81 slides from St. James's Place's earnings presentation, Oct 22, 2019
Slide 1: Third Quarter Results 2019
T H I R D Q U A R T E R R E S U L T S – 2 019 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 – BUSINESS MODEL PART TWO – FINANCIAL RESULTS OUR STRATEGY 4 CASH & DIVIDEND PROFILE 71 THE PARTNERSHIP 19 OUR SHAREHOLDERS 76 INVESTMENT MANAGEMENT 31 ANALYST FOLLOWING 78 OUR CLIENTS 45 CLIENT SURVEY 49 THE ADVICE MARKET 52 COSTS & 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 3
Slide 4: St. James's Place Overview
ST. JAMES’S PLACE OVERVIEW • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£6 billion - Over £100 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated advice lead business model - ‘'Vertically integrat
Slide 5: Our Opportunity
OUR OPPORTUNITY The market is large and growing Considerable savings gap Growing need and demand for trusted advice Recognised advice gap Perfect environment for client focussed advice business 5
Slide 6: What Our Advisers Offer
WHAT OUR ADVISERS OFFER “ The first pillar of value, financial planning, starts with building a deep understanding of who the client is, and what they are seeking to accomplish – properly grounded in trust and transparency, it serves as the roadmap to achieving the clients financial goals. The true
Slide 7: What Our Advisers Offer
WHAT OUR ADVISERS OFFER • Holistic financial planning • Understanding a client’s goals and objectives • A personalised tax efficient financial plan and investment strategy • Keep clients informed and review circumstances throughout relationship • Peace of mind – being there at key moments of truth •
Slide 8: Global Investment Management Expertise
GLOBAL INVESTMENT MANAGEMENT EXPERTISE 39 funds 39 fund houses 36 exclusive strategies to UK retail investors 79 lead fund managers Red lines indicate fund managers from whom all the strategies we offer are exclusive to St. James’s Place clients in the UK retail space. 8
Slide 9: Whole of Market Approach
WHOLE OF MARKET APPROACH 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. 9
Slide 10: Strategic Context – The Growth Model
STRATEGIC CONTEXT – THE GROWTH MODEL NEW BUSINESS Number of Gross Inflows Qualified Advisers per Qualified Adviser Experienced Adviser recruitment Personal and business development Academy Broadening Investment Portfolio Next Generation Business/Technical Support Asia Discretionary Fund Management D
Slide 11: Number of Qualified Advisers
NUMBER OF QUALIFIED ADVISERS 3.6% s 8% 4,000 ar 0 ye nd 1 4,096 7% st 5a 3,500 the la 10% r th ove row 10% ound g 3,000 comp 10% p.a. 9% 13% 2,500 10% 7% Number 6% 2,000 8% 9% 10% 1,500 1,000 500 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 11
Slide 12: Gross Inflows by Quarter
GROSS INFLOWS BY QUARTER £bn 4.5 4.1 4.0 3.9 4.0 3.9 3.8 3.8 3.7 3.7 3.6 3.6 3.5 3.2 3.3 3.0 2.8 2.8 2.5 2.5 2.5 2.3 2.3 2.1 2.0 2015 2016 1.5 2017 1.0 2018 0.5 2019 0 Q1 Q2 Q3 Q4 2015 over 2014 +12% +17% +20% +20% 2016 over 2015 +16% +23% +21% +30% 2017 over 2016 +32% +29% +28% +26% 2018 over 2017
Slide 13: Gross Inflows
GROSS INFLOWS 16 +8% +29% 15.7 14 12 +23% -5% 11.1 10 +17% £ billion +16% 8 +21% 6 +9% +9% +35% 4 +15% -9% 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3 13
Slide 14: Quarterly Net Inflows 2008–2019
14 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 QUARTERLY NET INFLOWS 2008–2019 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q
Slide 15: Consistent Net Inflows
CONSISTENT NET INFLOWS 11 +8% 10 +40% 9 8 7 +17% -15% 6 +14% 6.5 £ billion +20% 5 +28% 4 +10% +4% +30% 3 +31% 2 -11% 1 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3 15
Slide 16: Funds Under Management
