Schroders Plc · LSE:SDR
Schroders — Investor Day (October 2017)
94 slides from Schroders's investor day presentation, October 2017
Slide 1: Welcome to the Schroders investor day
Welcome to the Schroders investor day Peter Harrison, Group Chief Executive October 2017 For professional investors only, not for retail clients
Slide 2: An industry at a crossroads
An industry at a crossroads Scale Diversification Financial strength £418bn of assets under 41 offices across 27 countries £1bn of investment capital management and administration Over 600 funds Over £400m of seed capital employed £974m of net income Over 50 investment desks Source: Schroders as at
Slide 3: Adapting our business to the changing world
Adapting our business to the changing world 1 2 3 4 Exploiting new Investing in Focusing on Long term growth technology across specialist engagement with opportunities the firm capabilities our clients 3
Slide 4: Today's agenda
Today’s agenda Start End Topic Presenter 08.55 09.00 Introduction and welcome Peter Harrison 09.00 09.30 A global perspective & continental Europe John Troiano 09.30 10.00 Asia Pacific Lieven Debruyne 10.00 10.30 North America Karl Dasher 10.30 10.50 Break 10.50 11.05 Growth through product innovati
Slide 5: Global perspective & continental Europe
Global perspective & continental Europe Investor day John Troiano, Global Head of Distribution October 2017 For professional investors only, not for retail clients
Slide 6: Agenda
Agenda Agenda 1 A diversified global business 2 Continued growth in continental Europe 3 Long-standing committed local presence 4 Key market trends 5 Drivers of future growth 6
Slide 7: A diversified global business
A diversified global business Assets and net operating revenue at H1 2017 Assets under management - £406.9bn Net operating revenue* - £940.1m 14% 12% 35% 40% 25% 25% 28% 21% UK EMEA Asia Pacific Americas UK EMEA Asia Pacific Americas Source: Schroders as at 30 June 2017. * Pre-exceptional net operat
Slide 8: Diversified inflows
£bn 30 Diversified inflows 25 20 Driving growth 15 – Cumulative net inflows of more 10 than £55bn since 2012 5 – Strong contributions from Asia Pacific 0 – Turnaround in Americas -5 -10 2012 2013 2014 2015 2016 H1 2017 UK EMEA Asia Pacific Americas Source: Schroders as at 30 June 2017. 8
Slide 9: Diversified across asset classes
Diversified across asset classes Assets and net operating revenue at H1 2017 Assets under management - £406.9bn Net operating revenue* - £940.1m 11% 11% 4% 6% 41% 13% 24% 53% 17% 20% Equities Fixed Income Equities Fixed Income Multi-asset EMD, Comms and Real Estate Multi-asset EMD, Comms and Real Es
Slide 10: Net inflows across asset classes
£bn 30 25 Net inflows across 20 asset classes 15 10 – Multi-asset generated £38bn of net 5 new business since 2012 - – Significant contribution from Fixed (5) Income (10) 2012 2013 2014 2015 2016 H12017 Equities Fixed Income Multi Asset EMD, Commodities and Real Estate Wealth Management Source: Schr
Slide 11: New global brand
New global brand In response to a changing world Retirement High Alpha Equity - Evolution of global client demand Absolute Emerging - As we move closer to the client, brand Return Markets importance grows - Necessity to evaluate all our capabilities: Private Income - What do we want to be known for?
