90 slides from St. James's Place's earnings presentation, Feb 25, 2015
Slide 1: February 2015
er ST. JAMES’S PLACE WEALTH MANAGEMENT
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 38 Our Market 44 PART TWO – FINANCIAL RESULTS Summary of Results 59 Cash & Dividend Profile 68 Our Shareholders 78 Analyst following 80 1
Slide 3: Part One: Business Model
ST. JAMES’S PLACE WEALTH MANAGEMENT PART ONE Business Model
Slide 4: Strategy
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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.£4.5 billion - £52.0 billion in funds under management - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own de
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
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
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 - of third party products and services, including Protection, Annuities and Mortgages, carefully selected from the ‘‘whole of market’’ • Whils
Slide 9: The Growth Model
The Growth Model NEW BUSINESS CAPACITY PRODUCTIVITY Number of Partners New Business per Partner 7
Slide 10: Growing number of Partners
Growing number of Partners 7.8% p.a. compound growth over the last 5 years and 6.5% p.a. over the last 10 years 9.0% 9.0% 2,132 2,000 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 8
Slide 11: Productivity (single investment per Partner)
Productivity (single investment per Partner) 4.00 +8% +11% 3.50 +3% +2% 3.80 +26% 3.00 +2% £ million 2.50 2.00 1.50 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 9
Slide 12: Partnership, including Advisers
Partnership, including Advisers 9.1% p.a. compound growth over the last 5 years and 7.7% p.a. over the last 10 years 3,000 10% 13% 2,835 2,500 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 10
Slide 13: Productivity (single investment per Adviser)
Productivity (single investment per Adviser) 3.00 +6% +9% +3% +1% 2.9 2.50 +27% 2.00 £ million 1.50 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 11
Slide 14: New single investments
New single investments 8 £7.8 bn 7 £6.6 bn 6 £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 12
Slide 15: Consistent net inflow of funds under management
Consistent net inflow of funds under management +20% 5.0 5.1bn +28% 4.0 +10% +4% +30% £ billion 3.0 +31% 2.0 +34% -8% +60% 1.0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 13
Slide 16: Fund flow information
Fund flow information £ billion 31 Dec 2014 31 Dec 2013 Funds under management at start 44.3 34.8 New money invested 7.9 6.8 Investment return 2.6 5.2 54.8 46.8 Regular income withdrawals/maturities (0.9) (0.7) Surrenders/part surrenders (1.9) (1.8) Funds under management at close 52.0 44.3 Net infl
Slide 17: Funds under management
Funds under management 19.4% p.a. compound growth over the last 5 years and 18.5% p.a. over last 10 years +17% 50 52.0 +27% 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 15
Slide 18: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 19: The Partnership
WEALTH MANAGEMENT The Partnership
Slide 20: Dedicated distribution – the Partnership
Dedicated distribution – the Partnership • High quality self-employed team of c.2,100 Partners - Average age is 48 - Above average productivity - 90%+ per annum retention rate • Total number of qualified Advisers 2,835 • Aim to grow Adviser numbers by 5% to 7% per annum • Aim to increase productivit
Slide 21: Geographic Distribution
Geographic Distribution 31 December 2014 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: 2% Overseas Clients: 2% 18% 13% 18
Slide 22: Partners by age band
Partners by age band 31 December 2014 Existing Partners New Partners 65+ <35 <35 55-65 3% 6% 23% 19% 55-65 9% 35-45 35-45 30% 38% 45-55 45-55 30% 42% 19
Slide 23: Total Adviser numbers
Total Adviser numbers ADVISER NUMBERS FSA FSA FCA FCA ESTIMATES FIGURES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 31 DEC 2013 31 OCT 2014* Financial advisers 25,616 20,453 21,881 21,496 Bank advisers 8,658 4,809 3,556 3,182 Discretionary fund managers/stockbrokers 4,043 3,718 5,783 6,4
Slide 24: St. James's Place Academy
IG (CO ST. JAMES’S PLACE WEALTH MANAGEMENT ST. JAMES’S PLACE ACADEMY
Slide 25: The Academy
The Academy • 80 new students joined the Academy in 2014 • In 2014, 47 graduated as Partners or Advisers from 2012 intake • Regional Academy opened in the North West in September 2014 • Regional Academy to open in the Midlands in September 2015 • Anticipate 100 new Academy students in 2015 • Average
