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A challenging macro landscape
A difficult market backdrop
Group outperformance impacted by small number of funds
Maintaining robust gross sales
Maintaining robust gross sales…but a difficult market for net flows
Improving UK trend, concentrated overseas outflows
Dynamic Bond flows & performance
Challenging market conditions
Underlying profit before tax of £29.7m…
Rigorous focus on costs during challenging markets
Rigorous focus on costs during challenging markets
Rigorous focus on costs during challenging markets
Rigorous focus on costs during challenging markets
Discipline in non-compensation expenditure
Balancing shareholder returns and a strong capital position
Challenging external environment
Looking back at the Merian acquisition
High-conviction active asset management