St. James's Place Plc · LSE:STJ
St. James's Place — H1 2015 Earnings Presentation
86 slides from St. James's Place's earnings presentation, Jul 29, 2015
Slide 1: July 2015
—__> Jury 2015 -
Slide 2: Contents
PA RT O N E – BU S IN E S S M ODEL Strategy 2 The Partnership 15 Investment Management 25 Our Clients 37 Client Wealth Account Survey 2015 41 Our Market 44 Costs and charges 57 PART TWO – FINANCIAL RESULTS Summary of Results 61 Cash & Dividend Profile 68 Our Shareholders 78 Analyst following 80 1
Slide 3: Part One: Business Model
ST. JAMES’S PLACE WEALTH MANAGEMENT PART ONE Business Model
Slide 4: Strategy
WEALTH MANAGEMENT Strate gy
Slide 5: St. James's Place: Overview
St. James’s Place: Overview • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£5 billion - £55.5 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own dedi
Slide 6: Global Investment Management Expertise
Global Investment Management Expertise 33 funds 30 fund houses 14 exclusive to UK retail investors 59 lead fund managers 8 asset classes/ strategies 14 cities 4
Slide 7: Whole of Market approach
Whole of Market approach We take responsibility for the due diligence on all the products and companies we make available to our clients. SIP SERVICES 5
Slide 8: The Growth Model
The Growth Model NEW BUSINESS CAPACITY PRODUCTIVITY Number of Partners New Business per Partner • Experienced recruitment • Personal development • Asia • Broadening investment portfolio • Academy • SJP Money Management • Next Generation • DFM • DFM 6
Slide 9: Growing number of Partners
Growing number of Partners 8% p.a. compound growth over the last 5 years and 7% p.a. over the last 10 years 2.9% 9% 9% 2,194 2,000 8% 6% 6% 9% 1,500 7% 8% 2% 1% Number 1,000 500 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June 7
Slide 10: Productivity (gross inflows per Adviser)
Productivity (gross inflows per Adviser) +8%* 4.00 +6% +11% 4.15 3.50 +1% +26% +3% 3.00 £ million 2.50 2.00 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 * Annualised 30 June 8
Slide 11: Partnership, including Advisers
Partnership, including Advisers 9.5% p.a. compound growth over the last 5 years and 7% p.a. over the last 10 years 4.7% 3,000 Advisers Partners 10% 2,968 13% 2,500 10% 7% 6% 2,000 8% 9% 10% 10% - 4% Number 1,500 1,000 500 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June 9
Slide 12: Productivity (gross inflows per Adviser)
Productivity (gross inflows per Adviser) +6%* 3.00 +9% +4% +3% 0% 3.09 +26% 2.50 2.00 £ million 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 * Annualised 30 June 10
Slide 13: Gross inflows
Gross inflows 8 £7.9 7 £6.8 6 £5.6 £5.2 5 £4.7 £ billion £4.4 4 £3.3 £3.1 £2.9 3 £2.5 2 £1.6 1 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 11 30 June
Slide 14: Consistent net inflow of funds under management
Consistent net inflow of funds under management +20% 5.0 +28% 4.0 +10% +4% +30% £ billion 3.0 +9% +31% 2.7bn 2.0 +34% -11% +60% 1.0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June 12
Slide 15: H1 2015 – Fund flow information
H1 2015 – Fund flow information 6 months ended 6 months ended £ billion 30 June 2015 30 June 2014 Funds under management at start 52.0 44.3 Gross inflows 4.4 3.8 Investment return 0.8 0.9 57.2 49.0 Regular income withdrawals/maturities (0.5) (0.4) Surrenders/part surrenders (1.2) (1.0) Funds under m
Slide 16: Funds under management
Funds under management 20% p.a. compound growth over the last 5 years and 18% p.a. over last 10 years +7% +17% 50 55.5 +27% 40 +22% £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June 14
Slide 17: The Partnership
WEALTH MANAGEMENT The Partnership
Slide 18: Dedicated distribution – the Partnership