Slide 26: St. James's Place – Asia
St. James’s Place – Asia The Opportunity • Offices in Singapore, Hong Kong and Shanghai • 51 Partners with 4,400 clients and £453 million assets under advice • Estimated 120,000 UK ex-pats with circa £12 billion of investible wealth (£100k each) – projected to grow to over £20 billion by 2020 • Our
Slide 27: Source of new business/markets
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% reported acquiring new clients due to decline of high street advice (banks) Source: Partner Bi-annual Survey 2013 24
Slide 28: Investment Management
WEALTH MANAGEMENT Investment Management
Slide 29: Our approach to investment management
Our approach to investment management ‘INDEPENDENT EXPERTISE’ THE Stamford Associates INVESTMENT Peter Win Dunscombe Robbins Davina Curling Steven Daniels COMMITTEE ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? Fund Managers objectives and strategy Chan
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
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
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
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
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
Slide 35: Funds under management
Funds under management 19.4% p.a. compound growth over the last 5 years and 18.5% p.a. over last 10 years +17% 50 52.0 +27% 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 32
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 6.4% Immediate Income 8.0% Lower quartile 9.4% Balanced 8.8% Balanced Income 9.8% Med
Slide 37: 2014 Portfolio returns net of charges
2014 Portfolio returns net of charges GROWTH IN CO ME 7 6.5% 6.5% 6.2% 5.9% 5.8% 6 5.3% 5.0% 5 4.1% 4 3 2 UK 1 Equities 0 Defensive Conservative Balanced Managed Adventurous Immediate Balanced Deferred Income Income Income 34
Slide 38: Annualised 3 year performance
Annualised 3 year performance St. James’s Place Portfolios vs ARC Private Client Investment peer groups % St. James’s Place ARC PCI Peer Group Average 14% 13.2 12.5 12% 11.5 10.0 9.8 10% 8.8 8.6 8.6 8.0 8% 7.1 7.1 6.4 6% 4.9 4.9 4% 2% 0% Conservative Balanced Managed Adventurous Immediate Balanced D
Slide 39: Funds Under Management: Shown by Asset Class and Region
Funds Under Management: Shown by Asset Class and Region 31 December 2014 Alternatives Property Cash 2% 3% 8% Other Assets UK 4% 29% European 11% US Fixed Interest Asia & Pacific 20% 14% 9% 36
Slide 40: 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 41: Our Clients
uta © ST. JAMES’S PLACE WEALTH M/ Our Clients
Slide 42: Geographic Distribution of Client FUM
Geographic Distribution of Client FUM 31 December 2014 Clients 5% 484,000 clients Male 53% 1% 20% Female 47% Average age 54 13% 4% 3% 4% 25% Overseas Clients: 3% 10% 16% 39
Slide 43: Clients and FUM Clients by Value Band
Clients and FUM Clients by Value Band 31 December 2014 All Clients - FUM £1m+ £500k- 17% <£50k £1m 9% 16% £250k- £50k- £500k £250k 21% 37% 40
Slide 44: New and Retained Clients by Age Band
New and Retained Clients by Age Band 31 December 2014 Existing Clients by Age Band New Clients by Age Band 70 + <30 30-40 70 + <30 3% 9% 30-40 19% 8% 13% 10% 65-70 65-70 11% 11% 40-50 40-50 23% 20% 60-65 60-65 10% 11% 55-60 50-55 55-60 50-55 12% 14% 13% 13% 41
Slide 45: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 46: Client wealth account survey
Client wealth account survey Do you feel the St. James’s Place proposition provides value for money? Excellent 50% Good 35% Reasonable Poor 14% 1% 42
Slide 47: Client wealth account survey
Client wealth account survey Knowing everything you know of the St. James’s Place proposition, would you recommend it to others? Yes, and I have Yes done so 47% 51% No 43 2%
Slide 48: Our Market
uta © ST. JAMES’S PLACE WEALTH M/ Our Market
Slide 49: 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 45
Slide 50: Savings gap
Savings gap UK company pensio A nation of pension haves and ha ve nots: deficits hit £370bn h n huge sav ings gaps between igh the sexes and the rich and poor FT.com This is money Retirees UK p e Public sector pensions funding underestimate life gap is nsions gap ‘set to double’ expectancy by than w
Slide 51: Advice gap
