (£134m) (2020: £22m).
Fair value
£m Valuation technique Unobservable input Input used
2021 (134) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where
relevant, discount rates.
Contingent consideration assets and liabilities
The most significant unobservable inputs relate to assumptions used to value
the contingent consideration related to the acquisition of Tritax. For Tritax
a number of scenarios were prepared, around a base case, with probabilities
assigned to each scenario (based on an assessment of the likelihood of each The base scenario for Tritax contingent consideration used a revenue compound
scenario). The value of the contingent consideration was determined for each annual growth rate (CAGR) from 2021 to 2026 of 21%, with other scenarios using
scenario, and these were then probability weighted, with this probability a range of revenue growth rates around this base. The base scenario used a
weighted valuation then discounted from the payment date to the balance sheet cost/income ratio of c50% with other scenarios using a range of cost/income
date. It was assumed that the timing of the exercise of the earn out put ratios around this base.
options (refer Note 1(b)(i)) between 2024, 2025 and 2026 would be that which
is most beneficial to the holders of the put options. The risk adjusted contingent consideration cash flows have been discounted
using a primary discount rate of 1.9%.
2020 22 Probability weighted cash flows Unobservable inputs relate to probability weighted cash flows; and where Amount expected to be received from Phoenix at
relevant, discount rates. The most significant unobservable inputs relate to
31 December 2020. This was in line with the £34m received in February 2021,
Contingent consideration assets and liabilities assumptions used to value the contingent consideration related to the sale of refer Note 1(c)(iii). The residual fair value relates to a number of smaller
SLAL to Phoenix. contingent consideration liabilities for which the input used is expected
payments based on earn-out terms and indemnity assessments.
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions
At 31 December 2021 the shareholder is directly exposed to movements in the
value of all non-unit linked level 3 instruments. No level 3 instruments are
held in in consolidated structured entities. See Note 24 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 significant impact on profit
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, £91m relates to private equity, real estate and
infrastructure funds (2020: £85m) 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
£9m (2020: £9m).
(a)(v) (ii) Contingent consideration assets and 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
Revenue compound annual growth rate (CAGR) from 2021 to 2026 Decreased by 5% (£26m)
Increased by 5% £19m
Cost/income ratio Decreased by 5% £10m
Increased by 5% (£12m)
Discount rate Increased by 1% (£6m)
(b) 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
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Notes £m £m £m £m £m £m £m £m £m £m
Assets
Debt securities 226 325 230 335 12 - 218 335 - -
Liabilities
Subordinated liabilities 32 644 638 683 688 - - 683 688 - -
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.
40. 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 held in consolidated
liquidity funds which are presented on a net basis.
The tables below provide further analysis of the balances in the statement of
cash flows.
(a) Change in operating assets
2021 2020
£m £m
Equity securities and interests in pooled investment funds 137 23
Debt securities 23 9
Derivative financial instruments 9 (12)
Receivables and other financial assets and other assets 26 46
Assets held for sale 19 751
Change in operating assets 214 817
Change in operating assets includes related non-cash items.
(b) Change in operating liabilities
2021 2020
£m £m
Other financial liabilities, provisions and other liabilities (128) (122)
Pension and other post-retirement benefit provisions (31) (30)
Deferred income (68) 6
Investment contract liabilities 46 (110)
Change in liability for third party interest in consolidated funds (17) 1
Liabilities held for sale (11) (736)
Change in operating liabilities (209) (991)
Change in operating liabilities includes related non-cash items.
(c) Other non-cash and non-operating items
2021 2020
£m £m
Gain on sale of subsidiaries and other operations (127) (8)
Profit on disposal of interests in associates (1,236) (1,858)
Loss on disposal of property, plant and equipment (4) -
Depreciation of property, plant and equipment 39 46
Amortisation of intangible assets 108 152
Impairment losses on intangible assets 8 1,064
Loss on impairment of associates - 45
Impairment losses recognised on property, plant and equipment 15 2
Impairment losses on disposal group held for sale - 1
Movement in contingent consideration asset/liability 3 10
Equity settled share-based payments 43 64
Finance costs 30 30
Share of profit or loss from associates and joint ventures accounted for using 22 (194)
the equity method
Other non-cash and non-operating items (1,099) (646)
(d) Disposal of subsidiaries and other operations
2021(1) 2020(2)
Notes £m £m
Equity securities and interests in pooled investment funds 15 711
Other assets of operations disposed of 34 74
Non-participating insurance contract liabilities - (689)
Non-participating investment contract liabilities - (52)
Other liabilities of operations disposed of (18) (25)
Net assets disposed of 31 19
Items transferred to profit or loss on disposal of subsidiaries 1 (1) (8)
Fair value of earn-out payments and retained interest (32) -
Other non-cash consideration (9) -
Gain on sale 1 127 8
Transaction costs 7 -
Total cash consideration 123 19
Cash and cash equivalents disposed of (11) (27)
Cash inflow/(outflow) from disposal of subsidiary 112 (8)
1. Relates to the a number of 2021 disposals. Refer Note 1(c)(i) for further
details.
2. Relates to the disposal of SL Asia. Refer Note 1(c)(ii) 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.
2021 2020
£m £m
At 1 January 638 655
Cash flows from financing activities
Repayment of subordinated liabilities - (100)
Dividend paid(1) - (2)
Interest paid (28) (30)
Cash flows from financing activities (28) (132)
Non-cash items
Amounts reclassified from equity - 102
Interest expense 28 30
Foreign exchange adjustment 6 (17)
At 31 December 644 638
1. Dividends of £2m were paid as part of the redemption of the preference
shares on 8 July 2020 subsequent to the reclassification of the preference
shares as subordinated liabilities (Refer Note 29).
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year,
split between cash and non-cash items.
2021 2020
£m £m
At 1 January 249 268
Cash flows from financing activities
Payment of lease liabilities - principal (27) (29)
Payment of lease liabilities - interest (6) (6)
Cash flows from financing activities (33) (35)
Non-cash items
Reclassified as held for sale during the year - (7)
Additions 6 19
Disposals and adjustments (3) (2)
Interest capitalised 6 6
At 31 December 225 249
41. 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 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 discussions, reviews and challenges 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. At 31 December 2021, there are no identified
contingent liabilities expected to lead to a material exposure.
42. Commitments
The Group has contractual commitments in respect of expenditure on investment
property, funding arrangements and leases 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 2021, the Group has committed to investing an additional
£105m (2020: £35m) into funds in which it holds a co-investment interest.
(b) Capital commitments
As at 31 December 2021, the Group has capital commitments other than in
relation to financial instruments of £2m (2020: £7m). In addition,
commitments relating to future acquisitions are disclosed in Note 1(c)(iii).
43. 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 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 2021:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
Standard Life Aberdeen plc Deferred Share Plan/ Discretionary Share 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
Plan/Executive LTIP Plan(1)
(3 years for Executive LTIP and 3-5 years for EIP awards) individual award.
Sharesave (Save-as-you-earn) Yes No No 3 or 5 Up to six months after vesting UK and Irish employees Service only
Share incentive plan No No Yes 3 (2 for Ireland) 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 awards made under the deferred and discretionary share plans include
awards for deferred bonuses of the prior year. With the exception of the
Executive Incentive Plan (EIP) awards, the deferred bonus awards have service
conditions of one, two and three years after the date of the award and no
outstanding performance conditions. The awards for deferred bonus for
executive Directors in 2020 were made under the conditions of the EIP
including a performance underpin.
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 EIP and 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 2021 (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 and Ireland 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 plans for which there are
outstanding awards but for which no awards were made during the year ended 31
December 2021:
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.
Aberdeen Asset Management USA Deferred Share Award Plan No Yes No 1-3 (3-5 for executive management) Not applicable US based executives and senior management Service only. There are no outstanding performance conditions at date of
grant.
Standard Life Restricted stock plan (RSP) Yes No No 1-3 Up to six months after vesting Executives (other than executive Directors) and senior management Service, or service and performance conditions. These are tailored to the
individual award.
1. Included in Annual bonus deferred share options Section (b)(i) below.
The Group also operated the following plans for which no awards were made
during the year ended 31 December 2021 and for which all outstanding awards
were exercised by 31 December 2021:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
Standard Life Long-Term Incentive Plan Yes No No 3 (5 for executive Directors) Up to six months after vesting Executives and senior management Service and performance conditions as set out in the prior years' Directors'
remuneration reports
Standard Life Investments Long-Term Incentive Plan Yes No No 3 Up to six months after vesting Executives and senior management Service and performance conditions
Standard Life Group Short-term incentive plan(1) Yes No No 3 Up to six months after vesting 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:
2021 2020
£m £m
Share options and share awards granted under deferred and discretionary share 41 61
plans(1)
Share options granted under long-term incentive plans - -
Share options granted under Sharesave 1 2
Matching shares granted under share incentive plans 1 1
Equity-settled share-based payments 43 64
Cash-settled deferred fund awards(2) 16 29
Total expense 59 93
1. Includes expense for annual bonus deferred share options and conditional
awards.
