Strategic Overview Purpose built full service wealth manager OMGI single strategy less aligned with OMW model Attractive, high growth business, more reliant on global wholesale distribution High growth business Reliant on wholesale market AuM £bn AuM H1 2017 £bn CAGR +33% 23 20 OMW 1 15 20% FY 2015 Dec-15 FY 2016 Dec-16 HY 2017 Jun-17 Performance fees significant proportion of profit £23bn AuM AOP pre-tax £m +25% 60 48 26 Performance fee 80% 25 34 Management fee 23 Wholesale & Non-UK 2 FY 2015 FY 2016 2015 2016 1. Assets sourced from OM Wealth business including Heritage Business, direct investment through UK platform, Wealth Select service as well as investment from the Multi-Asset fund range 13 2. Includes UK Wholesale, EMEA, Americas, Asia and Institutional
Strategic Overview Leading positions OMW has leading positions across segments A B Advice & Wealth Management Wealth Platforms Advice Investment Solutions Discretionary Wealth UK Adviser Platform International CF30s 1 # Net flow UK Multi-manager 2 Discretionary Wealth 3 UK Adviser platform 4 Total sales UK Offshore 5 at Jun-16 £bn H1 2017 AuM £bn at Dec-16 AuA £bn Jun-17 £bn FY Dec-16 St James’s 3,328 OMW Investors 0.8 Brewin Dolphin 38 StandardLife 49 Prudential 0.8 OMW Advice 1,803 Competitor 1 0.4 Investec 31 UK Platform 47 Canada Life 0.7 (excl. Caerus) 0.3 30 37 Openwork 829 Competitor 2 Rathbones Aegon 6 Standard Life 0.7 Tenet 642 Competitor 3 0.3 Cazenove 29 Fidelity 33 International 0.6 Tilney 439 Competitor 4 0.2 Quilter Cheviot 21 Transact 27 Utmost 0.4 1. Source Financial Times top 100 Financial Advisers 2016. OMW Advice includes Intrinsic 4. Source: Fundscape Q2 2017 (based on retailed advised AuA) 2. Source: Pridham report Q2 2017. 5. Source: ABI UK offshore market Q2 2017 14 3. Source: Private Asset Managers 2017 report (excluding banks and St James’s Place ) 6. Source: Aegon figures include Aegon + Cofunds
Strategic Overview Leading positions Well positioned for structural market growth Advice, investment solutions, platform consolidation and retirement ii i iii Financial advice is relatively Strong growth in investment Pensions and investments scarce solutions forecast consolidating onto platforms UK professional services Forecast global asset management flows Total UK platform market Number of adults 2016 1 Percent of total AuM 2 AUA £bn 5 CAGR ~ 50 million 50,000 539 +22% 3 51% Solutions 13% 12% 401 ~ 2,000 15% adults per 23% Alternatives adviser 22% 42% Passives & ETF 39% Active specialties 7% ~ 25,000 25 -24% 4 Active core Adults Advisers 2015 AUM 2016-2020 Dec-15 Jun-17 FY 2015 HY 2017 age 20+ Share of flows 1. Source: ONS; APFA 4. Note: Active core includes actively managed domestic large-cap equity, domestic 2. Source: BCG Global Asset Management 2016 - Doubling down on data government and corporate debt, money market and structured products 3. Note: Solutions includes absolute return, target date, global asset-allocation, flexible, 5. Source: Fundscape 15 income, and volatility funds; LDIs; and multi-asset and traditional balanced products
Strategic Overview Multi-channel proposition Driving growth and revenues through integrated flows Integrated flows Integrated Half years £bn 1 Half years £bn 1 Net Flows H1 2016 H2 2016 H1 2017 Advice to OMW Investors 0.4 0.6 1.1 2.3 H1 2017 Advice to OMW Platform 0.4 0.4 0.5 Platform to OMW Investors - 0.3 0.5 Advice & Platforms to QC 0.1 - 0.2 Total integrated 0.9 1.3 2.3 1.3 H2 2016 QC Direct 0.3 0.4 0.4 Platforms to third party funds 1.1 1.4 2.0 Heritage outflows in OMW Investors (0.2) (0.3) (0.1) 0.9 H1 2016 Eliminations (0.1) (0.4) (0.9) Total net flows 2.0 2.4 3.7 1. Advice flows to Platform and OMW Investors counted twice as part of Integrated net flows, due to fees being earned both in Platform and OMW Investors. Double 16 count removed as part of elimination; Integrated and Total net flows exclude Heritage net outflows
Strategic Overview Multi-channel proposition Focus on delivering good customer outcomes Helping customers create financially secure futures …. “prosperity” for customers Advice Wealth Management Wealth Platforms Investment solutions and Financial planning Suitable products and wrappers discretionary management Over 200k Advised customers Quilter Cheviot investment UK Platform, over 70% of with ongoing fees performance first and second advisers regard OMW as quartile over five and ten years 1 primary or secondary platform 3 Strong performance of advised investment solutions 70% of OMW Investors funds Winning awards for service above peer median for last 3 Low levels of customer FNZ Platform transformation years 2 complaints program will significantly Majority of Quilter Cheviot enhance offering customers with firm for five years Over half of UK Platform and more customers with firm for more than five years 1. Source: ARC Private Client Index Quartile ranking, June 2017 2. Source: Internal OMGI performance report 17 3. Source: UK Adviser Platform guide, Issue 30, May 2017
Strategic Overview Attractive top-line growth Significant opportunities for future growth in flows 5%+ of opening AuMA net flow objective 1 Capture existing share of growing market Increase number of advisers and adviser productivity to enhance integrated flows Broaden range of solutions at OMW Investors & Quilter Cheviot to attract flows Platform Transformation to materially enhance UK platform offering and drive NCCF Increase integration – Advice and International to Quilter Cheviot and OMW Investors 18 1. Integrated flows excludes Heritage net outflows
