TIDMEMG
RNS Number : 9563J
Man Group plc
17 April 2020
Press Release
17 April 2020
RESILIENT IN UNPRECEDENTED CIRCUMSTANCES
TRADING STATEMENT FOR THE QUARTERED 31 MARCH 2020
Key points
-- Funds under management of $104.2 billion at 31 March 2020 (31 December 2019: $117.7 billion)
o Negative investment movement of $10.7 billion as COVID-19
impacted global markets
o Net inflows of $0.5 billion
o Negative FX and other movements of $3.3 billion
-- Asset weighted outperformance versus peers(1) across our strategies of +2.5%
-- Robust and highly liquid balance sheet
-- The 2019 final dividend and current share repurchase programme proceeding as planned
Luke Ellis, Chief Executive Officer of Man Group, said:
"The health and wellbeing of our colleagues and the performance
of our clients' assets are our foremost priorities in what has been
an unprecedented and testing period for everyone. I am pleased to
report that all parts of the firm have pulled together and have
done an exceptional job, particularly our technology teams whose
outstanding efforts meant we have been able to keep operating as
usual despite everyone working remotely.
"Given the extreme volatility in all markets, we are pleased to
have outperformed peers on an asset weighted basis across the firm
by 2.5% in the first quarter, and to see our absolute return
strategies make gains for clients despite the large sell off seen.
We saw net inflows in the quarter and continue to win mandates but
we have seen a recent increase in redemptions as clients adjust
their allocations in response to the market moves and heightened
economic uncertainty.
"Our balance sheet and liquidity position remain robust, and we
will proceed with our dividend as announced and continue with our
share buyback as planned."
(1 The asset weighted performance relative to peers for the
period stated is calculated using the daily asset weighted average
performance relative to peers for all strategies where we have
identified and can access an appropriate peer composite. The
performance of our strategies is measured net of management fees
charged and, as applicable, performance fees charged. As at 31
March 2020, it covers 88% of the FUM of the Group and excludes
infrastructure mandates, Global Private Markets and collateralised
loan obligations.)
Operational response to COVID-19
Our primary focus is the safety and well-being of our staff. In
January we established a dedicated COVID-19 Response Team whose
primary role was to implement our pandemic response plans. We
implemented a range of protective measures as the advice from
medical experts and governments evolved. We conducted extensive
tests to ensure that our systems and processes could continue to
operate with large numbers of staff working remotely. We also
rolled out additional hardware and software tools to improve
connectivity and productivity. We are now working from home, and
continue to function smoothly despite the increased volatility and
volumes seen in markets. This is a testament to the efforts of all
our staff, and to our technology infrastructure teams in
particular. We continue to monitor the situation as it evolves
globally and will take further action as we deem appropriate and as
informed by government and health organisations.
Balance sheet and liquidity position
We continue to have a robust balance sheet and liquidity
position. As at 31 March 2020 we had $570 million of net financial
assets(1) including $253 million of cash. The reduction in our net
financial assets(1) since year end primarily reflects normal
seasonal working capital movements. This balance sheet and
liquidity position reflects actions we took in 2019. We repaid our
financial indebtedness by calling our Tier 2 notes and entered into
a new $500 million revolving credit facility which matures in
2024.
Given the overall strength of our balance sheet and liquidity
position, we are proceeding with our 2019 final dividend and share
repurchase programme (announced in October 2019) as planned.
(1 Net financial assets is considered a proxy for the Group's
capital, and is equal to the Group's cash and seed book less
borrowings, contingent consideration payable and payables under
repo arrangements.)
FIRST QUARTER FUM COMMENTARY
In the three months to 31 March 2020, as the economic
repercussions of COVID-19 impacted financial markets, with MSCI
World Index decreasing by 21%. Our FUM decreased by 11% in the
first quarter to $104.2 billion. This was driven by negative
investment movement of $10.7 billion as our long-only strategies
declined with equity markets and $2.7 billion of FX translation as
the US dollar strengthened against a range of currencies since the
year end. This was marginally offset by our absolute return
strategies which had positive investment movement.
At 31 March 2020 $31.4 billion of performance fee eligible FUM
was above, at or within 5% of high water mark, compared to $31.6
billion as at 31 December 2019.