2. The expense for cash-settled deferred fund awards includes £4m (2020:
£5m) for awards related to funds which are consolidated.
Included in the expense above is £16m (2020: £27m) 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:
2021 2020
Deferred and discretionary share plans Annual bonus Deferred and discretionary share plans Annual bonus deferred share options
deferred share
options
Outstanding at 1 January 46,077,386 10,670,331 22,956,158 15,469,459
Granted 4,582,659 - 27,486,468 -
Forfeited (4,028,599) (47,887) (3,134,233) (113,150)
Exercised (9,497,634) (4,017,940) (1,231,007) (4,685,978)
Outstanding at 31 December 37,133,812 6,604,504 46,077,386 10,670,331
Exercisable at 31 December 1,591,628 5,920,543 973,894 8,109,711
Remaining contractual life of options outstanding (years)(1) 7.97 4.59 8.85 5.28
Options exercised during the year
Share price at time of exercise(1) 291p 287p 232p 268p
1. Weighted average.
The options granted under the deferred and discretionary share plans were made
throughout the year ended 31 December 2021 with a main grant date of 9 April
2021 and had a £nil exercise price. The weighted average option term was 3.00
years. The weighted average share price at grant date was 291p which was also
the weighted average fair value at grant date. 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.
In addition to nil costs options, 556,569 nil cost conditional awards were
also granted under the deferred and discretionary share plans (2020:
3,858,367) with a weighted average share price at grant date was 302p which
was also the weighted average fair value at grant date.
(b)(ii) Standard Life/Standard Life Investments Long-term incentive 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:
2021 2020
Long-term RSP Long-term RSP
incentive plans
incentive plans
(excluding RSP)
(excluding RSP)
Outstanding at 1 January 16,202,527 268,897 36,411,803 1,997,896
Granted - - - -
Forfeited (16,178,183) (153,176) (19,454,369) (827,383)
Exercised (24,344) (112,349) (754,907) (901,616)
Outstanding at 31 December - 3,372 16,202,527 268,897
Exercisable at 31 December - - - -
Remaining contractual life of options outstanding (years)(1) - 0.57 0.92 0.75
Options exercised during the year
Share price at time of exercise(1) 286p 288p 237p 265p
1. Weighted average.
(b)(iii) 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:
2021 2020
Sharesave Weighted average exercise price for Sharesave Sharesave Weighted average exercise price for Sharesave
Outstanding at 1 January 8,734,919 210p 7,870,064 227p
Granted 1,081,098 206p 3,449,144 189p
Forfeited (500,343) 216p (159,189) 234p
Exercised (272,103) 210p (149,911) 273p
Expired (531,108) 274p (333,555) 272p
Cancelled (650,432) 225p (1,941,634) 225p
Outstanding at 31 December 7,862,031 203p 8,734,919 210p
Exercisable at 31 December 563,903 249p 225,676 341p
Remaining contractual life of options outstanding (years)(1) 2.36 2.98
Options exercised during the year
Share price at time of exercise(1) 265p 296p
1. Weighted average.
The Sharesave options were granted on 6 December 2021 with an exercise price
of 206p. The weighted average option term was 3.31years. The weighted average
share price at grant date was 237p and the weighted average fair value at
grant date was 32p. 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.
2021 2020
Number of options outstanding Number of options outstanding
189p-199p 6,060,069 7,346,548
200p-327p 1,685,559 873,002
328p-345p 116,403 515,369
Outstanding at 31 December 7,862,031 8,734,919
(c) Matching shares granted under share incentive plans
During the year ended 31 December 2021, 345,476 matching shares were granted
under the share incentive plan (2020: 371,274). The weighted average share
price at grant date was 277p 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 2021, the liability recognised for cash-settled deferred fund
awards was £58m (2020: £61m). The liability includes £10m (2020: £11m) for
deferred fund awards related to funds which are consolidated. The intrinsic
value for vested deferred fund awards related to funds which are consolidated
was £6m (2020: £5m).
(d)(ii) Cash settled share based payments
At 31 December 2021, the liability recognised for cash-settled share based
payments was £nil (2020: £nil).
44. 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.
During the year, the Group recognised management fees of £4m (2020: £4m)
from the Group's defined benefit pension plans.
In the year ended 31 December 2021, for associates accounted for using the
equity method, the Group recognised sales primarily in relation to management
fees of £36m (2020: £195m) and purchases in relation to services received of
£2m (2020: £79m). Management fees include sales where the selection of the
Group as the asset manager is made by the underlying policyholder.
In the year ended 31 December 2021 there were sales to joint ventures of £4m
(2020: £10m) and purchases from joint ventures of £nil (2020: £nil).
In addition to these transactions between the Group and 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
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.
The Group had balances due from associates accounted for using the equity
method of £nil (2020: £65m), balances due to associates accounted for using
the equity method of £nil (2020: £43m), £1m due from joint ventures (2020:
£1m) and no amounts due to joint ventures (2020: £nil) as at 31 December
2021. The Group's defined benefit pension plans have assets of £1,138m (2020:
£965m) invested in investment vehicles managed by the Group.
Details of the simplification and extension of the strategic partnership
between the Group and Phoenix during the year ended 31 December 2021 are
included in Note 1(c)(iii). With effect from 23 February 2021, Phoenix is no
longer accounted for as an associate.
Details of the sale of a subsidiary to a joint venture business during the
year ended 31 December 2020 are included in Note 1(c)(ii).
During the year ended 31 December 2021, the Group committed to providing £6m
of additional funding to a joint venture subject to the fulfilment of
specified conditions (2020: £12m). The capital contributions to this joint
venture during the year ended 31 December 2021 were £11m (2020: £5m) with an
outstanding commitment of £2m at 31 December 2021
(2020: £7m).
(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:
2021 2020
£m £m
Salaries and other short-term employee benefits 12 9
Post-employment benefits - -
Share-based payments and deferred fund awards 7 12
Termination benefits 1 1
Total compensation of key management personnel 20 22
(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 the Group during the
year are on terms which are equivalent to those available to all employees of
the Group.
45. 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 liquidity and capital management policy 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 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. 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 on pages 61 to 64. Information on financial
instruments risk is also provided in Note 37.
(b) Regulatory capital
(b)(i) Regulatory capital framework
The Group was supervised under the CRD IV regulatory regime for group
prudential supervisory purposes up to 31 December 2021 and therefore measured
and monitored its capital on that basis. From 1 January 2022, the Group is
supervised under the Investment Firms Prudential Regime (see Section (b)(iii)
below). The Group's regulatory capital position under CRD IV is determined by
consolidating the eligible capital and reserves of the Group (subject to a
number of deductions) to derive regulatory capital resources, 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 capital
resources are maintained.
The Group is required to hold capital resources to cover both Pillar 1 and
Pillar 2 capital requirements, described below.
Pillar 1 - minimum requirement for capital
Pillar 1 focuses on fixed overhead requirements and the Group's exposure to
credit and market risks in respect of risk-weighted assets, and sets a minimum
requirement for capital based on these measures. At 31 December 2021, the
Group's draft Pillar 1 minimum requirement for capital was £0.5bn (2020:
£0.5bn).
Pillar 2 - ICAAP and supervisory review and evaluation process
Pillar 2 supplements the Pillar 1 minimum requirement via the ICAAP, which is
the means by which the Group assesses the level of capital that adequately
supports all of the relevant current and future risks in its business. The
ICAAP focuses on the principal risks to the consolidated financial position
and examines each risk category to identify exposures that could put the
Group's capital at risk. The results of the Group's ICAAP process will be
subject to periodic review by the FCA under the Supervisory Review and
Evaluation Process (SREP).
(b)(ii) Regulatory capital position under CRD IV (unaudited)
2021(1) 2020(1)
£bn £bn
IFRS equity attributable to equity holders of abrdn plc 7.6 6.8
Deductions for intangibles and defined benefit pension assets, net of related (2.2) (2.0)
deferred tax liabilities
Deductions for significant investments in financial sector entities (0.8) (0.9)
Deductions for non-significant investments in financial sector entities (0.1) (0.8)
Other deductions and adjustments, including provision for foreseeable dividend (1.0) (0.2)
Common Equity Tier 1 capital resources 3.5 2.9
Additional Tier 1 capital resources 0.2 -
Total Tier 1 capital resources 3.7 2.9
Tier 2 capital resources 0.6 0.5
Total regulatory capital resources 4.3 3.4
Total regulatory capital requirements (1.1) (1.1)
Surplus regulatory capital 3.2 2.3
1. 2021 draft position on 28 February 2022 following finalisation of the
Annual report and accounts, 2020 based on Pillar 3 reporting.
The Group has complied with all externally imposed capital requirements during
the year. The Group's Pillar 3 disclosures will be published on the Group's
website at www.abrdn.com/annualreport.
(b)(iii) Investment Firms Prudential Regime (IFPR)
As noted above, from 1 January 2022, the Group is supervised under the IFPR.