Dedicated distribution – the Partnership • High quality self-employed team of c.2,200 Partners - Average age is 48 - Above average productivity - 90%+ per annum retention rate • Total number of qualified Advisers 2,968 • Aim to grow Adviser numbers by 5% to 7% per annum • Aim to increase productivit
Slide 19: Geographic Distribution
Geographic Distribution 30 June 2015 Partners Clients 5% 6% 2% 2% 23% 23% 24% 12% 14% 14% 4% 4% 3% 4% 3% 4% 4% 4% 21% 22% 22% 9% 10% Overseas Partners: 3% Overseas Clients: 2% 17% 13% 17
Slide 20: Partnership (including Advisers) by age band
Partnership (including Advisers) by age band 30 June 2015 Existing Partnership New Partnership 65+ <35 65+ <35 55-65 4% 55-65 21% 10% 2% 26% 13% 35-45 35-45 27% 32% 45-55 45-55 27% 38% 18
Slide 21: Total Adviser numbers
Total Adviser numbers ADVISER NUMBERS FSA FSA FCA FCA ESTIMATES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 31 DEC 2013 31 OCT 2014* Financial advisers 25,616 20,453 21,881 21,496 Bank advisers 8,658 4,809 3,556 3,182 Discretionary fund managers/stockbrokers 4,043 3,718 5,783 6,4
Slide 22: St. James's Place Academy
ST. JAMES’S PLACE WEALTH MANAGEMENT ST. JAMES’S PLACE ACADEMY
Slide 23: The Academy
The Academy • Over 150 students in the programme • In addition, there are 80 ‘Next Generation’ participants • Three Regional Academies (London, Manchester and Solihull) • Regional Academy to open in Edinburgh in March 2016 • Expect over 100 new students in 2015 • Expect 50 graduates in 2015 • Averag
Slide 24: St. James's Place – Asia
St. James’s Place – Asia The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 70 advisers • Estimated 120,000 UK ex-pats with circa £12 billion of investible wealth (£100k each) – projected to grow to over £20 billion by 2020 • Our global investment proposition and relationship based app
Slide 25: Rowan Dartington
Rowan Dartington • Specialises in Discretionary Fund Management • Strong management team, led by Graham Coxell • Employs around 100 people, including 31 investment executives • 10 regional offices • Funds under management in excess of £1.1 billion 23
Slide 26: Source of new business/markets
Source of new business/markets • 81% existing clients and referrals • 7% Introducers • 12% new clients from other sources • 27% of Partners experienced less competition in 2013 • 39% reported acquiring new clients due to decline of high street advice (banks) Source: Partner Bi-annual Survey 2013 24
Slide 27: Investment Management
WEALTH MANAGEMENT Investment Management
Slide 28: Our approach to investment management
Our approach to investment management ‘INDEPENDENT EXPERTISE’ THE Stamford Associates INVESTMENT Peter Win Dunscombe Robbins Davina Curling Steven Daniels COMMITTEE ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? Fund Managers objectives and strategy Chan
Slide 29: Stamford Associates Independent Investment Consultancy
Stamford Associates Independent Investment Consultancy Research Fund Monitor Managers Advise Investment Manager Market and Portfolios Committee Access to Qualitative and Focus on Future Whole Market Quantitative Outperformance • Analyse & identify talented • Number crunching Recommend: managers • Mo
Slide 30: Global Investment Management Expertise
Global Investment Management Expertise 33 funds 30 fund houses 14 exclusive to UK retail investors 59 lead fund managers 8 asset classes/ strategies 14 cities 28
Slide 31: Growth Portfolios
Growth Portfolios DEFENSIVE PORTFOLIO CONSERVATIVE PORTFOLIO BALANCED PORTFOLIO Low risk Low to medium risk Medium risk • Aims to provide a positive return after charges over • Aims to provide steady growth for investments of at • Aims to provide growth for investments of at least a rolling five-yea
Slide 32: Growth Portfolios (cont.)
