BNY Mellon Real Return (GB) Class W Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 30/06/20 to 30/06/21 |
30/06/21 to 30/06/22 |
30/06/22 to 30/06/23 |
30/06/23 to 30/06/24 |
30/06/24 to 30/06/25 |
|
|---|---|---|---|---|---|
| Fund | 13.0% | -3.2% | -4.1% | 10.1% | 6.5% |
| Sector | 7.2% | -0.7% | 1.5% | 8.0% | 5.7% |
| Rank | 15/59 | 40/62 | 65/68 | 23/68 | 28/69 |
| Quartile | 1 | 3 | 4 | 2 | 2 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 30/06/25 |
5 Years to 30/06/25 |
10 Years to 30/06/25 |
||
| Fund | 4.0% | 4.2% | 3.7% | |
| Sector | 5.0% | 4.3% | 2.6% | |
| Rank | 50/68 | 28/59 | 14/41 | |
| Quartile | 3 | 2 | 2 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| UK Treasury Bill 0% 04/08/2025 GBP0.01 | 5.95 |
| USA Treasury Notes 1.25% TII 15/4/2028 USD100 | 5.19 |
| 4¼% Treasury Gilt 2034 | 5.14 |
| 4¼% Treasury Gilt 2039 | 4.99 |
| UK Treasury Bill 0% 01/09/2025 GBP0.01 | 4.61 |
| UK Treasury Bill 0% 27/10/2025 GBP0.01 | 3.16 |
| Brazil (Fed Rep of) 0% LTN 01/01/2030 BRL1000 | 2.16 |
| UK Treasury Bill 0% 08/09/2025 GBP0.01 | 1.95 |
| Barclays Bank PLC S&P Coll Nts 02/02/2026 Monday | 1.93 |
| Barclays Bank PLC S&P Coll Nts 30/01/2026 Friday | 1.93 |
| Total | 37.02 |
Fund Aims
The objective of the Sub-Fund is to achieve significant real rates of return in Sterling terms predominantly from a portfolio of UK and international securities. The Sub-Fund is managed to seek a minimum return of cash (1 month GBP LIBOR) +4% per annum over 5 years before fees. In so doing we aim to achieve a positive return on a rolling 3 year basis. However, a positive return is not guaranteed and a capital loss may occur. The Sub-Fund may also invest in deposits, approved money market instruments, derivative instruments, forward transactions and collective investment schemes.
Fund Manager
Ella is head of the fixed-income team. Ella joined Newton in July 2023 and has 20 years’ experience in managing a variety of fixed-income portfolios. Ella was previously a senior investment manager at Pictet Asset Management on the global bonds team. Prior to that, Ella held senior investment management positions at Wellington Management and Invesco Asset Management.
Ella was recognised as one of the 50 leading women in hedge funds for 2019 and is an active advocate of developing and nurturing diverse talent in the industry.
Ella holds an Executive MBA from the University of Cambridge. She also holds a MSc in International Finance and a BA Hons degree in Business Finance. In addition, she is a CFA charterholder.
Ella speaks five languages and is a qualified sommelier.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Andy is co-head of the Real Return team. Together with Aron Pataki, Andy is responsible for the final capital allocation decisions on the strategy. Andy started his career at Mercury Asset Management in 1993 as a unit trust dealer before joining the quant and derivatives team to focus on managing synthetic portfolios for clients and trading equity derivatives for the firm. In 2006, Andy joined the multi-asset team at BlackRock where he was responsible for managing absolute and relative return mandates, as well as the head of research specialising in equity thematic views and risk premia strategies. Andy has an MSc in Finance from Leicester University and is a CFA charterholder.
Andy plays in a rock band in his spare time and enjoys playing, writing and recording music.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Aron is co-head of the Real Return team and risk strategist for the Real Return portfolios, with a particular focus on the use of derivatives and hedging. Together with Andy Warwick, Aron is responsible for the final capital allocation decisions on the strategy. Aron joined Newton in 2006 as a member of the portfolio analytics team, where he was responsible for risk analysis and portfolio construction across Newton’s institutional and retail portfolios. Previously, he worked as a quantitative analyst at Lacima Group.
