St. James's Place Plc · LSE:STJ
St. James's Place — H1 2018 Earnings Presentation
81 slides from St. James's Place's earnings presentation, Aug 1, 2018
Slide 1: Half Year Results 2018
H A L F Y E A 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 OUR STRATEGY 4 CASH & DIVIDEND PROFILE 71 THE PARTNERSHIP 17 OUR SHAREHOLDERS 76 INVESTMENT MANAGEMENT 29 ANALYST FOLLOWING 78 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: Our Opportunity
OUR O PPORTUNITY 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 4
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 £96 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 39 funds 39 fund houses 34 exclusive strategies to UK retail investors 74 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. 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 Adviser recruitment Personal development Academy Broadening Investment Portfolio Next Generation Business/Technical Support Asia SJP Deposit/Lending Services Discretio
Slide 9: Number of Qualified Advisers
NUMBER OF QUALIFIED ADVISERS 4,000 ars 4% 0 ye 7% ast 1 the l 3,810 3,500 over 10% 9 % p.a. s and 10% st 5 year 3,000 he la 10% ver t ow th o 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 2018 30 June 9
Slide 10: Gross Inflows per Qualified Adviser
GROSS INFLOWS PER QUALIFIED ADVISER 4.50 +19% 4.00 3.50 +6% +7% +9% +4% 3.00 £ million +3% 0% 2.50 +7% 2.00 £2.0m 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 30 June 10
Slide 11: Gross Inflows by Quarter
G ROSS I NF LOWS BY QUARTER £bn 4.5 4.1 3.9 4.0 4 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% +10% 11
Slide 12: Gross Inflows
G ROSS INFLOWS 16 +29% 14 £14.6 12 +23% £11.4 10 +17% £ billion +18% £9.2 +15% 8 +22% £7.9 £7.9 6 +13% £6.8 +37% +10% £5.2 £5.6 4 +14% £4.7 - 9% £3.3 2 £2.9 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 30 June 12
Slide 13: Consistent Net Inflows
C ONSI ST ENT NET INFLOWS 10.0 +40% 9.0 8.0 7.0 +17% 6.0 +14% £ billion +20% +21% 5.0 +28% 5.2 bn 4.0 +10% +4% +30% 3.0 +31% 2.0 -11% 1.0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 30 June 13
Slide 14: 2018 – Fund Flow Information
2018 – FUND FLOW INFO RM ATIO N 6 months ended 6 months ended £ billion 30 June 2018 30 June 2017 Funds under management at start 90.7 75.3 Gross inflows 7.9 6.9 Investment return 0.7 3.7 99.3 85.9 Regular income withdrawals/maturities (0.8) (0.8) Surrenders/part surrenders (1.9) (1.8) Matching stra
Slide 15: Quarterly Net Inflows 2008–2018
15 Q2 2018 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 2
Slide 16: 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 June 2018) 100 +6.5% +20% 96.6 90 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 30 June 16
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 3,810 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 30 June 2018 ADVISERS CLIENTS 6% 6% 2% 2% 23% 22% 25% 12% 14% 14% 4% 4% 3% 4% 4% 4% 5% 4% 22% 21% 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 30 June 2018 Existing Advisers New Advisers 65+ 55-65 65+ 55-65 3% <35 8% 1% 19% 15% <35 45-55 37% 26% 35-45 30% 45-55 33% 35-45 28% 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
AUT HOR I SED ADVISER NUMBERS FSA FCA FCA FCA FIGURES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2014 31 OCT 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 managers/stockbrokers 6,475 4,371 3,819 3,993 Other fi
Slide 23: Asia – The Opportunity
ASIA The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 122 advisers with a further 10 awaiting appointment • SJP Funds under management: £550 million, up 32% since the beginning of the year • Estimated 90,000 UK ex-pats with investible wealth projected to grow to circa £20 billion by
Slide 24: Academy Graduates
• Over 450 have graduated the Academy and Next Generation Academy so far, 95 in the first 6 months of 2018 • In addition, there are 329 students in the Academy and Next Generation programme • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme •
Slide 25: St. James's Place Academy
ST. JAME S ’S PLACE ACADEMY • Average age 37: previous earnings c£61,000 • 70% male/30% female • 60% are Partner referrals • 14% are Staff referrals • 15% directly from Academy website • 18% of 2017 London new business from Academy graduates 25
Slide 26: Discretionary Fund Management Business
• 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 39 funds 39 fund houses 34 exclusive strategies to UK retail investors 74 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. 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 49% 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 39% International
Slide 36: 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 June 2018) 100 +6.5% +20% 96.6 90 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 30 June 36
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 7% 6.1 6% 5% 4.8 4.5 4.1 4% 3.3 3.3 3% 1.9 1.9 1.9 2.0 2% 1.5 1.0 1.0 1.0 1% 0.6 0.4 0% Defensive Conservative Balanced Managed Adventurous Immedia