Slide 12: Continental European diversification
Continental European diversification Broad product range across local offices Assets under management - £71bn 7% 10% 12% 10% 26% 21% 48% 35% 8% 15% 8% Equities Fixed Income Benelux Switzerland Germany Spain Multi-asset EMD, Commodites & Real Estate France Italy Nordics Source: Schroders as at 30 Jun
Slide 13: A consistent growth story
£bn 80 A consistent growth 70 story 60 50 – £71bn Asset Management AUM – 63% Intermediary 40 – 37% Institutional 30 – Cumulative 5 year net new business of £16.4bn 20 – Broad, diversified product range 10 – High margins, shorter longevity 0 2012 2013 2014 2015 2016 H12017 Equities Multi Asset Fixed
Slide 14: Continental Europe
Stockholm Continental Europe Copenhagen Headcount: 6 Headcount: 6 Nordics AUM: £6.9bn Significant and established presence across the region Amsterdam Headcount: 9 Frankfurt Benelux AUM: £8.4bn Headcount: 38 AUM: £11.0bn Paris Headcount: 27 Luxembourg AUM: £5.7bn Headcount: 270 - Over 460 people acr
Slide 15: Client longevity
yrs 10 8 Client longevity 6 – Lowest longevity across group, due to high proportion of Intermediary 4 assets – Steady improvement in longevity 2 – Important strategic objective 0 2012 2013 2014 2015 2016 2017 Institutional Intermediary Total EMEA Source: Schroders as at 30 June 2017. 15
Slide 16: Key market trends
Key market trends Intermediary Trends Changing position of Shifting product demand Regulation asset managers Consequences – Higher spend on – Increased reporting – Moving closer to the marketing and brand requirements individual – Continued investment – Evolving market – Preferred partnerships in te
Slide 17: Key market trends
Key market trends Institutional Trends Outsourcing by Changes in market insurance companies demand Consequences – Concentration of the – Growth of passive and pension funds market ETFs – Demand for solutions, – Need for high alpha LDI and multi-asset alternatives – Search for yield and private asset
Slide 18: Key drivers for future growth
Key drivers for future growth Growing Insurance Private assets Maximising Opportunities in Institutional sub-channel existing new markets market share Intermediary business 18
Slide 19: Asia Pacific
Asia Pacific Investor day Lieven Debruyne, CEO - Asia Pacific October 2017 For professional investors only, not for retail clients
Slide 20: Agenda
Agenda 1 The opportunity for growth 2 Our business and achievements 3 Strategic initiatives and drivers for future growth 20
Slide 21: A growth region
A growth region The Asia Pacific growth opportunity in asset management is unparalleled - - Three Attractive demographics of world’s most populous, - high-growth High savings economies rates - Asset management industry, at only - - Generating Low mutual 2/3rds fund penetration of global 15% of globa
Slide 22: Asia Pacific business
Seoul Headcount: 37 AUM £3.8bn Asia Pacific business Established and industry leading Beijing Headcount: 4 Tokyo - First office opened in 1965 Hong Kong Headcount: 102 AUM £25.6bn Headcount: 142 - 850 people across 9 offices AUM £18.8bn Shanghai Headcount: 17 AUM £5.1bn - Complete footprint across t
Slide 23: Asia Pacific business
Asia Pacific business £bn 120 Strong organic growth 100 80 - £100bn assets under management - 65% Institutional - 35% Intermediary 60 - Cumulative 5 year net new business of 40 £19bn - 50% growth in revenue since 2012 20 - Broad, diversified product range with Multi- - asset driving growth 2012 2013
Slide 24: Market leading business
Market leading business Large market share in almost all markets Country Schroders Schroders Schroders estimated size of Intermediary Institutional market available market share market share to third parties at 31.12.2016 at 31.12.2016 £bn % % Australia 803 3.1 3.5 China1 469 8.3 0.8 Hong Kong 420 7
Slide 25: Three successful joint ventures
Three successful joint ventures China India Japan BoCom JV Axis JV Nippon Life (Nissay) JV - Since start in 2006 AuM has - AuM increased fivefold in - Key strategic partnership with grown rapidly to £56bn 5 years to £7bn market leading institution in - Strong cooperation across - 10th largest asset
Slide 26: Strategic growth initiatives
Strategic growth initiatives 1 2 3 China Japan Structural growth opportunities Asia’s fastest Potential to grow growing market market share in Maintain leading opening up positions elsewhere region’s largest market 26
Slide 27: China
China Growth in fastest growing major asset management market The market – Already region’s second largest market – Further opening of market and capital account progressing rapidly – Nascent asset management industry Our strategy – Build on our strong market position: # 1 in outbound business, # 5