Strategic Overview Attractive top-line growth Focus on risk management, strong governance and clear risk appetite Key risks Examples Risk framework • Brexit • UK focus, EU passporting immaterial • Market risk with equity markets at highs • Diversified AuMA with solutions focus Market & • International revenues lower market correlation Geopolitical • Capital held for stressed economic scenario • MiFID 2, GDPR, PRIIPS, Asset management market • Regulatory compliant model Regulatory study, Platform market review • Continuous monitoring of regulatory change change and • Changing government policy, including remediation • Strong investment and risk processes conduct risk • Investment in risk management • Investment performance risk • Additional hires and spend for current change Operational • Business conduct, including advice and conflict; • Platform ‘adopt’ not ‘adapt’ model and investment delivering on customer outcomes • New senior management additions performance • Technology resilience, development and info security • Investment in technology and cyber security • Management of talent in people business 19 19
Strategic Overview Opportunity for operating leverage Business transformation still ongoing Profitability and operating margin opportunity Revenue growth AuMA growth Ongoing transformation £bn £m A +21% +10% 107.3 646 • Focus on serving our 587 88.8 Advice & customers Wealth Management • Further integration of businesses Jun-16 Jun-17 Dec-15 Dec-16 FY 2016 HY 2017 FY 2015 HY 2016 • Platform transformation Targeting operating margin improvement B Operating margin • Managed separation / listing, capital and liquidity Future requirements 26% Wealth 28% Medium-term Platforms operating margin improvement 2017 H1 2017 20
Strategic Overview Our exciting future A unique combination of capabilities, scale and market position Purpose built, full service wealth manager delivering good customer outcomes Leading positions across one of the world’s largest wealth markets with strong structural growth drivers Multi-channel proposition and investment performance driving integrated flows and long term customer relationships Attractive top-line growth and the opportunity for operating leverage Strong balance sheet post-separation and improving cash generation drives shareholder returns 21
Strategic Overview Brand update 22
Agenda Introduction Bruce Hemphill Strategic Overview Paul Feeney Advice & Wealth Management Paul Feeney Advice Andy Thompson OMW Investors Paul Simpson Quilter Cheviot Martin Baines Wrap-up and Q&A Paul Feeney Break Wealth Platforms Paul Feeney UK Platform and Heritage Steven Levin International Peter Kenny Wrap-up and Q&A Paul Feeney Break Financials Tim Tookey Wrap-up and Q&A Paul Feeney
A&WM Reduced number of segments moving forward Simplifying disclosure to align with future wealth model A B Advice & Wealth Wealth Platforms Corporate HO Other New segments Management H1 2017 AuM 1 : £38bn 2 H1 2017 AuA 1 : £79bn H1 2017 AuM 1 : £23bn Old segments Advice Change from OMGI Single UK Platform HO costs previous reporting Strategy (previously in UK Other) Managed separation + Quilter Cheviot International standalone costs OMGI Heritage External financing cost Multi-asset (includes remainder of (on Go-Forward basis) (OMW Investors) UK Other) Other adjustments / • Head Office costs • Excludes South Africa Comments • Excludes Quilter Cheviot in previously reported in BUs branches previously 2 months of 2015 now aggregated reported in International separately 1. Gross AuMA before intragroup eliminations 24 2. Total A&WM AuM includes QC £22bn, OMW Investors £14bn and Intrinsic £1bn
A&WM Advice & Wealth Management: our experienced leadership CAGR Andy Thompson Advice +24% Restricted Financial • Appointed CEO of Advice in 2015 1,582 Planners 1 • Joined Intrinsic in 2012 930 FY 2014 HY 2017 Dec-14 Jun-17 Paul Simpson OMW Investors CAGR AuM 2 £bn • Appointed CEO of OMW Investors in 2017 +28% • Joined Old Mutual in 2006 14.2 9.8 FY 2015 Dec-15 HY 2017 Jun-17 CAGR Martin Baines Quilter Cheviot +17% AuM 2 £bn • Appointed CEO of Quilter Cheviot in 2003 22.5 • More than 20 years of investment 17.8 management experience FY 2015 Dec-15 Jun-17 HY 2017 1. Not including 446 Independent and 1,564 Mortgage and Protection advisers 2. Excluding Intragroup eliminations 25
Advice Andy Thompson Highly Commended Winner Best Network 2016 and 2017 Best Network 300+ ARs 2015 and 2016 Money Marketing Awards Mortgage Strategy Awards 26
Advice UK’s second largest advice business 1 Fast growing restricted financial planning business in the UK A UK market leader in Advice Adviser growth at OMW Number of CF30 advisers per firm June 2016 (Excluding M&P) 1 Number of OMW advisers +7% 3,328 St.James’s Place CAGR 1,582 RFP + 24% 1,803 OMW Advice 930 Excludes Caerus 829 621 Openwork 446 IFA -12% acquired 2017 642 Tenet 1,564 1,499 M&P +2% 439 Tilney FY 2014 Dec-14 HY 2017 Dec-14 Jun-17 406 True Potential CF30 advisers in the UK market 2 Key definitions: Number of CF30 advisers • CF30: regulated financial advisers, including restricted and 24,761 CAGR independent advisers 23,640 • Restricted : Recommends pre-approved/selected products + 2% • Independent: Mandated to consider and recommend all types of retail investment products from all firms across the market • Network : Appointed representative firms that trade under own brand but form part of advice network for regulatory, product and 2016 2014 2014 2016 operational support 1. Based on number of CF30 advisers; Source: FT Top 100 Financial Advisers H1 2016. OMW Advice numbers refer to Intrinsic 27 2. Source: APFA The Financial Adviser Market in numbers 2016; Excludes M&P advisers