FUM movements for the three months to 31 March 2020
$bn FUM at 31 Net inflows/ Investment FX & other FUM at 31
December (outflows) movement March
2019 2020
Alternative 71.5 1.6 (0.7) (2.4) 70.0
---------- ------------- ----------- ----------- ----------
Absolute return 30.5 0.4 0.1 (0.7) 30.3
Total return 27.0 1.6 (0.4) (1.5) 26.7
Multi-manager solutions 14.0 (0.4) (0.4) (0.2) 13.0
Long-only 46.2 (1.1) (10.0) (0.9) 34.2
Systematic 27.5 (0.8) (6.1) (0.2) 20.4
Discretionary 18.7 (0.3) (3.9) (0.7) 13.8
Total 117.7 0.5 (10.7) (3.3) 104.2
ALTERNATIVE
Absolute return
Absolute return FUM decreased to $30.3 billion in the first
quarter. Net inflows of $0.4 billion were driven by subscriptions
into Man AHL's multi-strategy vehicles. This was partially offset
by net outflows from Man GLG's Equity long-short strategy. Positive
investment movement of $0.1 billion benefited from positive
performance by AHL Diversified (+8.6%) and AHL Alpha (+5.3%) and
was partly offset by negative performance by AHL Dimension and GLG
Global Credit Multi Strategy. Negative FX and other movements of
$0.7 billion resulted from a stronger US dollar, in particular
against the Australian dollar, which was partly offset by increases
in leverage.
Total return
Total return FUM decreased to $26.7 billion in the first
quarter. Net inflows of $1.6 billion were driven by AHL's
TargetRisk strategy. Negative performance by AHL TargetRisk and Man
Alternative Risk Premia contributed to the negative investment
movement of $0.4 billion. This was partly offset by positive
performance from GLG Global Emerging Markets Debt Total Return
(+10.1%) which benefited from its bearish positioning. FX and other
movements of negative $1.5 billion resulted from a stronger US
dollar, in particular against sterling, and de-gearing of our risk
premia strategies.
Multi-manager solutions
Multi-manager solutions FUM decreased to $13.0 billion in the
first quarter. Net outflows were $0.4 billion and negative
investment performance was $0.4 billion. Negative FX and other
movements of $0.2 billion resulted from a stronger US dollar, in
particular against the Australian dollar.
LONG-ONLY
As the impact of COVID-19 was felt across global financial
markets our long-only strategies suffered both from net outflows
and negative investment movements in the first quarter.
Systematic
Systematic long-only FUM decreased to $20.4 billion in the first
quarter as the sharp market falls led to $6.1 billion of negative
investment movement equivalent to a 22% decline. Net outflows of
$0.8 billion were primarily driven by redemptions from Global core
and European core strategies.
Discretionary
Discretionary long-only FUM decreased to $13.8 billion in the
first quarter as the sharp markets falls led to $3.9 billion of
negative investment movement equivalent to a 21% decline. The net
outflows of $0.3 billion were primarily from Japan CoreAlpha.
Negative FX and other movements of $0.7 billion resulted from a
stronger US dollar, in particular against sterling.
