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• Funds under management (FUM)1 of $113.7 billion (31 December 2017: $109.1 billion)
  • Net inflows of $8.3 billion (H1 2017: net inflows $8.2 billion)
  • Investment movement of negative $1.7 billion (H1 2017: positive $3.8 billion)
  • FX translation and other movements of negative $2.0 billion (H1 2017: positive $1.2 billion)

• Asset weighted outperformance versus benchmark1 across our range of strategies of 0.3% for the six months to 30 June 2018 (1.9% for the year ended 31 December 2017)
  • Adjusted profit before tax (PBT)1 of $153 million (H1 2017: $145 million), up 5%:
  • Adjusted management fee PBT1 of $120 million (H1 2017: $94 million)
  • Adjusted performance fee PBT1 of $33 million (H1 2017: $51 million)

• 26% growth in adjusted management fee PBT reflecting the growth in FUM and an FX benefit on fixed costs

• Adjusted performance fee PBT reduced due to lower seed investment gains

• Statutory PBT of $90 million (H1 2017: $76 million), up 18%, reflecting both the profit growth drivers above and the lower upwards revaluation of contingent consideration compared to 30 June 2017

• Interim dividend of 6.4 cents per share (H1 2017: 5.0 cents per share), to be paid at a rate of 4.88 pence per share on 5 September 2018

Business momentum remains good with solid management fee growth. However, as we have said many times before, and will probably say again, the institutional nature of our business means that flows are likely to be uneven on a quarter-to-quarter basis. We continue to invest in talent, research and technology and remain focused on delivering superior risk adjusted performance for our clients, thereby creating long term value for our shareholders."