St. James's Place Plc · LSE:STJ
St. James's Place — FY2018 Earnings Presentation
81 slides from St. James's Place's earnings presentation, February 2019
Slide 1: Full Year Results 2018
F U L L Y E A R R E S U L T S – 2 018 PA RT N E R S I N M A N AG I N G YO U R W E A LT H
Slide 2: Contents
CONTENTS PART ONE – B U SI N E SS MOD EL PA RT T WO – F I N A N C I A L RESU LTS OUR STRATEGY 4 CASH & DIVIDEND PROFILE 71 THE PARTNERSHIP 17 OUR SHAREHOLDERS 76 INVESTMENT MANAGEMENT 29 ANALYST FOLLOWING 78 OUR CLIENTS 43 CLIENT SURVEY 47 THE ADVICE MARKET 50 COSTS AND CHARGES 63 2
Slide 3: Part One – Business Model
PA R T O N E – B U S I N E S S M O D E L
Slide 4: Our Opportunity
OUR O PPORTUNITY The market is large and growing + Considerable savings gap + Growing need and demand for trusted advice + Recognised advice gap = Perfect environment for client focussed advice business 4
Slide 5: St. James's Place Overview
ST. JAME S’S PLACE OVERVIEW • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£5 billion - Circa £100 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own
Slide 6: Global Investment Management Expertise
G L O B A L I N V E S T M E N T M A NAG E M E N T E X P E RT I S E 39 funds 39 fund houses 36 exclusive strategies to UK retail investors 79 lead fund managers Red lines indicate fund managers from whom all the strategies we offer are exclusive to St. James’s Place clients in the UK retail space. 6
Slide 7: Whole of Market Approach
W H O L E O F M A R K E T A P P R O AC H Although our advice is restricted to the products and services available through St. James’s Place, we take responsibility for the due diligence on all the providers whose products and services we make available to our clients, some of which are shown below.
Slide 8: Strategic Context – The Growth Model
S T RATE G I C CONTEXT – THE GROWTH M ODEL NEW BUSINESS Number Gross Inflows of Qualified Advisers per Qualified Adviser Experienced Adviser recruitment Personal development Academy Broadening Investment Portfolio Next Generation Business/Technical Support Asia SJP Deposit/Lending Services Discretio
Slide 9: Number of Qualified Advisers
NUMBER OF QUALIFIED ADVISERS 4,000 8% ar s 7% 3,954 0 ye 3,500 nd 1 10% t5a e las ver th 10% th o 3,000 g row 10% und co mpo p.a. 13% 9% 2,500 10% 7% Number 6% 2,000 8% 9% 10% 1,500 1,000 500 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 9
Slide 10: Gross Inflows per Qualified Adviser
GROSS INFLOWS PER QUALIFIED ADVISER 4.5 +19% +0% 4.0 4.0 3.5 +6% +7% +9% +4% 3.0 £ million +3% 0% 2.5 2.0 1.5 1.0 0.5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 10
Slide 11: Gross Inflows by Quarter
G ROSS I NF LOWS BY QUARTER £bn 4.5 4.1 3.9 4.0 3.9 4.0 3.7 3.8 3.6 3.5 3.2 3.3 2015 3.0 2.8 2.8 2.5 2.5 2016 2.5 2.3 2.3 2.1 2017 2.0 1.5 2018 1.0 0.5 0 Q1 Q2 Q3 Q4 2015 over 2014 +12% +17% +20% +20% 2016 over 2015 +16% +23% +21% +30% 2017 over 2016 +32% +29% +28% +26% 2018 over 2017 +21% +10% +7%
Slide 12: Gross Inflows
G ROSS INFLOWS 16 +8% +29% 15.7 14 12 +23% 10 +17% £ billion +16% 8 +21% 6 +9% +35% +9% 4 +15% - 9% 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 12
Slide 13: Consistent Net Inflows
C ONSI ST ENT NET INFLOWS 11 +8% 10 +40% 10.3 9 8 7 +17% 6 +14% £ billion +20% 5 +28% 4 +10% +4% +30% 3 +31% 2 -11% 1 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 13
Slide 14: 2018 – Fund Flow Information