Under IFPR the Group fully excludes the value of its holding in significant
listed investments.
The Investment Firms Prudential Regime is introducing constraints on the
proportion of the minimum capital requirement that can be met by each tier of
capital. As a result, it is estimated that approximately £0.3bn of existing
Tier 2 capital, whilst continuing to be reported within the Group's capital
resources, is not available to meet the minimum capital requirement from 1
January 2022.
The draft regulatory capital position under IFPR at 31 December 2021
(unaudited) would have been as follows:
2021(1)
£bn
IFRS equity attributable to equity holders of abrdn plc 7.6
Deductions for intangibles and defined benefit pension assets, net of related (2.2)
deferred tax liabilities
Deductions for significant investments in financial sector entities (2.0)
Deductions for non-significant investments in financial sector entities (0.5)
Other deductions and adjustments, including provision for foreseeable dividend (0.5)
Common Equity Tier 1 capital resources 2.4
Additional Tier 1 capital resources 0.2
Total Tier 1 capital resources 2.6
Tier 2 capital resources 0.6
Total regulatory capital resources 3.2
Subordinated debt restriction (0.3)
Total regulatory capital resources available to meet total regulatory capital 2.9
requirements
Total regulatory capital requirements (1.1)
Surplus regulatory capital 1.8
CET1 ratio 774%
1. 2021 draft position on 28 February 2022 following finalisation of the
Annual report and accounts.
46. Events after the reporting date
On 28 January 2022, the Group announced that it had sold an aggregate of
39,981,442 ordinary shares of its shareholding in Phoenix, representing
approximately 4% of Phoenix's issued share capital, at a price of 660 pence
per share, raising aggregate gross sale proceeds of c£264 million. As a
result of the sale, the Group's shareholding has reduced to 10.4% and it
continues to be classified as equity securities and interests in pooled
investment funds, measured at fair value.
On 2 December 2021 the Group announced the proposed acquisition of 100% of the
issued share capital of Antler Holdco Limited, the holding company of
interactive investor Limited ("interactive investor") for cash consideration
of £1.49bn, subject to certain adjustments. interactive investor is the
leading subscription-based, digitally-enabled, direct investing platform in
the UK and, as the acquisition constitutes a Class 1 transaction under the
Listing Rules, a Class 1 Circular was published on 9 February 2022. Completion
is subject to the satisfaction of certain conditions, including relevant
regulatory approvals and the approval of the acquisition by the Group's
shareholders at a General Meeting on 15 March 2022.
47. 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 2021 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 in which the Group
has no interest but whose general partner is controlled by the Group are not
consolidated. However such limited partnerships are considered to be related
undertakings under Companies Act 2006 and therefore are listed below. Where
the Group has no interest in a limited partnership 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 2021 is £104m
(2020: £93m) 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)
30 STMA 1 Limited(3) Ordinary Shares 100%
30 STMA 2 Limited(3) Ordinary Shares 100%
30 STMA 3 Limited(3) Ordinary Shares 100%
30 STMA 4 Limited(3) Ordinary Shares 100%
30 STMA 5 Limited(3) Ordinary Shares 100%
6 SAS 3 Limited(3) Ordinary Shares 100%
Aberdeen Asset Management PLC(4) Ordinary shares 100%
Aberdeen Corporate Services Limited Ordinary Shares 100%
abrdn Charitable Foundation(4) 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 Limited(3) Ordinary Shares 100%
abrdn Investments (Holdings) Limited Ordinary Shares 100%
abrdn (Mauritius Holdings) 2006 Limited(5) Ordinary Shares 100%
Focus Business Solutions Limited(6) Ordinary Shares 100%
Focus Solutions Group Limited(7) Ordinary Shares 100%
Standard Life Aberdeen Trustee Company Limited Ordinary shares 100%
Standard Life Oversea Holdings Limited(8) Ordinary Shares 100%
Standard Life Savings Limited Ordinary Shares 100%
The Standard Life Assurance Company 2006 N/A 100%
Threesixty Services LLP(9) Limited Liability Partnership 100%
Threesixty Support LLP(9) Limited Liability Partnership 100%
(b) Other subsidiaries, joint ventures, associates and other
significant holdings
Name of related undertaking Share class(1) % interest held(2)
21ASI Long Term Fund I SCSp(10) Limited Partnership 0%
6 SAS 1 Limited Ordinary Shares 100%
6 SAS 2 Limited Ordinary Shares 100%
Aberdeen ACM Team LP(4) Limited Partnership 0%
Aberdeen ACP LLP(4) Limited Liability Partnership 100%
Aberdeen Alternatives (Holdings) Limited(4) Ordinary shares 100%
Aberdeen Asia IV (General Partner) S.a.r.l.(11) Ordinary shares 100%
Aberdeen Asia Pacific II (Offshore), LP(12) Limited Partnership 0%
Aberdeen Asia Pacific Fund, LP(12) Limited Partnership 0%
Aberdeen Asia Pacific Fund II, LP(12) Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP(12) Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP(12) Limited Partnership 0%
Aberdeen Asia Pacific III, LP(12) Limited Partnership 0%
Aberdeen Asia Partners III, LP(13) Limited Partnership 0%
Aberdeen ASIF Carry LP(4) Limited Partnership 25%
Aberdeen Asset Investment Group Limited(3) Ordinary shares 100%
Aberdeen Asset Investments Limited(3) Ordinary shares 100%
Aberdeen Asset Management Cayman Limited(12) Ordinary shares 100%
Aberdeen Asset Management Denmark A/S(14) Ordinary shares 100%
Aberdeen Asset Management Finland Oy(15) Ordinary shares 100%
Aberdeen Asset Management (Thailand) Ltd(16) Ordinary shares 100%
Aberdeen Asset Management US GP Control LLC(17) Limited Liability Company 100%
Aberdeen Asset Managers Limited(4) Ordinary shares 100%
Aberdeen Asset Middle East Limited(18) Ordinary shares 100%
Aberdeen Capital Management LLC(17) Limited Liability Company 100%
Aberdeen Capital Managers GP LLC(13) Limited Liability Company 100%
Aberdeen Claims Administration, Inc.(19) Ordinary shares 100%
Aberdeen Co-Investment Mandate LP(4) Limited Partnership 0%
Aberdeen Direct Property (Holding) Limited(3) Ordinary shares 100%
Aberdeen Emerging Asia Fund, LP(12) Limited Partnership 0%
Aberdeen Emerging Asia Pacific II (Offshore), LP(12) Limited Partnership 0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP(12) Limited Partnership 0%
Aberdeen Energy & Resource Company IV, LLC(17) Limited Liability Company 73%
Aberdeen Energy & Resources Company V, LLC(17) Limited liability company 100%
Aberdeen Energy & Resources Partners II, LP(17) Limited Partnership 0%
Aberdeen Energy & Resources Partners III, LP(17) Limited Partnership 0%
Aberdeen Energy & Resources Partners IV, LP(17) Limited Partnership 1%
Aberdeen Energy & Resources Partners V, LP(17) Limited Partnership 2%
Aberdeen European Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen European Infrastructure Carry Limited(4) Ordinary shares 100%
Aberdeen European Infrastructure Co-Invest II LP(3) Limited Partnership 0%
Aberdeen European Infrastructure III A Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure III B Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure IV Ltd(3) Ordinary shares 100%
Aberdeen European Infrastructure GP Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure GP II Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure GP III Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure Partners Carry LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry II LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry III LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners LP(3) Limited Partnership 3%
Aberdeen European Infrastructure Partners II LP(3) Limited Partnership 3%
Aberdeen European Infrastructure Partners III LP(3) Limited Partnership 5%
Aberdeen European Residential Opportunities Fund SCSp(20) Limited Partnership 0%
Aberdeen France S.A.(21) Ordinary shares 100%
Aberdeen Fund Distributors LLC(19) Limited Liability Company 100%
Aberdeen Fund Management II Oy(22) Ordinary shares 100%
Aberdeen Fund Management Ireland Limited(23) Ordinary shares 100%
Aberdeen General Partner 1 Limited(4) Ordinary shares 100%
