80 slides from St. James's Place's earnings presentation, Apr 13, 2018
Slide 1: First Quarter Results 2018
F I R S T Q U A R T E 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 STRATEGY 4 CASH & DIVIDEND PROFILE 69 THE PARTNERSHIP 17 OUR SHAREHOLDERS 74 INVESTMENT MANAGEMENT 29 ANALYST FOLLOWING 76 OUR CLIENTS 43 CLIENT SURVEY 47 THE ADVICE MARKET 50 COSTS AND CHARGES 64 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: Strategy
ST. JAMES’S PLACE AGEMENT STRATEGY
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.£6 billion - Circa £90 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 38 funds 37 fund houses 32 exclusive strategies to UK retail investors 70 lead fund managers 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 recruitment Personal development Asia Broadening Investment Portfolio Academy Business/Technical Support Next Generation SJP Deposit/Lending Services Discretionary Fun
Slide 9: Number of Qualified Advisers
NUMBER OF QUALIFIED ADVISERS 4,000 ars 0 ye 7% ast 1 ver the l 3,500 .a. o 10% 3,661 nd 9% p e ars a 10% t5y 3,000 e las 10% er th ow t h ov n d gr 13% pou 2,500 com p.a. 10% 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 9
Slide 10: Gross Inflows per Qualified Adviser
GROSS INFLOWS PER QUALIFIED ADVISER 4.50 +19% 4.00 £4m 3.50 +6% +7% +9% +4% 3.00 £ million +3% 0% 2.50 2.00 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 2016 2017 10
Slide 11: Gross Inflows by Quarter
G ROSS I NF LOWS BY QUARTER £bn 4.5 4.1 4 3.9 3.7 3.6 3.5 3.2 3.3 2015 3 2.8 2.8 2.5 2.5 2016 2.5 2.3 2.3 2.1 2017 2 1.5 2018 1 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% 2017 over 2018 +21% 11
Slide 12: Gross Inflows
G ROSS INFLOWS 16 £14.6 14 +29% 12 £11.4 10 £9.2 £ billion £7.9 8 £6.8 6 £5.2 £5.6 £4.7 4 £3.3 £3.9 £2.9 +21% 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 31 March 12
Slide 13: Consistent Net Inflows
C ONSI ST ENT NET INFLOWS 10.0 +40% 9.0 9.5 bn 8.0 7.0 +17% 6.0 +14% £ billion +20% 5.0 +28% 4.0 +10% +4% +30% 3.0 +31% +31% 2.0 -11% 2.6 bn 1.0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 31 March 13
Slide 14: 2017 – Fund Flow Information
2017 – FUND FLOW INFO RM ATIO N 12 months ended 12 months ended £ billion 31 Dec 2017 31 Dec 2016 Funds under management at start 75.3 58.6 Rowan Dartington Acquisition – 1.3 Gross inflows 14.6 11.3 Investment return 6.2 8.7 96.1 79.9 Regular income withdrawals/maturities (1.5) (1.5) Surrenders/part
Slide 15: Quarterly Net Inflows 2008–2018
15 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 QUARTE RLY N ET INFLOWS 2008 – 2 018 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 2010 Q3 2010 Q2 2010 Q1 2
Slide 16: Funds Under Management
FUNDS UNDER MANAGEMENT 21% p.a. compound growth over the last 5 years and 17% p.a. over last 10 years (at Mar 2018) 100 +20% -1%* 90 90.7 89.9 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 31 March 16 *Year to d
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 3,661 Qualified Advisers - Average age is 47 - Above average productivity - 90%+ per annum retention rate • Aim to grow Adviser numbers by 6% to 8% per annum • Aim to increase productivity each year • Average industr
Slide 19: Geographic Distribution of Advisers & Clients
G E O G R A PHI C DI STRI BUTIO N OF ADVISERS & CLIENTS 31 December 2017 ADVISERS CLIENTS 6% 6% 2% 2% 23% 22% 24% 12% 14% 14% 4% 4% 3% 4% 4% 4% 5% 4% 22% 22% 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 2017 Existing Advisers New Joiners 65+ 55-65 65+ 55-65 3% <35 10% 1% 19% 12% <35 45-55 36% 19% 35-45 29% 45-55 37% 35-45 34% 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
AUTHOR I SED ADVISER NUM BERS FSA FSA FCA FCA FIGURES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2013 31 DEC 2014 31 OCT 2015 31 DEC 2016 Financial advisers 21,881 21,496 22,557 25,611 Bank advisers 3,556 3,182 3,672 3,525 Discretionary fund managers/stockbrokers 5,783 6,475 4,371 3,819 Other fi
Slide 23: Asia – The Opportunity
ASIA The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 120 advisers • Estimated 90,000 UK ex-pats with investible wealth projected to grow to circa £20 billion by 2020 • Our global investment proposition and relationship based approach is well suited to this market • Local Global Citi
Slide 24: Academy Graduates and Programme
• Over 400 have graduated the Academy and Next Generation Academy so far • In addition, there are 261 students in the Academy programme • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme • 41% from financial services background • 59% from non-
Slide 25: St. James's Place Academy