Slide 28: Japan
Japan Grow market share in region’s largest market The market – Move into riskier assets continues under Abenomics – JFSA focus on fiduciary responsibilities and customer-oriented business conduct – Tax incentivised saving, especially around retirement, expanding Our strategy – Materially grow our r
Slide 29: Structural growth opportunities
Structural growth opportunities Maintaining leading positions in other markets Well-designed active Wealth and retirement management platform trends drive growth in best suited to meet retail investments and regional demand changes in servicing Insurance and pensions Strong demand for fixed segment
Slide 30: Growth will continue but drivers will change
Growth will continue but drivers will change - Asia Pacific offers unparalleled growth opportunities - China and Japan offer transformational growth opportunities - Investment capabilities to expand as capital markets develop further - Joint Ventures important part of our regional strategy 30
Slide 31: North America
North America Investor day Karl Dasher, CEO of North America and co head of Fixed Income October 2017 For professional investors only. Not for retail clients
Slide 32: North America
North America Key opportunity for significant growth 1 Size and nature of the opportunity 2 Our business today and progress we’ve made 3 Strategic initiatives and drivers of future growth
Slide 33: The prize
The prize North America represents the largest market opportunity in the world Headwinds Tailwinds – Growth of passive – Significant opportunity for growth given – Regulatory pressure and fee compression market share of 0.2% – Ongoing demand for risk and liability management fits our capabilities in
Slide 34: U.S. Institutional market is large and mature
U.S. Institutional market is large and mature We believe that success requires a segmented approach – The US Institutional market is approximately $21trn in AUM across all plan types – Largest growth segments projected from Taft-Hartley and Defined Contribution Market segment 2016, US$ 2017E, US$ Pr
Slide 35: U.S. Institutional addressable market
U.S. Institutional addressable market $11trn in actively managed assets and $900bn in gross flow to active strategies Current AUM($B) Allocation of US Institutions Annual Net Flows ($B) of US Institutions 5,000 150 4,500 100 4,000 50 3,500 - 3,000 (50) 2,500 (100) 2,000 1,500 (150) 1,000 (200) 500 (
Slide 36: Institutional Investors top six strategic issues: 2016
Institutional Investors top six strategic issues: 2016 Plan focus is shifting to meeting return targets Still need a balance on risk and return 70 60 50 40 30 20 10 0 Rate of Return & Market Volatility Asset Allocation Funding Rate Liability Management Risk Management Funding Issues Volatility 2013
Slide 37: A tale of two cities…
A tale of two cities… Corporate DB de-risking at the margins; Govt. DB increasingly return-seeking % 45 40 35 30 25 20 15 10 5 0 Active Active Passive Passive International FixedFixed International Income Private Equity Hedge Private Funds Hedge Active Active Passive Passive International Fixed Fixe
Slide 38: Private assets are in increasing demand
% Decrease % Increase Private assets are in 11% 6% PRIVATE EQUITY 40% 48% increasing demand 11% Most pronounced in public 8% PRIVATE DEBT 57% 62% funds and endowments and foundations 25% 10% REAL ESTATE 24% 36% Hedge Funds have been in net 38% outflows and demand has 12% 11% INFRASTRUCTURE 53% slowe
Slide 39: While we have a broad palette of solutions, we tailor to each market
While we have a broad palette of solutions, we tailor to each market Each market has a sweet-spot that presents opportunity Public Plan DB Corporate DB Defined Endowments & Insurance Gen Acct Taft-Hartley Contribution Foundations Major market Seeking higher De-risking Target Date gets High embedded
Slide 40: North America strategy
North America strategy Three strategic thrusts Partner in Intermediary 1 – – Hartford partnership Intermediated wealth management solutions – Offshore Invest in Institutional direct 2 – Meaningful increase in Institutional consultant advocacy – Segmented approaches to Taft Hartley, Canadian, Sub-adv
Slide 41: Hartford partnership
Hartford partnership The business case was compelling The rationale 1 2 3 10x distribution P&L impact – partnership is Significant product capability immediately accretive development opportunities Progression of AUM since inception - including £1.1bn NNB over 8 months through June 2017 £bn 4.00 £3.
