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Global Distribution Strategy This document is solely for the use of professionals and is not for general public distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Global Distribution Strategy May 2014 Investor presentation Phil Wagstaff Global Head of Distribution Today • 5 year plan • Changes made and changes ongoing • People • Our global business • The importance of product • Brand • The next 3 years 1 My background • Over 25 years in asset management distribution • NM Schroder, Henderson, M&G Investments, New Star, Gartmore • ‘Done the job’ • Build the people and they will build your business • Joined via Gartmore acquisition • Why I came back! 2 A combination of art and science Competitive advantage Right client service Right brand Right performance Right products Right time Right relationships Right people Distribution is a combination of art and science; application of science to the art of relationships 3 Distribution strategy The 5 year plan • Performance, and the perception of performance, is critical to long term success • Global Product Development is a key driver • We need a brand that conveys the sense of performance •A distribution structure based around client types gives a better understanding of investment objectives, product and service needs • Quality of people will determine the quality of success • Team work and collaboration critical in a global market • Need to build our core franchises • We have to back our winners 2 years in, 3 to go 4 Global Institutional net flows Institutional flows continue to stabilise 197 113 £m (107) (423) (581) (747) (708) (833) (1,457) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 5 Global Retail net flows …whilst turn around in Retail is evident 2,875 2,504 1,348 399 188 £m (110) (46) (296) (792) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 6 Onshore OEIC / Unit Trust Retail net flows Re-establishing our market position 690 646 473 154 £m (159) (367) (337) (376) (399) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 7 Offshore SICAV Retail net flows Record Q1 2014 built off strong performance 1,554 1,114 480 470 307 246 108 £m (36) (252) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 8 US Mutuals Retail net flows Robust Retail flows continuing in 2014 608 609 398 187 97 £m 5 (25) (16) (164) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 9 Global Retail net flows 2,875 2,504 1,348 399 188 £m (110) (46) (296) (792) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 10 Diversity of flows by fund, strategy and geography 20 Retail funds in FY13 with net flows of £100m+ European Equities Global Equities £2,394m Global Fixed Income Multi-Asset 712 Alternatives £1,491m 73 135 400 410 £917m 67 £857m 68 100 27 356 173 302 190 1,064 419 18 600 251 198 96 1Q13 2Q13 3Q13 4Q13 1Q14 continued this momentum: 10 Retail funds with net inflows of £100m+ 11 What is Distribution? 25% of Henderson’s staff work in Distribution which sits at the centre of the business • Sales Pre-financial crisis model Clients • Marketing communications Portfolio Portfolio Sales Relationship Operations • Investment communications Managers Specialists Managers Loose coordination • Client service • Product strategy / development Emerging model Clients • Brand Portfolio Portfolio Relationship Sales Operations Managers Specialists Managers Tight coordination Source: KPMG – Evolving Distribution Models in Asset Management. 12 What have we been doing? Working as a team to help us better serve our clients Changed… Old model • Our model • Our behaviour Institutional • Compensation • Building a global infrastructure Retail Liquid Alternatives Focus… • Increasing and up skilling resources New model in core markets • Rebranding the business • Globalising the product suite Institutional • Increasing marketing spend Liquid Retail • Identifying key franchises and ‘run our winners’ Alternatives • Centres of excellence 13 Developing a truly global distribution model Distribution UK 151 FTEs North America 66% 11% AUM¹ AUM¹ Europe and Distribution Latin America 39 FTEs 19% AUM¹,² Distribution 31 FTEs Asia / Australia 4% AUM¹ Distribution 23 FTEs Note: All data as at 31 Dec 2013. 1 Based on total AUM. 2 Includes Middle East and Africa. 