Prudential UK Equity (exSA) S2

Essentials Portfolio Analysis Background Data Investment Risk Performance View PDF Factsheet
Portfolio data accurate as at:

Performance

Discrete performance - to last month end

31/07/17
to
31/07/18
31/07/18
to
31/07/19
31/07/19
to
31/07/20
31/07/20
to
31/07/21
31/07/21
to
31/07/22
Fund 7.7% -0.3% -14.3% 24.9% -0.9%
Sector 6.8% -1.7% -15.7% 26.9% -4.2%
Rank 209/469 254/470 192/474 240/475 240/475
Quartile 2 3 2 3 3

Annualised performance

Annualised
3 Years to
31/07/22
5 Years to
31/07/22
10 Years to
31/07/22
Fund 2.0% 2.6% 6.4%
Sector 0.8% 1.5% 5.5%
Rank 207/474 226/469 162/432
Quartile 2 2 2

Top 10 Holdings

Stock % Weight
ASTRAZENECA 4.37
HSBC HOLDINGS 2.93
GLAXOSMITHKLINE 2.66
SHELL 2.64
BP 2.46
BRITISH AMERICAN TOBACCO 2.30
UNILEVER 2.25
RIO TINTO 1.87
DIAGEO 1.54
NATIONAL GRID 1.44
Total 24.46

Fund Aims

Objective: The investment strategy of the fund is to purchase shares in UK companies via other M&G funds. It is a “fund of funds” holding units in several more specialised UK equity funds to give access to a variety of methods for generating investment returns in differing market conditions.

Fund Manager

M&G Treasury & Investment Office manager for 1 years and 8 months

Photo of M&G Treasury & Investment Office With access to investment professionals around the world and assets under management of £178bn, the M&G Treasury & Investment Office (T&IO) has a broad and well-resourced investment capability. T&IO set the strategic asset allocation and undertakes the ‘manager of managers’ role for our insured funds. Over the years they have built a thorough and effective governance framework, which includes the setting and monitoring of investment mandates, regular performance and activity health checks and independent analysis of investment, credit and liquidity risks.

Fund Overview

Bid (05/08/2022) 610.70
Offer (05/08/2022) 642.90
Fund size (30/06/2022) £91.26m
Number of holdings 1952
Launch date 31/05/1991

Fund Charges

Annual Management Charge (AMC) 0.25%
Further Costs 0.02%
Yearly Total 0.27%

Asset Allocation

pie chart
  UK Equities 80.61%
  Investment Trusts 4.67%
  International Equities 3.86%
  Property 2.47%
  Cash and Equivalents 0.41%
  International Bonds 0.10%
  Alternative Trading Strategies 0.02%
  UK Corporate Bonds 0.02%
  Other Assets 7.84%
Portfolio data accurate as at: 30/06/22

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

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 fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs 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 net 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.

Portfolio data accurate as at:

Asset Allocation

pie chart
  UK Equities 80.61%
  Investment Trusts 4.67%
  International Equities 3.86%
  Property 2.47%
  Cash and Equivalents 0.41%
  International Bonds 0.10%
  Alternative Trading Strategies 0.02%
  UK Corporate Bonds 0.02%
  Other Assets 7.84%