Slide 42: Investing in Institutional
Investing in Institutional Focused, tailored approach – Substantial increase in commitment to consultant relations – Increasing success with specialist sales focus on insurance outsourcing and Taft-Hartley – Evolving capacity to distribute less liquid assets – Hedge funds – Private equity (Schroder
Slide 43: Progression of our North America business
We are not just a distribution hub Progression of our North America business 2012 £19bn £24bn 6% 8% 187 % Asset Management % Asset Management Total number of North Investment AUM1 Distribution AUM2 revenue manufactured revenue sourced by America employees by North America North America 2017 £50bn £4
Slide 44: Quality growth
60.0 50.0 £48.1bn 40.0 Quality growth 30.0 £23.8bn Broad, diversified product range with US 20.0 Fixed Income increasingly driving 10.0 growth 0.0 Dec 2012 June 2017 Commodities US Fixed Income Global Fixed Income Global Equities and EME US Equities Multi-asset 44 Source: Schroders as at 30 June 201
Slide 45: Distribution AUM
60.0 £49.1bn £48.1bn 50.0 Distribution AUM 40.0 Robust growth in North £32.9bn £34.4bn £34.2bn America Institutional. 30.0 In Intermediary, £23.8bn Hartford is building 20.0 momentum in Branded, offsetting loss of Prudential in sub- 10.0 advisory 0.0 2012 2013 2014 2015 2016 2017 H1 US Institutional
Slide 46: Contributing globally
60.0 £50.1bn 50.0 Contributing 40.0 globally 30.0 Organic growth bolstered through 20.0 £19.0bn acquisitions of STW and Brookfield’s US 10.0 Securitized Credit team 0.0 Dec 2012 June 2017 US Small Cap US Large Cap US Multi-Sector US EMD Relative Return US Corporate Credit US Securitised Credit Sourc
Slide 47: Brand alignment and building collaboration
Brand alignment and building collaboration Our relocation to 7 Bryant Park is a significant leap forward – Our new headquarters in New York – We have high profile street level branding in iconic midtown location with high footfall – Collaboration and enhanced cross- functional communication were int
Slide 48: Key actions looking forward
Key actions looking forward Continue to deepen our Private Maintain momentum in Continue development of “market Asset offering with primary focus Hartford partnership and further of markets” tailored approach to US on Adveq integration with US develop direct to UHNW advisor Institutional market busi
Slide 49: Growth through product innovation
Growth through product innovation Investor day Richard Mountford, Global Head of Product Division October 2017 For professional investors only, not for retail clients
Slide 50: Delivering valuable client outcomes
Delivering valuable client outcomes Using the power of active management Solutions generation Investment outperformance Active engagement Outcome-based solutions Requires active management Improving societal impact Customised and bespoke solutions Generates significant alpha Supporting retirement pr
Slide 51: Product strategy
Product strategy Diverse pipeline, aligned with strategic goals Requires active Solutions Alpha generation management - Income - GAIA range - Private Assets - Absolute & total - Emerging Markets - Real Estate return - China - Private Equity - Inflation - Credit - Infrastructure - Balance sheet - Eur
Slide 52: Client demand changing quicker than ever
Client demand changing quicker than ever Commitment to investing for future growth Seed capital employed (£m) New products’ contribution to revenue* (%) 450 25% £409m 23% 23% 23% 400 350 20% 300 15% 14% 250 12% 200 10% 150 100 5% 50 0 0% 2012 2013 2014 2015 2016 H1 2017 2008-2012 2009-2013 2010-2014
Slide 53: Innovative & entrepreneurial product development
Innovative & entrepreneurial product development To meet clients’ changing needs Opportunity to deliver a valuable outcome for our clients – Areas of significant and growing client need + – Secular growth High or growing level of client need – Persistent demand for active managers + – Existing areas
Slide 54: What do we want to be known for?
What do we want to be known for? Broad, diverse capabilities High Alpha Equity Retirement Emerging Markets Absolute Return Income Delivering whole of Private the firm Assets Multi- Asset Risk Management Credit Sustainability 54
Slide 55: Emerging markets capabilities