14 New people Head of EMEA Head of EMEA Head of Global Head of Head of Retail & LatAm Institutional Marketing Advisory Sales Distribution Australia Greg Jones Nick Adams Rob Page Sam Mettrick Matt Gaden CEO of Japan Head of Asia Head of Head of Head of Corporate Business Wholesale Germany Content Communications Shiro Tsubota Mabel Chan Daniela Brogt Darrel Billingham Angela Warburton …and more to come 15 Europe & Latin America Depth and breadth in distribution supported by a strong brand presence London, Paris, Milan, Amsterdam, Frankfurt, Zurich, Madrid base EMEA Investment Continental UK Retail¹ Latin America Institutional² Trusts Europe Retail Sales 13 8 3 2 17 Professionals Private investors, Local authority Private investors, National pension Platforms, banks, financial advisers, pension funds, financial advisers, funds (AFPs), insurance platforms, corporate pension platforms, banks, companies, Clients discretionary funds, institutions, discretionary discretionary discretionary wealth managers SWFs wealth managers wealth managers wealth managers UK Property, Sterling Credit, The City of London Absolute Return, European Equities, Cautious Managed, Total Return Bond, Investment Trust, European Equities, European Credit, Strategic Bond, Multi Asset Credit Bankers European Equities long/short, Key Products European Special Investment Trust long/short Global Equity Sits, Global Equity Income Income Note: Clients from the EMEA region are serviced either directly from London or through one of our European offices. 1 Teams: UK Discretionary team, UK Advisory team, JV team (Telesales team 2Q14). 2 Teams: UK Client & Consultant Relationships, Nordics & Netherlands Sales teams. 16 North America Strong Retail Distribution network Boston and Chicago base US Retail US Institutional Sales 18 3 Professionals State pension funds, Clients Wire houses, wholesale platforms, RIA’s corporate pension funds institutions Global Equity Income, European Focus, Global Equity, Global Fixed Income Key Products International Opportunities Note: Background reflects current Henderson US distribution territories. 17 Liquid alternatives distribution London and US base Sales Professionals 6 (3 EU, 3 US) High net worth individuals, family offices, private banks, wealth managers; Clients Local authority pension funds, corporate pension funds, institutions, SWFs; Charities and foundations Key Products UK Equity long/short, European Equity long/short, Agriculture, Global Equity long/short, UK Small Cap long/short 18 Global product governance framework Global Strategic • Strategic – high-level / long-term Product Group • Product innovation • Life cycle review Product Implementation • Execute new product ideas Committee • Coordinate and prioritise initiatives Product and projects • Product specification stakeholder • Stress testing meetings • Pipeline reporting 19 Global product development Strategic / Global Tactical / Regional 1. Global Equity 1. Asian Equity • EAFE & ACWI 2. Natural Resources 2. Global Equity Income 3. Agriculture 3. Global Fixed Income • High Yield 4. Liquidity • Investment Grade • Emerging Market Debt 5. Commodities 4. Unconstrained Bond Funds 5. Global Equity Long Short 20 The winner takes it all Global flows 2013¹ US mutual flows – Europe stock² $bn $m 1,500 1,317 3,000 2,739 Top 2 funds 2,500 1,000 2,000 500 1,500 1,000 738 738 707 0 500 -500 0 (564) Top 5 Remaining 22 JP Morgan Henderson -1,000 funds Intrepid European European Focus Top 1% Remaining 99% Fd Fund European flows – European ex-UK large-cap equity³ UK Retail flows – IMA Property4 €m £m 4,000 2,947 Top 5 funds 3,000 3,000 2,511 2,500 2,000 1,279 615 1,000 564 396 334 322 2,000 0 1,500 Top selling fund in sector 2013 1,000 569 500 Dynamic BGF European Fund funds BlackRock Flexible Top 5 funds Eur Select Henderson Standard Life Eur Eq Inc Fd Threadneedle Cont Europe Cont 0 Remaining 149 Gartmore Fund Continental Eur Continental Henderson UK Property Total sector ¹ Source: Morningstar Direct, Worldwide OE & MM ex FoF ex Feeder Database, as at Dec 2013. ² Source: Morningstar Direct, US OE ex MM ex FoF Database, as at Dec 2013. ³ Source: Morningstar Direct, Europe OE & MM ex FoF ex Feeder Database, as at Dec 2013. 4 Source: IMA EchoWeb, as at Dec 2013. 21 Henderson Horizon Euro Corporate Bond Fund December 2010 Henderson Horizon Euro Corporate Bond Fund since inception The first anniversary of the fund marks the beginning of marketing 2.0 € Henderson Hz Euro Corp Bd Fd 40 activities supporting sales efforts to establish Henderson’s reputation as a FI fund manager. 1.8 € Henderson Hz Euro Corp Bd Fd Performance 35 1.6 € 30 1.4 € 2011 – 2013 1.2 € 25 With client interest in Credit remaining high, marketing activity 1.0 € 20 focused heavily on: 0.8 € 15 • Sponsored events: 12 events across Europe, including high 0.6 € profile pan-European events 10 0.4 € • Major PR focus principally in France, Germany and Italy • Webcasts (on average every trimester), supported by transcripts 0.2 € 5 • Frequent webinars on topical issues 0.0 € 0 • Frequent collateral, such as ‘Fund updates’ and ‘View from the Credit desk’ Jun-13 Jun-12 Jun-11 Jun-10 Mar-13 Mar-12 Mar-11 Mar-10 Sep-13 Dec-13 Sep-12 Dec-12 Sep-11 Dec-11 Sep-10 Dec-10 Dec-09 • Exact target from September 2011 Higher level of marketing activity coincides with rising flows into the • Second best performing fund in the sector since fund. inception • Second best net selling fund in the sector in the past 2 years 2014 • 1.68% market share in the Morningstar Marketing activities on this fund scaled back to make use of limited EUR Corporate Bond sector fund managers’ time on promotion of EHY and GHY fund.
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