Fund Overview
| Mid (16/07/2025) | 157.98p |
| Historic yield | 2.44% |
| Fund size (30/04/2025) | £2196.16m |
| Number of holdings | 118 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.82% |
| Launch date | 05/09/2012 |
Asset Allocation
| International Equities | 22.56% | |
| UK Corporate Bonds | 18.91% | |
| UK Gilts | 12.57% | |
| Cash and Equivalents | 11.25% | |
| International Bonds | 10.98% | |
| UK Equities | 8.36% | |
| Investment Trusts | 3.27% | |
| Commodities | 1.39% | |
| Property | 0.85% | |
| Other Assets | 9.86% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 22.56% | |
| UK Corporate Bonds | 18.91% | |
| UK Gilts | 12.57% | |
| Cash and Equivalents | 11.25% | |
| International Bonds | 10.98% | |
| UK Equities | 8.36% | |
| Investment Trusts | 3.27% | |
| Commodities | 1.39% | |
| Property | 0.85% | |
| Other Assets | 9.86% |
Bond Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Bonds | 42.47% | - | - | - | |
| Cash and Equivalents | 11.25% | - | - | - | |
| Non-Classified | 10.18% | - | - | - | |
| Non-Classified | - | 2.16% | - | - | |
| Non-Classified | - | - | 2.16% | - | |
| Non-Classified | - | - | - | 2.16% | |
| Financials | 8.19% | - | - | - | |
| Financial Services | - | 5.76% | - | - | |
| Equity Investment Instruments | - | - | 3.27% | - | |
| Equity Investment Instruments | - | - | - | 3.27% | |
| Investment Banking & Brokerage Services | - | - | 1.84% | - | |
| Investment Services | - | - | - | 1.84% | |
| Finance & Credit Services | - | - | 0.65% | - | |
| Financial Data & Systems | - | - | - | 0.65% | |
| Banks | - | 1.91% | - | - | |
| Banks | - | - | 1.91% | - | |
| Banks | - | - | - | 1.91% | |
| Insurance | - | 0.52% | - | - | |
| Non-life Insurance | - | - | 0.52% | - | |
| Insurance Brokers | - | - | - | 0.52% | |
| Industrials | 7.11% | - | - | - | |
| Industrial Goods & Services | - | 7.11% | - | - | |
| Aerospace & Defence | - | - | 3.89% | - | |
| Aerospace | - | - | - | 2.00% | |
| Defense | - | - | - | 1.89% | |
| Industrial Support Services | - | - | 1.64% | - | |
| Professional Business Support Services | - | - | - | 1.14% | |
| Transaction Processing Services | - | - | - | 0.50% | |
| Electronic & Electrical Equipment | - | - | 0.65% | - | |
| Electrical Components | - | - | - | 0.65% | |
| Industrial Engineering | - | - | 0.63% | - | |
| Machinery: Agricultural | - | - | - | 0.63% | |
| Industrial Transportation | - | - | 0.30% | - | |
| Transportation Services | - | - | - | 0.30% | |
| Consumer Discretionary | 5.19% | - | - | - | |
| Media | - | 3.70% | - | - | |
| Media | - | - | 3.70% | - | |
| Entertainment | - | - | - | 1.76% | |
| Radio & TV Broadcasters | - | - | - | 1.31% | |
| Media Agencies | - | - | - | 0.62% | |
| Retail | - | 1.25% | - | - | |
| Retailers | - | - | 1.25% | - | |
| Diversified Retailers | - | - | - | 1.25% | |
| Consumer Products & Services | - | 0.25% | - | - | |
| Personal Goods | - | - | 0.25% | - | |
| Cosmetics | - | - | - | 0.25% | |
| Health Care | 4.09% | - | - | - | |
| Health Care | - | 4.09% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 2.39% | - | |
| Pharmaceuticals | - | - | - | 2.39% | |
| Medical Equipment & Services | - | - | 1.71% | - | |
| Medical Supplies | - | - | - | 1.32% | |
| Medical Equipment | - | - | - | 0.38% | |
| Consumer Staples | 3.74% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 2.42% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 2.42% | - | |
| Personal Products | - | - | - | 1.60% | |
| Nondurable Household Products | - | - | - | 0.82% | |
| Food, Beverage & Tobacco | - | 1.31% | - | - | |
| Beverages | - | - | 0.68% | - | |
| Brewers | - | - | - | 0.68% | |
| Food Producers | - | - | 0.64% | - | |
| Food Products | - | - | - | 0.64% | |
| Technology | 2.56% | - | - | - | |
| Technology | - | 2.56% | - | - | |
| Software & Computer Services | - | - | 1.51% | - | |
| Software | - | - | - | 1.01% | |
| Consumer Digital Services | - | - | - | 0.50% | |
| Technology Hardware & Equipment | - | - | 1.06% | - | |
