Standard Life Plc · LSE:SDLF
Standard Life — Phoenix Group Holdings — Investor Day (October 2011)
42 slides from Standard Life's investor day presentation, Oct 17, 2011
Slide 1: Focus on Ignis
Focus on Ignis 17 October 2011 1
Slide 2: Introduction
Focus on Ignis 17 October 2011 Introduction Clive Bannister, Chief Executive Officer, Phoenix Group Chairman, Ignis 2 2
Slide 3: Ignis is integral to the Phoenix Group strategy
Focus on Ignis 17 October 2011 Ignis is integral to the Phoenix Group strategy Ignis today is:- Phoenix Focused on consistent performance Group Structured to win third party assets as well as supporting the life company Phoenix A scalable platform, offering potential Ignis Life synergies £m HY
Slide 4: Journey and Vision
Focus on Ignis 17 October 2011 Journey and Vision Chris Samuel Chief Executive Officer 4 4
Slide 5: Focus on Ignis
Focus on Ignis 17 October 2011 Focus on Ignis Journey and Vision Chris Samuel, Chief Executive Officer Ignis Today Tim Roberts, Chief Operating Officer Chris Fellingham, Chief Investment Officer and Managing Director of Fixed Income & Solutions Mark Lovett, Chief Investment Officer, Equities Investm
Slide 6: Ignis today: an investment led, multi-specialist business
Focus on Ignis 17 October 2011 Ignis today: an investment led, multi-specialist business Fixed Equities Real Estate Advisors Solutions Partners Total Income Insurance £60.2bn (Life Company) In the top 15 UK owned asset management firms in the UK UK Institutional 6 business capabilities serving 4
Slide 7: Ignis Vision
Focus on Ignis 17 October 2011 Ignis Vision Vision Foundations and Goals To be a leading asset management business committed to performance excellence and Meet or exceed investment performance innovation, where talented people want to expectations work and, most importantly, where clients want to in
Slide 8: The journey started with the merger of two quite separate firms
Focus on Ignis 17 October 2011 The journey started with the merger of two quite separate firms Ignis Asset Management Axial Investment Management Roots can be traced back to the Foreman Launched in 2006 to provide Pearl with and Staff Mutual Benefit Society in 1899 its own Through a series of
Slide 9: Ignis on a journey: significant progress to refocus and invest in platform
Focus on Ignis 17 October 2011 Ignis on a journey: significant progress to refocus and invest in platform YTD 2009 2010 Key Milestones 2011 • Vision approved by Board • Axial and Ignis integrated P Integration • London locations consolidated • Re-branding • Integrated and built out operating platfor
Slide 10: Ignis on a journey: Formed an investment-led, multi-specialist business
Focus on Ignis 17 October 2011 Ignis on a journey: Formed an investment-led, multi- specialist business Ignis Fixed Ignis Ignis Real Ignis Ignis Ignis Income Equities Estate Advisors Solutions Partners Chris Mark Gary Michiel Laura Ian Paterson Fellingham Lovett Hutcheson Timmerman Brown Brown • Liq
Slide 11: Ignis on a journey: substantial investment in talent
Focus on Ignis 17 October 2011 Ignis on a journey: substantial investment in talent Ignis Fixed Ignis Ignis Real Ignis Ignis Ignis Income Equities Estate Advisors Solutions Partners Chris Mark Gary Michiel Laura Ian Paterson Fellingham Lovett Hutcheson Timmerman Brown Brown • Soros • Allianz RCM • A
Slide 12: Continuing the journey: three strategic phases for Ignis
Focus on Ignis 17 October 2011 Continuing the journey: three strategic phases for Ignis To date • Refocus and invest in the platform Medium term • Raise Ignis profile and grow business Longer term • Leverage new capabilities to enhance growth 12 12
Slide 13: Ignis Today
Focus on Ignis 17 October 2011 Ignis Today Tim Roberts Chief Operating Officer 13 13
Slide 14: Where we are today