2018 – FUND FLOW INFO RM ATIO N 12 months ended 12 months ended £ billion 31 Dec 2018 31 Dec 2017 Funds under management at start 90.7 75.3 Gross inflows 15.7 14.6 Investment return (5.4) 6.2 101.0 96.1 Regular income withdrawals/maturities (1.6) (1.5) Surrenders/part surrenders (3.8) (3.6) Matching
Slide 15: Quarterly Net Inflows 2008–2018
15 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 QUARTE RLY N ET INFLOWS 2008 – 2 018 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2
Slide 16: Funds Under Management
FUNDS UNDER MANAGEMENT 17% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at Dec 2018) 100 +5.4% +20% 90 95.6 80 +28% 70 60 +13% £ billion +17% 50 +27% 40 +22% +26% +6% 30 +31% 20 -10% 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 16
Slide 17: The Partnership
T HE PARTNERSHIP 17
Slide 18: Dedicated Distribution – The Partnership
D E DI C ATE D DI STRIBUTION – THE PARTNERSHIP • High quality self-employed team of 3,954 Qualified Advisers - Average age is 47 - 90%+ per annum retention rate • Aim to grow Adviser numbers by 6% to 8% per annum • Aim to increase productivity each year • Average industry experience is 19 years 18
Slide 19: Geographic Distribution of Advisers and Clients
G E O G R A PHI C DI STRI BUTIO N OF ADVISERS & CLIENTS 31 December 2018 ADVISERS CLIENTS 6% 6% 2% 2% 23% 22% 25% 13% 14% 14% 4% 4% 3% 4% 4% 4% 5% 4% 21% 21% 22% 9% 10% Overseas Advisers: 4% Overseas Clients: 2% 14% 12% 19
Slide 20: Qualified Advisers by Age Band
QUALI FI E D ADVISERS BY AGE BAND 31 December 2018 Existing Advisers New Advisers 65+ 65+ 3% <35 55-65 2% 15% 9% 55-65 19% <35 45-55 38% 22% 35-45 30% 45-55 33% 35-45 29% 20
Slide 21: Adviser Development
A DVI SE R DEVELO PMENT Business Business Acquisition Transition Processing Establishment Development Risk FIELD MANAGEMENT TEAM ST. JAMES’S PLACE PARTNER PRACTICE CIRENCESTER SUPPORT FUNCTION Private Technical Business sale Learning & Marketing Technology Risk Clients Support & purchase Development
Slide 22: Authorised Adviser Numbers
AUT HOR I SED ADVISER NUMBERS FSA FCA FCA FCA FIGURES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2014 31 OCT 2015 31 DEC 2016 31 DEC 2017 Financial advisers 21,496 22,557 25,611 26,311 Bank advisers 3,182 3,672 3,525 3,347 Discretionary fund managers/stockbrokers 6,475 4,371 3,819 3,993 Other fi
Slide 23: Asia
ASIA The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 133 advisers with a further 11 awaiting appointment • SJP Funds under management: £625 million, up 49% • *Estimated 90,000 UK ex-pats with investable wealth projected to grow to circa £20 billion by 2020 • Our global investment pr
Slide 24: St. James's Place Academy
• Over 450 have graduated the Academy and Next Generation Academy so far, 142 in 2018 • Currently 379 in the program • Ambition to graduate c.170 advisers in 2019 • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme • 38% from financial services
Slide 25: St. James's Place Academy
ST. JAME S ’S PLACE ACADEMY • Average age 37: previous earnings c£61,000 • 70% male/30% female • 60% are Partner referrals • 14% are Staff referrals • 15% directly from Academy website • 18% of 2018 London new business from Academy graduates 25
Slide 26: Rowan Dartington
• Trusted relationships – a people business, built on trust and long-term relationships, face-to-face • Specialises in Discretionary Fund Management (DFM) and stockbroking services • Growth model – acquiring and retaining client investments • Strong persistency – long-term retention data similar to