FUNDS UNDER MANAGEMENT 18% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at September 2019) 120 +18% 110 112.8 100 +5.4% +20% 90 80 +28% 70 60 +13% £ billion +17% 50 +27% 40 +22% 30 +26% +6% +31% 20 -10% 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q
Slide 17: 2019 – Fund Flow Information
2019 – FUND FLOW INFORMATION 9 months ended 9 months ended £ billion 30 September 2019 30 September 2018 Funds under management at start 95.6 90.7 Gross inflows 11.1 11.8 Investment return 10.7 2.2 117.4 104.7 Regular income withdrawals/maturities (1.4) (1.3) Surrenders/part surrenders (3.2) (2.8) F
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Slide 19: The Partnership
THE PARTNERSHIP 19
Slide 20: Dedicated Distribution – The Partnership
DEDICATED DISTRIBUTION – THE PARTNERSHIP • High quality self-employed team of 4,096 Qualified Advisers - Average age is 47 - 90%+ per annum retention rate • Aim to grow Adviser numbers by 6% to 8% per annum • Aim to increase productivity each year • Average industry experience is 19 years 20
Slide 21: Geographic Distribution of Advisers & Clients
GEOGRAPHIC DISTRIBUTION OF ADVISERS & CLIENTS 30 June 2019 ADVISERS CLIENTS 6% 6% 2% 2% 23% 22% 25% 12% 14% 14% 4% 4% 3% 4% 4% 4% 5% 4% 21% 21% 22% 9% 10% Overseas Advisers: 5% Overseas Clients: 2% 14% 12% 21
Slide 22: Qualified Advisers by Age Band
QUALIFIED ADVISERS BY AGE BAND 30 June 2019 EXISTING ADVISERS NEW ADVISERS 65+ 65+ 3% <35 55-65 2% 15% 11% 55-65 19% <35 45-55 37% 22% 35-45 29% 45-55 34% 35-45 28% 22
Slide 23: Adviser Development
ADVISER DEVELOPMENT Business Business Transition Establishment Development Risk Acquisition Processing FIELD MANAGEMENT TEAM ST. JAMES’S PLACE PARTNER PRACTICE CIRENCESTER SUPPORT FUNCTION Technical Business sale Learning & Marketing Private Clients Technology Risk Support & purchase Development 23
Slide 24: Authorised Adviser Numbers
AUTHORISED ADVISER NUMBERS FSA FIGURES FSA FIGURES FSA FIGURES FSA FIGURES TYPE OF ADVISER 31 DEC 2014 31 DEC 2015 31 DEC 2016 31 DEC 2017 Financial advisers 21,496 22,557 25,611 26,311 Bank advisers 3,182 3,672 3,525 3,347 Discretionary fund 6,475 4,371 3,819 3,993 managers/stockbrokers Other firms
Slide 25: St. James's Place Asia
ST. JAMES’S PLACE ASIA The Opportunity ASIA • Offices in Singapore, Hong Kong and Shanghai • 150 advisers with a further 9 awaiting appointment • SJP Funds under management: £800 million, up 20% • *Estimated 90,000 UK ex-pats with investable wealth projected to grow to circa £20 billion by 2020 • Ou
Slide 26: St. James's Place Academy
ST. JAMES’S PLACE ACADEMY • Over 500 have graduated the Academy and Next Generation Academy so far, 59 in 2019 • Currently 446 in the program • Ambition to graduate c.170 advisers in 2019 • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme • 61
Slide 27: St. James's Place Academy
ST. JAMES’S PLACE ACADEMY • Average age 34: previous earnings c£61,000 • 68% male/32% female • 60% are Partner referrals • 14% are Staff referrals • 15% directly from Academy website • 18% of 2018 London new business from Academy graduates 27
Slide 28: Rowan Dartington
ROWAN DARTINGTON • Trusted relationships – a people business, built on trust and long-term relationships, face-to-face • Specialises in Discretionary Fund Management (DFM) and stockbroking services • Growth model – acquiring and retaining client investments • Strong persistency – long-term retention
Slide 29: Complementary Investment Service
COMPLEMENTARY 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 30: Additional Services
ADDITIONAL SERVICES Advisory Stockbroking ‘Execution only’ dealing – Clients can buy and sell share holdings – Reactive dealing service where no advice is given, direct access to market makers, – Includes CGT management so ‘better than best’ execution Trustee & Charity Service Enhanced services sinc