| Semiconductors | - | - | - | 0.93% | |
| Computer Hardware | - | - | - | 0.12% | |
| Utilities | 1.55% | - | - | - | |
| Utilities | - | 1.55% | - | - | |
| Electricity | - | - | 1.55% | - | |
| Conventional Electricity | - | - | - | 0.97% | |
| Alternative Electricity | - | - | - | 0.58% | |
| Basic Materials | 1.41% | - | - | - | |
| Chemicals | - | 0.99% | - | - | |
| Chemicals | - | - | 0.99% | - | |
| Chemicals: Diversified | - | - | - | 0.99% | |
| Basic Resources | - | 0.42% | - | - | |
| Industrial Metals & Mining | - | - | 0.42% | - | |
| Copper | - | - | - | 0.42% | |
| Commodities | 1.39% | - | - | - | |
| Commodities | - | 1.39% | - | - | |
| Commodities | - | - | 1.39% | - | |
| Commodities | - | - | - | 1.39% | |
| Real Estate | 0.85% | - | - | - | |
| Real Estate | - | 0.85% | - | - | |
| Real Estate Investment Trusts | - | - | 0.85% | - | |
| Diversified REITs | - | - | - | 0.85% | |
| Energy | 0.34% | - | - | - | |
| Energy | - | 0.34% | - | - | |
| Non-Renewable Energy | - | - | 0.34% | - | |
| Oil Refining and Marketing | - | - | - | 0.34% | |
| Alternative Trading Strategies | -0.32% | - | - | - | |
| Alternative Trading Strategies | - | -0.32% | - | - | |
| Alternative Trading Strategies | - | - | -0.32% | - | |
| Alternative Trading Strategies | - | - | - | -0.32% | |
Regional Allocation
| UK | 40.15% | |
| North America | 18.79% | |
| Cash and Equivalents | 11.25% | |
| Non-Classified | 13.13% | |
| Developed Europe - Excl UK | 9.41% | |
| South & Central America | 2.55% | |
| Commodities | 1.39% | |
| Emerging Asia | 1.24% | |
| Japan | 0.95% | |
| Other Regions | 1.16% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 46.28% | |
| Pound Sterling | 31.48% | |
| Cash | 11.25% | |
| US Dollar | 7.08% | |
| Brazilian Real | 2.16% | |
| Euro | 0.98% | |
| Rupiah | 0.76% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| UK | 40.15% | - | |
United Kingdom
|
- | 39.84% | |
Guernsey
|
- | 0.30% | |
| North America | 18.79% | - | |
United States
|
- | 18.79% | |
| Cash and Equivalents | 11.25% | - | |
| Non-Classified | 13.13% | - | |
| Developed Europe - Excl UK | 9.41% | - | |
Ireland
|
- | 2.09% | |
Switzerland
|
- | 2.02% | |
Netherlands
|
- | 1.28% | |
Italy
|
- | 1.16% | |
France
|
- | 1.01% | |
Germany
|
- | 0.98% | |
Luxembourg
|
- | 0.87% | |
| South & Central America | 2.55% | - | |
Brazil
|
- | 2.55% | |
| Commodities | 1.39% | - | |
| Emerging Asia | 1.24% | - | |
Indonesia
|
- | 0.76% | |
India
|
- | 0.48% | |
| Japan | 0.95% | - | |
Japan
|
- | 0.95% | |
| Property | 0.85% | - | |
| Developed Asia | 0.17% | - | |
Hong Kong
|
- | 0.17% | |
| Emerging Europe | 0.14% | - | |
Hungary
|
- | 0.14% | |
Breakdown By Market Cap (%)
| Mega |
|
17.30% |
| Large |
|
2.53% |
| Medium |
|
3.67% |
| Small |
|
0.58% |
| Non-Classified |
|
22.20% |
| Bonds |
|
42.47% |
| Cash |
|
11.25% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
26.35% |
| 5Yr - 10Yr Maturity |
|
8.98% |
| 10Yr - 15Yr Maturity |
|
4.99% |
| > 15Yr Maturity |
|
2.15% |
| Cash And Equivalents |
|
11.25% |
| Unknown Maturity |
|
9.40% |
| Other Asset Types |
|
36.88% |
Fixed Interest Quality Profile
| AAA |
|
5.19% |
| AA |
|
12.57% |
| BBB |
|
0.75% |
| Sub-Investment Grade |
|
1.01% |
| Unknown Quality |
|
22.95% |
| Cash and Equivalents |
|
11.25% |
| Other Asset Types |
|
46.28% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | UK Treasury Bill 0% 04/08/2025 GBP0.01 | 5.95% | Bonds | United Kingdom |
| 2 | USA Treasury Notes 1.25% TII 15/4/2028 USD100 | 5.19% | Bonds | United States |
| 3 | 4¼% Treasury Gilt 2034 | 5.14% | Bonds | United Kingdom |
| 4 | 4¼% Treasury Gilt 2039 | 4.99% | Bonds | United Kingdom |
| 5 | UK Treasury Bill 0% 01/09/2025 GBP0.01 | 4.61% | Bonds | United Kingdom |
| 6 | UK Treasury Bill 0% 27/10/2025 GBP0.01 | 3.16% | Bonds | United Kingdom |
| 7 | Brazil (Fed Rep of) 0% LTN 01/01/2030 BRL1000 | 2.16% | Bonds | Brazil |
| 8 | UK Treasury Bill 0% 08/09/2025 GBP0.01 | 1.95% | Bonds | United Kingdom |