Slide 27: Complementary Investment Service
COMPLE ME NTARY INVESTMENT SERVICE • Managing clients assets – making all investment decisions • Open-architecture capability – access to direct equities and bonds • Bespoke portfolios – for example stripping out banking or oil stocks or having a more tactical asset allocation • Execution capability
Slide 28: Additional Services
A DDI TIO NAL SERVICES • Advisory Stockbroking • Enhanced services since acquisition – Clients can buy and sell share holdings • Ethical portfolio – Includes CGT management • AIM IHT portfolio • UK Resident Non Domiciled Clients • ‘Execution only’ dealing • Third party offshore bonds – Reactive deal
Slide 29: Investment Management
I NVE ST MENT MANAGEMENT 29
Slide 30: Our Approach to Investment Management
OUR APPROACH TO I NV E STMENT M ANAGEM ENT ‘INDEPENDENT EXPERTISE’ THE INVESTMENT Peter Win Davina Steven COMMITTEE Dunscombe Robbins Curling Daniels ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? fund managers objectives and strategy Change manager? No
Slide 31: Stamford Associates and Redington: Independent Investment Consultancies
S TAMFORD ASSO CIATES AND REDINGTON: I N DE PE NDE NT I NVESTMENT CONSULTANCIES Research fund Monitor managers Advise Investment manager market and Portfolios Committee Access to Qualitative and Focus on future whole market quantitative outperformance • Analyse and identify • Data analysis Recommend
Slide 32: Global Investment Management Expertise
G L O B A L I N V E S T M E N T M A NAG E M E N T E X P E RT I S E 39 funds 39 fund houses 36 exclusive strategies to UK retail investors 79 lead fund managers Red lines indicate fund managers from whom all the strategies we offer are exclusive to St. James’s Place clients in the UK retail space. 32
Slide 33: Growth Portfolios
G ROWTH PO RTFO LIO S DEFENSIVE PORTFOLIO CONSERVATIVE PORTFOLIO BALANCED PORTFOLIO Low Risk Lower-Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 29.4% International Equities 0.2% Global Fixed Interest 38.8% International Equities 1.3% Gl
Slide 34: Growth Portfolios (continued)
GROW T H P ORTFOLIOS ( CONTINUED ) MANAGED FUNDS PORTFOLIO STRATEGIC GROWTH PORTFOLIO ADVENTUROUS PORTFOLIO Medium Risk Medium Risk Upper-Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 20.3% International Equities 3.1% Global Fixed Interest 24.4% Int
Slide 35: Income Portfolios
IMMEDIATE INCOME PORTFOLIO BALANCED INCOME PORTFOLIO DEFERRED INCOME PORTFOLIO Lower-Medium Risk Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 68.7% International Equities 0.7% Global Fixed Interest 38.6% International Equities 1.2% Glob
Slide 36: Funds Under Management
FUNDS UNDER MANAGEMENT 17% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at Dec 2018) 100 +5.4% +20% 90 95.6 80 +28% 70 60 +13% £ billion +17% 50 +27% 40 +22% +26% +6% 30 +31% 20 -10% 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 36
Slide 37: Annualised Performance of St. James's Place Portfolios
A NNUA LI SED PERFO RM ANCE OF ST. JA ME S’S PLACE PO RTFO LIO S 37
Slide 38: Annualised 3 Year Performance
ANNUALI SE D 3 YEAR PERFO RM ANCE St. James’s Place Portfolios vs ARC Private Client Indices 8% 7.6% St. James’s Place ARC PCI 7% 6.2% 5.9% 5.8% 6% 4.8% 4.8% 5% 4.5% 3.9% 4% 3.4% 3.2% 3.2% 3.0% 3% 2.0% 2.0% 2.0% 1.7% 2% 1% 0 Defensive Conservative Balanced Managed Adventurous Immediate Balanced Defe