FUM by product category
$bn 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20
Absolute return 28.7 29.9 30.3 30.5 30.3
---------- ---------- ---------- ---------- ----------
AHL Alpha 5.0 5.5 6.0 6.0 6.5
Man Institutional Solutions(1) 3.5 3.9 4.2 4.4 5.8
AHL Dimension 5.9 6.1 6.3 6.3 5.6
GLG Equity absolute
return 5.4 5.6 5.2 5.2 4.6
AHL Evolution 3.6 3.8 3.8 4.1 3.8
AHL Diversified 1.6 1.6 1.7 1.5 1.5
AHL other 1.8 1.8 1.7 1.7 1.4
Numeric absolute return 1.2 1.0 0.9 0.8 0.7
GLG Credit absolute
return 0.7 0.6 0.5 0.5 0.4
Total return 25.0 25.5 25.9 27.0 26.7
Diversified risk premia 13.6 14.2 15.5 17.4 16.5
CLOs and other GLG total
return 4.4 4.5 4.3 4.3 4.7
EM total return 4.6 4.3 3.7 2.8 3.0
GPM 2.4 2.5 2.4 2.5 2.5
---------- ---------- ---------- ----------
Multi-manager solutions 13.4 13.5 13.9 14.0 13.0
---------- ---------- ---------- ----------
Infrastructure & direct
access 5.8 6.4 6.7 6.9 6.6
Segregated 6.2 5.8 6.0 5.9 5.6
Diversified and thematic
FoHF 1.4 1.3 1.2 1.2 0.8
Systematic long only 26.8 27.0 25.6 27.5 20.4
Global 8.5 8.7 9.5 9.2 7.2
International 7.7 8.0 7.7 9.1 6.6
Emerging markets 7.1 6.9 6.1 6.8 5.2
US 3.5 3.4 2.3 2.4 1.4
Discretionary long only 18.3 18.4 17.0 18.7 13.8
Europe equity 5.0 5.7 5.6 6.6 4.8
Japan equity 7.5 7.0 6.3 6.6 4.2
Credit & convertibles 2.2 2.4 2.3 2.6 2.3
EM Fixed income 2.1 2.2 2.1 2.0 1.7
Other equity 0.7 0.9 0.5 0.6 0.5
Multi Asset 0.8 0.2 0.2 0.3 0.3
Guaranteed 0.1 0.1 0.0 0.0 0.0
Total 112.3 114.4 112.7 117.7 104.2
---------- ---------- ---------- ---------- ----------
1 Man Institutional Solutions includes AHL Institutional
Solutions, GLG and Numeric strategies
FUM by investment engine
$bn 31-Mar-19 30-Jun-19 30-Sep-19 31-Dec-19 31-Mar-20
----------
AHL 28.0 29.9 31.6 33.7 35.1
---------- ---------- ---------- ---------- ----------
Diversified risk premia 6.8 7.2 8.0 9.8 10.7
Alpha 5.0 5.5 6.0 6.0 6.5
Institutional Solutions(1) 3.2 3.8 4.1 4.3 5.6
Dimension 5.9 6.1 6.3 6.3 5.6
Evolution 3.6 3.8 3.8 4.1 3.8
Diversified (inc. Guaranteed) 1.7 1.7 1.7 1.5 1.5
Other 1.8 1.8 1.7 1.7 1.4
Numeric 34.8 35.0 34.0 35.9 26.9
Alternatives 8.0 8.0 8.4 8.4 6.5
---------- ---------- ---------- ---------- ----------
Diversified risk premia 6.8 7.0 7.5 7.6 5.8
Numeric absolute return 1.2 1.0 0.9 0.8 0.7
---------- ---------- ---------- ---------- ----------
Long only 26.8 27.0 25.6 27.5 20.4
---------- ---------- ---------- ---------- ----------
Global 8.5 8.7 9.5 9.2 7.2
International 7.7 8.0 7.7 9.1 6.6
Emerging markets 7.1 6.9 6.1 6.8 5.2
US 3.5 3.4 2.3 2.4 1.4
GLG 33.7 33.5 30.8 31.6 26.7
Alternatives 15.4 15.1 13.8 12.9 12.9
---------- ---------- ---------- ---------- ----------
Equity absolute return(2) 5.7 5.7 5.3 5.3 4.8
CLOs and other GLG total
return 4.4 4.5 4.3 4.3 4.7
EM total return 4.6 4.3 3.7 2.8 3.0
Credit absolute return(2) 0.7 0.6 0.5 0.5 0.4
Long only 18.3 18.4 17.0 18.7 13.8
Europe equity 5.0 5.7 5.6 6.6 4.8
Japan equity 7.5 7.0 6.3 6.6 4.2
Credit & convertibles 2.2 2.4 2.3 2.6 2.3
EM Fixed income 2.1 2.2 2.1 2.0 1.7
Other equity 0.7 0.9 0.5 0.6 0.5
Multi Asset 0.8 0.2 0.2 0.3 0.3
FRM 13.4 13.5 13.9 14.0 13.0
Infrastructure & direct
access 5.8 6.4 6.7 6.9 6.6
Segregated 6.2 5.8 6.0 5.9 5.6