Slide 31: Investment Management
INVESTMENT MANAGEMENT 31
Slide 32: Our Approach to Investment Management
OUR APPROACH TO INVESTMENT MANAGEMENT ‘INDEPENDENT EXPERTISE’ THE INVESTMENT COMMITTEE David Lamb Chairman Peter Win Davina Steven ‘MANAGES THE MANAGERS’ Dunscombe Robbins Curling Daniels Decisions: Appoints the Sets performance Risk management Change firm? fund managers objectives and strategy Chan
Slide 33: Stamford Associates and Redington: Independent Investment Consultancies
STAMFORD ASSOCIATES AND REDINGTON: INDEPENDENT INVESTMENT CONSULTANCIES • Analyse and identify Research fund Access to talented managers manager market whole market • Gather intelligence • Data analysis Monitor managers Qualitative and • Monitor activity and Portfolios quantitative • Workplace analy
Slide 34: Global Investment Management Expertise
GLOBAL INVESTMENT MANAGEMENT EXPERTISE 39 funds 39 fund houses 36 exclusive strategies to UK retail investors 79 lead fund managers Red lines indicate fund managers from whom all the strategies we offer are exclusive to St. James’s Place clients in the UK retail space. 34
Slide 35: Growth Portfolios
GROWTH PORTFOLIOS DEFENSIVE PORTFOLIO CONSERVATIVE PORTFOLIO BALANCED PORTFOLIO Low Risk Lower-Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 29.1% International Equities 0% Global Fixed Interest 37.9% International Equities 0.7% Global F
Slide 36: Growth Portfolios (continued)
GROWTH PORTFOLIOS (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 19.4% International Equities 0.8% Global Fixed Interest 23.2% Internat
Slide 37: Income Portfolios
INCOME PORTFOLIOS IMMEDIATE INCOME PORTFOLIO BALANCED INCOME PORTFOLIO DEFERRED INCOME PORTFOLIO Lower-Medium Risk Medium Risk Medium Risk Portfolio Portfolio Portfolio asset mix: asset mix: asset mix: Global Fixed Interest 66.8% International Equities 0% Global Fixed Interest 36.0% International Eq
Slide 38: Funds Under Management
FUNDS UNDER MANAGEMENT 18% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at September 2019) 120 +18% 110 112.8 100 +5.4% +20% 90 80 +28% 70 60 +13% £ billion +17% 50 +27% 40 +22% 30 +26% +6% +31% 20 -10% 10 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q
Slide 39: Annualised Performance of St. James's Place Portfolios
ANNUALISED PERFORMANCE OF ST. JAMES’S PLACE PORTFOLIOS 39
Slide 40: Annualised 3 Year Performance
ANNUALISED 3 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Indices 9.2% 9% 8.8% St. James’s Place ARC PCI 8% 7.7% 7.4% 7.4% 7% 6.8% 6.3% 6% 5.2% 5.2% 5.2% 5.0% 5% 4.6% 4% 3.2% 3.2% 3.2% 3% 2.1% 2% 1% 0 Defensive Conservative Balanced Managed Adventurous Immediate Balanced Defer
Slide 41: Annualised 5 Year Performance
ANNUALISED 5 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Indices 9% St. James’s Place ARC PCI 8.2% 8% 6.9% 6.8% 7% 5.9% 5.9% 5.9% 6% 5% 4.6% 4.6% 4.6% 4.7% 4.4% 4.4% 4% 2.9% 2.9% 2.9% 3% 2.2% 2% 1% 0 Defensive Conservative Balanced Managed Adventurous Immediate Balanced Defer
Slide 42: ARC Private Client Indices Universe
ARC PRIVATE CLIENT INDICES UNIVERSE 42
Slide 43: Funds Under Management: Asset Class, Region and Wrapper
FUNDS UNDER MANAGEMENT: SHOWN BY ASSET CLASS, REGION AND WRAPPER 30 September 2019 Fixed Interest 20% UK 21% Investments Pensions 27% 45% Asia & Pacific 9% Alternatives 3% Property 3% Cash 7% US 22% Other Assets 3% European 12% Unit Trusts, ISAs & DFMs 28% 43
Slide 44: 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 45: Our Clients
OUR CLIENTS 45
Slide 46: Geographic Distribution of Client FUM
GEOGRAPHIC DISTRIBUTION OF CLIENT FUM 30 June 2019 CLIENTS 5% 1% 23% 21% 14% 13% 3% 4% 3% 4% 4% 25% Male 53% 22% 10% Overseas Clients: 3% Female 47% 15% Average age 56 46
