St. James's Place Plc · LSE:STJ

St. James's Place — Investor Presentation (October 2014)

86 slides from St. James's Place's investor presentation, Oct 30, 2014

  1. Slide 1: October 2014

    58. CUO ! ST. JAMES’S PLACE © - WEALTH MANAGEMENT Si

  2. Slide 2: Contents

    PART O N E – BU S IN E S S M ODEL Strategy 2 The Partnership 16 Investment Management 25 Our Clients 37 Our Market 43 PART TWO – FINANCIAL RESULTS Cash & Dividend Profile 64 Our Shareholders 74 Analyst following 76 1

  3. Slide 3: Part One: Business Model

    ST. JAMES’S PLACE WEALTH MANAGEMENT PART ONE Business Model

  4. Slide 4: Strategy

    UO ST. JAME WEALTH MANAGEMENT Strate gy

  5. 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.£3.5 billion - £49.1 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own de

  6. 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 S.W. Mitchell Capital llp cities 4

  7. 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

  8. Slide 8: Our products and services

    Our products and services • Comprehensive range - of pension, investment and savings ‘‘wrappers’’ - of investment funds managed by global Investment Managers - access to ‘‘whole of market’’ for third party products and services e.g. Protection and Annuities • Whilst avoiding - capital intensive prod

  9. Slide 9: The Growth Model

    The Growth Model NEW BUSINESS CAPACITY PRODUCTIVITY Number of Partners New Business per Partner 7

  10. Slide 10: Growing number of Partners

    Growing number of Partners 7% p.a. compound growth over the last 5 years and 6% p.a. over the last 10 years 2.5% 9.5% 2,000 2,007 8% 6% 6% 9% 1,500 7% 8% 1% 2% 1% Number 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 8

  11. Slide 11: Productivity (single investment per Partner)

    Productivity (single investment per Partner) 4.50 4.00 +11% 3.50 +3% +2% +26% 3.00 £ million 2.50 +2% +13% 2.00 1.50 2.00 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 30 June* *Year on year 9

  12. Slide 12: Partnership, including Advisers

    Partnership, including Advisers 9% p.a. compound growth over the last 5 years and 7% p.a. over the last 10 years 5% 13% 2,500 2,688 10% 7% 6% 2,000 8% 9% 10% 10% - 4% Number 1,500 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 10

  13. Slide 13: Productivity (single investment per Adviser)

    Productivity (single investment per Adviser) 3.50 3.00 +9% +27% +3% +1% 2.50 £ million 2.00 +9% 1.50 1.5 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 11

  14. Slide 14: New single investments

    New single investments 7 £6.6 bn 6 £5.8 bn £5.4 bn £4.9 bn 5 £4.6 bn £ billion 4 £3.1 bn £3.3 bn 3 £2.9 bn £2.5 bn 2 £1.6 bn £1.2 bn 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 Sept 12

  15. Slide 15: Consistent net inflow of funds under management

    Consistent net inflow of funds under management 5.0 +28% 4.0 +23% +10% +4% 3.7bn +30% £ billion 3.0 +31% 2.0 +34% -8% +60% 1.0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 Sept* *Year on year 13

  16. Slide 16: Fund flow information

    Fund flow information 9 months ended 9 months ended £ billion 30 Sept 2014 30 Sept 2013 Funds under management at start 44.3 34.8 New money invested 5.8 4.9 Investment return 1.1 4.0 51.2 43.7 Regular income withdrawals/maturities (0.7) (0.5) Surrenders/part surrenders (1.4) (1.4) Funds under manage

  17. Slide 17: Funds under management

    Funds under management 19% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at Sept 2014) +11% 50 +27% 49.1 40 +22% £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 +20% 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 Sept 15

  18. Slide 18: WEALTH MANAGEMENT

    WEALTH MANAGEMENT

  19. Slide 19: The Partnership

    UO ST. JAME WEALTH MANAGEMENT The Partnership

  20. Slide 20: Dedicated distribution – the Partnership

    Dedicated distribution – the Partnership • High quality self-employed team of c.2,000 Partners - Average age is 48 - Above average productivity - 90%+ per annum retention rate • Aim to grow Partner number by 5% to 7% per annum • Aim to increase productivity each year 17