Slide 39: Annualised 5 Year Performance
ANNUALI SE D 5 YEAR PERFO RM ANCE St. James’s Place Portfolios vs ARC Private Client Indices 7% St. James’s Place ARC PCI 6.0% 6% 5.1% 5% 4.9% 4.7% 4.3% 4.3% 3.9% 3.9% 3.8% 4% 3.2% 3.2% 3.2% 3% 2.3% 2.3% 2.3% 2.0% 2% 1% 0 Defensive Conservative Balanced Managed Adventurous Immediate Balanced Deferre
Slide 40: ARC Private Client Indices Universe
A RC PR I VATE CLIENT INDICES UNIVERSE 40
Slide 41: Funds Under Management by Asset Class, Region and Wrapper
FUNDS UNDER MANAGEMENT: S H OWN B Y ASSE T CLASS, REGION AND WRAPPER 31 December 2018 Fixed Interest 20% UK 21% Investments Pensions 29% 43% Asia & Pacific 9% Alternatives 3% Property 3% Cash 7% US 22% Other Assets 3% European 12% Unit Trusts, ISAs & DFMs 28% 41
Slide 42: Benefits of Investment Management Approach
B E N E F ITS OF I NV E STMENT M ANAGEM ENT APPROACH • No in-house managers, so no conflict of interest • Benefit from Investment Committee experience & expertise • Ability to appoint the best fund managers with wholesale purchasing power • Continuous monitoring plus quarterly reviews • Easy to chan
Slide 43: Our Clients
OU R CLIENTS 43
Slide 44: Geographic Distribution of Client FUM
G E OGRAPHI C DI STRIBUTION O F CLIENT FUM 31 December 2018 CLIENTS 6% Male 53% 2% Female 47% 23% 25% Average age 56 14% 14% 3% 4% 4% 4% 4% 21% 22% 10% Overseas Clients: 2% 12% 44
Slide 45: Clients by FUM Value Band
C LI E NTS BY FUM VALUE BAND 31 December 2018 <£50k £1m+ 6% 19% £50k-£250k 34% £500k-£1m 19% £250k-£500k 22% 45
Slide 46: New and Retained Clients by Age Band
N E W A ND RE TAI NED CLIENTS BY AGE BAND 31 December 2018 Existing Clients by Age Band New Clients by Age Band <30 70 + <30 5% 30-40 8% 13% 70 + 6% 21% 65-70 7% 30-40 12% 40-50 19% 60-65 10% 65-70 10% 55-60 40-50 60-65 50-55 15% 21% 11% 14% 55-60 50-55 14% 14% 46
Slide 47: Client Wealth Account Survey 2019
CLI E NT W E ALT H ACCOUNT SURVEY 2019 47
Slide 48: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY What is your view of the St. James’s Place proposition in terms of value for money? Excellent 34% Good 46% Reasonable 15% Poor 5% St. James’s Place Annual Wealth Account Survey, 2019 48
Slide 49: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY Thinking about your overall experience, would you recommend St. James’s Place services to others? Yes, but I have yet to do so Yes I would, and have already 39% done so 55% No 6% St. James’s Place Annual Wealth Account Survey, 2019 49
Slide 50: The Advice Market
THE ADVICE M ARKET 50
Slide 51: What Advisers Offer
W HAT ADVISERS O FFER • Holistic financial planning “ The first pillar of value, financial planning, starts with building a deep understanding of who the client is, and what they are seeking • Understanding a client’s goals and objectives • A personalised tax efficient financial plan and to accompli
Slide 52: Increasing Tax Burden
I NCRE ASING TAX BURDEN • UK tax rules often described as ‘Fiendishly Complex’ • Record number of higher rate tax payers • 2017-18 IHT receipts £5.2 billion – up 68% in 5 years • HNW population up 20% • Finance Act 2017 – 674 pages (second largest in history) 52
Slide 53: Increasing Complexity