Sector Breakdown

Expand allCollapse all
Industry Supersector Sector Subsector
 
Financials 20.75% - - -
 
Financial Services - 10.15% - -
 
Equity Investment Instruments - - 4.67% -
 
Equity Investment Instruments - - - 4.67%
 
Investment Banking & Brokerage Services - - 4.19% -
 
Asset Managers & Custodians - - - 3.54%
 
Investment Services - - - 0.65%
 
Diversified Financial Services - - - 0.00%
 
Finance & Credit Services - - 1.30% -
 
Financial Data & Systems - - - 0.68%
 
Mortgage Finance - - - 0.33%
 
Consumer Lending - - - 0.29%
 
Banks - 6.76% - -
 
Banks - - 6.76% -
 
Banks - - - 6.76%
 
Insurance - 3.84% - -
 
Non-life Insurance - - 2.09% -
 
Property & Casualty Insurance - - - 1.78%
 
Full Line Insurance - - - 0.30%
 
Reinsurance - - - 0.00%
 
Life Insurance - - 1.75% -
 
Life Insurance - - - 1.75%
 
Industrials 14.49% - - -
 
Industrial Goods & Services - 13.08% - -
 
Industrial Support Services - - 5.13% -
 
Professional Business Support Services - - - 2.52%
 
Industrial Suppliers - - - 1.93%
 
Business Training & Employment Agencies - - - 0.60%
 
Transaction Processing Services - - - 0.08%
 
Forms & Bulk Printing Services - - - 0.00%
 
General Industrials - - 2.40% -
 
Diversified Industrials - - - 1.57%
 
Containers & Packaging - - - 0.83%
 
Paints & Coatings - - - 0.00%
 
Plastics - - - 0.00%
 
Aerospace & Defence - - 2.39% -
 
Defense - - - 1.61%
 
Aerospace - - - 0.78%
 
Electronic & Electrical Equipment - - 1.30% -
 
Electronic Equipment: Control & Filter - - - 0.47%
 
Electronic Equipment: Gauges & Meters - - - 0.46%
 
Electrical Components - - - 0.37%
 
Electronic Equipment: Other - - - 0.00%
 
Industrial Transportation - - 1.01% -
 
Commercial Vehicle-Equipment Leasing - - - 0.75%
 
Delivery Services - - - 0.16%
 
Marine Transportation - - - 0.07%
 
Transportation Services - - - 0.03%
 
Railroads - - - 0.00%
 
Commercial Vehicles & Parts - - - 0.00%
 
Industrial Engineering - - 0.84% -
 
Machinery: Construction & Handling - - - 0.49%
 
Machinery: Industrial - - - 0.31%
 
Machinery: Specialty - - - 0.04%
 
Machinery: Agricultural - - - 0.00%
 
Construction & Materials - 1.41% - -
 
Construction & Materials - - 1.41% -
 
Cement - - - 0.53%
 
Construction - - - 0.50%
 
Building Materials: Other - - - 0.23%
 
Building, Roofing/Wallboard & Plumbing - - - 0.09%
 
Engineering & Contracting Services - - - 0.06%
 
Consumer Discretionary 12.90% - - -
 
Consumer Products & Services - 3.99% - -
 
Household Goods & Home Construction - - 2.11% -
 
Home Construction - - - 2.11%
 
Household Furnishings - - - 0.00%
 
Household Appliance - - - 0.00%
 
Personal Goods - - 0.90% -
 
Luxury Items - - - 0.41%
 
Clothing & Accessories - - - 0.33%
 
Footwear - - - 0.16%
 
Cosmetics - - - 0.00%
 
Consumer Services - - 0.81% -
 
Vending & Catering Service - - - 0.75%
 
Consumer Services: Misc. - - - 0.06%
 
Education Services - - - 0.00%
 
Leisure Goods - - 0.16% -
 
Toys - - - 0.16%
 
Electronic Entertainment - - - 0.00%
 
Consumer Electronics - - - 0.00%
 
Media - 3.20% - -
 
Media - - 3.20% -
 
Media Agencies - - - 1.61%
 
Publishing - - - 1.30%
 
Radio & TV Broadcasters - - - 0.30%
 
Entertainment - - - 0.00%
 
Travel & Leisure - 3.16% - -
 
Travel & Leisure - - 3.16% -
 
Casinos & Gambling - - - 1.10%
 
Hotels & Motels - - - 0.61%
 
Airlines - - - 0.54%
 
Travel & Tourism - - - 0.52%
 
Restaurants & Bars - - - 0.38%
 
Recreational Services - - - 0.01%
 
Retail - 2.47% - -
 
Retailers - - 2.47% -
 
Diversified Retailers - - - 0.99%
 
Home Improvement Retailers - - - 0.68%
 
Specialty Retailers - - - 0.45%
 
Apparel Retailers - - - 0.35%
 
Automobiles & Parts - 0.08% - -
 
Automobiles & Parts - - 0.08% -
 
Auto Parts - - - 0.05%
 
Automobiles - - - 0.03%
 
Non-Classified 11.50% - - -
 
Consumer Staples 10.62% - - -
 
Food, Beverage & Tobacco - 5.88% - -
 
Tobacco - - 3.10% -
 
Tobacco - - - 3.10%
 
Beverages - - 2.21% -
 
Distillers & Vintners - - - 1.55%
 
Soft Drinks - - - 0.65%
 
Brewers - - - 0.00%
 
Food Producers - - 0.57% -
 
Food Products - - - 0.57%
 
Personal Care, Drug & Grocery Stores - 4.74% - -
 
Personal Care, Drug & Grocery Stores - - 4.74% -
 