Slide 47: Clients by FUM Value Band
CLIENTS BY FUM VALUE BAND 30 June 2019 <£50k 5% £1m+ 22% £50k-£250k 31% £500k-£1m 20% £250k-£500k 22% 47
Slide 48: New and Retained Clients by Age Band
NEW AND RETAINED CLIENTS BY AGE BAND 30 June 2019 EXISTING CLIENTS BY AGE BAND NEW CLIENTS BY AGE BAND <30 70+ 30-40 <30 6% 8% 6% 13% 70+ 65-70 20% 6% 30-40 13% 40-50 60-65 18% 10% 65-70 10% 55-60 40-50 60-65 50-55 14% 22% 12% 14% 55-60 50-55 14% 14% 48
Slide 49: Client Wealth Account Survey
CLIENT WEALTH ACCOUNT SURVEY 2019 49
Slide 50: Client Wealth Account Survey
CLIENT WEALTH ACCOUNT SURVEY What is your view of the St. James’s Place proposition in terms of value for money? Excellent 34% Good 46% Reasonable 15% Poor 5% St. James’s Place Annual Wealth Account Survey, 2019 50
Slide 51: Client Wealth Account Survey
CLIENT WEALTH ACCOUNT SURVEY Thinking about your overall experience, would you recommend St. James’s Place services to others? Yes, but I have Yes I would, yet to do so and have already 39% done so 55% No 6% St. James’s Place Annual Wealth Account Survey, 2019 51
Slide 52: The Advice Market
THE ADVICE MARKET 52
Slide 53: UK Aggregate Wealth
UK AGGREGATE WEALTH 30% 28% £50k to £5m of investable wealth 25% 24% 23% • 11 million individuals 20% with £2.2 trillion investable wealth 15% • Projected to grow to 10% 10% 12.8 million individuals 10% with £2.6 trillion investable wealth 5% by 2022 3% 3% 0% • Excluding property and 0 occupational
Slide 54: Increasing Tax Burden
INCREASING TAX BURDEN • UK tax rules often described as ‘Fiendishly Complex’ • Record number of higher rate tax payers • 2017-18 IHT receipts £5.2 billion – up 68% in 5 years • HNW population up 20% • Finance Act 2017 – 674 pages (second largest in history) 54
Slide 55: 'Simple' Tax Comparison Grid
‘SIMPLE’ TAX COMPARISON GRID INVESTMENT/ACCUMULATION PERIOD WITHDRAWAL Diversified Tax relief Investor Tax on Tax on IHT Tax on Tax on IHT on Other tax spread of on access income Capital income Capital death on death underlying investment Gains Gains investments possible POSSIBLE REGISTERED PENSION
Slide 56: Increasing Pension Complexity
INCREASING PENSION COMPLEXITY 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 le
Slide 57: 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 • In 2015, there were circa 12 million people of retirement age in the UK • By 2030, this figure will be n
Slide 58: Demonstrating Value – Behavioural Assurance
DEMONSTRATING VALUE – BEHAVIOURAL ASSURANCE Recent FT article – ‘Time in’ the market KEEP CALM AND STAY INVESTED The cost of dipping in and out of the market Trying to be too clever costs money FTSE All-Share returns over the past 20 years (%) • ‘If you had been out of the 300 FTSE All-Share index f
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: The Value of Advice
THE VALUE OF ADVICE Value of advice Trusted personal Investment Client net including personal tax optimisation relationship performance outcomes ...so much more than just an investment return 60
Slide 61: £2.8 Trillion of Wealth Available for Transfer
£2.8 TRILLION OF WEALTH AVAILABLE FOR TRANSFER OVER THE NEXT 30 YEARS £6.6 TRILLION Total wealth Wealth consumed on £4.2 TRILLION lifetime spending Calculations for total wealth available for transfer over the next Additional wealth spent on £0.2 TRILLION 30 years from united long-term care kingdom
Slide 62: The SJP Opportunity
THE SJP OPPORTUNITY • ISAs – Cash £270 bn (April 2019 – HMRC) – Stocks & shares £337 bn (April 2019 – HMRC) • Bank and Building Society deposits £1,381 bn (July 2019 – Building Societies Association) • National Savings and Investment £169 bn (July 2019 – Building Societies Association) (NS&I) deposi