Growth Portfolios (cont.) MANAGED FUNDS PORTFOLIO ADVENTUROUS PORTFOLIO Medium risk Medium to high risk • Aims to provide capital growth for investments of • Aims to provide higher levels of capital growth for at least five years investments of at least ten years • Diversified across managers with d
Slide 33: Income Portfolios
Income Portfolios IMMEDIATE INCOME PORTFOLIO BALANCED INCOME PORTFOLIO DEFERRED INCOME PORTFOLIO Low to medium risk Medium risk Medium risk • Aims to generate a consistent level of income with • Aims to generate an attractive level of income with • Aims to generate a rising level of income some pote
Slide 34: Funds under management
Funds under management 20% p.a. compound growth over the last 5 years and 18% p.a. over last 10 years +7% +17% 50 55.5 +27% 40 +22% £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June 32
Slide 35: Client Experience
Client Experience Over 3 and 5 years the client outcomes profiles align with our medium risk portfolio results. 3 YEARS (per annum) GROWTH PORTFOLIOS INCOME PORTFOLIOS ACTUAL CLIENT OUTCOME Defensive 4.2% Conservative 6.0% Immediate Income 7.6% Lower quartile 8.5% Balanced 8.0% Balanced Income 9.3%
Slide 36: Annualised 3 year performance
Annualised 3 year performance St. James’s Place Portfolios vs ARC Private Client Investment peer groups % St. James’s Place ARC PCI Peer Group Average 14% 12.3 12% 11.0 11.3 10% 9.5 9.3 8.3 8.3 8.0 8% 7.6 6.9 6.9 6.0 6% 4.6 4.6 4.6 4.2 4% 2% 0% Defensive Conservative Balanced Managed Adventurous Imm
Slide 37: Funds Under Management: Shown by Asset Class, Region and Wrapper
Funds Under Management: Shown by Asset Class, Region and Wrapper 30 June 2015 Property Cash Alternatives 3% Other Assets Unit Trusts & ISAs 8% Investments 25% UK 2% 4% European 40% 29% 12% US Fixed Interest Asia & Pacific 20% Pensions 35% 13% 9% 35
Slide 38: Benefits of investment management approach
Benefits of investment management 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 change manager
Slide 39: Our Clients
WEALTH MANAGEMENT Our Clients
Slide 40: Geographic Distribution of Client FUM
Geographic Distribution of Client FUM 30 June 2015 Clients 6% 484,000 clients Male 53% 2% 24% Female 47% Average age 54 14% 4% 3% 4% 22% Overseas Clients: 2% 10% 13% 38
Slide 41: Clients and FUM Clients by Value Band
Clients and FUM Clients by Value Band 30 June 2015 All Clients - FUM £1m+ £500k- 17% <£50k £1m 8% 16% £250k- £50k- £500k £250k 22% 37% 39
Slide 42: New and Retained Clients by Age Band
New and Retained Clients by Age Band 30 June 2015 Existing Clients by Age Band New Clients by Age Band <30 30-40 <30 30-40 70 + 3% 7% 40-50 70 + 11% 20% 11% 11% 22% 65-70 9% 40-50 65-70 22% 11% 60-65 50-55 11% 60-65 55-60 14% 55-60 50-55 11% 12% 12% 13% 40
Slide 43: Client Wealth Account Survey 2015
Client Wealth Account Survey 2015 41
Slide 44: Client wealth account survey
Client wealth account survey Do you feel the St. James’s Place proposition provides value for money? Excellent 50% Good 35% Reasonable Poor 14% 1% 42
Slide 45: Client wealth account survey
Client wealth account survey Knowing everything you know of the St. James’s Place proposition, would you recommend it to others? Yes, and I have Yes done so 47% 51% No 43 2%
Slide 46: Our Market
WEALTH MANAGEMENT Our Market
Slide 47: Our Market
