84 slides from St. James's Place's earnings presentation, Feb 28, 2017
Slide 1: Full Year Results 2016
F U L L Y E A R R E S U L T S – 2 0 16 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 71 THE PARTNERSHIP 19 OUR SHAREHOLDERS 79 INVESTMENT MANAGEMENT 33 ANALYST FOLLOWING 81 OUR CLIENTS 47 CLIENT SURVEY 51 OUR MARKET 54 COSTS AND CHARGES 65 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 WEALTH 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.£5.5 billion - £75 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
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 36 funds 36 fund houses 17 exclusive to UK retail investors 69 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 CAPACITY PRODUCTIVITY Number of Qualified Advisers Inflow per Partner Business Experienced recruitment Personal development Asia Broadening Investment Portfolio Academy SJP Money Management Next Generation Discretionary Fund Management Discreti
Slide 9: Number of Qualified Advisers/Partner Businesses
NUMBER OF QUALIFIED ADVISERS/PARTNER BUSINESSES Qualified Advisers Partner Businesses s 3,500 year 10% last 10 the .a. over 10% 3,415 nd 9% p 3,000 ears a 10% last5y the 13% ver owth o 2,500 d gr oun 10% omp .a. c 7% 10% p 6% 2,000 8% Number 9% 10% 1,500 years over th e last 10 1,000 nd 7% p.a. 5 ye
Slide 10: Productivity
PRODUCTIVITY ( GROSS INFLOWS PER ADVISER AND PER PARTNER BUSINESS ) Qualified Advisers Partner Businesses 5.00 +12% 4.50 +9% 4.00 +6% +11% 3.50 +3% +1% +26% 3.00 £ million 2.50 2.00 1.50 1.00 0.5 0.0 2010 2011 2012 2013 2014 2015 2016 10
Slide 11: Gross Inflows by Quarter
G ROSS I NF LOWS BY QUARTER £bn 3.5 3.3 3 2.8 2.8 2.5 2.5 2.5 2.3 2.3 2013 2.1 2.0 2.1 2 1.9 1.9 1.9 2014 1.7 1.6 1.6 2015 1.5 2016 1 0.5 0 Q1 Q2 Q3 Q4 2013 over 2012 +28% +22% +27% +11% 2014 over 2013 +15% +17% +19% +12% 2015 over 2014 +12% +17% +20% +20% 2016 over 2015 +16% +23% +21% +30% 11
Slide 12: Gross Inflows
G ROSS INFLOWS 12 £11.4 11 +23% 10 £9.2 9 £7.9 8 7 £6.8 £ billion 6 £5.6 £5.2 5 £4.7 4 £3.3 £3.1 £2.9 3 £2.5 2 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 12
Slide 13: Consistent Net Inflow of Funds Under Management
CONSI STE NT N ET INFLOW OF FUNDS UNDE R M ANAGEM ENT 7.0 +17% 6.8bn 6.0 +14% +20% 5.0 +28% £ billion 4.0 +4% +10% 3.0 +30% +31% 2.0 +34% -11% +60% 1.0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 13
Slide 14: 2016 – Fund Flow Information
2016 – FUND FLOW INFORMATION 12 months ended 12 months ended £ billion 31 Dec 2016 31 Dec 2015 Funds under management at start 58.6 52.0 Rowan Dartington Acquisition 1.3 – Gross inflows 11.4 9.2 Investment return 8.6 0.8 79.9 62.0 Regular income withdrawals/maturities (1.5) (1.1) Surrenders/part sur
Slide 15: Net Inflows 2007 – 2016
15 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 NE T I NF LOWS 2007 – 2016 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 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 200
Slide 16: Funds Under Management
FUNDS UNDER MANAGEMENT 21% p.a. compound growth over the last 5 years and 18% p.a. over last 10 years (at December 2016) 80 +28% 70 75.3 +13% 60 +17% 50 +27% £ billion 40 +22% +6% 30 +26% +31% +18% -10% 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 16
Slide 17: FUM Growth – Excluding Market Movement
F U M GROW T H – E XCLUDING MARKET M OVEMENT Strong growth in Funds Under Management Growth of Funds Under Management over the last 10 years excluding market movement £bn 5 year Compound Annual £bn 5 year Compound Annual Growth Rate = 21% Growth Rate = 14% 80 75.3 80 70 70 60 58.6 60 52.0 52.6 50 50
Slide 18: Slide 18