Advice gap Mutual sounds alarm ons become on RDR could see milli n s’ says Deloitte pensions advice gap l a d v ic e ‘o rp h a financia Herald Scotland CityWire people There will be five times as many ly and Lighthouse blames regulations going into drawdown as current market for ‘advice gap’ in UK t
Slide 52: Lessons from the USA
Lessons from the USA • 80% of US consumers used a financial adviser to purchase a mutual fund - 45% relied exclusively - 35% used a combination of direct and advice - Just 12% of consumers were entirely self-directed • Consumers want financial advice and advice fees have been resilient • Administrat
Slide 53: Consumer use of advice households owning mutual funds
Consumer use of advice households owning mutual funds* 8% 12% 100% 80% Advised Direct only Unknown Total Source: Strategic Insight. *Note: Outside employer-sponsored retirement plans, 2011. 49
Slide 54: The SJP Marketplace
The SJP Marketplace UK individuals with between £50k and £5m of liquid assets 12 10,942,000 10,058,000 10,482,000 9,605,000 Number of Individuals 10 9,224,000 8 (million) 6 4 2 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2015 50
Slide 55: The SJP Marketplace
The SJP Marketplace Amount of liquid assets held by UK individuals with more than £50k 2,500 £2,112bn £2,184bn £2,253bn £2,044bn 2,000 £1,789bn £ billion 1,500 1,000 500 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2015: Estimates 51
Slide 56: UK Funds under management
UK Funds under management Funds £billion Private Equity Property Hedge Private Clients £129 £217 £638 £252 Corporate Pensions £1,832 Retail Clients £999 Insurance Companies £1,029 The City UK - UK Fund Management 2014 – figures relate to 31 December 2013. Insurance & Corporate Pensions relate to ins
Slide 57: Private Asset & Wealth Managers – Top 10
Private Asset & Wealth Managers – Top 10 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 (52.0)* 9.5 (27%) 7.9% 4th 4th Goldman
Slide 58: The SJP Opportunity
The SJP Opportunity • ISAs - Cash £228 bn (Aug 2014 - HMRC) - Stocks & shares £241 bn (Aug 2014 - HMRC) • Bank and Building Society deposits £1,186 bn (Dec 2014 - Building Societies Association) • National Savings and Investment £111 bn (Dec 2014 - Building Societies Association) (NS&I) deposits • M
Slide 59: 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 60: Full advice service
Full advice service 10 year reduction in yield comparison 3.70% 1.90% Source: Grant Thornton Adviser Charges Report January 2015. Grant Thornton has collated and computed data in the attached table from publicly available information, and some mystery shopping face-to-face meetings, at the date note
Slide 61: Lessons from the USA
Lessons from the USA Dollar-weighted average annual advice fee 115 117 116 116 116 116 111 110 110 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Strategic Insight. Note: Fee-based advice (bps) 57
Slide 62: 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 58
Slide 63: Part Two: Financial Results
ST. JAMES’S PLACE WEALTH MANAGEMENT PART TWO Financial Results
Slide 64: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 65: SJP single investments by quarter
SJP single investments by quarter £m 2200 2106.0 2012.6 2000 1834.4 1810.4 1807.8 1800 1754.9 1645.7 1600 1478.5 1537.8 1397.7 1384.6 2011 1400 1243.5 1181.6 1184.4 1206.1 2012 1200 1121.4 2013 1000 2014 800 600 400 200 0 Q1 Q2 Q3 Q4 2011 over 2010 +16% +14% +12% -8% 2012 over 2011 -5% -1% +2% +47%
Slide 66: New business, funds under management, other financials
New business • Total single investments of £7.76 billion – up 18% • SJP new business on an APE basis of £895.6 million – up 17% Funds under management • Net inflow of funds under management of £5.1 billion – up 20% • Continue to retain 96% year on year • Funds under management of £52.0 billion – up
Slide 67: Partnership, profits, other financials
Partnership • Partnership numbers 2,132 – up 8.9% • Total Advisers 2,835 – up 10.3% Profits • EEV new business profit £373.1 million – up 14% • EEV operating profit £596.4 million – up 29% • IFRS like-for-like underlying profit £185.5 million – up 9% Other financials • Underlying cash result of £173
Slide 68: Record EEV new business profit
Record EEV new business profit 400 +14% 350 +16% 373.1 300 +13% 250 +13% £ million +40% 200 +26% 150 100 50 0 2009 2010 2011 2012 2013 2014 62
Slide 69: Analysis of EEV life, pension & unit trust pre-tax operating profit