Aberdeen General Partner 2 Limited(4) Ordinary shares 100%
Aberdeen General Partner CAPELP Limited(12) Ordinary shares 100%
Aberdeen General Partner CGPLP Limited(12) Ordinary shares 100%
Aberdeen General Partner CMENAPELP Limited(12) Ordinary shares 100%
Aberdeen General Partner CPELP Limited(12) Ordinary shares 100%
Aberdeen General Partner CPELP II Limited(12) Ordinary shares 100%
Aberdeen Global ex-Japan FoF's LP(12) Limited Partnership 5%
Aberdeen Global ex-Japan GP Limited(12) Ordinary shares 100%
Aberdeen Global Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen Global Infrastructure GP Limited(24) Ordinary shares 100%
Aberdeen Global Infrastructure GP II Limited(24) Ordinary shares 100%
Aberdeen Global Infrastructure Partners Carry LP(4) Limited Partnership 25%
Aberdeen Global Infrastructure Partners II Carry LP(4) Limited Partnership 25%
Aberdeen Global Infrastructure Partners LP(25) Limited Partnership 0%
Aberdeen Global Infrastructure Partners II LP(25) Limited Partnership 0%
Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25%
Aberdeen Global Partners, LP(17) Limited Partnership 0%
Aberdeen GP 1 LLP(4) Limited Liability Partnership 100%
Aberdeen GP 2 LLP(4) Limited Liability Partnership 100%
Aberdeen GP 3 LLP(4) Limited Liability Partnership 100%
Aberdeen Infrastructure Feeder GP Limited(4) Ordinary shares 100%
Aberdeen Infrastructure Finance GP Limited(24) Ordinary shares 100%
Aberdeen Infrastructure GP II Limited(3) Ordinary shares 100%
Aberdeen Infrastructure Partners II Carry LP(4) Limited Partnership 25%
Aberdeen Infrastructure Partners II LP(4) Limited Partnership 0%
Aberdeen Infrastructure Partners LP Inc(24) Limited Partnership 0%
Aberdeen Institutional Commingled Funds LLC - Long Duration Corporate Bond Unit Trust 100%
Fund(26)
Aberdeen International Partners II, LP(13) Limited Partnership 0%
Aberdeen International Partners II (Offshore), LP(13) Limited Partnership 0%
Aberdeen International Partners III, LP(13) Limited Partnership 0%
Aberdeen International Partners III (Offshore), LP(13) Limited Partnership 0%
Aberdeen Investment Company Limited(4) Ordinary shares 100%
Aberdeen Investment Solutions Limited(4) Ordinary shares 100%
Aberdeen Investments Jersey Limited(27) Ordinary shares 100%
Aberdeen Investments Limited(3) Ordinary shares 100%
Aberdeen Keva Asia IV Property Partners SCSp(11) Limited Partnership 0%
Aberdeen Liquidity Fund (Lux)
Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund(20) SICAV 100%
Aberdeen Next Generation Partners V, LP(13) Limited Partnership 0%
Aberdeen Pension Trustees Limited(4) Ordinary shares 100%
Aberdeen Pooling II GP AB(28) Ordinary shares 100%
Aberdeen Private Equity Company VII, LLC(17) Limited Liability Company 62%
Aberdeen Private Equity Company VIII, LLC(17) Limited liability company 77%
Aberdeen Property Fund Finland I Feeder Ky(22) Limited Partnership 0%
Aberdeen Property Fund Finland LP(22) Limited Partnership 0%
Aberdeen Property Fund Management Estonia Ou(29) Ordinary shares 100%
Aberdeen Property Fund Management (Jersey) Limited(30) Ordinary shares 100%
Aberdeen Property Investors Estonia Ou(29) Ordinary shares 100%
Aberdeen Property Investors France SAS(21) Ordinary shares 100%
Aberdeen Property Investors (General Partner) S.a.r.l.(31) Ordinary shares 100%
Aberdeen Property Investors Limited Partner Oy(22) Ordinary shares 100%
Aberdeen Property Investors The Netherlands BV(32) Ordinary shares 100%
Aberdeen Property Secondaries Partners II(20) Limited Partnership 2%
Aberdeen Real Estate Fund Finland LP(33) Limited Partnership 10%
Aberdeen Real Estate Operations Limited(4) Ordinary shares 100%
Aberdeen Real Estate Partners II, LP(13) Limited Partnership 0%
Aberdeen Real Estate Partners III, LP(13) Limited Partnership 0%
Aberdeen Residential JV Feeder Limited Partner Oy(22) Ordinary shares 100%
Aberdeen Secondaries II GP S.a.r.l.(20) Ordinary shares 100%
Aberdeen Sidecar LP Inc(24) Limited Partnership 0%
Aberdeen SP 2013 A/S(14) Ordinary shares 100%
Aberdeen Standard 2019 European PE A Carry LP Limited Partnership 40%
Aberdeen Standard 2019 European PE B Carry LP Limited Partnership 40%
Aberdeen Standard ACS I
ASI Sustainable Index UK Equity Fund(3) OEIC 58%
Aberdeen Standard Alternative Funds Limited Ordinary Shares 100%
Aberdeen Standard Asset Management Limited Ordinary Shares 100%
Aberdeen Standard Carlsbad Carry LP(4) Limited Partnership 25%
Aberdeen Standard Carlsbad GP Limited(24) Ordinary shares 100%
Aberdeen Standard Carlsbad LP(4) Limited Partnership 0%
Aberdeen Standard Core Infrastructure III LTP LP Limited Partnership 100%
Aberdeen Standard ECF II GP LP Limited Partnership 0%
Aberdeen Standard European Infrastructure GP IV Limited(3) Ordinary Shares 100%
Aberdeen Standard European Infrastructure Partners IV LP(3) Limited Partnership 4%
Aberdeen Standard European Infrastructure Partners Carry IV LP Limited Partnership 25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP(3) Limited Partnership 0%
Aberdeen Standard European Property Growth Fund LP(3) Limited Partnership 0%
Aberdeen Standard Fund Managers Limited(3) Ordinary shares 100%
Aberdeen Standard Global Infrastructure GP III Ltd(24) Ordinary shares 100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP Limited Partnership 25%
Aberdeen Standard Global Infrastructure Partners III (2021) Carry LP(25) Limited Partnership 25%
Aberdeen Standard Global Risk Mitigation Fund (Australia)(34) Unit Trust 97%
Aberdeen Standard Greater China Value Fund(35) Investment Trust 71%
Aberdeen Standard Group Limited Ordinary Shares 100%
Aberdeen Standard Gulf Carry GP Limited(4) Ordinary shares 100%
Aberdeen Standard Investment Management Limited Ordinary Shares 100%
Aberdeen Standard Investments (Holdings) Limited Ordinary shares 100%
Aberdeen Standard Investments (Switzerland) AG(36) Ordinary shares 100%
Aberdeen Standard Investments Beteiligungs GmbH(37) Limited Liability Company 94%
Aberdeen Standard Investments Colombia SAS(38) Ordinary shares 100%
Aberdeen Standard Investments Deutschland AG(37) Ordinary shares 90%
Aberdeen Standard Investments ETFs
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF(39) ETF 95%
Aberdeen Standard Investments ETFs (US) LLC(39) Limited liability company 100%
Aberdeen Standard Investments ETFs Advisors LLC(39) Limited liability company 100%
Aberdeen Standard Investments ETFs Sponsor LLC(39) Limited liability company 100%
Aberdeen Standard Investments Ireland Limited(40) Ordinary shares 100%
Aberdeen Standard Investments Limited Ordinary Shares 100%
Aberdeen Standard Investments Luxembourg Corporate Manager S.a.r.l.(11) Ordinary shares 100%
Aberdeen Standard Investments Luxembourg S.A.(41) Ordinary shares 100%
Aberdeen Standard Investments Sweden AB(28) Ordinary shares 100%
Aberdeen Standard (Jersey) Limited(42) Ordinary Shares 100%
Aberdeen Standard Life Asset Management Limited Ordinary Shares 100%
Aberdeen Standard Life Group Limited Ordinary Shares 100%
Aberdeen Standard Life Investments Limited Ordinary Shares 100%
Aberdeen Standard Life Limited Ordinary Shares 100%
Aberdeen Standard Limited Ordinary Shares 100%
Aberdeen Standard MSPC General Partner S.a.r.l.(20) Limited Liability Company 100%
Aberdeen Standard Multi-Sector Private Credit Fund SCSp(20) Limited Partnership 3%
Aberdeen Standard OEIC I
ASI China A Share Equity Fund(3) OEIC 45%
ASI Sterling Bond Fund(3) OEIC 22%
ASI Sterling Long Dated Government Bond Fund(3) OEIC 49%
Aberdeen Standard OEIC III
ASI MyFolio Sustainable I Fund(3) OEIC 48%
ASI MyFolio Sustainable II Fund(3) OEIC 32%
ASI MyFolio Sustainable V Fund(3) OEIC 38%
Aberdeen Standard OEIC V
ASI Multi-Asset Climate Solutions Fund(3) OEIC 77%
Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF(20) Limited Partnership 0%
Aberdeen Standard Private Equity Company IX, LLC(17) Limited liability company 80%
Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC(17) Limited liability company 80%
Aberdeen Standard Private Real Assets Co-investment Fund I GP, LP(26) Limited partnership 0%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LP(17) Limited Partnership 1%
Aberdeen Standard Secure Credit LP Limited Partnership 0%
Aberdeen Standard SICAV I
Aberdeen Standard SICAV I - Artificial Intelligence Global Equity Fund(20) SICAV 50%
Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund(20) SICAV 31%
Aberdeen Standard SICAV I - Asian Credit Bond Fund(20) SICAV 47%
Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund(20) SICAV 98%
Aberdeen Standard SICAV I - Climate Transition Bond Fund(20) SICAV 96%
Aberdeen Standard SICAV I - Emerging Markets Local Currency Corporate Bond SICAV 90%
Fund(20)
Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Corporate SICAV 98%
Bond Fund(20)
Aberdeen Standard SICAV I - Europe ex UK Sustainable and Responsible SICAV 24%
Investment Equity Fund(20)
Aberdeen Standard SICAV I - German Equity Fund(20) SICAV 34%
Aberdeen Standard SICAV I - Global Climate & Environment Equity Fund(20) SICAV 100%
Aberdeen Standard SICAV II
Aberdeen Standard SICAV II - Dynamic Multi Asset Income Fund(43) SICAV 100%
Aberdeen Standard SICAV II - Global Focused Equity Fund(43) SICAV 94%
Aberdeen Standard SICAV II - Multi Asset Climate Opportunities(43) SICAV 100%
Aberdeen Standard SICAV III
Aberdeen Standard SICAV III - Emerging Market Debt Sustainable and Responsible SICAV 100%
Investment Fund(43)
Aberdeen Standard SOF IV Feeder LP Limited Partnership 0%
Aberdeen Standard SOF IV GP LP Limited Partnership 25%
Aberdeen Standard SOF IV LP Limited Partnership 0%
Aberdeen Standard SOF Evergreen GP LP Limited Partnership 40%
Aberdeen Standard SOF Evergreen LP Limited Partnership 0%
Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership(3) Limited Partnership 0%
Aberdeen Standard Unit Trust 1
ASI Diversified Growth Fund(3) Unit trust 47%
Aberdeen Standard U.S. Private Equity IX, LP(26) Limited Partnership 0%
Aberdeen Standard Venture Company XII, LLC(17) Limited liability company 91%
Aberdeen Trust Limited(4) Ordinary shares 100%
Aberdeen UK Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen UK Infrastructure Carry Limited(4) Ordinary shares 100%
Aberdeen Unit Trust Managers Limited(4) Ordinary shares 100%
Aberdeen U.S. Private Equity III (Offshore), LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity IV, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity IV (Offshore), LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity IV SPV-A, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity V, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity V (Offshore), LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity V SPV-A, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VI, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VI (Offshore), LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VI SPV-A, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VII, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VII (Offshore), LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VIII, LP(17) Limited Partnership 0%
Aberdeen U.S. Private Equity VIII (Offshore), LP(17) Limited Partnership 0%
Aberdeen Venture Partners VII, LP(17) Limited Partnership 0%
Aberdeen Venture Partners VII (Offshore), LP(17) Limited Partnership 0%
Aberdeen Venture Partners VII SPV-A, LP(17) Limited Partnership 0%
Aberdeen Venture Partners VIII, LP(17) Limited Partnership 0%
Aberdeen Venture Partners VIII (Offshore), LP(17) Limited Partnership 0%
Aberdeen Venture Partners VIII SPV-A, LP(17) Limited Partnership 0%
Aberdeen Venture Partners VIII SPV-B, LP(17) Limited Partnership 0%
Aberdeen Venture Partners VIII SPV-C, LP(17) Limited Partnership 0%
Aberdeen Venture Partners IX, LP(17) Limited Partnership 0%
Aberdeen Venture Partners IX (Offshore), LP(17) Limited Partnership 0%
Aberdeen Venture Company X, LLC(17) Limited Liability Company 63%
Aberdeen Venture Company XI, LLC(17) Limited liability company 87%
Aberdeen Venture Partners X, LP(17) Limited Partnership 1%
Aberdeen Venture Partners X (Offshore) LP(17) Limited Partnership 0%
Aberdeen Venture Partners X SPV-A, LP(17) Limited Partnership 0%
Aberdeen Venture Partners X SPV-B, LP(17) Limited Partnership 0%
Aberdeen Venture Partners XI, LP(17) Limited Partnership 1%
Aberdeen Venture Partners XI (Offshore), LP(17) Limited Partnership 0%
Aberdeen Venture Partners XI SPV-A, LP(17) Limited Partnership 0%
Aberdeen Venture Partners XI SPV-B, LP(17) Limited Partnership 0%
Aberdeen Venture Partners XII, LP(17) Limited Partnership 1%
Aberdeen Venture Partners XIII LP (17) Limited Partnership 100%
abrdn Asia Limited(44) Ordinary shares 100%
abrdn Australia Ltd(34) Ordinary shares 100%
abrdn Brasil Investimentos Ltda(45) Limited Liability Company 100%
abrdn Canada Limited(46) Ordinary shares 100%
abrdn Capital (CI) Limited(27) Ordinary Shares 100%
abrdn Capital International Limited(27) Ordinary Shares 100%
abrdn Capital Limited Ordinary Shares 100%
abrdn Capital Partners LLP Limited Liability Partnership 100%
abrdn Corporate Secretary Limited Ordinary shares 100%
abrdn CP (Holdings) Limited Ordinary Shares 100%
abrdn (CRED II) GP Limited Ordinary shares 100%
abrdn Digital Solutions Limited Ordinary Shares 100%
abrdn Financial Planning & Advice Limited(3) Ordinary A Shares 100%
Ordinary B Shares
abrdn Founder Co Limited Ordinary shares 100%
abrdn Hong Kong Limited(47) Ordinary shares 100%
abrdn Inc.(17) Ordinary shares 100%
abrdn Investment Management Limited Ordinary Shares 100%
abrdn Islamic Malaysia Sdn. Bhd.(48) Ordinary shares 100%
abrdn Japan Limited(49) Ordinary shares 100%
abrdn Korea Co. Limited(50) Ordinary shares 100%
abrdn Korea GP 2 Pte. Ltd(51) Ordinary shares 100%
abrdn Korea Separate Account 2 LP(51) Limited Partnership 1%
abrdn Life and Pensions Limited(3) Ordinary shares 100%
abrdn Malaysia Sdn. Bhd.(48) Ordinary shares, Irredeemable non-convertible preference shares 100%
abrdn Nominees Services HK Limited(47) Ordinary shares 100%
abrdn Portfolio Investments Limited Ordinary Shares 100%
abrdn Portfolio Investments US Inc.(17) Ordinary Shares 100%
abrdn Premises Services Limited Ordinary Shares 100%
abrdn Private Equity (Europe) Limited Ordinary Shares 100%
abrdn Private Fund Management (Shanghai) Company Limited(52) Ordinary shares 100%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited(52) Ordinary shares 100%
abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100%
abrdn SPV 2021 A GP, LLC(17) Limited liability company 79%
abrdn Taiwan Limited(35) Ordinary shares 100%
abrdn (USA) Limited Ordinary Shares 100%
abrdn Venture Company XIII, LLC(17) Limited liability company 91%
ACM Carry LP(4) Limited Partnership 40%
AEROF (Luxembourg) GP S.a.r.l.(20) Ordinary shares 100%
AERP V-A Master, LP(17) Limited Partnership 0%
AIA Series T Holdings LLC(26) Limited liability company 0%
AIPP Folksam Europe II Kommanditbolag(53) Limited Partnership 0%
AIPP Pooling I SA(20) Ordinary shares 100%
Airport Industrial GP Limited(3) Ordinary shares 100%
Airport Industrial Limited Partnership(3) Limited Partnership 0%
Aldwych Capital Partners, LP Limited Partnership 0%
Andean Social Infrastructure Fund I LP(12) Limited Partnership 1%
Andean Social Infrastructure GP Limited(12) Ordinary shares 100%
Andean Social Infrastructure (No. 1) limited(3) Ordinary shares 100%
Arden Garden State NJ Fund, LP(26) Limited Partnership 1%
Arden Institutional Advisers, LP(26) Limited Partnership 0%
Arden Institutional Fund LP(26) Limited Partnership 0%
Arthur House (No.6) Limited(3) Ordinary shares 100%
Artio Global Investors Inc.(19) Ordinary shares 100%
ASI Core Private Equity Fund GP, LLC(17) Limited liability company 94%
ASI Direct RE GP LLP Limited Liability Partnership 100%
ASI European Long Income RE Fund SCSp(20) Limited Partnership 9%
ASI European Private Equity 2019 B LP Limited Partnership 0%
ASI (General Partner 2019 European PE A Carry) Limited Ordinary shares 100%
ASI (General Partner 2019 European PE A) S.a.r.l.(20) Ordinary shares 100%
ASI (General Partner 2019 European PE B) Limited Ordinary Shares 100%
ASI (General Partner ECF II) Limited Ordinary shares 100%
ASI (General Partner PE2) Limited Ordinary Shares 100%
ASI (General Partner PFF 2018) S.a.r.l.(20) Ordinary Shares 100%
ASI (General Partner SOF IV) Limited Ordinary Shares 100%
ASI (Gold) Limited(7) Ordinary Shares 100%
ASI Han Co-Investment LP Limited Partnership 90%
ASI (KFAS) RE GP LLP Limited Liability Partnership 100%
ASI Little Mill Carry LP(4) Limited Partnership 0%
ASI Little Mill LP(4) Limited Partnership 0%
