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Negative Points: Schroders has significant exposure to UK, European and Asian equity markets. Increased competitive pressures could dampen margins. The Financial Services Authority's impending Retail Distribution Review (RDR) continues to provide a degree of uncertainty. At the heart of any asset manager is the investment team. As with any fund management business, there is a risk that if a "star" manager leaves, investors and assets under management may follow

Financial Highlights: For the first nine months of 2012, net inflows of £5.3 billion were recorded (2011- £5.1 billion). Assets under management were £202.8 billion as at 30 September 2012. Total profit before tax for the three month period to 30 September was £88.6 million (Q3 2011 - £101.6 million).

Third quarter interim statement: Schroders attracts assets as profits slip. Schroders grew its assets under management by 4.2% to £202.8 billion in the period following strong demand from both institutional and retail clients. The group recorded a profit before tax of £266 million over the nine months to 30 September, but this compared with profits of £317.3 million for the same period a year earlier. The vast majority of the group's profits came from its asset management business, which recorded a profit before tax of £261 million for the first nine months of the year. In the statement, Schroders said it expected a slowdown in institutional inflows, but demand for its funds in the intermediary market had picked up. "It is not clear whether this more positive tone in intermediary will be sustained given the uncertain economic background, but long term we are well positioned with a broad product range, competitive investment performance and strong distribution," added management. On balance, market consensus opinion indicates a hold for the time being.

Company overview The Group's core activity is that of fund management services. The group manages over £180 billion for a variety of institutional and retail clients. In addition, the group provides private banking facilities to high net worth clients.

Positive Points: The company is well positioned to benefit from the increasing focus by consumers and governments to healthier lifestyles which is driving food and beverage companies to develop healthier alternatives and increasing demand for ingredients in the health sector. Tate & Lyle is a leading European food and industrial ingredients company. Following the disposal of Tate & Lyle's Sugar business in June 2010, the group is separated into two key divisions - Speciality Starches which accounted for 30% of group revenues, and Bulk Ingredients which makes up the remaining 70% of revenues. In March, Tate & Lyle opened a new Commercial and Food Innovation Centre in Chicago. The centre will be the global headquarters for its Innovation and Commercial Development (ICD) group and will feature state-of-the-art laboratories, a demonstration kitchen, sensory testing, and analytical and pilot plant facilities. The Group's strategy is to become the leading global provider of Speciality Food Ingredients.

Negative Points: Competition in the sucralose market is rife and this threat could erode margins and place pressure on profits. The group remains subject to volatility in the form of energy prices, along with the normal economic cycle. Raw material prices remained high during the period. The group is mitigating the impact by using corn-based substitutes and reducing the length of customer contracts. Corn prices in the US have increased significantly since mid-June due to a drought in the mid-west. There is also uncertainty over the size and quality of this year's harvest. The situation in Europe on corn prices follows a similar pattern to the US.

Financial Highlights: Tate & Lyle posted an adjusted pre-tax profit of £179 million, a 2% rise year-on-year. First-half sales for this year rose 7% to £1.63 billion, up from £1.54 billion. The board recommended a rise in the interim dividend to 7.4p from 7.1p last year. During the first half, £17 million of capital and £10 million of exceptional costs were incurred on the group's new Commercial Food and Innovation Centre in Chicago and the rollout of a new global IT system.

Half year results: Tate & Lyle delivers a solid half despite European headwinds. Against the backdrop of a strong first half in 2011, the sweetener and starch maker made solid progress in the 6 months to 30 September, mindful of softer market conditions in Europe and an increase in fixed costs. Speciality Food Ingredients sales were up 5% with adjusted operating profit 7% lower than the strong first half last year after absorbing fixed costs that included the cost of restarting a second plant for its zero-calorie sucralose sweetener Splenda in Alabama earlier this year, and a softer first quarter. Within Bulk Ingredients, adjusted operating profit rose 6% with a strong performance from sweeteners in the US and Europe. The company said that its business transformation programme continues with encouraging initial customer response to its new global Commercial and Food Innovation Centre in Chicago, and the launch of its new venture fund. Overall, while recognising the current level of uncertainty around the wider economy and corn quality and pricing, management continue to expect to make progress this financial year.

Company overview Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries. Tate aims to turn raw materials into distinctive, high quality ingredients. The group's range of leading branded food ingredients includes SPLENDA® Sucralose, PROMITOR™ Dietary Fiber and STA-LITE® Polydextrose. Tate & Lyle also produces branded industrial ingredients including Bio-PDO™, Ethylex® and Sta-Lok® paper starches; and staple ingredients such as high fructose corn syrup, ethanol, citric acid and basic starches. In addition to providing a wide range of ingredients its Innovation and Commercial Development Group supports customers by providing product development, technical advice and proprietary consumer insight studies. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Positive Points: The board noted that "development lettings exceeded our expectations in terms of rent, timing and incentives." It also noted that "the returns we're getting from our development program are far higher than we would find in the investment market." £14.6 million of development lettings were reported since 1 April 2012. Its 20 Fenchurch Street (Walkie Talkie) building is now 23% pre-let with a further 11% in solicitors' hands. Like-for-like voids (empty properties) fell to 2.6% from 2.9% in March (2012). Retail voids declined to 3.1% from 3.4%, with its London portfolio coming in at 2.0% (2.4%). Units in administration declined for its Retail business to 1.8% from 2.8%. Group debt declined. Group loan-to-value (LTV - including joint ventures) declined from 38.0% at March 2012 to 36.2% at September 2012. This reflected proceeds received this year relating to sales recognised prior to 31 March 2012. Accompanying management comments noted that "We continue to deliver on a clear plan, and this is driving high levels of activity across the business. Having reduced our vacancy rates, and with encouraging interest in our developments, we have added more schemes to our development programme." A progressive dividend policy continues to be pursued. A first half dividend of 14.8 pence was declared, an increase of 2.8% on the previous half year payment.