Our Market • The market is big • Favourable demographics • The tax burden is increasing • Move from state to individual responsibility • UK high net worth individuals want face-to-face advice • Limited access to advice as adviser numbers have reduced 45
Slide 48: The SJP Marketplace
The SJP Marketplace UK individuals with between £50k and £5m of liquid assets 12 10,942,000 10,058,000 10,482,000 9,605,000 Number of Individuals 10 9,224,000 8 (million) 6 4 2 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2015 46
Slide 49: The SJP Marketplace
The SJP Marketplace Amount of liquid assets held by UK individuals with more than £50k 2,500 £2,112bn £2,184bn £2,253bn £2,044bn 2,000 £1,789bn £ billion 1,500 1,000 500 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2015: Estimates 47
Slide 50: Population/Financial Advisers
Population/Financial Advisers 3,500 2,982 3,000 2,500 2,000 1,500 1,037 1,000 500 0 UNITED KINGDOM UNITED STATES Note: UK number excludes discretionary wealth managers and bank advisers Source: CFA, Cerulli and Bernstein estimates 48
Slide 51: UK Aggregate Wealth
UK Aggregate Wealth 30% 28% 25% 25% 20% 19% 15% 12% 10% 10% 5% 3% 2% 0% 0 16-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Source: ONS and Bernstein analysis 60% 49
Slide 52: Projected Growth in Retirement Income Assets
Projected Growth in Retirement Income 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 Source: Synthesys and Bernstein estimates and analysis 50
Slide 53: Individual Annuity and Income Drawdown Premiums
Individual Annuity and Income Drawdown Premiums (£bn) 16 2.9 12 3.3x 8 9.8 12.7 4 0.3x 3.7 0 FY13 FY15e Individual Annuity Drawdown Source: Synthesys and Bernstein estimates and analysis 51
Slide 54: Lessons from the USA
Lessons from the USA • 80% of US consumers used a financial adviser to purchase a mutual fund - 45% relied exclusively - 35% used a combination of direct and advice - Just 12% of consumers were entirely self-directed • Consumers want financial advice and advice fees have been resilient • Administrat
Slide 55: Lessons from the USA
Lessons from the USA Dollar-weighted average annual advice fee 115 117 116 116 116 116 111 110 110 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Strategic Insight. Note: Fee-based advice (bps) 53
Slide 56: UK Funds under management
UK Funds under management Funds £billion Private Equity Property Hedge Private Clients £129 £217 £638 £252 Corporate Pensions £1,832 Retail Clients £999 Insurance Companies £1,029 The City UK - UK Fund Management 2014 – figures relate to 31 December 2013. Insurance & Corporate Pensions relate to ins
Slide 57: Private Asset & Wealth Managers – Top 10
Private Asset & Wealth Managers – Top 10 2013 2012 Company AUM end 2013 Change v 2012 Share Rank Rank (£bn) (£bn) (of top 40) 1st 1st Coutts & Co 49.6 -2.1 (-4%) 8.8% 2nd 2nd Barclays Wealth 48.1 -2.1 (-4%) 8.5% 3rd 3rd St. James’s Place Wealth Management 44.3 (55.8)* 9.5 (27%) 7.9% 4th 4th Goldman
Slide 58: The SJP Opportunity
The SJP Opportunity • ISAs - Cash £258 bn (May 2015 - Building Societies Association) - Stocks & shares £241 bn (Aug 2014 - HMRC) • Bank and Building Society deposits £1,186 bn (Dec 2014 - Building Societies Association) • National Savings and Investment £111 bn (Dec 2014 - Building Societies Associ
Slide 59: Costs and charges
WEALTH MANAGEMENT Costs and charges
Slide 60: The advice market... transparent?