Slide 19: The Partnership
T HE PARTNERSHIP 19
Slide 20: Dedicated Distribution – The Partnership
D E DI C ATE D DI STRIBUTION – THE PARTNERSHIP • High quality self-employed team of 2,378 Partner Businesses • Incorporating a qualified Adviser team of 3,415 - Average age is 48 - Above average productivity - 90%+ per annum retention rate • Aim to grow Adviser numbers by 5% to 7% per annum • Aim to
Slide 21: Geographic Distribution
GE OGRAPHIC DISTRIBUTION 31 December 2016 PARTNERS CLIENTS 5% 6% 2% 2% 23% 22% 24% 12% 14% 14% 4% 4% 3% 4% 3% 4% 4% 4% 22% 22% 22% 9% 10% Overseas Partners: 4% Overseas Clients: 2% 16% 13% 21
Slide 22: Partnership (Including Advisers) by Age Band
PA RT NE RSHI P (I NC LUDING ADVISERS) BY AGE BAND 31 December 2016 Existing Partnership New Joiners 65+ 55-65 55-65 3% <35 10% 20% 11% <35 29% 45-55 29% 35-45 29% 45-55 37% 35-45 32% 22
Slide 23: Partnership Development
PA RT NE RSHIP 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 Develop
Slide 24: Total Adviser Numbers
TOTAL ADVISER NUMBERS FSA FSA FCA FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2013 31 DEC 2014 31 OCT 2015 Financial advisers 21,881 21,496 22,557 Bank advisers 3,556 3,182 3,672 Discretionary fund managers/stockbrokers 5,783 6,475 4,371 Total number of Advisers 31,220 31,153 30,600 From Financia
Slide 25: Asia
ASIA The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 102 advisers • Estimated 90,000 UK ex-pats with circa £13.5 billion of investible wealth (£150k each) – projected to grow to circa £20 billion by 2020 • Our global investment proposition and relationship based approach is well sui
Slide 26: Academy Graduates
• Over 250 have graduated the Academy and Next Generation Academy so far • In addition, there are over 200 students currently on the programmes • Four Regional Academies (London, Manchester, Solihull & Edinburgh) • Typical intake 15 – 20 per programme • 80 graduated in 2016 • Expect 80-100 graduates
Slide 27: St. James's Place Academy
ST. JAME S ’S PLACE ACADEMY • 48% Financial background • Average age 39: previous earnings c£64,000 • 84% under age 46 • 22% women • 87% degree holders • 17% Masters/Professionally qualified • 58% are Partner referrals 27
Slide 28: Rowan Dartington
• Trusted relationships – a people business, built on trust and long-term reliationships, 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% • 10 offices, 1
Slide 29: Complimentary Investment Service
C OMPLI 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 capabilit
Slide 30: 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 • ‘Execution only’ dealing private clients – Reactive dealing service where no – The service provide
Slide 31: Summary
SUM M ARY • Cultural alignment with St. James’s Place • Long term, trusted relationships • Broader range of additional investment management services • Growth opportunity in a consolidating sector • Manage more of clients wealth and acquire new clients • Attract new clients, Investment Executives, P
Slide 32: Slide 32
Slide 33: Investment Management
I NVE ST MENT MANAGEMENT 33
Slide 34: 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 35: Stamford Associates and Redington: Independent Investment Consultancies
S TAMFORD ASSO CIATES AND REDINGTON: I N DE PE NDE NT I NVESTMENT CONSULTANCIES 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 Recommend
Slide 36: 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 36 funds 36 fund houses 17 exclusive to UK retail investors 69 lead fund managers 36
Slide 37: 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 38: Growth Portfolios (cont.)