Emerging markets capabilities Investor day Alan Ayres, Emerging markets product director October 2017 For professional investors only, not for retail clients
Slide 56: Agenda
Agenda 1 Our footprint 2 Demand for Emerging Markets 3 Why active for Emerging Markets 4 Our track record 5 Next steps 55
Slide 57: Deep roots in emerging markets
Deep roots in emerging markets 118 investment professionals London New York Hong Kong Europe and Shanghai Middle East Singapore Taipei 41 EM Mumbai Jakarta Investment professionals Dubai Americas 19 EM Investment Asia professionals 58 EM Investment professionals Sao Paulo Sydney Buenos Aires Local i
Slide 58: A traditional view of our capabilities
A traditional view of our capabilities Multi Asset £0.2bn Fixed Income £16.1bn Equity £34.6bn £50.9 billion as at 30 June 2017 Source: Schroders as at 30 June 2017 58
Slide 59: An alternative view of our capabilities
An alternative view of our capabilities Higher volatility 6.3 1.0 0.6 1.2 Medium 1.3 2.3 24.2 1.3 volatility Low 3.6 4.2 1.2 volatility 0.4 3.3 Downside protection Single Regional Global Frontier Thematic country Markets £50.9 billion as at 30 June 2017 Source: Schroders as at 30 June 17 59
Slide 60: Netherlands
Likely to remain in demand Risk taking, assumed returns and assumed premia over Private pension investment, 20152 riskless assets¹ %GDP 9.0% 8.05% 8.04 8.00 7.98 7.96 7.95 7.94 7.95 7.91 7.87 7.78 7.72 7.62 7.64 7.60 7.55 75% 200% 8.0% 180% 3.05% 3.45% 4.02% 3.73% 3.69% 3.17% 3.31% 4.28% 4.65% 4.65%
Slide 61: An active approach is the rational choice
An active approach is the rational choice EM Equity ETFs EM Bond ETFs Active vs passive EM Equity – Median trailing 5y excess return to Cumulative underperformance of EMD ETFs vs. Stated benchmark (net of fees)¹ Benchmarks² 1.0% 0.0% 0.85% 0.63% Median excess return (ann %) 0.73% 0.57% 0.65% -2.0% -
Slide 62: Our track record
Our track record As at 30 June 2017 Emerging Markets assets 1 year 3 years 5 years % of assets which 83% 88% 92% outperformed* Luxembourg-domiciled mutual funds 1 year 3 years 5 years % of assets in 1St or 80% 72% 77% 2nd quartile** Source: Schroders. Morningstar, Lipper. Data as at 30 Jun 2017. * B
Slide 63: Future plans
Future plans Growth drivers 01 02 03 Deliver our EM Expand product Build bespoke capabilities, not just range solutions to deliver our products client specific outcomes 63
Slide 64: Income capabilities
Income capabilities Investor day Rupert Rucker, Income product director October 2017 For professional investors only, not for retail clients
Slide 65: Agenda
Agenda 1 What is the client need? 2 Why Schroders for income? 3 Our diverse product range 65
Slide 66: What is the client need?
What is the client need? 87% Consumers investing High income remains a for high income priority for majority of investors Source: Schroders, Global Investment Trends Survey, May 2016 66
Slide 67: And their expectations remain high
And their expectations remain high 87% want at 41% seek at least 4% income least 8% 54% are looking for 6% or more Source: Schroders, Global Investment Trends Survey, May 2016 67
Slide 68: The high return world we grew up in
The high return world we grew up in Annualised real returns on equities and bonds (%) 8.0 6.0 4.0 2.0 0.0 US Jap UK Can Aus Eur Wld US Jap UK Can Aus Eur Wld Since 1950 Since 1980 Baby boomers Generation X Equities Bonds Source: Elroy Dimson, Paul Marsh, and Mike Staunton, Triumph of the Optimists,
Slide 69: Those were the days
Those were the days UK National Savings Certificate – issued in 1986 UK inflation in 1986 was 3.4% Source: Schroders 69
Slide 70: Looking forward from 2017
Looking forward from 2017 Have expectations changed? We are still in a lower return world Annualised real returns on equities and bonds (%) 6.0 4.0 2.0 0.0 -2.0 World World World USA Japan UK Europe Emerging since since markets 1950 1980 Historical higher returns Prospective lower returns Equities B
Slide 71: What yield is 'normal'?
What yield is ‘normal’? 300 years of UK bond yields 20 15 10 5 4.5 1.9 0 1729 1750 1800 1850 1900 1950 2016 Long-run average Source: Elroy Dimson, Paul Marsh, and Mike Staunton, Triumph of the Optimists, Princeton University Press, 2002, and subsequent research. Past performance is not a guide to fu
Slide 72: How can Schroders help?