The advice 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 (£) Ra
Slide 61: Full advice service
Full advice service 10 year reduction in yield comparison 3.70% St. James’s Place 1.90% Source: Grant Thornton Adviser Charges Report January 2015. Grant Thornton has collated and computed data in the attached table from publicly available information, and some mystery shopping face-to-face meetings
Slide 62: Summary
Summary • Established and respected business • Experienced and stable management team • Experienced and stable advisory team – ‘The Partnership’ • Proven track record of growth • Resilient in tough markets • Favourable demographics • Award winning performance 60
Slide 63: Part Two: Financial Results
ST. JAMES’S PLACE WEALTH MANAGEMENT PART TWO Financial Results
Slide 64: H1/Q2 New Business: Highlights
H1/Q2 New Business: Highlights New Business • Gross inflows of £4.4 billion – up 15% Funds Under Management • Net inflow of funds under management of £2.7 billion – up 9% • Continued to retain 95% year on year • Funds under management of £55.5 billion – up 17% over 12 months and 7% since the beginni
Slide 65: 2015 – Half Year Results
2015 – Half Year Results Partnership • Partnership numbers 2,194 – up 2.9% • Total Advisers 2,968 – up 4.7% Profits • EEV New business profit £205.9 million (2014: £181.3 million) • EEV Operating profit £265.3 million (2014: £260.7 million) • IFRS Underlying profit before shareholder tax £72.9 milli
Slide 66: Gross inflows by quarter
Gross inflows by quarter 2.3 £bn 2400 2200 2.1 2.0 2.1 2000 1.9 1.9 1.9 1800 1.6 1.7 1.6 1.7 2012 1600 1.4 2013 1400 1.3 1.2 2014 1200 2015 1000 800 600 400 200 0 Q1 Q2 Q3 Q4 2012 over 2011 -6% +3% +1% +42% 2013 over 2012 +28% +22% +27% +11% 2014 over 2013 +15% +17% +19% +12% 2015 over 2014 +12% +17
Slide 67: Analysis of investment, pension & unit trust pre-tax operating profit
Analysis of investment, pension & unit trust pre-tax operating profit £ 30 million June 2015 30 June 2014 New business contribution 205.9 181.3 Profits from existing business - expected 85.9 91.6 - experience variance 16.4 9.0 - operating assumption changes - - Investment income 2.4 3.4 Operating pr
Slide 68: Pre-tax EEV profit
Pre-tax EEV profit £ million 30 June 2015 30 June 2014 Investment, pension & unit trust 310.6 285.3 Distribution (23.5)* (8.8) Other operations (21.8) (15.8) Total operating profit 265.3 260.7 Investment variance 24.1 13.0 Economic changes (0.3) (3.1) Pre-tax result 289.1 270.6 * Includes the impact
Slide 69: IFRS Pre-tax underlying profit
IFRS Pre-tax underlying profit £ million 30 June 2015 30 June 2014 Like-for-like underlying profit 102.0 89.3 +14% FSCS Levy (20.0) (6.9) Back office infrastructure (9.1) (4.1) Pre-tax underlying profit 72.9 78.3 DAC (35.4) (38.9) DIR 31.1 44.6 PVIF (1.6) (1.6) Profit before shareholder tax 67.0 82.