ST. JAME S ’S PLACE ACADEMY • Average age 37: previous earnings c£61,000 • 73% under age 46 • 24% women • 59% are Partner referrals • 13% are Staff referrals • 17% directly from Academy website • 18% of 2017 London new business from Academy graduates 25
Slide 26: Rowan Dartington – Discretionary Fund Management
• Trusted relationships – a people business, built on trust and long-term relationships, face-to-face • Specialises in Discretionary Fund Management (DFM) • Growth model – acquiring and retaining client investments • Strong persistency – long-term retention data similar to SJP – 95% • 15 offices, 25
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 • Probate service – Clients can buy and sell share holdings – Probate valuation service targeted – Includes CGT management supporting both law firms and private clients • ‘Execution only’ dealing – The service provides: – Reactive dealing service where
Slide 29: Investment Management
I NVE ST MENT MANAGEMENT 29
Slide 30: Our Approach to Investment Management
OUR APPROACH TO I NVE ST MENT MANAGEMENT ‘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 ch
Slide 31: Stamford Associates and Redington: Independent Investment Consultancies
S TAMFORD ASSO CIATES AND REDINGTON: I N DE PE NDE NT I NVESTM ENT CO NSULTANCIES 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 Recomme
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 38 funds 37 fund houses 32 exclusive strategies to UK retail investors 70 lead fund managers 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 48% International Equities 1% Global Fixed Interest 44% International Equities 2% Global Fix
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 26% International Equities 2% Global Fixed Interest 24% Internati
Slide 35: Income Portfolios
I NC OM E PO RTFO LIO S 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 69% International Equities 1% Global Fixed Interest 38% International
Slide 36: Funds Under Management
FUNDS UNDER MANAGEMENT 21% p.a. compound growth over the last 5 years and 17% p.a. over last 10 years (at Mar 2018) 100 +20% -1%* 90 90.7 89.9 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 31 March 36 *Year to d
Slide 37: Annualised 1 Year Performance
ANNUALI SE D 1 YEAR PERFO RM ANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 14% 12.6 12% 10.8 10% 8.9 8.9 8.5 8.5 8% 7.5 6.7 6.8 6.4 6.4 6% 5.2 4.6 3.8 3.8 3.8 4% 2% 0% Defensive Conservative Balanced Managed Adventurous Im
Slide 38: Annualised 3 Year Performance
ANNUALI SE D 3 YEAR PERFO RM ANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 14% 12% 11.0 10% 8.3 8.5 8% 7.5 7.5 7.1 6.9 6.1 6.4 6% 5.7 5.7 5.7 3.8 3.8 3.8 4% 3.2 2% 0% Defensive Conservative Balanced Managed Adventurous Imm
Slide 39: Annualised 5 Year Performance
ANNUALI SE D 5 YEAR PERFO RM ANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 14% 12% 10.8 10.3 10% 9.1 8.8 7.6 7.8 7.6 7.8 8% 6.6 5.9 6.1 6.1 6% 4.0 4.0 4.0 4% 3.5 2% 0% Defensive Conservative Balanced Managed Adventurous Im
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 2017 Fixed Interest 19% UK 22% Investments Pensions 31% 41% 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 2017 5% 610,000 investment clients (circa 300,000 couples) 1% 20% Male 53% Female 47% 13% Average age 57 4% 3% 4% NB This number represents the number 25% of individual investment holders. Overseas Clients: 3% 10% 16% 44
Slide 45: Clients by FUM Value Band
C LI E NTS BY FUM VALUE BAND 31 December 2017 <£50k £1m+ 5% 21% £50k- £500k- £250k £1m 33% 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 2017 Existing Clients by Age Band New Clients by Age Band <30 70 + <30 4% 30-40 10% 70 + 6% 13% 23% 65-70 9% 30-40 11% 40-50 19% 60-65 65-70 10% 10% 55-60 40-50 60-65 19% 11% 14% 50-55 55-60 14% 50-55 13% 14% 46
Slide 47: Client Wealth Account Survey 2017
CLI E NT W E ALT H ACCOUNT SURVEY 2017 47
Slide 48: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY Do you feel the St. James’s Place proposition provides value for money? Excellent 32% Good 50% Reasonable 17% Poor 1% St. James’s Place Annual Wealth Account Survey, 2017 48
Slide 49: Client Wealth Account Survey
CLI E NT W E ALTH ACCOUNT SURVEY Knowing everything you know of the St. James’s Place proposition, would you recommend it to others? Yes I would, and have already done so 58% Yes, but I have yet to do so 38% No 4% St. James’s Place Annual Wealth Account Survey, 2017 49
Slide 50: The Advice Market
THE ADVICE M ARKET 50
Slide 51: What Advisers Offer
W HAT ADVISERS O FFER • Understanding a client’s goals and objectives • Design a personalised tax efficient financial plan and investment strategy • Provides peace of mind • Keep clients informed and review circumstances throughout relationship • Being there at key moments of truth • Manage the tran