Diversified and thematic
FoHF 1.4 1.3 1.2 1.2 0.8
---------- ---------- ---------- ---------- ----------
GPM 2.4 2.5 2.4 2.5 2.5
---------- ---------- ---------- ---------- ----------
Total 112.3 114.4 112.7 117.7 104.2
---------- ---------- ---------- ---------- ----------
1 AHL Institutional Solutions invests into a range of Man AHL
strategies including Dimension, AHL Alpha and AHL Evolution
2 GLG Equity absolute return and GLG Credit absolute return
include allocations from Multi-strategy included in Man
Institutional Solutions in the FUM by product category table
Investment Performance
Total Return Annualised Return
(net of fees) (net of fees)
----------------------------------------
3 months to 12 months to 3 years 5 years Since inception
31 March 2020 31 March 2020 to to to
31 March 31 March 31 March
2020 2020 2020
--------------- --------------- ---------- ---------- ----------------
Absolute return
AHL Dimension (1) -4.4% 0.3% 3.2% 2.4% 4.9%
AHL Alpha (2) 5.3% 12.3% 6.7% 2.2% 10.9%
AHL Evolution (3) 0.0% 9.2% 9.4% 6.1% 13.0%
AHL Diversified (4) 8.6% 18.1% 7.2% 0.1% 11.2%
Man Numeric Market Neutral
Alternative (5) -4.3% -5.7% -7.0% -2.8% 2.4%
GLG European Long Short (6) -2.5%* -2.2%* -1.0%* -0.4%* 6.2%*
Man GLG Global Credit Multi (7) -8.3%* -4.5%* 2.1%* 5.2%* 11.4%*
Strategy
Total return
Man Alternative Risk Premia SP (8) -5.0% -3.3% 1.7% n/a 3.1%
Man GLG Global EM Debt Total
Return (9) 10.1% 8.9% 2.3% n/a 4.0%
Man AHL TargetRisk (10) -4.9% 9.0% 10.6% 7.7% 9.3%
Multi-manager solutions
FRM Diversified II (11) -8.0%* -5.6%* -1.4%* -1.7%* 3.5%*
Systematic long only
Numeric Global Core (12) -22.7% -14.4% -1.8% 1.7% 6.0%
Relative Return -1.6% -4.0% -3.7% -1.5% 0.3%
Numeric Europe Core (EUR) (13) -23.8% -17.3% -4.3% -0.9% 7.1%
Relative Return -1.2% -3.8% -1.1% 0.8% 2.2%
Numeric Emerging Markets Core (14) -22.9% -16.4% -2.4% 1.3% 1.8%
Relative Return 0.7% 1.3% -0.8% 1.6% 1.9%
Discretionary long only
Man GLG Japan Core Alpha Equity (15) -27.9% -25.6% -8.4% -4.1% 1.3%
Relative Return -10.4% -16.1% -8.3% -4.4% 0.7%
Man GLG Continental European
Growth (16) -9.8% 6.9% 5.9% 11.3% 8.9%
Relative Return 7.7% 14.9% 6.4% 7.5% 4.2%
Man GLG Undervalued Assets (17) -34.5% -29.6% -6.0% -0.4% 2.0%
Relative Return -9.3% -11.2% -1.7% -1.0% 0.4%
----------------------------------- ----- --------------- --------------- ---------- ---------- ----------------
Indices
HFRX Global Hedge Fund Index (18) -6.9% -1.4% -0.5% -0.6%
HFRI Fund of Funds Conservative
Index (18) -4.9% -2.0% 1.0% 0.9%
Barclay BTOP 50 Index (19) -2.3% 2.5% 0.1% -2.3%
HFRI Equity Hedge (Total) Index (18) -12.9% -8.0% 0.1% 1.3%
HFRX EH: Equity Market Neutral
Index (18) -7.8% -9.0% -4.2% -2.6%
----------------------------------- ----- --------------- --------------- ---------- ---------- ----------------
*Estimated
Investment performance (Cont'd)
1. Represented by AHL Strategies PCC Limited: Class B AHL Dimension USD
Shares from 3 July 2006 to 31 May 2014, and by AHL Dimension (Cayman)
Ltd - F USD Shares Class from 1 June 2014 until 28 February 2015 when
AHL Dimension (Cayman) Ltd - A USD Shares Class is used. Representative
fees of 1.5% Management Fee and 20% Performance Fee have been applied.