Advice We offer three different advice models to serve customers Model Metrics Customer segmentation Holdings by customer 1 • Launched in 2015 to align with Advisers: 52 RFP Quilter Cheviot customer base 100% 5% Private Client PCA customers: 6k • Restricted advisers Advisers Target market : £250k+ (PCA) • Employed by OMW under OMW 38% 28% >£1m PCA brand • Alignment with OMW Investors Advisers: 1,530 RFP+ 446 IFA serving affluent market Financial advice customers: 200k+ Financial • Restricted and independent Target market: £100k-250k Advisers advisers 44% £250k-£1m • Own branded firms within network 67% • Possible lead generation into Advisers: 1,564 M&P financial advice Mortgage & 18% <£250k Mortgage volume 2 : £15.8bn Protection • Restricted and independent advisers Advisers Financial Private client • Own branded firms within network advisers advisers Note: Adviser and customer data are at June 2017 1. Wealth customers only – Restricted Platform holdings for Financial Advice and % AUM per category 28 2. Total amount of mortgage value placed with banks during 2016
Advice Why advisers choose to join and stay with us Stable and secure home Keeping advisers and customers safe Strong customer proposition Knowledge of advice and advice businesses Investment in technology and digital capabilities Supporting growth for advisers 29
Advice Strong adviser growth through organic and acquisition Inorganic growth of Restricted Financial Planners (RFP) growth Growth of Restricted Financial Planners (RFP) Key acquisitions Restricted financial planner #’s PCA 883 1,582 acquisitions 350 Infiniti £200m AuA Financial adviser 267 acquisitions Premier Caerus £172m AuA 260 CF30s 266 10% 699 CAGR Beaumont Robinson £220m AuA DQS Sesame £180m AuA 205 CF30s 2014 Opening 2014- ’17 Jun-17 HY 2017 OMW acquires Intrinsic Acquisition Transfer independent to restricted 30 Net organic recruitment
Advice Attractive regional footprint and demographic of advisers Geographic breakdown by adviser 1 Adviser age 2 Below 30 30-40 40-50 50-60 Above 60 5% 16% 19% 11% Yorkshire Average North West age 48 13% Chester London 31% 14% 23% Birmingham 29% 53% 14% under 50 London 6% 10% 8% PCA hub offices South West 1. Data as at June 2017, Breakdown based on number of advisers 31 2. Excludes Caerus advisers
Advice Focus on improving adviser productivity Adviser experience a key driver of productivity Productivity 2 Tenure by Restricted Adviser 1 £m per Adviser (annualised) < 3 years 1.6 3-5 years >5 years 37% Average 45% tenure 5 years 1.0 1.0 0.9 18% 0.7 0.7 0.7 Restricted Adviser regretted attrition 3 3.0% 2.5% 2.0% 2015 2016 H1 2017 H1 2014 H2 2014 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 1. Tenure as at H1 2017 2. NCCF per adviser into the integrated proposition including OMW Investors or Quilter Cheviot 3. The calculations are measuring the loss of RFPs when the business relationship between Advice and the firm which employs these advisers terminates, as a percentage of 32 average RFPs in the same time period
Advice The advice process Seeking to secure the financial future of customers through long term relationships Advice process Understanding needs Review and attitude to risk Providing suitable customer advice Implementation Planning 33
Advice Delivering positive customer outcomes through effective risk management Effective risk management… …resulting in positive customer outcomes 1 • Robust adviser on-boarding and training process 15% 70% Advice risk • Ongoing training & assessment 126,904 2 19,571 13,664 tracking • Independent oversight Pre-approved Checked • Managing conflict of interest advice advice Total written checked advice • Advice checks (H1 17) • Pre-approval of high risk cases Complaints • Ongoing customer reviews tracking 303 57 12 H1 2017 Advice Complaints FOS complaints complaints referred upheld for FOS 1. Company information as at June 2017 YTD 34 2. Incudes mortgage cases written in H1 2017
Advice …and tailored investment solutions Value proposition for customers Cirilium performance 1 Solutions to meet specific customer needs Performance and volatility, nine years to 30 September 2017 within defined risk parameters 200 Cirilium Dynamic Active 180 (cumulative performance) Cirilium Moderate 160 Accumulation 140 Return Cirilium Balanced 120 Passive 100 UT Mixed 40-85% Decumulation UT Flexible Investment 80 UT Mixed 20-60% 60 6.0 7.5 9.0 10.5 12.0 Risk (mean annualised volatility) 1. Source: FE Financial Express, based on nine years performance and volatility to end 30 September 2017; 35 Note: Net of fund charges
Advice Growth in advice delivering integrated flows 1 Advice to OMW Investors NCCF 1.1 Advised channel £bn 0.6 0.4 H1 2016 H2 2016 H1 2017 2 Intrinsic PCA Advice to Quilter Cheviot NCCF £bn 0.11 1 2 0.06 0.04 Quilter H1 2016 H2 2016 H1 2017 OMW Investors Cheviot 3 Advice to UK Platform NCCF 3 £bn 0.6 0.5 0.4 Wealth Platforms H1 2016 H2 2016 H1 2017 36
Advice OMW multi-channel in practice: Birmingham office Team alignment between PCAs and Quilter Cheviot investment managers 37
Advice Opportunities to deliver further growth Strategic focus on restricted financial planners, productivity and delivery to customers Recruitment in a fragmented market RFPs Financial Adviser School Adviser retention RFPs Productivity Pension freedom Productivity growth Growth Drivers PCA and Quilter Cheviot alignment Delivery for customers Co-ordinated customer experiences Delivery for Productivity customers Wide range of managed investment solutions Delivering value 38
