Global Asset Management

During second quarter 2008, Global Asset Management continued to diversify its revenue streams and build its growth areas. The following achievements were milestones within these initiatives.

Active quantitative equities

In response to increasing client demand for passive and quantitative products, Global Asset Management has created a new active quantitative equities team to focus on launching long-only, market neutral and 130 / 30 equity strategies. The hiring of three portfolio managers and four quantitative analysts was announced in June 2008 - the recruitment of the head of this function was reported earlier this year. This team complements the existing indexed capabilities within Global Asset Management's structured equities area.

Infrastructure

The infrastructure asset class continues to attract investor attention and first half 2008 saw encouraging net new money inflows into Global Asset Management's infrastructure business area. In order to complement its existing holdings, the Infrastructure Asset Management (IAM) business announced on 2 June 2008 its agreement to purchase a 28% stake in Saubermacher Dienstleistungs AG, a leading Austrian waste management company. The transaction closed on 17 July 2008 and is IAM's third direct equity investment in the infrastructure market, complementing the Northern Star Generation portfolio consisting of 13 US power stations and the UK water and waste water company Southern Water.

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