Baillie Gifford is one of the UK's leading independently owned investment management firms. It is owned and run by 43 of its senior executives who operate as a partnership, a structure which has endured for over a century and which provides stability for clients and motivation for employees. It enables us to manage the business for the future as well as the present, with the emphasis on genuine long_term thinking rather than short term targets. As of 30 September 2017 our assets under management and advice were £173 billion (US$232 billion), a sizable figure but one achieved by steady organic growth rather than by merger or acquisition.