2. Represented by AHL Alpha plc from 17 October 1995 to 30 September 2012,
and by AHL Strategies PCC Limited: Class Y AHL Alpha USD Shares from 1
October 2012 to 30 September 2013. The representative product was changed
at the end of September 2012 due to the provisioning of fund liquidation
costs in October 2012 for AHL Alpha plc, which resulted in tracking error
compared with other Alpha Programme funds. Both funds are valued weekly;
however, for comparative purposes, statistics have been calculated using
the best quality price that is available at each calendar month end, using
estimates where a final price is unavailable. Where a price, either estimate
or final is unavailable on a calendar month end, the price on the closest
date prior to the calendar month end has been used. Both of the track
records have been adjusted to reflect the fee structure of AHL Alpha (Cayman)
Limited - USD Shares. From 30 September 2013, the actual performance of
AHL Alpha (Cayman) Limited - USD Shares is displayed.
3. Represented by AHL Evolution Limited adjusted for the fee structure
(2% p.a. management fee and 20% performance fee) from September 2005 to
31 October 2006; and by AHL Strategies PCC: Class G AHL Evolution USD
from 1 November 2006 to 30 November 2011; and by the performance track
record of AHL Investment Strategies SPC: Class E AHL Evolution USD Notes
from 1 December 2011 to 30 November 2012. From 1 December 2012, the track
record of AHL (Cayman) SPC: Class A1 Evolution USD Shares has been shown.
All returns shown are net of fees.
4. Represented by Man AHL Diversified plc from 26 March 1996 to 29 October
2012, and by Man AHL Diversified (Guernsey) USD Shares - Class A from
30 October 2012 to date. The representative product was changed at the
end of October 2012 due to legal and/or regulatory restrictions on Man
AHL Diversified plc preventing the product from accessing the Programme's
revised target allocations. Both funds are valued weekly; however, for
comparative purposes, statistics have been calculated using the best quality
price that is available at each calendar month end, using estimates where
a final price is unavailable. Where a price, either estimate or final
is unavailable on a calendar month end, the price on the closest date
prior to the calendar month end has been used.
5. Numeric alternative market neutral composite
6. Represented by GLG European Long Short Fund - Class D Restricted -
EUR until 29 June 2007. From 1 July 2007 to 31 July 2018 the performance
of GLG European Long Short Fund - Class D Unrestricted is displayed. After
this date, the performance of Class GLG European Long Short Fund - Class
I Unrestricted is displayed.
7. Represented by GLG Market Neutral Fund - Class Z Restricted - USD until
31 August 2007. From the 1 September 2007 Man GLG Global Credit Multi
Strategy CL IL XX USD unrestricted.
8. Represented by Man Alternative Risk Premia SP - Class A USD.
9. Represented by Man GLG Global Emerging Markets Debt Total Return Class
I USD.
10. Represented by Man AHL TargetRisk class I USD
11. Represented by FRM Diversified II Fund SPC - Class A USD ('the fund')
until April 2018 then Class A JPY hedged to USD thereafter. However, prior
to Jan 2004, FRM has created the FRM Diversified II pro forma using the
following methodology: i) for the period Jan 1998 to Dec 2003, by using
the returns of Absolute Alpha Fund PCC Limited - Diversified Series Share
Cell ('AA Diversified - USD') adjusted for fees and/or currency, where
applicable. For the period Jan 2004 to Feb 2004, the returns of the fund's
master portfolio have been used, adjusted for fees and/or currency, where
applicable. Post Feb 2004, the fund's actual performance has been used,
which may differ from the calculated performance of the track record.
There have been occasions where the 12-months' performance to date of
FRM Diversified II has differed materially from that of AA Diversified.
Strategy and holdings data relates to the composition of the master portfolio.
12. Performance relative to the MSCI World. This reference index is intended
to best represent the strategy's universe. Investors may choose to compare
returns for their accounts to different reference indices, resulting in
differences in relative return information. Comparison to an index is
for informational purposes only, as the holdings of an account managed
by Numeric will differ from the securities which comprise the index and
may have greater volatility than the holdings of an index.
13. Performance relative to the MSCI Europe (EUR). This reference index
is intended to best represent the strategy's universe. Investors may choose
to compare returns for their accounts to different reference indices,
resulting in differences in relative return information. Comparison to
an index is for informational purposes only, as the holdings of an account
managed by Numeric will differ from the securities which comprise the
index and may have greater volatility than the holdings of an index.