  21. Slide 21: Geographic Distribution

    Geographic Distribution 30 June 2014 Partners Clients 5% 6% 2% 2% 23% 23% 24% 13% 14% 14% 4% 4% 3% 4% 3% 4% 4% 4% 23% 22% 22% 9% 10% Overseas Clients: 2% 17% 13% 18

  22. Slide 22: Partners by age band

    Partners by age band 30 June 2014 Existing Partners New Partners 65+ <35 <35 55-65 3% 8% 65+ 27% 18% 55-65 1% 8% 35-45 35-45 32% 38% 45-55 45-55 26% 39% 19

  23. Slide 23: Total Adviser numbers down 18%

    Total Adviser numbers down 18% ADVISER NUMBERS FSA FSA FCA ESTIMATES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 31 DEC 2013 Financial advisers 25,616 20,453 21,881 Bank advisers 8,658 4,809 3,556 Discretionary fund managers/ 4,043 3,718 5,783 stockbrokers Total number of Advisers 38,317

  24. Slide 24: St. James's Place Academy

    ) ST. JAMES’S PLACE WEALTH MANAGEMENT QYcO ST. JAMES’S PLACE ACADEMY

  25. Slide 25: The Academy

    The Academy • Over 80 new students in 2014 • Will achieve over 50 graduates in 2014 • First Manchester intake commenced in September • Planning for first Midlands based intake in 2015 • 5th Next Generation Academy intake to commence in October – will have enrolled over 70 individuals through this pr

  26. Slide 26: Asia

    Asia The Opportunity • Offices in Singapore, Hong Kong and Shanghai • The Henley Group has 50 advisers with 4,000 clients and £430 million assets under advice • Estimated 120,000 UK ex-pats with £12 billion of investible wealth (£100k each) – projected to grow to over £20 billion by 2020 • Our globa

  27. Slide 27: Partner Survey 2013 - Source of new business/markets

    Partner Survey 2013 - 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% acquired new clients due to decline of high street advice (banks) 24

  28. Slide 28: Investment Management

    WEALTH MANAGEMENT Investment Management

  29. Slide 29: Our approach to investment management

    Our approach to investment management ‘INDEPENDENT EXPERTISE’ THE INVESTMENT S TAMFORD Peter Win Dunscombe Robbins Davina Curling Steven Daniels COMMITTEE A SSOCIATES ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? Fund Managers objectives and strategy Ch

  30. Slide 30: 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

  31. Slide 31: 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 S.W. Mitchell Capital llp cities 28

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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

  35. Slide 35: Funds under management

    Funds under management 19% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at Sept 2014) +11% 50 +27% 49.1 40 +22% £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 +20% 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 Sept 32

  36. Slide 36: 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 – Conservative 6.3% Immediate Income 8.6% Lower quartile 8.9% Balanced 8.9% Balanced Income 10.1% Me

  37. Slide 37: Portfolio Relative Performance & Consistency Ratio

    Portfolio Relative Performance & Consistency Ratio Relative to ARC Private Client Indices Equity Funds 1 month 1 year Since launch Defensive -0.9% 3 years, 62% 5 years, 64% Conservative 0.0% 10 years, Balanced 0.5% 79% Managed 2.3% Adventurous 0.8% Sept 14 chg Sept 13 chg Sept 12 Immediate Inc. 3.2%

  38. Slide 38: Funds Under Management: Shown by Asset Class and Region

    Funds Under Management: Shown by Asset Class and Region 30 September 2014 Alternatives Property 3% 3% Cash 9% Other Assets UK 30% 4% European 11% US 19% Fixed Interest 12% Far East 9% 35

