122 | FINANCIAL STATEMENTS | Notes to the Consolidated Financial Statements


40. Related party transactions continued


(vi) Asset management vehicles The Group has some carried interest investments in asset management vehicles, which entitle the Group to a share of profits if certain investment return thresholds are achieved.


The Group provides asset management services for a number of asset management vehicles where Group companies directly sponsor or are involved in the management of underlying funds, which meet the criteria of related parties. In return the Group receives investment management fees for provision of these services.


These asset management vehicles and the investment management fees are summarised below: Total


invoiced Outstanding at and accrued 31 December during 2011 £m


2011 £m


Asset management vehicles 51.9 4.5 Total


and accrued during 2010 £m


52.1


invoiced Outstanding at 31 December 2010 £m


4.5


41. Capital Requirements Directive Under Pillar 3 of the Capital Requirements Directive, prescribed in the UK by the Financial Services Authority, the Group is required to disclose information relating to its risks, regulatory capital, remuneration policy and risk management objectives and policies. The Group’s Pillar 3 disclosures are given on the Company’s website (www.fcamplc.com).


42. Guarantees The Company’s subsidiary, F&C Netherlands B.V., has provided a lease guarantee for £0.3m to the landlord of its premises at Jachthavenweg 109E, 1081 KM Amsterdam.


43. Events after the reporting period


Corporation Tax The Chancellor of the Exchequer announced a further Corporation Tax rate reduction in his budget of 21 March 2012. This will become effective from 1 April 2012 and will now move the UK Group’s statutory effective tax rate to 24.5% for 2012. Furthermore this reduction will move the Group’s tax rate to 22% by 2015.


44. Parent undertaking and controlling party In the opinion of the Directors, the Group has no ultimate parent undertaking and controlling party.


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