Advice Opportunities to deliver further growth Strategic focus on restricted financial planners, productivity and delivery to customers Recruitment in a fragmented market RFPs Financial Adviser School Adviser retention RFPs Productivity Pension freedom Productivity growth Growth Drivers PCA and Quilter Cheviot alignment Delivery for customers Co-ordinated customer experiences Delivery for Productivity customers Wide range of managed investment solutions Delivering value 39
Advice Opportunities to deliver further growth Strategic focus on restricted financial planners, productivity and delivery to customers Recruitment in a fragmented market RFPs Financial Adviser School Adviser retention RFPs Productivity Pension freedom Productivity growth Growth Drivers PCA and Quilter Cheviot alignment Delivery for customers Co-ordinated customer experiences Delivery for Productivity customers Wide range of managed investment solutions Delivering value 40
Advice Key takeaways Leading and growing integrated advice business that delivers for customers Market complexity continues to increase demand for advice Capitalised on RDR changes to secure a leading market position 1 Well controlled advice processes delivering good customer outcomes Maturing model expected to deliver further growth PCA alignment with Quilter Cheviot should drive increasing discretionary flows Financial advisers deliver strong integrated flows into OMW Investors 41 1. Based on adviser numbers
OMW Investors Paul Simpson Winner 5 Diamond rating - Cirilium range Best Investment Fund Provider Risk Focused Fund Family Moneyfacts Awards September 2017 Multi-Manager Returns Focused Defaqto 2017 42
OMW Investors A leading provider of investment solutions in a growing market A market leader… …with strong growth UK multi-manager rankings (based on external data) 1 AuM £bn 2 Net flows H1 2017 £bn 1 CAGR 14.2 +28% OMW Investors 0.8 12.1 9.8 Competitor 1 0.4 Competitor 2 0.3 Competitor 3 0.3 Competitor 4 0.2 Dec-15 Dec-16 HY 2017 Jun-17 FY 2015 FY 2016 1. Source: Pridham report (August 2017 and May 2017 editions) Multi-manager rankings 43 2. Gross AuM before intragroup elimination
OMW Investors Strong growth in assets and revenues AuM NCCF Revenue and revenue margin £bn £bn Revenue £m bps CAGR 14.2 +28% 46 45 48 12.1 49 9.8 44 1.5 33 0.9 0.7 Dec-15 Dec-16 Jun-17 Dec-15 Dec-16 Jun-17 Dec-15 Dec-16 Jun-17 FY 2015 FY 2016 H1 2017 FY 2015 FY 2016 H1 2017 FY 2015 FY 2016 HY 2017 44
OMW Investors Significant development of capabilities and products February 2012 OMAM December 2014 February 2015 August 2016 July 2017 and SIG merge to Cirilium funds OMGI and Launch of Spectrum form asset purchased from Quilter Cheviot International range management firm Henderson form multi-asset Compass replaced with OMGI joint venture range Creation range 2012 2013 2014 2015 2016 2017 February 2014 October 2015 May 2017 September WealthSelect Investment process Launch of 2017 launched modernisation starts Global Separation with re-launch of Partners of OMW Generation range Program Investors 45
OMW Investors Significant development of capabilities and products February 2012 OMAM December 2014 February 2015 August 2016 July 2017 and SIG merge to Cirilium funds OMGI and Launch of Spectrum form asset purchased from Quilter Cheviot International range management firm Henderson form multi-asset Compass replaced with OMGI joint venture range Creation range 2012 2013 2014 2015 2016 2017 February 2014 October 2015 May 2017 September WealthSelect Investment process Launch of 2017 launched modernisation starts Global Separation with re-launch of Partners of OMW Generation range Program Investors 46
OMW Investors Significant development of capabilities and products February 2012 OMAM December 2014 February 2015 August 2016 July 2017 and SIG merge to Cirilium funds OMGI and Launch of Spectrum form asset purchased from Quilter Cheviot International range management firm Henderson form multi-asset Compass replaced with OMGI joint venture range Creation range 2012 2013 2014 2015 2016 2017 February 2014 October 2015 May 2017 September WealthSelect Investment process Launch of 2017 launched modernisation starts Global Separation with re-launch of Partners of OMW Generation range Program Investors 47
OMW Investors Built strong investment team with a depth of expertise OMW Investors portfolio managers ANTHONY GILLHAM PAUL CRAIG LEE FREEMAN-SHOR SACHA CHORLEY STUART CLARK RASMUS SOEGAARD HINESH PATEL Head of Investment FUND RESEARCH TEAM DIRECT INVESTMENT TEAM RELATIVE VALUE TEAM QUANT TEAM Identify Investments to Oversee investments in direct Diversification in Manage and evolve the help the managers equities and fixed-income portfolios and focus models and tools meet their objectives holdings on downside risk used at every stage of the investment process 26 analyst team Tools used by the OMW Investors unit 48
