Aviva 2009 Annual Report Download - page 275

372,584
273
Performance review
Aviva plc Notes to the consolidated financial statements continued
Corporate responsibility
Annual Report and Accounts 2009
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
58 – Assets under management
In addition to the assets included in the consolidated statement of financial position, the Group manages many funds for third
parties. This note details the total funds under management.
The total Group assets under management are:
Restated Restated
2009 2008* 2007*
£m £m £m
Total IFRS assets included in the consolidated statement of financial position 354,391 354,562 321,326
Less: Third party funds included within consolidated IFRS assets (9,980) (6,025) (5,845)
344,411 348,537 315,481
Third-party funds under management
Unit trusts, OEICs, PEPs and ISAs 21,618 15,901 25,868
Segregated funds 48,770 52,322 54,422
414,799 416,760 395,771
Non-managed assets (35,388) (44,176) (36,342)
Funds under management 379,411 372,584 359,429
Managed by:
Aviva Investors 249,630 236,178 235,309
Other Aviva fund managers 109,332 111,532 99,906
Total Aviva fund managers 358,962 347,710 335,215
External fund managers 20,449 24,874 24,214
379,411 359,429
* Third-party fund under management has been adjusted as a result of a double count of £6,782 million in 2008.
59 – Related party transactions
This note gives details of the transactions between Group companies and related parties which comprise our joint ventures,
associates and staff pension schemes.
The Group receives income from related parties from transactions made in the normal course of business. Loans to related
parties are made on normal arm’s-length commercial terms.
Services provided to related parties
2009 2008 2007
Income
earned in
year
£m
Receivable
at year
end
£m
Income
earned in
year
£m
Receivable
at year end
£m
Receivable
at year end
£m
Associates
Joint ventures
Employee pension schemes
49
17
9
3
328
2
61
20
24
3
300
6
2
169
6
75 333 105 309 177
Income from associates predominantly relates to our investments in the Royal Bank of Scotland (RBS) life and collective investment
companies listed in note 19(b). Under management service agreements with these associates, our UK life insurance companies
provide administration services, the cost of which is recharged to the RBS companies. In addition, our fund management
companies provide fund management services to these associates, for which they charge fees based on the level of funds under
management. Movements in loans made to our associates may be found in note 19.
Transactions with joint ventures relate to the property management undertakings. At 31 December 2009, there were four
such joint ventures, the most material of which are listed in note 18(b). Our interest in these joint ventures comprises a mix of
equity and loans, together with the provision of administration services and financial management to many of them. Our UK
life insurance companies earn interest on loans advanced to these entities to fund property developments, including shopping,
business and distribution centres, and properties in Europe, as well as a film studio development in the UK, movements in which
may be found in note 18(a). Our fund management companies also charge fees to these joint ventures for administration services
and for arranging external finance.
Financial statements IFRS