Focus on Ignis 17 October 2011 Where we are today Ignis today Key achievements in HY 2011 £m HY 2011 FY 2010 HY 2010 Group AuM of £76.7bn Insurance revenue 50 115 49 (Life company) Over 500 employees in London Third Party revenue 16 29 15 and Glasgow (including Group Pension) Total revenues 66 1
Slide 15: Our asset base shows strength in core Fixed Income and breadth
Focus on Ignis 17 October 2011 Our asset base shows strength in our core Fixed Income portfolios and breadth with our Equities, Real Estate, Advisors and Partners portfolios Assets Group Fixed Real Total £bn Income Equities Estate Advisors Partners AuM under Solutions Total Advice* AuM Insurance (Li
Slide 16: HY 2011 revenues of £66m are well diversified across channels and business units
Focus on Ignis 17 October 2011 Our HY 2011 revenues of £66m are well diversified across the channels and business units Margin Business Unit Revenue % Channel Revenue % bps* Insurance Fixed Income 38% 76% 17 (Life Company) Equities 25% UK Retail 14% 76 Real Estate 7% Advisors 10% UK Institutional**
Slide 17: Ignis Investment Capabilities
Focus on Ignis 17 October 2011 Ignis Investment Capabilities Chris Fellingham Chief Investment Officer and Managing Director of Fixed Income & Solutions 17 17
Slide 18: Overview of investment capabilities
Focus on Ignis 17 October 2011 Overview of investment capabilities Fixed Income Equities Real Estate Advisors Solutions Partners People Process Performance Rates: >35% above benchmark** > 30% above 100% above 100 % above Insurance* 1Y to 30 Sept 2011 benchmar
Slide 19: Fixed Income & Solutions
Focus on Ignis 17 October 2011 Fixed Income & Solutions Chris Fellingham Chief Investment Officer and Managing Director of Fixed Income & Solutions 19 19
Slide 20: Fixed Income: where we are
Focus on Ignis 17 October 2011 Fixed Income: where we are AuM 3rd Party AuM Revenue £48.0bn £4.0bn 38% of Ignis People & Talent Capability & Product Performance Highlights Chris Fellingham appointed as CIO Large and stable asset base and Selected 3rd Performance to 30 and Managing Director of Bu
Slide 21: Solutions: where we are
Focus on Ignis 17 October 2011 Solutions: where we are • New business unit within Ignis What is Ignis Solutions • Draws together cross-capability expertise within Ignis to provide solutions for institutional clients similar to our Insurance (Life Company) clients • Bespoke liability benchmark constr
Slide 22: Fixed Income & Solutions: continuing the journey
Focus on Ignis 17 October 2011 Fixed Income & Solutions: continuing the journey Priorities: Maintain and improve investment performance for all our clients Take our LDI solution to the 3rd party institutional market Leverage our existing strong fixed income platform and scalability Broaden our absol
Slide 23: Equities
Focus on Ignis 17 October 2011 Ignis Equities Mark Lovett Chief Investment Officer, Equities 23 23
Slide 24: Equities: where we are
Focus on Ignis 17 October 2011 Ignis Equities: where we are AuM 3rd Party AuM Revenue £11.6bn £0.8bn 25% of Ignis People & Talent Capability & Product Performance Highlights Mark Lovett appointed as CIO in Core UK equities repositioned and Selected 3rd Performance to 30 October 2010 reinvigorate
Slide 25: Equities: continuing the journey
Focus on Ignis 17 October 2011 Ignis Equities: continuing the journey Priorities: Maintain and improve investment performance for all our clients Develop and validate strategies by taking to 3rd party market Embed recent changes to team and process to secure top quartile investment performance Work
Slide 26: Real Estate
Focus on Ignis 17 October 2011 Ignis Real Estate Gary Hutcheson Managing Director and Chief Investment Officer, Real Estate 26 26
Slide 27: Real Estate: where we are
Focus on Ignis 17 October 2011 Ignis Real Estate: where we are AuM 3rd Party AuM Revenue £3.4bn £1.1bn 7% of Ignis People & Talent Capability & Product Performance Highlights Business unit comprises both Ignis Real Estate manages two flagship Selected 3rd Performance to 30 investment teams and ope
