Optimising Asset management
United States

United states - PPM America

PPM America

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  AER CER
  2011
£m
2010
£m
Change
%
2010
£m
Change
%
Total IFRS operating profit 4 10 (60) 10 (60)

PPM America (PPMA) manages assets for Prudential’s US, UK and Asian affiliates. PPMA also provides other affiliated and unaffiliated institutional clients with investment services including collateralised debt obligations (CDOs), private equity funds, institutional accounts, and mutual funds. PPMA’s strategy is focused on managing existing assets effectively, maximising the benefits derived from synergies with our international asset management affiliates, and leveraging investment management capabilities across the Prudential Group. PPMA also pursues third-party mandates on an opportunistic basis.

IFRS operating profit in 2011 was £4 million, compared to £10 million in 2010, due to the non-recurrence of the 2010 performance related fees.

At 31 December 2011, funds under management of £55 billion were as follows:

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  AER
2011 2010
  US
£bn
UK
£bn
Asia
£bn
Total
£bn
US
£bn
UK
£bn
Asia
£bn
Total
£bn
Insurance 32 15 47 31 15 46
Unitised 1 1 5 7 1 1 5 7
CDOs 1 1 1 1
Total funds under management 34 16 5 55 33 16 5 54

Curian

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  AER CER
  2011
£m
2010
£m
Change
%
2010
£m
Change
%
Gross investment flows 1,684 1,361 24 1,312 28
Revenue 51 39 31 37 38
Costs (45) (38) 18 (36) 25
Total IFRS operating profit 6 1 500 1 500
Total funds under management 4.7bn 3.5bn 34 3.5bn 34

Curian Capital, Jackson’s registered investment adviser, provides innovative fee-based managed accounts and investment products to advisers through a sophisticated technology platform. Curian expands Jackson’s access to advisers while also complementing Jackson’s core annuity product lines with Curian’s retail asset management products.

At 31 December 2011, Curian had total assets under management of £4.7 billion, compared to £3.5 billion at the end of 2010. Curian generated record deposits of £1,684 million in 2011, up 24 per cent over 2010. Curian continues to benefit from its prior investment platform expansions and its significant expansion in 2011 of the firm’s wholesaling team and new distribution territories.

Curian reported an IFRS basis operating profit of £6 million in 2011 compared to £1 million in 2010.

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  AER CER
  2011
£m
2010
£m
Change
%
2010
£m
Change
%
Revenue 491 449 9 433 13
Costs (477) (438) 9 (422) 13
Total IFRS operating profit 14 11 27 10 40

National Planning Holdings, Inc. (NPH) is Jackson’s affiliated independent broker-dealer network. The business is comprised of four broker-dealer firms, including INVEST Financial Corporation, Investment Centers of America, National Planning Corporation, and SII Investments.

NPH continues to grow the business and revenue per representative. By utilising high-quality, state-of-the-art technology, Jackson provides NPH’s advisers with the tools they need to operate their practices more efficiently. At the same time, through its relationship with NPH, Jackson continues to benefit from an important retail distribution outlet, as well as receive valuable insights into the needs of financial advisers and their clients.

NPH generated revenue of £491 million in 2011, up from £449 million in 2010, on gross product sales of £8.6 billion. The network continues to achieve profitable results, with 2011 IFRS operating profit of £14 million, a 27 per cent increase from £11 million in 2010. At 31 December 2011, the NPH network had 3,636 registered advisers, up from 3,461 at year end 2010.

 
 

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