I NCRE ASING CO M PLEXITY SHIFTING SANDS OF PENSION LEGISLATION Lifetime Allowance Annual Allowance 2006 Pension simplification (A-Day) £1,500,000 £215,000 Introduction of the Lifetime Allowance (rising to £1.8m by 2010) 2007 £1,600,000 £225,000 2008 Announcement that LTA would freeze at 2010 levels
Slide 54: 'Simple' Tax Comparison Grid
‘SI MPLE ’ TAX COMPARISON GRID INVESTMENT/ACCUMULATION PERIOD WITHDRAWAL Diversified Tax relief Investor Tax on Tax on IHT Tax on Tax on IHT on Other tax spread of on access income Capital income Capital death on death underlying investment Gains Gains investments possible REGISTERED POSSIBLE PENSIO
Slide 55: The Value of Advice
T HE VALUE O F ADVICE + + = VALUE OF ADVICE TRUSTED INCLUDING INVESTMENT CLIENT NET PERSONAL TAX PERSONAL PERFORMANCE OUTCOMES OPTIMISATION RELATIONSHIP ...so much more than just an investment return 55
Slide 56: UK Aggregate Wealth
UK AG GREGATE WEALTH 30% 28% £50k to £5m of 25% 23% 24% investable wealth 20% • 11 million individuals with £2.2 trillion investable wealth 15% • Projected to grow to 12.8 10% 10% million individuals with 10% £2.6 trillion investable wealth by 2022 5% 3% 3% 0% • Excluding property and 0 occupational
Slide 57: £2.8 Trillion of Wealth Available for Transfer Over the Next 30 Years
£2. 8 T RI LLI ON OF WE ALTH AVAILABLE FOR TRANSFER OVE R THE NEXT 30 YEARS £6.6 TRILLION Total wealth CALCULATIONS FOR - Wealth consumed on £4.2 TRILLION lifetime spending - TOTAL WEALTH AVAILABLE FOR TRANSFER OVER THE Additional wealth spent £0.2 TRILLION NEXT 30 YEARS FROM on long-term care UNITE
Slide 58: Demonstrating Value – Behavioural Assurance
DEMONSTRATING VALUE – BEHAVIOURAL ASSURANCE Recent FT article – ‘Time in’ the market • ‘If you had been out of the FTSE All-Share index for KEEP CALM AND STAY INVESTED The cost of dipping in and out of the market 10 of the best-performing days Trying to be too clever costs money over the past 20 yea
Slide 59: Demonstrating Value – Behavioural Assurance
DEMONSTRATING VALUE – BEHAVIOURAL ASSURANCE 2016 Investment Association platform net flows vs SJP £1,250m £1,000m £750m £500m £250m £0m JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC -£250m -£500m -£750m Investment Association SJP -£1,000m Source: The Investment Association – Five Platforms that pr
Slide 60: Projected Growth in Retirement Income Assets
PROJE CT E D GROWTH IN RETIREM ENT I NC OME ASSETS ( £BN ) 600 CAGR 4% 400 300 15% 35 200 15 225 210 0% 121 0 2005 2010 2015E 2020E 2025E 2030E Individual Annuities Income Drawdown/Alternative products • In 2015, there were circa 12 million people • In the USA, individuals aged 65 and of retirement
Slide 61: The SJP Opportunity
T HE SJP OPPO RTUNITY • ISAs - Cash £270 bn (August 2018 - HMRC) - Stocks & shares £337 bn (August 2018 - HMRC) • Bank and Building Society deposits £1,356 bn (December 2018 - Building Societies Association) • National Savings and Investment £166 bn (December 2018 - Building Societies Association) (
Slide 62: Source of New Business/Markets
SOURCE OF NEW BUSINESS/MARKETS • 88% existing clients, referrals and introductions • 12% new clients from other sources • 88% of Partners are confident Brexit will have little or no impact on their business • Partners are experiencing less competition from local IFAs, other Wealth Managers and finan
Slide 63: Costs and Charges
COSTS AND CHARGES 63
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Slide 65: The Advice Market... Transparent?