  39. Slide 39: 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

  40. Slide 40: Our Clients

    WEALTH MANAGEMENT Our Clients

  41. Slide 41: Geographic Distribution of Our Clients

    Geographic Distribution of Our Clients 30 June 2014 Clients 6% 443,000 clients Male 53% 1% 24% Female 47% Average age 54 14% 4% 3% 4% 22% Overseas Clients: 2% 10% 14% 38

  42. Slide 42: Clients and FUM by Value Band

    Clients and FUM Clients by Value Band 30 June 2014 All Clients All Clients - FUM £250k- £500k- £500k £1m £1m+ £1m+ 2% 1% £500k- 16% <£50k 7% £1m 9% 16% £50k- £250k- £50k- £250k <£50k 54% £500k £250k 36% 21% 38% 39

  43. Slide 43: New and Retained Clients by Age Band

    New and Retained Clients by Age Band 30 June 2014 Existing Clients by Age Band New Clients by Age Band 70 + <30 30-40 70 + <30 3% 9% 30-40 20% 8% 13% 10% 65-70 65-70 11% 10% 40-50 40-50 25% 20% 60-65 60-65 10% 11% 55-60 50-55 55-60 50-55 11% 13% 13% 13% 40

  44. Slide 44: What our clients think

    What our clients think The key findings were: • 84%* of clients highly satisfied with their relationship with St. James’s Place – nearly a third scoring us 10 out of 10 • 88%** of clients ‘value’ a face-to-face relationship with their Partner • 86%* of clients agreed that we provide excellent servic

  45. Slide 45: Award winning in 2013/2014

    Award winning in 2013/2014 AWARDS 2014 Best Private Client Asset Manager UK 42

  46. Slide 46: Our Market

    WEALTH MANAGEMENT Our Market

  47. Slide 47: Our Market

    Our Market • The market is big • Favourable demographics • The tax burden is increasing • UK high net worth individuals want face-to-face advice • Limited access to advice as adviser numbers have reduced 44

  48. Slide 48: The SJP Marketplace

    The SJP Marketplace UK individuals with between £50k and £5m of liquid assets 12 10,743,472 10,345,700 9,927,000 Number of Individuals 10 9,108,800 9,482,400 8 (million) 6 4 2 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2014 45

  49. Slide 49: The SJP Marketplace

    The SJP Marketplace Amount of liquid assets held by UK individuals with between £50k and £5m 2,500 £2,082bn £1,885bn £1,982bn 2,000 £1,717bn £1,797bn £ billion 1,500 1,000 500 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2014 46

  50. Slide 50: UK Funds under management

    UK Funds under management Funds £billion Private Private Clients Equity Property Hedge £112 £142 £217 £483 Corporate Pensions £1,597 Retail Clients £760 Insurance Companies £994 The City UK Fund management report 2012 – figures relate to 31 December 2011. Insurance & Corporate Pensions relate to ins

  51. Slide 51: Private Asset & Wealth Managers

    Private Asset & Wealth Managers Top 10 and selected others 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* 9.5 (27%)* 7.9%* 4th

  52. Slide 52: The SJP Opportunity

    The SJP Opportunity • ISAs - Cash £228 bn (Aug 2014 - HMRC) - Stocks & shares £241 bn (Aug 2014 - HMRC) • Building Society (Mutual Lender) deposits £258 bn (Nov 2013 - Building Societies Association) • National Savings and Investment £105 bn (Nov 2013 - Building Societies Association) (NS&I) deposit

  53. Slide 53: 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

  54. Slide 54: Total Advisory/Discretionary Charge Comparison

    Total Advisory/Discretionary Charge Comparison Advisory/Discretionay Managers Total bps St. James’s Place (20yr holding period) 195 Hargreaves PMS 210 St. James’s Place (6yr holding period) 219 Raymond James 226 Brewin Dolphin Discretionary (fee only) 231 Total Investment £85k Rathbones Discretionar