OMW Investors Delivering outperformance for clients Performance over 3 years ending Jun-17 Fund performance – key funds 1 AuM Sector-based performance Performance quartile H1 2017 £m 6M 12M 3Y 70% of funds • Excellent long and short- Cirilium Balanced 1,876 1 1 1 above peer 2 median term performance across Cirilium Moderate 1,826 1 1 1 the established ranges 4 Cirilium Dynamic 1,383 1 1 1 Cirilium Conservative 422 1 1 1 • Broad outperformance against peers and indices AuM Reference-based performance Relative Performance • High performing Cirilium H1 2017 funds drawing strong £m 6M 12M 3Y 80% of funds NCCF flows above Foundation 4 437 +3.0 +12.9 +3.0 index 3 target Generation 3 175 +0.6 +0.6 -1.6 Generation 4 102 +0.8 +1.4 -1.6 Foundation 5 77 +2.9 +16.3 3.4 1. Largest funds by AuM 2. All Funds that are measured against a peer group and have a 3 year track record 3. All Funds that are measured against an index and have a 3 year track record 49 4. Established ranges include Cirilium, Spectrum, Generation, Compass, Foundation and Voyager Diversified
OMW Investors Different customer needs require a broad range of solutions AuM H1 2017 £bn 1 International Decumulation Accumulation MPS WealthSelect Compass & Other funds Creation Generation Cirilium MPS Voyager £1.9bn £1.4bn £0.3bn £5.9bn £3.0bn £1.7bn Narrow range of Broad range of underlying instruments underlying instruments Funds on platform supported by Mid-level offering with savings Broader investment proposition managed portfolio service if from a more focused range of with wide asset class remit, required funds and selection of including access to liquid and managers illiquid alternatives 50
OMW Investors Continued strong growth opportunities, driven by evolving investor needs and distribution dynamics UK multi-asset market AuM 1 Changing expectations driving market growth £bn 1. Asset returns likely to be lower for longer +9% 190 2. Advice risk and regulation drives Solution flows 160 3. Increased need for decumulation and income products 131 4. Greater acceptance and use of Alternatives and Absolute Return products as part of investment solutions 5. Innovation in passives allows greater scope to design targeted solutions Dec-12 Dec-14 Jun-17 H1 2017 2012 2014 Future market growth and drivers by asset class Lower • Fund of funds: High charge association • Modern multi-asset: Highly diversified Higher growth propositions with cost effective access growth • Traditional fettered solutions: Investors want manager diversification • Absolute return : Need for uncorrelated investor returns in low rate environment • Retirement income solutions : Growth driven by demographics 51 1. Source: IA Echoweb, Pridham report, Custom asset class breakdown using Morningstar categories as a guide
OMW Investors Robust and repeatable investment process 1) Determine strategic 5) Execution Source of alpha using Client outcome driven Monte • asset • proprietary execution allocation Carlo & stochastic models optimisations Downside tested • Modern investment process 2) Bottom-up manager, fund & 4) Risk management security selection Proprietary tools Identify high alpha managers • • Independent risk team with sustainable edge • focused on risk alignment Quantitative tools & models • with customer approach 3) Tactical expectations Direct investment into stocks • Asset and bonds where appropriate Allocation Broad toolkit using derivatives • to efficiently protect capital Position size conservatively • managed 52
OMW Investors OMW Investors contribution within OMW OMW Investors sources of assets Split of Intrinsic sourced assets Other Advised channel Other 1 Platform £4bn £3.6bn 28% AuM 60% AuM 1 £14.2bn £6.1bn Intrinsic £6.1bn OMW UK 2 43% Platform Platform Intrinsic & PCA £2.5bn £4.2bn 40% 29% 1 OMW Investors sources of flows (excluding Heritage outflows) NCCF £bn H1 2017 OMW Investors 1.6 0.4 2 0.5 Open market channel 2 Wealth Platforms 1.1 1 1.1 Advised channel 53 1. Includes flows from Heritage and International Platforms
OMW Investors Growth drivers Opportunities for future growth Distribution development • Recently launched Creation funds for advised and open market channels • OMI: New multi-asset proposition (Compass) developed for the OMW Product expansion owned Singapore distribution business (AAM) • Continue to grow MPS proposition on • Multi-asset income strategy for high platform (£3.7bn increase in AuM net worth customers over last 3.5 years) • Development of multi-asset absolute return strategy Proposition alignment • Cirilium-managed portfolio solution for adviser network • Foundations range rebuilt • Greater co-ordination and partnership with Quilter Cheviot • Improving integration with broader OMW 54
OMW Investors Key takeaways A leader in the UK multi-asset solutions market Established, quality investment solutions offering supported by experienced team of professionals Strong market demand for modern investment solutions Focus on manufacturing investment solutions for customers of OMW Significant growth opportunities in AuM and profit owing to integration benefits 55
Quilter Cheviot Martin Baines Wealth Manager Regional Stars 5 Star Rating Winner 5 Star Rating Awards 2017 DFM Bespoke Service Best Investment Manager – Charities Investment Provider Best Balanced Portfolio – Climate Assets Fund DFM Managed Portfolios Direct FT Adviser Online Innovation & Best International Clients Team Service Awards 2017 DFM Managed Portfolios on Platform Defaqto 2017 Wealth Adviser Awards 2017 56
Quilter Cheviot Quilter Cheviot is a leading discretionary wealth manager Market growth and consistent NCCF supporting AuM Top 5 DFM with excellent fit within OMW’s model growth since acquisition¹ CAGR £bn +12% 22.5 17.2 £22.5bn AuM 530 staff serving over (H1 2017) 43,000 clients Feb 2015 1 H1 2017 159 Investment Well established investment offering 12 regional offices managers & serving over 2,500 32 Business Build long lasting relationships with clients advisers development staff 2 Excellent franchise in financial adviser channel 1. Closing of Quilter Cheviot transaction at the end of February 2015 57 2. Business developers comprises of Business Development Managers (BDMs), Regional Development Managers (RDMs) and support staff