Slide 28: Real Estate: continuing the journey
Focus on Ignis 17 October 2011 Ignis Real Estate: continuing the journey Priorities: Maintain existing success and grow business around Ignis UK Property Fund and UK Commercial Property Trust Leverage existing strong performance, process and asset base with core UK direct products Broaden capabiliti
Slide 29: Advisors
Focus on Ignis 17 October 2011 Ignis Advisors Michiel Timmerman Managing Director and Chief Investment Officer, Advisors 29 29
Slide 30: Advisors: where we are
Focus on Ignis 17 October 2011 Ignis Advisors: where we are AuM 3rd Party AuM Revenue £2.1bn £0.4bn 10% of Ignis People & Talent Capability & Product Performance Highlights Strong team of 10 investment Strong capability around: Selected 3rd Performance to 30 professionals – Manager selection par
Slide 31: Advisors: continuing the journey
Focus on Ignis 17 October 2011 Advisors: continuing the journey Priorities: Maintain strong performance within flagship fund of hedge funds (Systematic Strategies Fund) Build on existing strong people and process within Leverage existing funds to attract 3rd party business ... team, and recent hires
Slide 32: Distribution Opportunities
Focus on Ignis 17 October 2011 Distribution Opportunities Claude Chene Director and Global Head of Distribution 32 32
Slide 33: Distribution Opportunities
Focus on Ignis 17 October 2011 Distribution Opportunities Insurance UK UK International (Life company) Institutional* Retail HY 2011 £50m £6m £9m £1m Revenues (£m) • Over 50% of Local Authorities are clients • Agreements in • Agreements in of the Liquidity fund place with over place with over 90 fin
Slide 34: Summary
Focus on Ignis 17 October 2011 Summary Chris Samuel Chief Executive Officer 34 34
Slide 35: Summary
Focus on Ignis 17 October 2011 Summary Ignis is integral to the Phoenix Group strategy Ignis is a significant business with £76.7bn of assets under management and advice – In the top 15 UK owned asset management firms in the UK – Ignis has broad distribution and is poised to take strongest capab
Slide 36: Questions & Answers
Focus on Ignis 17 October 2011 Questions & Answers 36 36
Slide 37: Appendix
Focus on Ignis 17 October 2011 Appendix 37 37
Slide 38: Biographies
Focus on Ignis 17 October 2011 Biographies Chris Samuel Chris Fellingham Tim Roberts Claude Chene Ian Paterson Brown Chief Executive Officer Chief Investment Officer Chief Operating Officer Director and Global Head of Corporate Development and Managing Director of Distribution Director and Managing
Slide 39: Biographies – Business Unit heads
Focus on Ignis 17 October 2011 Biographies – Business Unit heads Mark Lovett Gary Hutcheson Michiel Timmerman Laura Brown Chief Investment Officer, Managing Director and Chief Managing Director and Chief Head of Solutions Equities Investment Officer, Real Estate Investment Officer, Advisors Mark joi
Slide 40: Biographies – Channel Heads
Focus on Ignis 17 October 2011 Biographies – Channel Heads Derek Carey Helen Farrow Philip Goldsmith Austin McBride Director of Life Company Client Head of Institutional Managing Director Europe Head of UK Retail Service Derek joined Ignis in 2006 from Helen joined Ignis in May 2010 to Philip has al
Slide 41: Ignis Partners
Focus on Ignis 17 October 2011 Ignis Partners Ignis Partners unit provides entrepreneurial fund managers with a more independent legal structure and the support of a large organisation through the early stages of their business development. The ownership between Ignis and the fund management partner
Slide 42: Disclaimer and other information
Focus on Ignis 17 October 2011 Disclaimer and other information • This presentation in relation to Phoenix Group Holdings and its subsidiaries (the ‘Group’) contains, and we may make other statements (verbal or otherwise) containing, forward-looking statements about the Group’s current plans, goals