Slide 52: Increasing Tax Burden
I NCRE ASING TAX BURDEN • Record number of higher rate tax payers • 2014-15 IHT receipts up 60% 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 CO M PARISO N 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: Added Value
ADDED VALUE VALUE OF ADVICE + PERSONAL RELATIONSHIP + INVESTMENT PERFORMANCE = CLIENT NET OUTCOMES 55
Slide 56: UK Aggregate Wealth
UK AG GREGATE WEALTH 30% 28% £50k to £5m of 25% investable wealth 23% 22% • 10.5 million individuals with 20% £2.1 trillion investable wealth 15% • Projected to grow to 12.4 million individuals with 10% 10% £2.5 trillion investable wealth 10% by 2020 5% 3% 3% • Excluding property and 0% occupational
Slide 57: £2.8 Trillion of Wealth Available for Transfer
£2. 8 T RI LLI ON OF WE ALTH AVAILABLE FOR TRANSFER OV E R T HE 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 UNI
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 over the past 20 years, you Trying to be too clever cost
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: Impact of Low Interest Rates
IMPACT OF LOW INTEREST RATES DB SCHEME DEFICITS TRANSFER VALUES MIND THE GAP: UK PENSION DEFICITS HAVE XAFINITY TRANSFER VALUE INDEX BALLOONED SINCE THE BREXIT VOTE 2016-17 FTSE 350 total defined benefit pension deficit (£m) £200,000 £250,000 £245,000 £240,000 £150,000 £235,000 £230,000 £100,000 £22
Slide 61: Projected Growth in Retirement Income Assets
PROJE CT E D GROWTH IN RETIREM ENT I NCOME 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 a
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: The SJP Opportunity
T HE SJP OPPO RTUNITY • ISAs - Cash £270 bn (August 2017 - HMRC) - Stocks & shares £315 bn (August 2017 - HMRC) • Bank and Building Society deposits £1,319 bn (December 2017 - Building Societies Association) • National Savings and Investment £154 bn (December 2017 - Building Societies Association) (
Slide 64: Costs and Charges
COSTS AND CHARGES 64
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: 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 3.3% 2.3% 1.9% St. James’s Place Source: Grant Thornton Adviser Charges Report, December 2017. Grant Thornton have been commissioned to produce a quarterly report on adviser charging, covering a range of 18 competi
Slide 67: 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 68: 2017 Financial Summary
2017 FI NANCIAL SUMMARY • EEV new business profit of £779.8 million, up 50% • EEV operating profit of £918.5 million, up 36% • Operating cash result of £315.2 million, up 39% • Underlying cash result of £281.2 million, up 41% • Full year dividend of 42.86 pence per share, up 30% • Underlying cash ea
Slide 69: Cash & Dividend Profile
CASH & DIVIDEND PRO FILE 69
Slide 70: Underlying Post-Tax Cash Result
UNDE RLY I NG POST-TAX CASH RESULT 350 300 +41% 250 281.2* £ million 200 182.1* 199.5* 150 173.8 139.9 100 84.0 50 63.4 0 2011 2012 2013 2014 2015 2016 2017 * Includes impact of significantly higher FSCS Levy fees 70
Slide 71: Estimated Return on Funds in Gestation
E S TI MATE D R E TURN ON FUNDS IN GESTATIO N • The estimated current value of new business added in the Year FUM Post-tax cash last six years, which is not (£bn) (£m) yet generating positive cash 2012 2.9 22.3 earnings is circa £30.6 billion. 2013 4.0 30.8 2014 4.5 34.7 • Assuming the balances rema
Slide 72: Continual Dividend Growth
CONTI NUAL DIVIDEND GROWTH 45 +30% 42.86p 40 35 +18% 30 +20% 25 +46% 20 Pence +50% 15 +33% years +33% last 10 10 er the +33% h rate ov growt +2% +2.5% . compound +18% 25% p.a 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 72
Slide 73: 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 74: Our Shareholders
OUR SHAREHOLDERS 74
Slide 75: Our Shareholders
OUR SHAREHO LDERS 1. M&G 5.97% 2. BlackRock (BGI) 5.40% 3. Fidelity (FMR) 5.36% 4. Baillie Gifford 4.79% 5. Columbia Threadneedle 4.40% 6. Allianz Global Investors 4.22% 7. Vanguard Group 3.16% 8. Norges Bank Investment Mgt 3.09% 9. Legal & General 3.05% 10. Old Mutual Global Investment 3.00% As at
Slide 76: Analyst Following
ST. JAMES’S PLACE AGEMENT ANALYST FOLLOWING 76
Slide 77: Analyst Following
ANALYST FOLLOWING • Andrew Crean Autonomous • Neil Welch Macquarie • Alan Devlin Barclays Capital • Fahad Changazi Mediobanca • Trevor Moss Berenberg • Jon Hocking Morgan Stanley • Andrew Sinclair BoA Merrill Lynch • David McCann Numis • Haley Tam Citi • Barrie Cornes Panmure Gordon • Abid Hussain C
Slide 78: 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 80: MAY 2 018
MAY 2 018 SJP6001 Q1 (04/18)