How can Schroders help? 1st 30 30+ EXPERT Innovation - Income solutions Years’ experience of Deriving regular, Maximiser, Multi- across all asset investing in income reliable income Asset Income and classes including producing assets requires expert fixed distribution equity, fixed income, active ma
Slide 73: Our diverse product range, with AUM of £25bn
Our diverse product range, with AUM of £25bn Offering yields of 3% - 7% Real estate Equities Global Cities Global Real Estate Income European Equity Yield Asia Pacific Cities Global Equity Yield Fixed Income Asia Equity Yield UK Dividend Maximiser Global High Income Global Dividend Maximiser Global
Slide 74: Income targets not asset classes
Income targets not asset classes Different journeys and risks 6-7% 4-5% - Global High Income - Global High Yield 3-4% - Emerging Market Bonds - Global Multi -Asset Income - Global Dividend Maximiser - Emerging Multi- Asset Income - Europe Dividend Maximiser - European Equity Yield - Asia Asset Incom
Slide 75: The Intent
The Intent Growth drivers 01 02 03 Deliver income Fit investors with the Product development targets consistently right investment - new products, share through active journey, leading to classes, vehicles, etc. management increased longevity 75
Slide 76: Investing in data
Investing in data Investor day Peter Harrison, Group Chief Executive October 2017 For professional investors only, not for retail clients
Slide 77: Investments in technology across all areas of the business
Investments in technology across all areas of the business Investment Distribution Product Infrastructure - Established Data - Single web platform - Marketing intelligence - Global end-to-end Insights processes - Client behaviour - Data-led approach to - Implementing Aladdin analytics product design
Slide 78: Channelling the data deluge
Channelling the data deluge Investor day Mark Ainsworth, Head of Data Insights and Analysis Ben Wicks, Head of Research Innovation October 2017 For professional investors only, not for retail clients
Slide 79: The changing landscape of financial analysis
The changing landscape of financial analysis Digitisation + Transparency + Computing Power Data Growth Insight Opportunity 79
Slide 80: The Data Insights Unit - mission statement
The Data Insights Unit - mission statement Evolution is not optional Driving data for fundamental insights Going beyond Making sense Working in what is currently of data so partnership with available our Investors Investment can act teams 80
Slide 81: Schroders' approach to data insights
Schroders’ approach to data insights Fast-growing and inspirational skillset Data Insights Unit established October 2014 17-strong team of data scientists and engineers with >170 years data analytics experience Psychology Physics Bioinformatics Computer Operations Mathematics & Science Research Stat
Slide 82: Data in action
Data in action 82
Slide 83: Geodata: rapid insight into complex questions
Geodata: rapid insight into complex questions Merger analytics - Ladbrokes/Coral Combined 100 1800 4000 branches Investor question: How many stores will Ladbrokes and Coral have to divest post-merger? Lowest Highest estimate estimate Source: Schroders. Companies shown are for illustrative purposes o
Slide 84: Geodata: rapid insight into complex questions
Geodata: rapid insight into complex questions Merger analytics - Ladbrokes/Coral Answer: Instant modelling of divestment potential post-merger based on store-by-store analysis June 2015 Predicted stores to close (out of 4,000): 400 May 2016 Regulator’s judgement of required closures: 350–400 Source:
Slide 85: Consumer spending data
Consumer spending data Brexit response Investor question: How is the economy faring after the shock EU Referendum result? BBC News on 30 June 2016 (one week after referendum): “There may already have been an impact on the economy or the public finances but we do not yet have data showing that…. We'r
Slide 86: Consumer spending data
Consumer spending data Brexit response Answer: Alternative data, gathered daily and quickly, showed discretionary spending to be fine Post Brexit Indicators More headlines below from our tracking of Alternative Data sources Britain's vote to leave the EU has had little immediate for indications of t
Slide 87: Unique insight into industrial R&D
Unique insight into industrial R&D Patents : verbose and complex, but rich and relevant Investor question: How is corporate R&D spend impacting a company’s technology portfolio? Source: Schroders 87
Slide 88: Unique insight into industrial R&D
Unique insight into industrial R&D Turning documents to data Answer: Patent evolution for an auto manufacturer ADAS obstacle detection & Battery components & ADAS Components Fuel Cell Systems Image capture & analysis steering controllers # of Patents Year Year Year Year Year Source: Schroders 85
Slide 89: Understanding brand strength
Question: Is a corporate brand managing to attract the demographic it is targeting? Nivea Dior Garnier Chanel Clarins La Roche Posay Understanding Maybelline brand strength Avon L’Occitane Provence La Prairie Comprehensive High Average Low >55 35-64 <34 Male Female understanding of Answer: Income Ag
Slide 90: Conclusion
Conclusion – Substantial investment in data science – Focus on long-term alpha – Deep, two-way integration – Datasets multiplier effect – Fundamental insights, not black-box signals – Scale advantage 90
Slide 91: Summary
Summary Investor Day Peter Harrison, Group Chief Executive October 2017 For professional investors only, not for retail clients
Slide 92: Global, diversified presence… …with plentiful growth opportunities
Global, diversified presence… …with plentiful growth opportunities 92
Slide 93: Thank you
Thank you
Slide 94: Important information
Important information For professional investors only. Not suitable for retail clients Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally inve