Personal Products - - - 2.31%
 
Food Retailers & Wholesalers - - - 1.60%
 
Nondurable Household Products - - - 0.83%
 
Health Care 6.48% - - -
 
Health Care - 6.48% - -
 
Pharmaceuticals & Biotechnology - - 5.06% -
 
Pharmaceuticals - - - 4.90%
 
Biotechnology - - - 0.16%
 
Medical Equipment & Services - - 1.05% -
 
Medical Equipment - - - 0.59%
 
Medical Supplies - - - 0.46%
 
Medical Services - - - 0.00%
 
Health Care Providers - - 0.38% -
 
Health Care Facilities - - - 0.38%
 
Health Care Services - - - 0.00%
 
Basic Materials 6.31% - - -
 
Basic Resources - 5.02% - -
 
Industrial Metals & Mining - - 4.70% -
 
General Mining - - - 4.03%
 
Copper - - - 0.34%
 
Metal Fabricating - - - 0.24%
 
Iron & Steel - - - 0.08%
 
Precious Metals & Mining - - 0.32% -
 
Gold Mining - - - 0.31%
 
Platinum & Precious Metals - - - 0.01%
 
Diamonds & Gemstones - - - 0.00%
 
Chemicals - 1.29% - -
 
Chemicals - - 1.29% -
 
Chemicals: Diversified - - - 0.90%
 
Specialty Chemicals - - - 0.39%
 
Real Estate 4.50% - - -
 
Real Estate - 4.50% - -
 
Real Estate Investment Trusts - - 3.57% -
 
Diversified REITs - - - 1.02%
 
Office REITs - - - 0.74%
 
Industrial REITs - - - 0.43%
 
Residential REITs - - - 0.39%
 
Storage REITs - - - 0.38%
 
Health Care REITs - - - 0.35%
 
Other Specialty REITs - - - 0.21%
 
Retail REITs - - - 0.05%
 
Infrastructure REITs - - - 0.00%
 
Real Estate Investment & Services - - 0.93% -
 
Real Estate Services - - - 0.62%
 
Real Estate Holding and Development - - - 0.30%
 
Utilities 4.07% - - -
 
Utilities - 4.07% - -
 
Gas, Water & Multi-utilities - - 2.86% -
 
Multi-Utilities - - - 1.75%
 
Water - - - 1.10%
 
Electricity - - 1.20% -
 
Conventional Electricity - - - 1.20%
 
Alternative Electricity - - - 0.00%
 
Waste & Disposal Services - - 0.01% -
 
Waste & Disposal Services - - - 0.01%
 
Energy 2.95% - - -
 
Energy - 2.95% - -
 
Non-Renewable Energy - - 2.95% -
 
Integrated Oil & Gas - - - 2.46%
 
Oil: Crude Producers - - - 0.34%
 
Oil Equipment & Services - - - 0.15%
 
Offshore Drilling & Other Services - - - 0.01%
 
Renewable Energy - - 0.00% -
 
Alternative Fuels - - - 0.00%
 
Renewable Energy Equipment - - - 0.00%
 
Technology 2.52% - - -
 
Technology - 2.52% - -
 
Software & Computer Services - - 2.46% -
 
Software - - - 1.09%
 
Computer Services - - - 0.84%
 
Consumer Digital Services - - - 0.53%
 
Technology Hardware & Equipment - - 0.06% -
 
Electronic Components - - - 0.06%
 
Computer Hardware - - - 0.00%
 
Semiconductors - - - 0.00%
 
Production Technology Equipment - - - 0.00%
 
Electronic Office Equipment - - - 0.00%
 
Telecommunications 2.35% - - -
 
Telecommunications - 2.35% - -
 
Telecommunications Service Providers - - 2.09% -
 
Telecommunications Services - - - 2.09%
 
Telecommunications Equipment - - 0.26% -
 
Telecommunications Equipment - - - 0.26%
 
Cash and Equivalents 0.41% - - -
 
Bonds 0.12% - - -
 
Alternative Trading Strategies 0.02% - - -
 
Alternative Trading Strategies - 0.02% - -
 
Alternative Trading Strategies - - 0.02% -
 
Alternative Trading Strategies - - - 0.02%

Regional Allocation

pie chart
  UK 80.83%
  Non-Classified 13.33%
  Developed Europe - Excl UK 2.94%
  Property 2.26%
  Cash and Equivalents 0.41%
  North America 0.15%
  Middle East & Africa 0.05%
  Australia & New Zealand 0.02%

Fixed Interest Currencies

pie chart
  Non-Fixed Interest Assets 99.47%
  Cash 0.41%
  Pound Sterling 0.12%

Regional Breakdown

Expand allCollapse all
Region Country
 
UK 80.83% -
 
United Kingdom - 80.83%
 
Jersey - 0.00%
 
Non-Classified 13.33% -
 
Developed Europe - Excl UK 2.94% -
 
Ireland - 2.01%
 
Luxembourg - 0.23%
 
Switzerland - 0.21%
 
Spain - 0.21%
 
Germany - 0.16%
 
Netherlands - 0.11%
 
France - 0.01%
 
Italy - 0.00%
 
Austria - 0.00%
 
Denmark - 0.00%
 
Finland - 0.00%
 
Sweden - 0.00%
 
Norway - 0.00%
 
Property 2.26% -
 
Cash and Equivalents 0.41% -
 
North America 0.15% -
 
Canada - 0.13%
 
United States - 0.02%
 
Middle East & Africa 0.05% -
 
Israel - 0.05%
 
Cote D'Ivoire - 0.00%
 
Australia & New Zealand 0.02% -
 
Australia - 0.02%

Breakdown By Market Cap (%)