Quilter Cheviot Operating in an attractive, dynamic market in the UK £473bn discretionary wealth market growing at ~11% p.a. Diverse trends reshaping the industry £bn CAGR • RDR driver of Investment management 77 Non-managed 9% outsourcing by financial advisers 70 114 Advisory 1% • Industry consolidation, pricing pressure, increasing discretionary wealth demand 115 55 111 • Inter-generational wealth transfer, ageing population and increasing wealth in the UK 473 Discretionary 11% • Digital developments enhancing access and 401 speed of client service 316 2012 2014 2016 58 Source: Compeer UK Wealth Management industry report 2017
Quilter Cheviot Discretionary focus with strong local footprint Focus on core wealth management services Strong regional footprint AuM by region AuM by service Other 1 Advisory managed 7% Dublin 11% 3% Glasgow 3% 3% 7% Liverpool 5% AuM AuM Bristol 5% 54% London 93% 9% Jersey 10% 93% Discretionary (DPS & MPS) Birmingham Client type Balanced distribution model AuM by channel AuM by client type MPS Platforms Other Pensions Charities 2% 8% 3% Trusts 44% 56% 41% 9% Financial Adviser AuM AuM 52% 59% Private 10% Corporates Direct 16% SIPPs 59 1. ‘Other UK’ includes Belfast, Edinburgh, Leicester, Manchester, Salisbury
Quilter Cheviot Diverse sourcing of clients AuM/NCCF by channel 1 Stable client base and persistency Persistency 2 NCCF AuM 8% 8% Direct 93% Financial Adviser 91% 91% 33% 41% 29% 44% AuM 56% NCCF 92% 59% 92% 71% 67% 2015 2016 H1 2017 (annualised) Strengths of the Quilter Cheviot franchise Business development investment # of FTE • Regional UK footprint, plus Investment management teams in Jersey & Dublin 191 189 187 • Distribution presence in Dubai (office opened in 2016) 32 28 29 Business developers • Sales team organised by region, focused on Financial Advisers 161 158 159 Investment managers • Strong potential for flows from OMW Private Client Advisers 2015 2016 H1 2017 1. NCCF data calculated for 3.5 year period January 2014 to June 2017 60 2. Persistency calculated as 1 – outflows / Opening AuM
Quilter Cheviot A leading choice among third party financial advisers Highlights Regional financial adviser footprint • Established presence since early 2000s • Relationships with over 2,500 third party advisers nationwide • Dedicated team of 20 Business Development Managers focused on financial adviser relationships Glasgow Edinburgh • Almost half of advisers with relationship over 10 years • A partner of choice for Financial Advisers with Belfast consistent top rankings in adviser surveys Dublin Manchester Liverpool Key third party partners Leicester Birmingham London Bristol Salisbury Jersey 61
Quilter Cheviot Above benchmark returns and quality service Consistent outperformance vs. peers... …underpinned by a strong investment process… Quilter Cheviot PCI Quartile Ranking in ARC Private Client Index 1,2 • Investment proposition defined by a firm-wide investment framework with consistent target returns 1Y 3Y 5Y 10Y • Allows development of bespoke solutions ARC PCI 2 2 1 1 Balanced Asset • Strong governance framework and controls …and relationship-led quality service ARC PCI 1 2 1 2 Steady Growth • Strong focus on client retention and service • Established brand ARC PCI 2 3 1 2 Equity Risk • Embedded compliance culture 1. ARC Private Client Index comprised of actual client returns submitted by >50 discretionary investment management firms. Data to 30 June 2017 62 2. Source: Quilter Cheviot PCI Quartile Ranking in ARC Private Client Index
Quilter Cheviot Quilter Cheviot’s contribution within OMW Integrated flows into Quilter Cheviot expected to grow 1 Intrinsic clients AuM managed by Quilter Cheviot Advised channel 0.4 £bn 0.2 0.2 H1 2016 H2 2016 H1 2017 2 PCA clients AuM managed by Quilter Cheviot Intrinsic PCA £bn 0.3 1 2 0.1 0.0 H1 2016 H2 2016 H1 2017 Quilter Cheviot 3 International clients AuM managed by Quilter Cheviot 3 £bn 0.3 0.2 0.1 Wealth Platforms H1 2016 H2 2016 H1 2017 63
Quilter Cheviot Strong asset growth driving revenues Absorbing revenue margin decline AuM Revenue margin 1 £bn bps +16% +17% 22 80 21 77 74 19 18 FY 2015 Dec-15 FY 2016 Dec-16 H1 2016 Jun-16 H1 2017 Jun-17 FY 2015 FY 2016 H1 2017 Revenue Factors impacting revenue margin £m • Post RDR loss of trail and rebate income +24% 145 • Client shift to fixed fee pricing 117 +11% • Change in mix to larger case sizes including growth 80 in large charity mandates 72 • Lower dealing activity FY 2015 Dec-15 FY 2016 Dec-16 H1 2016 Jun-16 H1 2017 Jun-17 64 1. Revenue margin includes fees and trail commission; 2017 annualised for 12 months
Quilter Cheviot Growth drivers Opportunities for future growth Recruit and expand regional footprint • Add to regional footprint • Targeted IM and BD IT re-platforming recruitment benefits • Opportunistic inorganic • Expanded capabilities with growth of small books Quilter Cheviot discretionary portfolio services on UK Increase leverage from Platform OMW PCA & International • Strengthens position with existing advisers and to • Grow PCA flows appeal to new advisers • Further integrate proposition with International platform 65