14. Performance relative to MSCI Emerging Markets. This reference index
is intended to best represent the strategy's universe. Investors may choose
to compare returns for their accounts to different reference indices,
resulting in differences in relative return information. Comparison to
an index is for informational purposes only, as the holdings of an account
managed by Numeric will differ from the securities which comprise the
index and may have greater volatility than the holdings of an index.
15. Represented by Man GLG Japan CoreAlpha Fund - Class C converted to
JPY until 28 January 2010. From 1 February 2010 Man GLG Japan CoreAlpha
Equity Fund - Class I JPY is displayed. Relative return shown vs TOPIX
(JPY, GDTR).
16. Represented by Man GLG Continental European Growth Fund Class C Accumulation
Shares. Relative return shown vs FTSE World Europe Ex UK (GBP, GDTR).
17. Represented by Man GLG Undervalued Assets Fund - C Accumulation Shares.
Relative return shown vs FTSE All Share (GBP, NDTR).
18. HFRI and HFRX index performance over the past 4 months is subject
to change.
19. The historic Barclay BTOP 50 Index data is subject to change.
Past or projected performance is no indication of future results.
Financial indices are used for illustrative purposes only and are
provided for the purpose of making a comparison to general market
data as a point of reference and should not be construed as a true
comparison to the strategy.
The information herein is being provided solely in connection with
this press release and is not intended to be, nor should it be construed
or used as, investment, tax or legal advice, any recommendation or
opinion regarding the appropriateness or suitability of any investment
or strategy, or an offer to sell, or a solicitation of an offer to
buy, an interest in any security, including an interest in any fund
or pool described herein.
Enquiries
Alex Dee
Head of Investor Relations
+44 20 7144 1370
Georgiana Brunner
Director of Communications
+44 20 7144 1000
media@man.com
Michael Turner
Finsbury
+44 20 7251 3801
mangroupUK@finsbury.com
About Man Group
Man Group is a global active investment management firm, which
runs $104.2 billion* of client capital in liquid and private
markets, managed by investment specialists based around the world.
Headquartered in London, the firm has 15 international offices and
operates across multiple jurisdictions. Our business has five
specialist investment engines, which represent the range of our
capabilities: Man AHL, Man Numeric, Man GLG, Man FRM and Man
GPM.
These engines house numerous investment teams, working
collaboratively within the framework of Man Group, with a high
degree of investment autonomy. Each team benefits from the strength
and resources of the firm's single operating platform, enabling
their primary focus to be seeking to generate alpha for clients.
The teams invest across a diverse range of strategies and asset
classes with highly specialised approaches, with long only and
alternative strategies run on a discretionary and quantitative
basis in single and multi-manager formats. Our clients are at the
heart of everything we do and we engage in close dialogue with our
investors as strategic partners, to understand their particular
needs and constraints. Man Group's investment teams are empowered
and supported by our institutional infrastructure and technology,
which aims to facilitate the efficient exposure to markets and
effective collaboration across the organisation.
Through the Man Charitable Trust, Man Group is committed to
promoting literacy and numeracy on a global scale, and to
supporting charitable causes more broadly.
Man Group plc is listed on the London Stock Exchange under the
ticker EMG.LN and is a constituent of the FTSE 250 Index. Further
information can be found at www.man.com
For more information about Man Group's commitment to diversity
and inclusion, please visit www.man.com/diversity
For more information about Man Group's approach to responsible
investment, please visit www.man.com/responsible-investment
*As at 31 March 2020. All investment management and advisory
services are offered through the investment "engines" of Man AHL,
Man Numeric, Man GLG, Man FRM and Man Global Private Markets
(GPM).
Forward looking statements and other important information
This document contains forward-looking statements with respect
to the financial condition, results and business of Man Group plc.
By their nature, forward-looking statements involve risk and
uncertainty and there may be subsequent variations to estimates.
Man Group plc's actual future results may differ materially from
the results expressed or implied in these forward-looking
statements.
The content of the websites referred to in this announcement is
not incorporated into and does not form part of this announcement.
Nothing in this announcement should be construed as or is intended
to be a solicitation for or an offer to provide investment advisory
services or to invest in any investment products mentioned
herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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