Negative Points: On the company's own adjusted underlying basis, revenue profit declined by 9.8% to £143.7 million compared to the prior year. Reported profit before tax declined to £131.4 million compared to £378.9 million. Management previously noted that "transactions are taking longer". The Group operates a defined benefit pension scheme which is closed to new members. At 30 September 2012, the scheme was in a net deficit position of £4.3 million compared to a deficit of £2.4 million at 31 March 2012. The change is primarily due to lower than expected returns on scheme assets. With UK inflation still running ahead of wage growth, the outlook for consumers remains challenging, a fact which has placed pressure on its Retail portfolio.

Financial Highlights: Net assets per share increased by 1p from 921p at 31 March 2012 to 922p at 30 September 2012. Adjusted diluted net assets per share also increased by 1p from 863p at 31 March 2012 to 864p. Adjusted diluted earnings per share were 18.4p (2011: 20.5p), down 10.2% on the comparable period.

Half year results: Land Securities fails to inspire. The announcement failed to inspire investors, with the share price marginally lower (down just over 1%) in early trading. Both headline and adjusted Net Asset Value increased by just a penny, whilst adjusted earnings per share declined by 10.2%. Sales of properties in order to reinvest in new projects appeared to provide the drag on earnings. Nonetheless, like-for-like voids (empty properties) fell to 2.6% from 2.9% in March (2012). Retail voids declined to 3.1% from 3.4%, with its London portfolio coming in at 2.0% (2.4%). Furthermore, management noted that "nothing we have seen in the last six months leads us to change our outlook". In all, concerns for the UK's economic outlook continue to weigh against the company's income paying ability in a low interest rate environment.

Company overview Land Securities is a major Real Estate Investment Trust (REIT). It owns, manages and develops properties across the United Kingdom. The group operates through two divisions: 1) The London Portfolio – which includes office developments and retail properties in London 2) The Retail Portfolio – which includes shopping centres and shops, retail warehouses and food stores. Around 500 organisations are provided with accommodation via its London Portfolio, whilst the Retail Portfolio includes over 40 shopping centres and retail parks.

Positive Points: Management guidance for 2012 year end results remains unchanged, delivering a combined operating ratio of 96% and investment income of around £500 million for the full year. RSA benefits from a wide geographic footprint that offers exposure to an array of insurance markets around the world. Growth was led by Emerging Markets, which has been driven by a robust performance in Latin America. RSA also saw good performances in Personal lines in Canada and Scandinavia. M&A has been a key part of the group's growth with nearly 50 acquisitions completed since 2005. The integration of recent acquisitions in Canada and Argentina is progressing well, said the insurer. RSA reported a 2% rise in its interim dividend in August to 3.4p per share.

Negative Points: Competition within the group's core UK home market remains intense. A highly competitive industry in recent years saw many players slash rates to maintain market share, which the market claims led to unsustainable low rates that are now rising to more normal levels. The insurance industry is vulnerable to risks arising from exposure to bond markets, movements in interest rates, along with foreign currency exchange rate fluctuation. RSA has ongoing exposure to potential weather and catastrophe losses. Earthquakes in Japan and New Zealand, windstorms in the US and flooding in Thailand cost insurers about $105 billion last year, making it the industry's most expensive year on record, according to industry sources.

Financial Highlights: Net written premiums, in the nine months to September were £6.2 billion, representing growth of 4%. The group's Insurance Group Directive (IGD) surplus is in a healthy state, the group said, at £1.2 billion.

Third quarter statement: RSA sees premium growth of 4 per cent. RSA reported net written premiums in the first nine months of 2012 up 4% year-on-year to £6.2 billion. The insurer's challenging UK & Western Europe markets saw net written premiums dip 1% to £2.7 billion. However, growth was seen elsewhere led by a robust performance in Latin America with Emerging Markets overall contributing £887 million, a rise of 15%. Scandinavia's net written premiums rose to £1.4 billion, while Canada's improved to £2.7 billion. Outlook comments from management revealed no expected change in its 2012 year end results. We believe that the current market consensus opinion of a hold will remain in place for the time being.

Company overview RSA has been writing insurance for almost 300 years. Formerly Royal & Sun Alliance Insurance Group PLC, its principal activity is the transaction of personal and commercial general insurance business. The Company operates in three segments: International, Emerging Markets and the United Kingdom. The company has over 20 million customers and has the ability to write business in 130 countries around the globe. RSA is a constituent in the FTSE-100 index.

Shares in the Vipera, the provider of mobile financial software services, today announced it has signed its largest sale to date, and will be in excess of £500,000. ● In addition, new business won by the company means group revenues for the year to December ‘12 will be substantially higher than last year’s results.