Asset management
United States
US asset management
Download United States asset management - PPM America as Excel file
| CER | RER | ||||
|---|---|---|---|---|---|
| PPM America | Half year 2008 £m |
Half year 2007 £m |
Change % |
Half year 2007 £m |
Change % |
| Total IFRS operating profit | 1 | 4 | (75) | 4 | (75) |
PPM America manages assets for Prudential's US, UK and Asian affiliates and provides investment services to other affiliated and unaffiliated institutional clients including collateralised debt obligations (CDOs), private equity funds, institutional accounts and mutual funds.
IFRS operating profit in the first half of 2008 was £1 million, down from £4 million in the same period in 2007 at CER due to losses on consolidated investment vehicles that more than offset continued growth of the fixed income portfolio managed on behalf of the US insurance operations.
Curian Capital
Download United Sates asset management – Curian Capital as Excel file
| CER | RER | ||||
|---|---|---|---|---|---|
| Curian | Half year 2008 £m |
Half year 2007 £m |
Change % |
Half year 2007 £m |
Change % |
| Gross investment flows | 339 | 316 | 7 | 317 | 7 |
| Revenue | 13 | 9 | 44 | 9 | 44 |
| Costs | (13) | (11) | 18 | (11) | 18 |
| Total IFRS operating profit/(loss) | 0 | (2) | (100) | (2) | (100) |
Curian Capital (Curian), a specialised asset management company that provides innovative fee-based separately managed accounts, continues to build its position in the US retail asset management market with total assets under management at the end of June 2008 of £1.7 billion, consistent with year end 2007 at CER, as new deposits offset the impact of market declines during the first half of 2008.
Curian gross investment flows were £339 million in the first half of 2008, up seven per cent on the same period of 2007.
US broker-dealer
Download United States asset management – US broker-dealer as Excel file
| CER | RER | ||||
|---|---|---|---|---|---|
| Broker-dealer | Half year 2008 £m |
Half year 2007 £m |
Change % |
Half year 2007 £m |
Change % |
| Revenue | 161 | 146 | 10 | 146 | 10 |
| Costs | (156) | (141) | 11 | (141) | 11 |
| Total IFRS operating profit | 5 | 5 | 0 | 5 | 0 |
National Planning Holdings, the Group's US independent broker-dealer network, comprises four broker-dealer firms, INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments.
IFRS operating profit of £5 million was in line with half year 2007.