Slide 70: Capital position as at 30 June 2015
Capital position as at 30 June 2015 Other £ million Life Regulated Other Total Net assets (after dividend) 258.3 82.4 175.0 515.7 Regulatory capital requirement 52.0 25.4 Solvency ratio 497% 324% Management solvency requirement 163.6 50.8 Management solvency ratio 158% 162% 67
Slide 71: Cash & Dividend Profile
WEALTH MANAGEMENT Cash & Dividend Profile
Slide 72: Underlying post-tax cash arising from in-force business
Underlying post-tax cash arising from in-force business +26% 240 220 236.5 200 +30% 180 188.2 160 +15% +18% £ million 140 +23% 144.5 120 +15% 135.3 100 125.4 80 102.3 60 40 20 0 2010 2011 2012 2013 2014 2015 30 June 69
Slide 73: Return on inforce
Return on inforce • The estimated current value of new business added in the last six years, which is not yet generating positive cash Year £ Billion earnings is circa £17.1 billion. 2009 1.1 2010 2.2 • The future post tax cash 2011 2.4 2012 2.8 earnings of these funds is 2013 3.4 estimated to be ci
Slide 74: Gross Inflows
Gross Inflows £7.9 bn 8 7 £6.8 bn 6 £5.6 bn £5.2bn 5 £4.7 bn £4.4 bn £ billion 4 £3.3 bn £3.1 bn £2.9 bn 3 £2.5 bn 2 £1.6 bn 1 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 30 June New investments with early withdrawal charge 71
Slide 75: Investment in new business
Investment in new business 240 Underlying post-tax cash arising 220 from in-force business 200 180 160 £ million 140 120 100 80 60 40 20 61.4 62.4 60.5 48.3 62.7 50.4* 0 2010 2011 2012 2013 2014 2015 * Includes additional £10.6 million FSCS levy 30 June 72
Slide 76: Investment in new business
Investment in new business 30 June 2015 30 June 2014 Post-tax investment in new business (£m) (50.4)* (36.4) Post-tax present value of expected profit from investment (£m) 165.0 145.0 New business margin (% of gross inflow) 4.7% 4.7% IRR (net of tax) 23.8% 28.3% Cash payback period (years) 5 4 Inves
Slide 77: Underlying post-tax cash result
Underlying post-tax cash result 240 220 173.8 200 180 139.9 160 £ million 140 84.0 120 63.4 84.9* 100 80 40.9 60 40 20 0 2010 2011 2012 2013 2014 2015 30 June * Includes additional £10.6 million FSCS levy 74
Slide 78: Underlying cash earnings per share
Underlying cash earnings per share 35 33.81 30 27.46 25 20 Pence 16.88 16.50 15 12.92 10 5 0 2011 2012 2013 2014 2015 30 June 75
Slide 79: Continual dividend growth
Continual dividend growth +46% 22 20 18 +50% 16 14 Pence 12 +33% +20% 10 +33% 10.72 8 +33% 6 +18% +2% +2.5% 4 2 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Payout Ratio 79% 87% 92% 71% 63% 64% 59% 70% 67% 76
Slide 80: Outlook
Outlook • Familiar and well respected brand/business • Loyal client base (Partners and investors) • Consistent strong recruitment • Resilient Investment Management Approach • Strong solvency position • Strong market for advice • Favourable market place • Uniquely placed business 77
Slide 81: Our Shareholders
WEALTH MANAGEMENT Our Shareholders
Slide 82: Our Shareholders
Our Shareholders 1. Baillie Gifford 6.10% 2. Fidelity (FMR) 5.85% 3. Columbia Threadneedle 5.52% 4. Legal & General 4.61% 5. Capital Research 4.41% 6. M&G 3.90% 7. Allianz Global 3.68% 8. AXA Framlington 3.61% 9. Old Mutual 3.56% 10. BlackRock (BGI) 2.99% As at 30 June 2015 79
Slide 83: Analyst following
WEALTH MANAGEMENT Analyst following
Slide 84: Analyst following
Analyst following • Lance Burbridge - Autonomous • Neil Welch - Macquarie • Alan Devlin - Barclays Capital • Jon Hocking - Morgan Stanley • Matthew Preston - Berenberg • Ben Bathurst - Nomura • Andrew Sinclair - Boa Merrill Lynch • David McCann - Numis • Haley Tam - Citi • Barrie Cornes - Panmure Go
Slide 85: Investor relations contacts
Investor relations contacts If you have a query or require more information, please get in touch with one of the contacts below: Tony Dunk Andrew Croft Director, Investor Relations Chief Financial Officer Telephone: 0207 514 1963 Telephone: 0207 514 1963 Email: tony.dunk@sjp.co.uk Email: andrew.crof
Slide 86: July 2015
July 2015