Analysis of EEV life, pension & unit trust pre-tax operating profit £ million 31 Dec 2014 31 Dec 2013 New business contribution 373.1 327.2 Profits from existing business - expected 182.0 112.1 - experience variance 78.5 47.4 - operating assumption changes 3.0 4.6 Investment income 8.1 5.2 Operating
Slide 70: Pre-tax EEV profit
Pre-tax EEV profit £ million 31 Dec 2014 31 Dec 2013 Life, pension & unit trust 644.7 496.5 Distribution (10.9) (6.1) Other operations (37.4) (27.7) Total operating profit 596.4 462.7 Investment variance 80.2 344.2 Economic changes (7.0) 10.6 Pre-tax result 669.6 817.5 64
Slide 71: 2014 EEV operating profit
2014 EEV operating profit +29% 600 596.4 500 +26% 400 +12% -2% +45% £ million 300 +12% 200 100 0 2009 2010 2011 2012 2013 2014 65
Slide 72: IFRS Pre-tax underlying profit
IFRS Pre-tax underlying profit £ million 31 Dec 2014 31 Dec 2013 Like-for-like underlying profit 185.5 170.8 Reinsurance transaction - 21.4 Back office infrastructure (11.9) (5.0) Pre-tax underlying profit 173.6 187.2 DAC (75.9) (82.9) DIR 88.4 89.6 PVIF (3.2) (3.2) Profit before shareholder tax 182
Slide 73: Current capital position
Current capital position Other £ million Life Regulated Other Total Net assets (after dividend) 182.1 42.1 273.1 497.3 Regulatory capital requirement 48.9 22.3 Solvency ratio 372% 189% Management solvency requirement 153.9 42.0 Management solvency ratio 118% 100% 67
Slide 74: Cash & Dividend Profile
WEALTH MANAGEMENT Cash & Dividend Profile
Slide 75: Underlying post-tax cash arising from inforce business
Underlying post-tax cash arising from inforce business +26% 240 220 236.5 200 +30% 180 188.2 160 +15% £ million 140 +23% 144.5 120 +15% 100 -3% 125.4 80 102.3 60 88.8 40 20 0 2009 2010 2011 2012 2013 2014 69
Slide 76: Return on inforce
Return on inforce • The estimated current value of new business added in the last six years, which is not yet generating positive cash Year £ Billion earnings is circa £16.1 billion. 2009 1.8 2010 2.2 • The future post tax cash 2011 2.5 earnings of these funds is 2012 2.8 estimated to be circa 2013
Slide 77: New single investments
New single investments 8 £7.8 bn 7 £6.6 bn 6 £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 New investments with early withdrawal charge 71
Slide 78: Underlying post-tax cash result
Underlying post-tax cash result 240 220 200 180 160 £ million 140 120 100 80 60 40 20 65.3 61.4 62.4 60.5 48.3 62.7 0 2009 2010 2011 2012 2013 2014 Investment in new business 72
Slide 79: Investment in new business
Investment in new business 31 Dec 2014 31 Dec 2013 Post-tax investment in new business (£m) (62.7) (48.3) Post-tax present value of expected profit from investment (£m) 298.4 261.8 % of manufactured APE 41.7% 42.9% IRR (net of tax) 26.1% 28.4% Cash payback period (years) 4 4 Investment as % of gross
Slide 80: Underlying post-tax cash result
Underlying post-tax cash result 240 +24% 220 173.8 200 180 139.9 160 £ million 140 84.0 120 63.4 100 40.9 80 23.5 60 40 20 0 2009 2010 2011 2012 2013 2014 Investment in new business 74
Slide 81: Underlying cash earnings per share
Underlying cash earnings per share 35 33.81 30 27.46 25 20 Pence 16.88 15 12.92 10 8.49 5 0 2010 2011 2012 2013 2014 75
Slide 82: Continual dividend growth
Continual dividend growth +46% 22 23.30 20 18 +50% 16 14 Pence 12 +33% 10 +33% 8 +33% 6 +18% +2% +2.5% +16% 4 2 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Payout Ratio 77% 79% 87% 92% 71% 63% 64% 59% 70% 76
Slide 83: 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 77
Slide 84: Our Shareholders
WEALTH MANAGEMENT Our Shareholders
Slide 85: Our Shareholders
Our Shareholders 1. Baillie Gifford 6.16% 2. Threadneedle 5.68% 3. Fidelity (FMR) 5.48% 4. Legal & General 4.74% 5. M&G 3.99% 6. Capital Research 3.94% 7. AXA Framlington 3.63% 8. Old Mutual 3.20% 9. BlackRock (BGI) 2.94% 10. Kames Capital 2.92% As at 31 December 2014 79
Slide 86: Analyst following
WEALTH MANAGEMENT Analyst following
Slide 87: 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 • Barrie Cornes - Panmure Go
Slide 88: 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: Tony Dunk Andrew Croft Director, Investor Relations Chief Financial Officer Telephone: 0207 514 1963 Telephone: 0207 514 1963 Email: tony.dunk@sjp.co.uk Email: andrew.crof
Slide 89: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 90: February 2015
February 2015