THE A DVI C E MARKET... TRANSPARENT? The fees a client may have to consider when trying to compare advice and products based on publicly available information for a variety of firms and providers. % of initial investment Tiered fee based on amount invested + VAT Initial advice fee or hourly rate (£)
Slide 66: USA – Annual Cost of Advice and Investment Services
USA – ANNUAL COST OF ADVICE AND INVESTMENT SERVICES ( EXCLUDING INITIAL PLANNING FEES ) Example charges for a The total bill to investors $500,000 - $1 million portfolio Median annual cost financial advice and investment services, by portfolio size. 0.45 Below $250,000 1.85 0.20 $250,000 to $500,000
Slide 67: Costs of a Full Advice Service – SJP v Peers
C O ST S OF A FULL ADVICE SERVICE – SJP v PEERS 10 year reduction in yield comparison 3.8% 2.3% 1.7% St. James’s Place Source: Grant Thornton Adviser Charges Report, December 2018. The figures shown have been produced by Grant Thornton UK LLP, an external consultancy. They show the Reduction in Yiel
Slide 68: Part Two – Financial Results
PA R T T W O – F I N A N C I A L R E S U L T S
Slide 69: 2018 – Financial Summary
2018 – FI NANCIAL SUM M ARY • EEV new business profit of £852.7 million, up 9% • EEV operating profit of £1,002.0 million, up 9% • Underlying cash result of £309.0 million, up 10% • Total dividend of 48.22 pence per share, up 12.5% • Underlying cash earnings per share 58.7 pence, up 10% 70
Slide 70: Cash & Dividend Profile
CASH & DIVIDEND PRO FILE 71
Slide 71: Underlying Post-Tax Cash Result
UNDE RLY I NG POST-TAX CASH RESULT 350 +10% 300 309.0 281.2 250 £ million 200 199.5 182.1 150 173.8 139.9 100 84.0 50 63.4 0 2011 2012 2013 2014 2015 2016 2017 2018 72
Slide 72: Estimated Return on Funds in Gestation
E S TI MATE D R E TURN ON FUNDS IN GESTATIO N Year FUM* Maturing Additional Cumulative annual Invested (£bn) annual post-tax contribution to post-tax cash (£m) cash result (£m) 2013 3.6 2019 27.9 27.9 2014 4 2020 30.8 60.5 2015 4.9 2021 37.6 98.1 2016 5.7 2022 44.2 142.3 2017 7 2023 54.1 196.4 2018
Slide 73: Continual Dividend Growth
CONTI NUAL DIVIDEND GROWTH 50 12.5% 48.22p 45 +30% s 40 ear 0y last 1 35 r the +18% h ove 30 t g row +20% nd Pence u 25 mpo +46% . co 20 p.a 27% +50% 15 +33% 10 +33% +33% +2% +2.5% +18% 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 74
Slide 74: Conclusion & Outlook
C ONC LU SION & OUTLOO K • The advice market is big • Experienced and stable management • Favourable demographics team • The tax burden is increasing • Experienced and stable advisory team – ‘The Partnership’ • Move from state to individual responsibility • Proven and resilient track record of growt
Slide 75: Our Shareholders
OUR SHAREHOLDERS 76
Slide 76: Our Shareholders
OUR SHAREHO LDERS Balance 12% UK 1. M&G 5.87% 48% 2. BlackRock (Index) 5.18% 3. Baillie Gifford 4.87% Europe 16% 4. Allianz Global Investors 4.17% 5. Fidelity (FMR) 4.15% 6. Norges Bank 3.98% 7. Columbia Threadneedle 3.85% 8. Capital Research & Management 3.67% 9. Vanguard Group 3.42% North 10. Lega
Slide 77: Analyst Following
ANALYST FOLLOWING 78
Slide 78: Analyst Following
ANALYST FOLLOWING • Andrew Crean Autonomous • Neil Welch Macquarie • Alan Devlin Barclays Capital • Fahad Changazi Mediobanca • Andrew Sinclair BoA Merrill Lynch • Jon Hocking Morgan Stanley • Andrew Baker Citi • David McCann Numis • Abid Hussain Credit Suisse • Barrie Cornes Panmure Gordon • Oliver
Slide 79: Investor Relations Contacts
I NV E STOR RELATIONS CO NTACTS If you have a query or require more information, please get in touch with one of the contacts below: Craig Gentle Tony Dunk Hugh Taylor Chief Financial Officer Director, Investor Relations Investor Relations Manager Telephone: 0207 514 1963 Telephone: 0207 514 1963 Te
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Slide 81: February 2019
F E B RUA RY 2 019 SJP6001 Q4 (02/19)