| 9 | Barclays Bank PLC S&P Coll Nts 02/02/2026 Monday | 1.93% | Non-Classified | Non-Classified |
| 10 | Barclays Bank PLC S&P Coll Nts 30/01/2026 Friday | 1.93% | Non-Classified | Non-Classified |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B8GG4B6 |
| Mex Code | RSNUET |
| Isin Code | GB00B8GG4B61 |
| Citi Code | GPQK |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.82% |
Aims and Benchmark
| Aims | The objective of the Sub-Fund is to achieve significant real rates of return in Sterling terms predominantly from a portfolio of UK and international securities. The Sub-Fund is managed to seek a minimum return of cash (1 month GBP LIBOR) +4% per annum over 5 years before fees. In so doing we aim to achieve a positive return on a rolling 3 year basis. However, a positive return is not guaranteed and a capital loss may occur. The Sub-Fund may also invest in deposits, approved money market instruments, derivative instruments, forward transactions and collective investment schemes. |
| Benchmark | LIBOR GBP 1 Month + 4% |
| Benchmark Category | - |
| IA Sector | Targeted Absolute Return |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | ICVC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Biannually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 02 January | 28 February |
| 03 July | 30 September |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | The National Westminster Bank plc |
| Fund Administrator | Bank of New York Mellon (International) Limited |
| Fund Registrar | BNY Mellon Fund Managers Limited |
| Fund Custodian | The National Westminster Bank plc |
Group Details
| Group name | BNY Mellon Fund Management (Luxembourg) S.A. |
| Group address | BNY Mellon Asset Management International Limited The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom |
| Group telephone | 0500 66 00 00 |
| Dealing telephone | - |
| - | |
| Homepage | www.bnymellonam.com |
| Fax number | - |
Dealing
| Minimum Investment | £10000000 |
| Minimum Top Up | £0 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 3 days |
| Settlement Period: Sell | 3 days |
| Pricing Basis | Forward |
| Dealing Decimals | 4 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -4.64 |
| Beta | 1.79 |
| Sharpe | 0.08 |
| Standard Deviation | 5.55 |
| Info Ratio | -0.29 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | Yes |
| Emerging Markets | Yes |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | Yes |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | Yes |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | Yes |
| Ethical Restrictions | No |
| Liquidity | Yes |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Charges to Capital
Part, or all of the periodic annual management fee(s) and expenses may be charged to capital which could increase the potential for the capital value of your investment to be eroded. Your capital could also decrease if income withdrawals exceed the growth rate of the fund(s).
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
High Yield Bonds
The fund invests in high yield bonds. High yield bonds carry a greater risk of default than investment grade bonds, and economic conditions and interest rate movements will have a greater effect on their price. Income levels may not be achieved and the income provided may vary.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Umbrella Liabilities
If the liabilities of one fund were to exceed its assets, the other funds within the scheme might have to transfer across money to cover the liabilities.
Solvency of Bond Issuers
If the fund you choose invests in bonds there is a risk that the issuer may default, resulting in a loss to the portfolio.
Liquidity
This fund can suffer from partial or total illiquidity, which may lead to considerable price fluctuations and the inability to redeem your investment.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
'Prudential' is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.