  55. Slide 55: Total Advisory/Discretionary Charge Comparison

    Total Advisory/Discretionary Charge Comparison Advisory/Discretionay Managers Total bps Raymond James 180 St. James’s Place (20yr holding period) 195 Rathbones Discretionary 203 Hargreaves PMS 210 Total Investment £212k St. James’s Place (6yr holding period) 229 UT £100k Brewin Dolphin Discretionary

  56. Slide 56: 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 53

  57. Slide 57: Part Two: Financial Results

    ST. JAMES’S PLACE WEALTH MANAGEMENT PART TWO Financial Results

  58. Slide 58: WEALTH MANAGEMENT

    WEALTH MANAGEMENT

  59. Slide 59: SJP new business by quarter

    SJP new business by quarter APE (Annual premiums plus 10% of single investments) 242.5 £m 240 220 205.4 212.6 209.1 203.3 2011 200 192.2 179.9 2012 180 170.6 167.1 163.7 2013 160 143.9 144.6 136.7 138.5 134.4 2014 140 120 100 80 Q1 Q2 Q3 Q4 2011 over 2010 +16% +17% +13% -5% 2012 over 2011 -5% -2% +4

  60. Slide 60: Q3 New business, Funds under management, Other financials

    Q3 New business • Total single investments of £5.75 billion – up 21% YTD • SJP new business on an APE basis of £660.5 million – up 19% YTD • Our own business represents 89% of the total Funds under management • Net inflow of funds under management of £3.7 billion – up 23% YTD • Continue to retain 95

  61. Slide 61: Partnership, Profits, Other financials

    Partnership* • Partnership numbers 2,007 – up 2.5% • Total Advisers 2,688 – up 4.6% Profits* • EEV new business profit £181.3 million – up 19% • EEV operating profit £260.7 million – up 12% • IFRS operating profit before shareholder tax (excluding one-off items) £82.4 million – up 1% Other financial

  62. Slide 62: Record EEV new business profit

    Record EEV new business profit 350 +16% 300 +13% 327.2 250 +13% +40% £ million 200 +19% +26% 150 181.3 100 50 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 57

  63. Slide 63: Analysis of EEV life, pension & unit trust pre-tax operating profit

    Analysis of EEV life, pension & unit trust pre-tax operating profit £ 30 million Jun 2014 30 Jun 2013 New business contribution 181.3 152.4 Profits from existing business - expected 91.6 56.5 - experience variance 9.0 39.3 - operating assumption changes – – Investment income 3.4 1.7 Operating profit

  64. Slide 64: Pre-tax EEV profit

    Pre-tax EEV profit £ million 30 Jun 2014 30 Jun 2013 Life, pension & unit trust 285.3 249.9 Distribution (8.8) (2.1) Other operations (15.8) (14.2) Total operating profit 260.7 233.6 Investment variance 13.0 209.5 Economic changes (3.1) 1.5 Pre-tax result 270.6 444.6 59

  65. Slide 65: 2013 EEV operating profit

    2013 EEV operating profit 500 +26% 400 +12% -2% +45% £ million 300 +12% +12% 200 260.7 100 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 60

  66. Slide 66: Pre-tax IFRS profit before shareholder tax

    Pre-tax IFRS profit before shareholder tax £ million 30 Jun 2014 30 Jun 2013 Underlying 82.4 81.2 One-off reinsurance treaty – 8.9 Profit before shareholder tax 82.4 90.1 61

  67. Slide 67: Capital position as at 30 June 2014

    Capital position as at 30 June 2014 Other £ million Life Regulated Other Total Solvency position Solvency net assets 233.6 48.1 233.7 515.4 Solvency requirement 48.8 16.5 Solvency ratio 479% 292% 62

  68. Slide 68: Group expenses

    Group expenses £ million 30 Jun 2014 30 Jun 2013 Paid from policy margins Partner remuneration 215.9 177.7 Investment expenses 58.7 49.5 Third party administration 18.0 17.7 292.6 244.9 Direct expenses Other new business related costs 40.9 32.4 Establishment expenses 63.5 54.7 Academy costs 1.8 1.3