Quilter Cheviot Key takeaways Leading discretionary investment management business Strong track record of consistent positive net flows driving AuM growth Attractive and stable financial profile – persistency of client assets Growth opportunity arising from build out of PCA Discretionary management outsourcing by financial advisers complementary to OMW model 66
Agenda Introduction Bruce Hemphill Strategic Overview Paul Feeney Advice & Wealth Management Paul Feeney Advice Andy Thompson OMW Investors Paul Simpson Quilter Cheviot Martin Baines Wrap-up and Q&A Paul Feeney Break Wealth Platforms Paul Feeney UK Platform and Heritage Steven Levin International Peter Kenny Wrap-up and Q&A Paul Feeney Break Financials Tim Tookey Wrap-up and Q&A Paul Feeney
Q&A
Agenda Introduction Bruce Hemphill Strategic Overview Paul Feeney Advice & Wealth Management Paul Feeney Advice Andy Thompson OMW Investors Paul Simpson Quilter Cheviot Martin Baines Wrap-up and Q&A Paul Feeney Break Wealth Platforms Paul Feeney UK Platform and Heritage Steven Levin International Peter Kenny Wrap-up and Q&A Paul Feeney Break Financials Tim Tookey Wrap-up and Q&A Paul Feeney
CONFIDENTIAL Agenda Introduction Bruce Hemphill Strategic Overview Paul Feeney Advice & Wealth Management Paul Feeney Advice Andy Thompson OMW Investors Paul Simpson Quilter Cheviot Martin Baines Wrap-up and Q&A Paul Feeney Break Wealth Platforms Paul Feeney UK Platform and Heritage Steven Levin International Peter Kenny Wrap-up and Q&A Paul Feeney Break Financials Tim Tookey Wrap-up and Q&A Paul Feeney
Wealth Platforms Wealth Platforms: significant benefits of open market channel Allows customer and adviser choice Open Market NCCF 1 Open Market channel H1 2017 £bn 2.1 Integrated 3rd party 0.5 Third party independent advisers Quilter Third party OMW Investors Cheviot funds 1.6 0.4 Wealth Platforms UK Platform International 71 1. Excludes Heritage
Wealth Platforms Wealth Platforms: our experienced leadership Steven Levin UK Platform CAGR AuA 1 £bn Appointed CEO of the UK Platform & Heritage • +21% 45.9 business in October 2015 34.5 Over 19 years’ experience in the financial • services industry FY 2015 H1 2017 Dec-15 Jun-17 Peter Kenny International AuA £bn MD for International since August 2016 • CAGR Over 30 years’ experience in the financial • +15% 17.8 services industry 14.5 H1 2017 Dec-15 FY 2015 Jun-17 72 1. Excluding Intra-group
UK Platform and Heritage Steven Levin Best Platform Platinum rating 2017 2017 5 star rating 4 Star – Life and Pensions Gold rating Professional Paraplanner Advisor Asset Platform 2017 5 Star – Investment 2016 - Platform Awards Rating FT Advisor Online 2016 2016 - Pension Innovation and Service Financial Advisor 2016 - Protection Awards Service Awards 2016 - Onshore bond Defaqto 73
UK Platform and Heritage Heritage business has stable AuA but in run-off Overview Business in run-off AuA # Policyholders NCCF / Open AuA FY 2015 FY 2016 H1 2017 Future p.a. H1 2017 runoff 3 Heritage outflows (12%) (11%) (13%) c. (15%) • Onshore bonds : (excl. Institutional) • Onshore bonds 1 : 61k Legacy £4.0bn book • Pension 2 : 97k 15.6 15.3 • Pension 2 : £6.1bn AuA £bn 14.7 Institutional 5.2 closing to new • £5.2bn • 112 plans business - expected to Strategic choice to exit: Low revenue margin • Institutional run off over c. 5bps – expected to run-off over next 1-2 next 1-2 years years 10.4 Protection • £0.3bn • 74k FY 2015 Dec-15 Dec-16 H1 2017 Jun-17 FY 2016 H1 2017 - IFRS NAV H1 2017 - SII NAV £284m £479m 1. Includes 3k Offshore bond policyholders 2. The Legacy book is closed except series 6 and includes £0.6bn of shareholder assets 74 3. Future run-off rate excludes Institutional close and related run-off and includes transfers to UK Platform
UK Platform and Heritage Strategic priorities to manage value through run-off process Strategic priorities Key considerations • Provide good customer outcomes and optimise • Thematic review of our Heritage business still value of business underway, we continue to be transparent proactive and responsive with the FCA • Providing free cash flow to grow other OMW businesses • We do not currently hold any provisions for regulatory costs • Opportunity to offer modern pension drawdown products to Heritage customers • Low margin Institutional book closed and expected to run-off over next 1-2 years • Deliver cost saving initiatives • Small book (circa. £0.5bn AuA) of closed product in Europe, potential Brexit impact • Maximise retention 75
UK Platform and Heritage Platforms play important role in modern wealth management What we do for our advisers and customers Platforms Tools Valuations Risk Profiling Customers Advisers Tax wrappers Technical support Commercial Custodian Trading terms Deliver to customers Deliver to advisers Platforms consolidate assets • Tools and technical support • Holdings in one place • Customer relationships in one • Platform offers OMW and third party investment place solutions and funds • Tax-efficient wrappers • Deliver back office functionality • Customer service including • Strong support given to advisers reporting and transactions • Custody, settlement and reporting 76
UK Platform and Heritage The UK platform market is an attractive segment Significant growth in assets under administration AuA development over time Platform market highlights £bn CAGR +22% 539 489 2 £539bn AuA on £322bn AuA in retail 113 D2C Platforms advised market 102 401 1 104 Corporate 78 93 74 CAGR +19% 322 Retail Advised 294 Platforms capturing 248 Beneficiary of Pension majority of UK retail Freedom savings flows Dec-15 Dec-16 Jun-17 2015 2016 H1 2017 Source: Fundscape Platform Report Q2 Issue, August 2017 1. Corporate and institutional assets 77 2. D2C refers to Direct platforms