ASI Mid-Market 1 LP(4) Limited Partnership 0%
ASI MM Executive Co Investment LP(4) Limited Partnership 0%
ASI (NWPE 2021) Carry LP Limited Partnership 0%
ASI PE 1 Carry LP(4) Limited Partnership 40%
ASI (PGPE III) GP LP Limited Partnership 40%
ASI Phoenix Fund Financing SCSp(20) Limited Partnership 0%
ASI Phoenix Global Private Equity III LP Limited Partnership 0%
ASI Phoenix Venture Capital Partners LP Limited Partnership 0%
ASI Private Equity 1 LP(4) Limited Partnership 0%
ASI Private Equity 2 GP LP Limited Partnership 40%
ASI Private Equity 2 LP Limited Partnership 0%
ASI (PVCP) GP LP Limited Partnership 0%
ASI REMM GP LLP(4) Limited Liability Partnership 100%
ASI Shin Co-Investment LP(4) Limited Partnership 100%
ASI Shin Global Investment GP Limited(12) Ordinary shares 100%
ASI (SOF E GP) Limited Ordinary Shares 100%
ASI000 GP I S.àr.l.(20) SICAV 100%
ASII - Emerging Markets Equity ADR Fund(17) Ordinary Shares 100%
ASII - International Equity ADR Fund(17) Ordinary shares 100%
ASII - US Equity Impact Fund(17) Ordinary shares 100%
ASII - US Multi-Cap Equity Fund(17) Ordinary shares 100%
ASII - US SMID Cap Equity Fund(17) Ordinary shares 100%
ASPER (Luxembourg) GP S.a.r.l.(20) Ordinary shares 100%
Baigrie Davies & Company Limited(3) Ordinary shares 100%
Baigrie Davies Holdings Limited(3) Ordinary shares 100%
Ballentine Core Private Equity Fund, LP(17) Limited Partnership 25%
BoS Mezzanine Partners Fund LP(54) Limited Partnership 0%
BOSEMP Feeder LP(4) Limited Partnership 0%
C.C. U.S. Private Equity Fund, LP(26) Limited Partnership 1%
C.C. U.S. Private Equity Fund II, LP(17) Limited Partnership 0%
C.C. U.S. Private Equity Fund GP, LLC(17) Limited Liability Company 81%
C.C. U.S. Private Equity Fund GP II, LLC(17) Limited liability company 84%
Castlepoint General Partner Limited(55) Ordinary Shares 100%
Castlepoint LP(55) Limited Partnership 0%
Castlepoint Nominee Limited(55) Ordinary shares 100%
Concession Infrastructure Investments Manager Limited(56) Ordinary shares 50%
Coutts Asian Private Equity Limited Partnership(12) Limited Partnership 0%
Coutts Global Property Limited Partnership(12) Limited Partnership 0%
Coutts Middle East and North Africa Private Equity Limited Partnership(12) Limited Partnership 0%
Coutts Private Equity Limited Partnership(12) Limited Partnership 0%
Coutts Private Equity Limited Partnership II(12) Limited Partnership 0%
CPP General Partner Limited Partnership Limited Partnership 20%
Criterion Tec Holdings Ltd(57) Ordinary shares 21%
Cumberland Place Financial Management Limited(3) Ordinary Shares 100%
Edinburgh Fund Managers Group Limited(4) Ordinary shares 100%
Edinburgh Fund Managers Plc Ordinary shares 100%
Edinburgh Unit Trust Managers Limited(4) Ordinary shares, Deferred shares 100%
Elevate Portfolio Services Limited(3) Ordinary Shares 100%
ESF I Executive Co Investment Limited Partnership Limited Partnership 0%
ESP II Co Investment Limited Partnership Limited Partnership 0%
ESP II Conduit LP Limited Partnership 0%
ESP II General Partner Limited Partnership Limited Partnership 0%
ESP 2004 Co Investment Limited Partnership Limited Partnership 0%
ESP 2004 Conduit LP Limited Partnership 0%
ESP 2004 General Partner Limited Partnership Limited Partnership 0%
ESP 2006 Co Investment Limited Partnership Limited Partnership 0%
ESP 2006 Conduit LP Limited Partnership 0%
ESP 2006 General Partner Limited Partnership Limited Partnership 20%
ESP 2008 Coinvestment Fund LP Limited Partnership 0%
ESP 2008 Coinvestment General Partner Limited partnership Limited Partnership 0%
ESP 2008 Conduit LP Limited Partnership 0%
ESP 2008 Executive Co Investment Limited Partnership Limited Partnership 0%
ESP 2008 General Partner Limited Partnership Limited Partnership 0%
ESP CPPIB European Mid Market Fund Limited Partnership 1%
ESP General Partner Limited Partnership Limited Partnership 0%
ESP Golden Bear Europe Fund Limited Partnership 3%
ESP Golden Bear General Partner Limited Partnership Limited Partnership 0%
ESP Tidal Reach General Partner Limited Partnership Limited Partnership 20%
ESP Tidal Reach LP Limited Partnership 1%
European Strategic Partners Limited Partnership 0%
European Strategic Partners - I LP Limited Partnership 0%
European Strategic Partners II 'A' Limited Partnership 0%
European Strategic Partners II 'B' Limited Partnership 0%
European Strategic Partners II 'C' Limited Partnership 0%
European Strategic Partners II 'D' Limited Partnership 0%
European Strategic Partners II 'E' Limited Partnership 0%
European Strategic Partners 2004 'A' Limited Partnership 0%
European Strategic Partners 2004 'B' Limited Partnership 0%
European Strategic Partners 2006 'A' Limited Partnership 0%
European Strategic Partners 2006 'B' Limited Partnership 0%
European Strategic Partners 2008 'A' Limited Partnership 0%
European Strategic Partners 2008 'B' Limited Partnership 0%
European Strategic Partners Scottish 'B' Limited Partnership 0%
European Strategic Partners Scottish 'C' Limited Partnership 0%
Finimize Limited(3) Ordinary shares 100%
Flag Asia Company III, LLC(17) Limited liability company 100%
Flag Asia Company III, LP(17) Limited Partnership 0%
Flag Energy & Resource Company II, LLC(17) Limited liability company 100%
Flag Energy & Resource Company III, LLC(17) Limited liability company 100%
Flag GG Opportunity Company, LLC(17) Limited liability company 100%
Flag Global Company, LLC(17) Limited liability company 100%
Flag International Company, LLC(17) Limited liability company 100%
Flag International Company II, LLC(17) Limited liability company 100%
Flag International Company III, LLC(17) Limited liability company 100%
Flag International Company, LP(17) Limited Partnership 0%
Flag International Company II, LP(17) Limited Partnership 0%
Flag International Company III, LP(17) Limited Partnership 0%
Flag Offshore GP, Ltd(58) Ordinary shares 100%
Flag Private Equity Company, LLC(17) Limited liability company 100%
Flag Private Equity Company II, LLC(17) Limited liability company 100%
Flag Private Equity Company III, LLC(17) Limited liability company 100%
Flag Private Equity Company IV, LLC(17) Limited liability company 100%
Flag Private Equity Company V, LLC(17) Limited liability company 100%
Flag Private Equity Company VI, LLC(17) Limited liability company 100%
Flag Private Equity Company III, LP(17) Limited Partnership 0%
Flag Private Equity Company IV, LP(17) Limited Partnership 0%
Flag Private Equity Company V, LP(17) Limited Partnership 0%
Flag Real Assets Company LLC(17) Limited liability company 100%
Flag Real Estate Company II, LLC(17) Limited liability company 100%
Flag Real Estate Company III, LLC(17) Limited liability company 100%
Flag Squadron Asia Pacific III GP LP(12) Limited Partnership 0%
Flag Venture Company II, LLC(17) Limited liability company 100%
Flag Venture Company III, LLC(17) Limited liability company 100%
Flag Venture Company IV, LLC(17) Limited liability company 100%
Flag Venture Company V, LLC(17) Limited liability company 100%
Flag Venture Company VI, LLC(17) Limited liability company 100%
Flag Venture Company VII, LLC(17) Limited liability company 100%
Flag Venture Company VIII, LLC(17) Limited liability company 100%
Flag Venture Company IX, LLC(17) Limited liability company 100%
Flag Venture Company VI, LP(17) Limited Partnership 0%
Flag Venture Company VII, LP(17) Limited Partnership 0%
Flag Venture Company VIII, LP(17) Limited Partnership 0%
Focus Software Limited(7) Ordinary Shares 100%
FOF III Venture Company, LLC(17) Limited liability company 100%
FOF IV Venture Company, LLC(17) Limited liability company 100%
FOF V Venture Company, LLC(17) Limited liability company 100%
Fraser Heath Financial Management Limited(3) Ordinary Shares 100%
FSA III EA SPV, LP(12) Limited Partnership 0%
FSA III Pacific SPV, LP(12) Limited Partnership 0%
Griffin Nominees Limited(3) Ordinary shares 100%
Heng An Standard Life Insurance Company Limited(59) Ordinary Shares 50%
Ignis Asset Management Limited Ordinary Shares 100%
Ignis Cayman GP2 Limited(12) Ordinary Shares 100%
Ignis Cayman GP3 Limited(12) Ordinary Shares 100%
Ignis Fund Managers Limited(8) Ordinary Shares 100%
Ignis Investment Services Limited Ordinary Shares 100%
Jones Sheridan Financial Consulting Limited(3) Ordinary shares 100%