Mega
 
 
33.26%
Large
 
 
22.55%
Medium
 
 
28.58%
Small
 
 
4.43%
Micro
 
 
0.29%
Non-Classified
 
 
10.37%
Bonds
 
 
0.12%
Cash
 
 
0.41%

Fund Holdings

Name % Weight Sector Country
1 M&G (ACS) UK All Share Index Fund Z1B Acc 37.84% Managed Funds Managed Funds
2 M&G (ACS) UK 200 Index Fund Z1B Acc 37.25% Managed Funds Managed Funds
3 M&G (ACS) UK Listed Equity Fund Z1B Acc 20.06% Managed Funds Managed Funds
4 M&G (ACS) UK Listed Mid Cap Equity Fund Z1B Acc 4.83% Managed Funds Managed Funds

Top 10 Holdings

Stock % Weight Sector Country
1 ASTRAZENECA 4.37% Pharmaceuticals & Biotechnology United Kingdom
2 HSBC HOLDINGS 2.93% Banks United Kingdom
3 GLAXOSMITHKLINE 2.66% Pharmaceuticals & Biotechnology United Kingdom
4 SHELL 2.64% Non-Renewable Energy Non-Classified
5 BP 2.46% Non-Renewable Energy United Kingdom
6 BRITISH AMERICAN TOBACCO 2.30% Tobacco United Kingdom
7 UNILEVER 2.25% Personal Care, Drug & Grocery Stores United Kingdom
8 RIO TINTO 1.87% Industrial Metals & Mining United Kingdom
9 DIAGEO 1.54% Beverages United Kingdom
10 NATIONAL GRID 1.44% Gas, Water & Multi-utilities United Kingdom

Dual Aspect Equity Analysis

UK Equities Int'l Equities UK Bonds Int'l Bonds UK Gilts Property Other Cash & Equiv Total
Technology 2.48% 0.04% - - - - - - 2.52%
Telecommunications 2.34% 0.01% - - - - - - 2.35%
Financials 16.03% 0.05% - - - - 5.37% - 21.45%
Real Estate 2.25% - - - - 2.25% - - 4.50%
Consumer Discretionary 11.92% 0.98% - - - - - - 12.90%
Consumer Staples 10.39% 0.23% - - - - 0.40% - 11.02%
Energy 2.95% - - - - - 3.87% - 6.82%
Utilities 4.07% - - - - - - - 4.07%
Health Care 6.48% 0.01% - - - - - - 6.48%
Industrials 12.88% 1.61% - - - - - - 14.49%
Basic Materials 6.15% 0.16% - - - - - - 6.31%
Cash and Equivalents - - - - - - - 0.41% 0.41%
Bonds - - 0.02% 0.10% - - - - 0.12%
Non-Classified 2.67% 0.77% - - - 0.22% 2.89% - 6.55%

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

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 0790301
Mex Code SBEQS
Isin Code GB0007903015
Citi Code SB36

Fund Charges

Annual Management Charge (AMC) 0.25%
Further Costs 0.02%
Yearly Total 0.27%

Aims and Benchmark

Aims Objective: The investment strategy of the fund is to purchase shares in UK companies via other M&G funds. It is a “fund of funds” holding units in several more specialised UK equity funds to give access to a variety of methods for generating investment returns in differing market conditions.
Benchmark Composite
Sector ABI UK All Companies

Ratings

FE Crown Crown Rating of 2

Important Information

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

Charges and further costs 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 0.80
Beta 0.93
Sharpe 0.00
Standard Deviation 17.06
Info Ratio 0.24

Risk Factors

Risk Factor Yes / No
Charges to Capital Yes
Emerging Markets No
Concentrated Portfolio No
Smaller Companies No
High Yield Bonds No
Sector Specific Yes
Geared Investments No
Value of Investments Yes
Investments Long Term Yes
Property No
Exchange Rate No
Higher Risk No
Performance Charges No
Derivative Exposure No
Offshore No
Income Eroding Capital Growth No
Umbrella Liabilities No
New Fund No
Solvency of Depository Yes
Solvency of Bond Issuers No
Ethical Restrictions No
Liquidity No
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).

Sector Specific

The fund invests in specific sectors. Funds which invest in specific sectors may carry more risk than those spread across a number of different sectors. They may assume higher risk, as markets/sectors can be more volatile. In particular, gold, technology funds and other focused funds can suffer as the underlying stocks can be more volatile and less liquid.

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.

Solvency of Depository

The value of a cash or currency fund may be affected if any of the institutions with which cash is deposited becomes insolvent or experiences other financial difficulties.

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

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

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

Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.

Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).

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 fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs 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 net 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.