GROW T H PO RTFO LIO S ( CONT.) MANAGED FUNDS PORTFOLIO ADVENTUROUS PORTFOLIO Medium Risk Upper-Medium Risk Portfolio Portfolio asset mix: asset mix: Global Fixed Interest 25% International Equities 2% Global Fixed Interest 10% International Equities 2% UK Equities 19% Property 0% UK Equities 21% Pr
Slide 39: 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 0% Global Fixed Interest 39% International
Slide 40: Funds Under Management
FUNDS UNDER MANAGEMENT 21% p.a. compound growth over the last 5 years and 18% p.a. over last 10 years (at December 2016) 80 +28% 70 75.3 +13% 60 +17% 50 +27% £ billion 40 +22% +6% 30 +26% +31% +18% -10% 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 40
Slide 41: 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 25% 20.7 20% 16.2 15% 12.9 13.7 11.6 11.6 11.6 10.3 10.6 8.6 9.3 8.6 10% 5.2 5.5 5.5 5.5 5% 0% Defensive Conservative Balanced Managed Adventurous
Slide 42: Annualised 3 Year Performance
ANNUALI SE D 3 YEAR PERFORMANCE 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 6.5 6.4 6.1 6.1 5.8 5.9 5.9 6.3 6% 5.0 5.0 4% 3.6 3.7 3.6 3.3 2% 0% Defensive Conservative Balanced Managed Adventurous Immediate Bala
Slide 43: Annualised 5 Year Performance
ANNUALI SE D 5 YEAR PERFORMANCE St. James’s Place Portfolios vs ARC Private Client Investment peer groups St. James’s Place ARC PCI Peer Group Average 12% 11.2 11.1 10.1 10% 9.1 7.9 8.3 7.9 7.8 8% 7.2 6.2 6.4 6.4 6% 4.3 4.3 4% 2% 0% Conservative Balanced Managed Adventurous Immediate Balanced Deferr
Slide 44: ARC Private Client Indices Universe
A RC PR I VATE CLIENT INDICES UNIVERSE 44
Slide 45: 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 2016 Fixed Interest 17% UK 23% Investments Pensions 34% 38% Asia & Pacific 8% Alternatives 3% Property 3% Cash 8% US 23% Other Assets 4% European 11% Unit Trusts, ISAs & DFMs 28% 45
Slide 46: 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 47: Our Clients
OU R CLIENTS 47
Slide 48: Geographic Distribution of Client FUM
G E OGRAPHI C DI STRIBUTION O F CLIENT FUM 31 December 2016 Clients 5% 550,000 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% 48
Slide 49: Clients and FUM by Value Band
C L I E NTS AND FUM CLIENTS BY VALUE BAND 31 December 2016 All Clients – FUM <£50k £1m+ 6% 19% £50k- £500k- £250k £1m 35% 18% £250k- £500k 22% 49
Slide 50: New and Retained Clients by Age Band
N E W A ND RE TAI NED CLIENTS BY AGE BAND 31 December 2016 Existing Clients by Age Band New Clients by Age Band <30 70 + <30 5% 30-40 10% 70 + 7% 12% 20% 65-70 9% 30-40 11% 40-50 21% 60-65 65-70 10% 10% 55-60 40-50 60-65 21% 11% 13% 50-55 55-60 14% 50-55 12% 14% 50
Slide 51: Client Wealth Account Survey 2017
CLI E NT W E ALT H ACCOUNT SURVEY 2017 51