Jones Sheridan Holdings Limited(3) Ordinary shares 100%
KFAS Real Estate Limited Partnership Limited Partnership 0%
Murray Johnstone Holdings Limited(8) Ordinary shares 100%
Murray Johnstone Limited(4) Ordinary shares 100%
NASP 2006 General Partner Limited Partnership Limited Partnership 5%
NASP 2006 Special Limited Partnership Limited Partnership 0%
NASP 2008 General Partner Limited Partnership Limited Partnership 0%
NASP 2008 Special Limited Partnership Limited Partnership 0%
Next Generation Associates III, LLC(17) Limited liability company 100%
Next Generation Associates IV, LLC(17) Limited liability company 100%
Next Generation Associates V, LLC(17) Limited liability company 100%
Next Generation Associates V, LP(17) Limited Partnership 0%
North American Strategic Partners, LP(60) Limited Partnership 0%
North American Strategic Partners 2006 LP(12) Limited Partnership 0%
North American Strategic Partners 2008 LP(12) Limited Partnership 0%
North American Strategic Partners Companion Fund LP(60) Limited Partnership 0%
North American Strategic Partners (Feeder) 2006 Limited Partnership 0%
North American Strategic Partners (Feeder) 2008 Limited Partnership Limited Partnership 0%
North East Trustees Limited(3) Ordinary A Shares 100%
Ordinary B Shares
Origo Services Limited(57) Ordinary shares 19%
Orion Partners CLP Inc.(61) Ordinary shares 100%
Orion Partners Services Inc.(61) Ordinary shares 100%
Ostara China Real Estate Fund LP(61) Limited Partnership 0%
Ostara Japan Fund 3 LP(61) Limited Partnership 1%
Ostara Korea GP 2 Pte. Ltd(51) Ordinary shares 100%
Ostara Korea Separate Account LP(51) Limited Partnership 0%
Ostara Partners Inc. China(61) Ordinary shares 100%
Ostara Partners Inc. Japan 3(61) Ordinary shares 100%
Pace Financial Solutions Limited(3) Ordinary A Shares 100%
Ordinary B Shares
Ordinary C Shares
Pace Mortgage Solutions Limited(3) Ordinary A Shares 100%
Ordinary B Shares
Parnell Fisher Child & Co. Limited(3) Ordinary Shares 100%
Parnell Fisher Child Holdings Limited(3) Ordinary A Shares 100%
Ordinary B Shares
PE1 LP(4) Limited Partnership 0%
PE1A LP(4) Limited Partnership 0%
PE2 Carry LP(4) Limited Partnership 40%
PE2 LP(4) Limited Partnership 0%
Pearl Private Equity LP Limited Partnership 0%
Pearl Strategic Credit LP Limited Partnership 0%
Pearson Jones & Company (Trustees) Limited(3) Ordinary Shares 100%
Pearson Jones Nominees Limited(3) Ordinary Shares 100%
PGB European Buy-out Fund I SCSp(20) Limited Partnership 0%
PT Aberdeen Standard Investments Indonesia(62) Limited Liability Company 99%
PURetail Luxembourg Management Company S.a.r.l.(41) Class A shares 50%
Regent Property Partners (Retail Parks) Limited(3) Ordinary shares 100%
Serin Wealth Limited(7) Ordinary shares 100%
SG Commercial LLP(63) Limited Liability Partnership 60%
Shin Global Investment Partners LP(12) Limited Partnership 50%
SL Capital 2016 Co-Investment GP LP Limited Partnership 5%
SL Capital 2016 Co-Investment LP Limited Partnership 5%
SL Capital ECF GP LP Limited Partnership 4%
SL Capital ESF I GP LP Limited Partnership 0%
SL Capital ESF I LP Limited Partnership 1%
SL Capital European Co-Investment B LP Limited Partnership 0%
SL Capital European Co-Investment LP Limited Partnership 0%
SL Capital Ignis Private Equity Founder LP Limited Partnership 65%
SL Capital Ignis Strategic Credit Founder LP Limited Partnership 0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp(20) Limited Partnership 0%
SL Capital Infrastructure I GP LP Limited Partnership 0%
SL Capital Infrastructure I LP Limited Partnership 0%
SL Capital Infrastructure II LTP LP Limited Partnership 100%
SL Capital Infrastructure II SCSp(64) Limited Partnership 0%
SL Capital Infrastructure Secondary I GP LP Limited Partnership 0%
SL Capital Infrastructure Secondary I LP Limited Partnership 0%
SL Capital Infrastructure Secondary II LP Limited Partnership 25%
SL Capital NASF I A LP Limited Partnership 2%
SL Capital NASF I Carry LP Limited Partnership 0%
SL Capital NASF I GP LP Limited Partnership 0%
SL Capital NASF I LP Limited Partnership 0%
SL Capital Partners (US) Limited(8) Ordinary Shares 100%
SL Capital Pearl Private Equity GP LP Limited Partnership 0%
SL Capital Pearl Strategic Credit GP LP Limited Partnership 1%
SL Capital SOF I Feeder LP Limited Partnership 0%
SL Capital SOF II Feeder LP Limited Partnership 1%
SL Capital SOF III Feeder LP Limited Partnership 0%
SL Capital SOF I GP LP Limited Partnership 0%
SL Capital SOF II GP LP Limited Partnership 0%
SL Capital SOF III GP LP Limited Partnership 0%
SL Capital SOF I LP Limited Partnership 0%
SL Capital SOF II LP Limited Partnership 0%
SL Capital SOF III LP Limited Partnership 0%
SLC EC I Executive Co Investment Limited Partnership 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 (Founder Partner Ignis Private Equity) Limited Ordinary Shares 100%
SLCP (Founder Partner Ignis Strategic Credit) Limited Ordinary Shares 100%
SLCP (General Partner) Limited Ordinary Shares 100%
SLCP (General Partner II) Limited Ordinary Shares 100%
SLCP (General Partner 2016 Co-investment) Limited Ordinary Shares 100%
SLCP (General Partner CPP) Limited Ordinary Shares 100%
SLCP (General Partner EC) Limited Ordinary Shares 100%
SLCP (General Partner Edcastle) Limited Ordinary Shares 100%
SLCP (General Partner ESF I) Limited Ordinary Shares 100%
SLCP (General Partner ESF II) Limited Ordinary Shares 100%
SLCP (General Partner ESP 2004) Limited Ordinary Shares 100%
SLCP (General Partner ESP 2006) Limited Ordinary Shares 100%
SLCP (General Partner ESP 2008 Coinvestment) Limited Ordinary Shares 100%
SLCP (General Partner ESP 2008) Limited Ordinary Shares 100%
SLCP (General Partner ESP CAL) Limited Ordinary Shares 100%
SLCP (General Partner Europe VI) Limited Ordinary Shares 100%
SLCP (General Partner Infrastructure I) Limited Ordinary Shares 100%
SLCP (General Partner Infrastructure Secondary I) Limited Ordinary Shares 100%
SLCP (General Partner NASF I) Limited Ordinary Shares 100%
SLCP (General Partner NASP 2006) Limited Ordinary Shares 100%
SLCP (General Partner NASP 2008) Limited Ordinary Shares 100%
SLCP (General Partner Pearl Private Equity) Limited Ordinary Shares 100%
SLCP (General Partner Pearl Strategic Credit) Limited Ordinary Shares 100%
SLCP (General Partner SOF I) Limited Ordinary Shares 100%
SLCP (General Partner SOF II) Limited Ordinary Shares 100%
SLCP (General Partner SOF III) Limited Ordinary Shares 100%
SLCP (General Partner Tidal Reach) Limited Ordinary Shares 100%
SLCP (General Partner USA) Limited Ordinary Shares 100%
SLIF Property Investment LP Limited Partnership 0%
SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary Shares 100%
SLIPC (General Partner Infrastructure II) S.a.r.l.(64) Ordinary Shares 100%
SLIPC (General Partner Infrastructure III) S.à r.l.(20) Ordinary shares 100%
SLIPC (General Partner PMD Co-Invest 2017) Limited Ordinary Shares 100%
SLIPC (General Partner SCF 1) Limited Ordinary Shares 100%
SLTM Limited Ordinary Shares 100%
SOF I Executive Co Investment Limited Partnership Limited Partnership 0%
SOF II Executive Co Investment Limited Partnership Limited Partnership 0%
SOF III Executive Co Investment Limited Partnership Limited Partnership 0%
SOF IV Executive Co Investment Limited Partnership Limited Partnership 0%
SOF IV Carry LP Limited Partnership 25%
Squadron Asia Pacific Fund, LP(12) Limited Partnership 0%
Squadron Asia Pacific Fund II, LP(12) Limited Partnership 0%
Squadron Capital Asia Pacific GP, LP(12) Limited Partnership 100%
Squadron Capital Asia Pacific II GP LP(12) Limited Partnership 100%
Squadron Capital Partners Limited(12) Ordinary shares 100%
Squadron GP Participation, LP(12) Limited Partnership 0%
Squadron GP Participation II, LP(12) Limited Partnership 0%
Standard Aberdeen Asset Management Limited Ordinary Shares 100%
Standard Aberdeen Group Limited Ordinary Shares 100%
Standard Aberdeen Investment Management Limited Ordinary Shares 100%
Standard Aberdeen Investments Limited Ordinary Shares 100%
Standard Aberdeen 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 Commercial Real Estate Debt LP(3) Limited Partnership 0%
Standard Life Investments European RE Club (Offshore Feeder) Ltd(12) Ordinary shares 100%