  69. Slide 69: Cash & Dividend Profile

    ) ST. JAMES’S PLACE WEALTH MANAGEMENT Cash & Dividend Profile

  70. Slide 70: WEALTH MANAGEMENT

    WEALTH MANAGEMENT

  71. Slide 71: Underlying post-tax cash arising from inforce business

    Underlying post-tax cash arising from inforce business 200 +30% 180 188.2 160 +15% 140 +23% 144.5 +25% £ million 120 +15% 125.4 100 -3% 114.9 80 102.3 88.8 60 40 20 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 65

  72. Slide 72: Return on inforce

    Return on inforce • Where product structures use early withdrawal the business is cash neutral in first six years Year £ Billion • This relates to £14.2 billion 2008 0.7 of new business added in 2009 1.6 last six years which is not 2010 2.1 yet generating positive 2011 2.2 cash earnings* 2012 2.4 20

  73. Slide 73: New single investments

    New single investments 7 £6.6 bn 6 £5.8 bn £5.4 bn £4.9 bn 5 £4.6 bn £ billion 4 £3.3 bn £3.1 bn £2.9 bn 3 £2.5 bn 2 £1.6 bn £1.2 bn 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 Sept New investments with early withdrawal charge 67

  74. Slide 74: Underlying post-tax cash result

    Underlying post-tax cash result 220 200 180 160 140 £ million 120 100 80 60 40 20 65.3 61.4 62.4 60.5 48.3 36.4 0 2009 2010 2011 2012 2013 2014 Investment in new business 30 June 68

  75. Slide 75: Investment in new business

    Investment in new business 30 Jun 2014 30 Jun 2013 Post-tax new business cost (£m) (36.4) (25.0) Post-tax EEV new business profit (£m) 145.3 121.7 Margin (% of APE) 40.5% 40.8% IRR (net of tax) 28.3% 28.3% Cash payback period 4 Years 4 Years As % of gross inflows of FUM 1.0% 0.8% 69

  76. Slide 76: Underlying post-tax cash result

    Underlying post-tax cash result 220 200 +67% 180 139.9 160 140 84.0 £ million 120 63.0 +17% 100 78.5 40.9 80 23.5 60 40 20 0 2009 2010 2011 2012 2013 2014 Investment in new business *Year on year 30 June* 70

  77. Slide 77: Underlying cash earnings per share

    Underlying cash earnings per share 30 27.46 25 20 16.88 15.30 Pence 15 12.92 10 8.49 5.56 5.09 4.84 4.92 5 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 71

  78. Slide 78: WEALTH MANAGEMENT

    WEALTH MANAGEMENT

  79. Slide 79: Continual dividend growth

    Continual dividend growth +50% 16 15.96 14 12 +33% 10 +40%* +33% Pence 8 8.93 +33% 6 +18% +2% +2.5% +16% 4 2 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Payout 77% 79% 87% 92% 71% 63% 64% 59% c65% 72 Ratio 30 June

  80. 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 73

  81. Slide 81: WEALTH MANAGEMENT

    WEALTH MANAGEMENT

  82. Slide 82: Our Shareholders

    ) ST. JAMES’S PLACE WEALTH MANAGEMENT Our Shareholders

  83. Slide 83: Our Shareholders

    Our Shareholders 1. Baillie Gifford 5.71% 2. Threadneedle 5.66% 3. Fidelity (FMR) 5.44% 4. Legal & General 4.13% 5. M&G 4.00% 6. Kames Capital 3.39% 7. AXA Framlington 3.33% 8. Old Mutual 2.98% 9. BlackRock (BGI) 2.86% 10. Allianz 2.48% As at 30 September 2014 75

  84. Slide 84: Analyst following

    ) ST. JAMES’S PLACE WEALTH MANAGEMENT Analyst following

  85. Slide 85: 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 • Marcus Barnard - Oriel Sec

  86. Slide 86: 30 October 2014

    30 October 2014

St. James's Place — Investor Presentation (October 2014) on 6ix