Slide 52: 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 Weath Account Survey, 2017 52
Slide 53: 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 Weath Account Survey, 2017 53
Slide 54: Our Market
ST. JAMES’S PLACE WEALTH AGEMENT OUR MARKET 54
Slide 55: 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 55
Slide 56: The SJP Marketplace: Investable Wealth
T HE SJP M ARKETPLACE Amount of investable wealth held by UK individuals with more than £50k 2,500 £2,313 £2,242 £2,169 £2,020 £2,096 2,000 £1,872 £1,794 1,500 (£000) 1,000 500 0 2014 2015 2016 (E) 2017 (F) 2018 (F) 2019 (F) 2020 (F) E = Estimated F = Forecasts Source: Verdict Financial, 9 January,
Slide 57: The SJP Marketplace: Number of Individuals
T HE SJP M ARKETPLACE UK individuals with between £50k and £5m of investable wealth 11,997 12,000 11,517 10,546 11,041 10,107 10,000 9,617 9,224 Number of Inviduals 8,000 (thousands) 6,000 4,000 2,000 0 2014 2015 2016 (E) 2017 (F) 2018 (F) 2019 (F) 2020 (F) E = Estimated F = Forecasts Source: Verdic
Slide 58: 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 59: UK Aggregate Wealth
UK AG GREGATE 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% 59
Slide 60: Projected Growth in Retirement Income Assets
PROT E C TE D GROWTH IN RETIREM ENT I NC OME 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 2015 60
Slide 61: Robo Advice
ROBO ADVICE • No evidence robo-advice is gaining any meaningful traction with UK investors. • Personal relationships overwhelmingly preferred over ‘‘robo-advisers’’ for financial advice.* • 69% of Generation X and baby boomers say: ‘‘I don’t really trust online advice.’’* • St. James’s Place uses sm
Slide 62: UK Funds Under Management
UK FUNDS UNDER MANAGEM ENT Funds £billion Private Equity £210 Property £480 Hedge £245 Corporate Pensions £2,306 Insurance Companies £1,040 Retail Clients £1,066 Private Clients £417 The Investment Association ‘Asset Management in the UK 2015-2016’ report published on 29/09/2016. Insurance & Corpora
Slide 63: Private Asset & Wealth Managers – Top 10
P R IVAT E ASSE T & WEALTH M ANAGERS – TO P 10 2016 2015 Company AUM end 2015 Change v 2014 Share Rank Rank (£bn) (£bn) (of top 40) 1st 1st St. James’s Place Wealth Management 58.6 6.6 (12.7%) 9.6% 2nd 2nd Coutts & Co 49.2 0.5 (1.0%) 8.1% 3rd 3rd Barclays Wealth 44.1 1.7 (4.1%) 7.2% 4th 4th UBS Weal
Slide 64: The SJP Opportunity
T HE SJP OPPO RTUNITY • ISAs - Cash £251 bn (Aug 2016 - HMRC) - Stocks & shares £267 bn (Aug 2016 - HMRC) • Bank and Building Society deposits £1,276 bn (Nov 2016 - Building Societies Association) • National Savings and Investment £141 bn (Nov 2016 - Building Societies Association) (NS&I) deposits •
Slide 65: Costs and Charges
COSTS AND CHARGES 65
Slide 66: The Market Advice... Transparent?