Standard Life Investments European RE Club II (Offshore Feeder) Ltd(12) Ordinary shares 100%
Standard Life investments European Real Estate Club LP(3) Limited Partnership 2%
Standard Life Investments European Real Estate Club II LP(3) Limited Partnership 1%
Standard Life Investments European Real Estate Club III LP(3) Limited Partnership 2%
Standard Life Investments European Real Estate Club LP Feeder Fund(12) Limited Partnership 0%
Standard Life Investments European Real Estate Club II LP Feeder Fund(12) Limited Partnership 0%
Standard Life Investments (General Partner CRED) Limited(3) Ordinary Shares 100%
Standard Life Investments (General Partner ELIREF) S.a.r.l.(20) Ordinary shares 100%
Standard Life Investments (General Partner EPGF) Limited Ordinary Shares 100%
Standard Life Investments (General Partner European Real Estate Club) Ordinary Shares 100%
Limited(3)
Standard Life Investments (General Partner European Real Estate Club II) Ordinary Shares 100%
Limited(3)
Standard Life Investments (General Partner European Real Estate Club III) Ordinary Shares 100%
Limited(3)
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 Allocation) Ordinary Shares 100%
Limited
Standard Life Investments (General Partner MAC) Limited Ordinary Shares 100%
Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Ordinary Shares 100%
Limited(3)
Standard Life Investments Global Absolute Return Strategies Master Fund Ordinary Shares 100%
Limited(12)
Standard Life Investments Global Absolute Return Strategies Offshore Feeder Ordinary shares 100%
Fund Limited(12)
Standard Life Investments Global Absolute Return Strategies Onshore Feeder Limited Partnership 0%
Fund, LP(17)
Standard Life Investments (Mutual Funds) Limited Ordinary Shares 100%
Standard Life Investments UK Shopping Centre Feeder Fund Company Limited(65) Ordinary shares 100%
Standard Life Savings Nominees Limited Ordinary Shares 100%
Tenet Group Limited(66) Ordinary B Shares 25%
Tenon Nominees Limited(4) Ordinary shares 100%
The Munro Partnership Ltd Ordinary Shares 100%
Threesixty Partnerships Limited(9) Ordinary Shares 100%
Touchstone Insurance Company Limited(67) Ordinary Shares 100%
TPIF (No. 1) GP LLP(68) Limited Liability Partnership 60%
TPIF (No. 1) LP(68) Limited Partnership 0%
TPIF (Portfolio No. 1) GP LLP(63) Limited Liability Partnership 60%
TPIF (Portfolio No. 1) LP(63) Limited Partnership 0%
TPIF (Portfolio No. 1) Nomine Limited(63) Ordinary Shares 60%
Tritax Aberdeen HQ Office (General Partner) Limited(63) Ordinary Shares 60%
Tritax Aberdeen HQ Office Limited Partnership(69) Limited Partnership 0%
Tritax Assets LLP(63) Limited Liability Partnership 60%
Tritax Delivery Systems Limited(63) Ordinary Shares 60%
Tritax LMR Carry GP LLP(68) Limited Liability Partnership 60%
Tritax LMR Carry Limited Partnership(68) Limited Partnership 7%
Tritax Management LLP(3) Limited Liability Partnership 60%
Tritax Securities LLP(63) Limited Liability Partnership 60%
Two Rivers One Limited(30) Ordinary Shares 100%
Two Rivers Two Limited(30) Ordinary Shares 100%
UK PRS Opportunities General Partner Limited(3) Ordinary shares 100%
UK PRS Opportunities LP(3) Limited Partnership 0%
Virgin Money Unit Trust Managers Limited(70) Ordinary shares 50%
VZWL Private Equity GmbH & Co geschlossene Investment KG(37) Limited Partnership 0%
Waverley Healthcare Private Equity Limited(4) Ordinary shares 100%
1. OEIC = Open-ended investment company
SICAV = Société d'investissement à capital variable
ETF = Exchange traded fund
2. Limited partnerships in which the Group has no interest but whose general
partner is controlled by the Group are considered related undertakings under
Companies Act 2006. Where the Group has no interest in a limited partnership
that is considered a related undertaking, the interest held is disclosed as
0%.
Registered Offices
3. Bow Bells House, 1 Bread Street, London, EC4M 9HH
4. 10 Queens Terrace, Aberdeen, AB10 1XL
5. c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port
Louis, 11324, Mauritius
6. Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32 6RQ
7. 30 Finsbury Square , London, EC2A 1AG
8. 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN
9. 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester M22 4BJ
10. 6, rue Gabriel Lippmann L - 5365 Munsbach, Luxembourg
11. 2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg
12. c/o Maples Corporate Services Limited ,Ugland House, P.O. Box 309, Grand
Cayman, KY1-1104, Cayman Islands
13. c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange
Street, Wilmington, DE, 19801, USA
14. Tuborg Havnevej 15, DK-2900 Hellerup, Denmark
15. c/o Asianajotoimisto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130
Helsinki, Finland
16. Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek,
Sathorn, Bangkok, 10120, Thailand
17. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE,
19808, USA
18. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square,
Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates
19. c/o Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, DE, 19808, USA
20. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
21. 29 Rue De Berri, Paris, 75008, France
22. Kaivokatu 6, FI-00100, Helsinki, Finland
23. 40 Upper Mount Street, Dublin 2, Ireland
24. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port,
Guernsey, GY1 1EJ
25. P.O. Box 406, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 3GG
26. 1900 Market St, Suite 200, Philadelphia, PA 19103, USA
27. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey
28. Box 3039, Stockholm, 103 63, Sweden
29. Harju maakond, Tallinn, Kesklinna linnaosa, Ahtri tn 6a, 10151, Estonia
30. Level 1, 1FC1, Esplanade, St Helier, JE2 3BX, Jersey
31. 2B rue Albert Borschette, L-1246 Luxembourg , Luxembourg
32. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands
33. Mikonkatu 9 Fin 00100, Helsinki, Finland
34. Level 10, 255 George Street, Sydney, NSW 2000, Australia
35. 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China
36. Schweizergasse 14, Zurich, 8001, Switzerland
37. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
38. AC 82 NO. 10 60 P 5 Bogota DC, Columbia
39. 712 5th Ave, New York, NY 10019, USA
40. 24 Merrion Row, Dublin 2, Ireland
41. 80, route d'Esch, L-1470 Luxembourg, Luxembourg
42. 44 Esplanade, St Helier, Jersey, JE4 9WG
43. 2-4, Rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg
44. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore
45. Rua Joaquim Floriano, 913 - 7th floor - Cj. 71, Itaim Bibi, São Paulo,
04534-013, Brasil
46. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada
47. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
48. Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100
Kuala Lumpur, Malaysia
49. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo,
100-0004, Japan
50. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-daero,
Seocho-gu, Seoul, Korea
51. 80 Robinson Road, #02-00, 068898, Singapore
52. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade
Zone
53. Sveavägen 24, 111 57 Stockholm, Sweden
54. Fourth Floor, 7 Castle Street, Edinburgh, EH2 3AH
55. 11th Floor, Two Snow Hill, Birmingham, B4 6WR
56. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box
1111, Grand Cayman, KY1-1102, Cayman Islands
57. 7 Lochside View, Edinburgh, EH12 9DH
58. Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O.
Box 2681, Grand Cayman, KY1-1111, Cayman Islands
59. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin,
People's Republic of China, 300051
60. 1 Rodney Square 10th Fl, 10 & King St, Wilmington, DE, 19801, USA
61. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket
Square, Grand Cayman, KY1-9010, Cayman Islands
62. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega
Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia
63. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN
64. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
65. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ
67. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port,
Guernsey GY1 4AT
68. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
69. DWF LLP, 110 Queen Street, Glasgow, G1 3HD
70. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL
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