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% 10.6 10% 8.0 8.1 8% 7.2 6.6 6.6 6.2 6% 5.4 5.5 4.6 4.7 4.6 4% 2.5 2.9 2.9 2.9 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 10% 9.1 8% 7.5 7.6 6.6 6.5 6.8 6.3 6.5 6% 5.4 5.3 4.9 4.9 4% 3.1 3.3 3.3 3.3 2% 0% Defensive Conservative Balanced Managed Adventurous Immediate Ba
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 30 June 2018 Fixed Interest 20% UK 21% Investments Pensions 30% 41% Asia & Pacific 9% Alternatives 3% Property 3% Cash 7% US 22% Other Assets 3% European 12% Unit Trusts, ISAs & DFMs 29% 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 30 June 2018 5% Male 53% 1% Female 47% 20% Average age 56 13% 4% 3% 4% 25% Overseas Clients: 3% 10% 16% 44
Slide 45: Clients by FUM Value Band
C LI E NTS BY FUM VALUE BAND 30 June 2018 <£50k £1m+ 6% 21% £50k- £500k- £250k £1m 32% 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 30 June 2018 Existing Clients by Age Band New Clients by Age Band <30 70 + <30 5% 30-40 8% 70 + 6% 13% 22% 65-70 7% 30-40 12% 40-50 19% 60-65 65-70 10% 10% 55-60 40-50 60-65 21% 11% 15% 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: Value for Money
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: Recommendation
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 • Holistic financial planning “ The first pillar of value, financial planning, starts with building a deep understanding of who the client is, and what they are seeking • Understanding a client’s goals and objectives • A personalised tax efficient financial plan and to accompli
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: The Value of Advice
T HE VALUE O F ADVICE + + = VALUE OF ADVICE TRUSTED INCLUDING INVESTMENT CLIENT NET PERSONAL PERSONAL TAX PERFORMANCE OUTCOMES OPTIMISATION RELATIONSHIP ...so much more than just an investment return 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: Defined Contribution Assets to Treble by 2025
D E FI NE D CONTRIBUTIO N ASSETS TO GROW CONSTANT LY AND TREBLE BY 2025 Structural growth opportunity DC assets: 2016 -2025 (£bn) 2,500 3x 2,000 1,500 1,000 500 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Pensions Policy Institute, Willis Towers Watson, ONS, FCA, Oliver Wyman, Spence
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 (April 2018 - HMRC) - Stocks & shares £315 bn (April 2018 - HMRC) • Bank and Building Society deposits £1,327 bn (July 2018 - Building Societies Association) • National Savings and Investment £159 bn (July 2018 - Building Societies Association) (NS&I) depo
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: USA – Annual Cost of Advice and Investment Services
USA – ANNUAL COST OF ADVICE AND INVESTMENT SERVICES ( EXCLUDING INITIAL PLANNING FEES ) Example charges for a The total bill to investors $500,000 - $1 million portfolio Median annual cost financial advice and investment services, by portfolio size. 0.45 Below $250,000 1.85 0.20 $250,000 to $500,000
Slide 67: 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 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
Slide 69: H1 2018 – Financial Summary
H1 2018 – FINANCIAL SUMMARY • EEV new business profit of £437.0 million, up 27% • EEV operating profit of £489.6 million, up 23% • Operating cash result of £164.2 million, up 18% • Underlying cash result of £147.1 million, up 20% • Interim dividend of 18.49 pence per share, up 20% • Underlying cash
Slide 70: Cash & Dividend Profile
CASH & DIVIDEND PRO FILE 71
Slide 71: Underlying Post-Tax Cash Result
UNDE RLY I NG POST-TAX CASH RESULT 350 300 281.2* 250 £ million 200 199.5* 182.1* +20% 150 173.8 139.9 147.1** 100 84.0 50 63.4 0 2011 2012 2013 2014 2015 2016 2017 2018 * Includes impact of significantly higher FSCS Levy fees 30 June ** Includes impact of FSCS Levy fees timing adjustment 72
Slide 72: 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 1.5 11.6 earnings is circa £33.1 billion. 2013 4.0 30.8 2014 4.4 33.9 • Assuming the balances rema
Slide 73: Continual Dividend Growth
CONTI NUAL DIVIDEND GROWTH 45 +30% 40 r s 0 yea t 1 35 e las +18% r th 30 h ove r owt +20% g 25 und +46% Pence m po . co +20% 20 p.a 25% +50% 18.49p 15 +33% 10 +33% +33% +2% +2.5% +18% 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 30 June 74
Slide 74: 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 75: Our Shareholders
OUR SHAREHOLDERS 76
Slide 76: Our Shareholders
OUR SHAREHO LDERS Balance 14% UK 1. M&G 5.87% 48% 2. BlackRock (BGI) 5.18% 3. Fidelity (FMR) 4.81% Europe 14% 4. Baillie Gifford 4.77% 5. Columbia Threadneedle 4.52% 6. Allianz Global Investors 4.44% 7. Vanguard Group 3.24% 8. Old Mutual Global Investment 3.06% 9. Legal & General 2.93% North 10. Cap
Slide 77: Analyst Following
ST. JAMES’S PLACE AGEMENT ANALYST FOLLOWING 78
Slide 78: 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 79: 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
Slide 80: 81
81
Slide 81: July 2018
J U LY 2 018 SJP6001 Q2 (07/18)