T HE MARK E T ADVICE... 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 67: Full Advice Service
FULL ADVICE SERVICE 10 year reduction in yield comparison 3.5% St. James’s Place 1.2% Source: Grant Thornton Adviser Charges Report, December 2016. Grant Thornton has collated and computed data in the attached table from publicly available information, and some mystery shopping face-to-face meetings
Slide 68: Summary
SUM M ARY • 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 68
Slide 69: Part Two – Financial Results
: ‘ ite ee ce aA NSE a ee os. “- Poe:
Slide 70: Financial Summary
FI NANCIAL SUMMARY • EEV new business profit of £520.2 million, up 18% • EEV operating profit of £673.6 million, up 2% • Total EEV profit of £1,198.4 million, up 88% • EEV NAV per share of 900.7p, up 22% over the 12 months • Operating cash result of £226.0 million, up 16% • Underlying cash of £199.5
Slide 71: Cash & Dividend Profile
CASH & DIVIDEND PRO FILE 71
Slide 72: Underlying Post-Tax Cash Arising from In-Force Business
U N DE R LYI NG POST-TAX CASH ARISING FROM I N-FORCE BUSINESS +15% 300 306.2 +13% 250 +26% 266.3 236.5 200 +30% £ million +15% 188.2 150 +23% 144.5 100 125.4 50 0 2011 2012 2013 2014 2015 2016 72
Slide 73: Return on Inforce
RE T URN O N INFORCE • The estimated current value of new business added in the Year £ Billion last six years, which is not 2011 2.4 yet generating positive cash 2012 2.9 earnings is circa £25.1 billion. 2013 4.0 • The future post tax cash 2014 4.4 earnings of these funds is 2015 5.3 estimated to be
Slide 74: Investment in New Business
I NVE ST ME NT IN NEW BUSINESS Underlying post-tax cash arising from in-force business 306.2 Investment cost 300 199.5 Operating cash result 266.3 250 182.1 236.5 200 188.2 173.8 £ million 144.5 139.9 150 125.4 84.0 63.0 100 50 0 2011 2012 2013 2014 2015 2016 74
Slide 75: Investment in New Business
I NVE ST ME NT IN NEW BUSINESS 31 Dec 2016 31 Dec 2015 Operating cash result 80.2 70.7 Investment cost 26.5 13.5 Post-tax investment in new business (£m) (106.7) (84.2) Post-tax present value of expected profit 427.8 358.9 from investment (£m) IRR (net of tax) 21.7% 22.1% Cash payback period (years)
Slide 76: Underlying Post-Tax Cash Result
UNDE RLY I NG POST-TAX CASH RESULT 300 199.5* 250 182.1* 200 173.8 £ million 139.9 150 84.0 63.4 100 50 106.7 0 2011 2012 2013 2014 2015 2016 * Includes impact of significantly higher FSCS Levy fees 76
Slide 77: Continual Dividend Growth
CONTI NUAL DIVIDEND GROWTH +18% 30 33p +20% 25 +46% 20 +50% Pence 15 rs yea +33% ast 10 r the l e ove +33% wth rat 10 d gro +33% ompo un +2.5% p.a. c +18% +2% 25% 5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 77
Slide 78: Outlook
OUTLO OK • 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 78
Slide 79: Our Shareholders
OUR SHAREHO LDERS 79
Slide 80: Our Shareholders
OUR SHAREHO LDERS 1. Columbia Threadneedle 5.87% 2. Baillie Gifford 5.46% 3. BlackRock (BGI) 5.11% 4. Fidelity (FMR) 5.05% 5. M&G 4.58% 6. Allianz Global 4.34% 7. Legal & General 4.05% 8. Old Mutual 3.07% 9. Vanguard Group 2.63% 10. State Street GA 2.43% As at 31 December 2016 80
Slide 81: Analyst Following
ANALYST FOLLOWING 81
Slide 82: Analyst Following
ANALYST FOLLOWING • Lance Burbridge Autonomous • Andy Hughes Macquarie • Alan Devlin Barclays Capital • Jon Hocking Morgan Stanley • Trevor Moss Berenberg • David McCann Numis • Andrew Sinclair Boa Merrill Lynch • Barrie Cornes Panmure Gordon • Haley Tam Citi • Stuart Duncan Peel Hunt • Oliver Steel
Slide 83: 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: Tony Dunk Andrew Croft Hugh Taylor Director, Investor Relations Chief Financial Officer Investor Relations Manager Telephone: 0207 514 1963 Telephone: 0207 514 1963 Te
Slide 84: February 2017
FE B RUA RY 2 017 SJP6001-Q4 (02/17)