Slide 63: 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 64: Costs & Charges
COSTS & CHARGES 64
Slide 65: 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 66: USA – Annual Cost of Advice and Investment Services
USA – ANNUAL COST OF ADVICE AND INVESTMENT SERVICES (EXCLUDING INITIAL PLANNING FEES) Example charges for a $500,000 - $1 million portfolio The total bill to investors Median annual cost financial advice and investment services, 0.45 by portfolio size. Below $250,000 1.85 0.20 $250,000 to $500,000 1
Slide 67: Costs of a Full Advice Service – SJP v Peers
COSTS OF A FULL ADVICE SERVICE – SJP V PEERS 10 year reduction in yield comparison 3.8% 2.3% 1.7% St. James’s Place Source: Grant Thornton Adviser Charges Report, December 2018. The figures shown have been produced by Grant Thornton UK LLP, an external consultancy. They show the Reduction in Yield o
Slide 68: Part Two – Financial Results
PA R T T W O – F I N A N C I A L R E S U L T S 69
Slide 69: 2019 – Half Year Financial Summary
2019 – HALF YEAR FINANCIAL SUMMARY • EEV new business profit of £386.3 million, down 12% • EEV operating profit of £465.7 million, down 5% • Underlying cash result of £125.1 million, down 15% • Interim dividend of 18.49 pence per share, level with 2018 • Underlying cash earnings per share 23.7 pence
Slide 70: Cash & Dividend Profile
CASH & DIVIDEND PROFILE 71
Slide 71: Underlying Post-Tax Cash Result
UNDERLYING POST-TAX CASH RESULT 350 300 309.0 281.2 250 200 £ million 199.5 182.1 150 173.8 -15% 139.9 125.1 100 84.0 50 63.4 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 72
Slide 72: Estimated Return on Funds in Gestation
ESTIMATED RETURN ON FUNDS IN GESTATION Year Maturing Additional Cumulative annual Invested annual post-tax contribution to post-tax cash (£m) cash result (£m) 2013 2019 17.4 17.4 2014 2020 37.6 55.0 2015 2021 46.0 101.0 2016 2022 54.0 155.0 2017 2023 67.0 222.0 2018 2024 78.9 300.9 2019 2025 onwards
Slide 73: Continual Dividend Growth
CONTINUAL DIVIDEND GROWTH 50 12.5% 48.22p 45 +30% rs ea 40 0y t1 e las 35 er th h ov +18% rowt 30 ndg +20% pou om .c Pence 25 p.a +46% % 27 20 0% +50% 18.49p 15 +33% 10 +33% +33% +2.5% +18% +2% 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018 Interim 74
Slide 74: Conclusion & Outlook
CONCLUSION & OUTLOOK • The advice market is big • Experienced and stable management team • Favourable demographics • Experienced and stable advisory team – • The tax burden is increasing ‘The Partnership’ • Move from state to individual responsibility • Proven and resilient track record • UK high ne
Slide 75: Our Shareholders
OUR SHA REHOLDERS 76
Slide 76: Our Shareholders
OUR SHAREHOLDERS Balance 1 M&G 5.55% 12% UK 2 Allianz Global Investors 4.92% 50% 3 Norges Bank Investment Management 4.62% Europe 4 BlackRock 4.52% 18% 5 Baillie Gifford 4.25% 6 Vanguard Group 3.56% 7 Aviva Investors 3.28% 8 Legal & General 3.10% 9 BLS Capital 3.05% North America 10 Merian Global In
Slide 77: Analyst Following
A NALYST FOLLOWING 78
Slide 78: Analyst Following
ANALYST FOLLOWING • Andrew Crean Autonomous • Charlie Beeching KBW • Thomas Howarth Barclays Capital • Neil Welch Macquarie • Chris Turner Berenberg • Fahad Changazi Mediobanca • Andrew Sinclair BoA Merrill Lynch • Jon Hocking Morgan Stanley • Andrew Baker Citi • David McCann Numis • Abid Hussain Cr
Slide 79: 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: Craig Gentle Tony Dunk Hugh Taylor Chief Financial Officer Director, Investor Relations Investor Relations Manager Telephone: 0207 514 1963 Telephone: 0207 514 1963 Teleph
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Slide 81: October 2019
O C TO B E R 2 019 82 SJP6001 Q3 (10/19)