UK Platform and Heritage OMW has a top three position in UK platform market Well placed to take advantage of market opportunity UK Platform vs competitors (Top 5) 1 Retail Advised AuA £bn (H1 2017) Total Retail advised NCCF £bn (Q2 2017) Standard Life 49.2 Standard Life 1.8 UK Platform 47.1 Aviva 1.5 Includes £1.2bn Aegon 2 37.0 UK Platform 1.1 of International AuA sourced through UK Platform Fidelity 32.9 Transact 1.0 Transact 26.7 AJ Bell 0.7 1. Source: Fundscape Platform Report Q2 Issue; Fundscape UK Database; Lang Cat Q1 2017 Data Output, dated 15 May 2017; The Lang Cat “ Platforms are dead”, 2015; Platforum March 2017; Note: all numbers retail to Retail advised AuA only 78 2. Aegon figures include Aegon + Cofunds
UK Platform and Heritage Continued platform revenue growth opportunity despite margin headwinds Pricing pressure compensated for by margin earned in integrated model and through scale benefits OMW UK Platform revenues continue to grow 1 Revenue margin headwinds Revenue £m Impact of FCA-driven sunset Regulation Revenue 36 36 34 39 clause fully reflected Industry bps 2 trends 142 Competition Scale critical to compete 135 Intrinsic Greater integrated flows 77 OMW 68 Larger case specific Scale benefits sizes trends Group & family Persistency benefits discount FY 2015 2015 FY 2016 2016 H1 2016 H1 2017 1. Based on total revenues (AuA based revenues and other revenues) 79 2. Revenue margin is calculated on fund based revenue over AuA including International assets on UK Platform
UK Platform and Heritage Pensions are the largest part of the UK Platform business Fastest growing part of platform market post-pension freedom Platform product breakdown Sources of Platform NCCF AuA H1 2017 £bn Platform NCCF £bn Onshore Bond % Pension flows 67% 82% 86% 86% 8% 2.8 2.7 1 GIA 0.5 20% 0.9 Pension 2.1 41% 0.3 Non-Pension flows AuA £45.9bn 1.4 0.2 2.3 1.8 1.8 Pension flows 1.2 31% ISA 2015 FY 2016 2016 H1 2016 H1 2017 FY 2015 80 1. GIA, general investment account, includes shareholder assets of £0.4bn
UK Platform and Heritage Benefits of UK Platform for OMW customers Over four hundred thousand customers Platform customers Benefits to end customers Average case size has risen from • 1. Easy to use platform tools and online access £76k (2013) to £112k (H1 2017) Customer case size 2. Clear, competitive and simple charging structures 3. Leading pensions offering 40% of AUA held by customers • Number of with more than 1 wrapper / customer 4. Award winning service product holdings 5. Strength of reputation and brand ¾ of customers 1 over age 50 • Customer Over 40% of eligible customers • age profile have accessed pension freedom 81 1. 9% of customers are not private individuals e.g. trusts, charities
UK Platform and Heritage Platform supports restricted and independent advisers Advised channel Open Market channel 4,000+ Independent Active Advisers 1,582 Restricted Advisers Platform of choice 1,2 29% of net investment flows onto Top 300 Firms represent UK Platform from OMW Advice around half of AuA ~£4bn of Integrated Advice AuA ~£42bn of Open Market AuA on UK Platform on UK Platform 1. Source Investment Trends, UK Adviser Technology & Business Report Investment Trends, May 2017; Survey showed that UK Platform is the “Platform of Choice”, for more advisers than any other platform in the UK market 2. Total advisers on UK platform of circa 8,000 82 Note: Figures stated at H1 2017
UK Platform and Heritage Why advisers use UK Platform Reputation for excellent customer service and technical support Provides tools, support and technology to help advisers drive efficiencies Strong team of technical specialists helping advisers across the country Flexible products, trusts and investment solutions Advisers take comfort in the scale and strength of our business Defaqto ‘Gold’ rated service 2017: Platform 2017: Pension 2017: Investment 2017: Protection Service Service Bond Service Service 83
UK Platform and Heritage UK Platform’s contribution to OMW 1 Restricted Advice 1,2 H1 2017 Advised Open Market UK Platform NCCF UK Platform AuA channel channel Restricted 8% Restricted Advice Advice 29% £45.9bn £2.1bn 71% 92% Third party independent Restricted advisers Independent Independent advisers adviser adviser 1 2 OMW Investors 1,2 H1 2017 Third party UK Platform NCCF UK Platform AuA Wealth Platforms platforms OMW Investors 14% 3 rd party 2 OMW Investors funds 37% (excludes £2.1bn £0.4bn of £45.9bn Quilter Third party Platform OMW Investors 63% Cheviot funds switches into OMW Investors ) 86% 3 rd party funds 1. Excluding intra-group elimination 84 2. Excludes International AuA on UK Platforrm of circa. £1.2bn
UK Platform and Heritage IT re-platforming on track and on budget Modernising the UK Platform and enhancing our proposition Progress: Strong foundations laid Strategic rationale Programme • Modernise technology, update manual functionality June – July 2017 establishment and 1st level Complete • Expand proposition plan validation • Enhance efficiency through automation and straight- through-processing (STP) Requirements Due to complete • Increase variable proportion of cost base and allows for and solution December 2017 broader sharing of future development costs design • Focus more on customers and advisers experience • Strengthen future Platform resilience Delivery 2018-2019 (build, test & • Transformation build on proven system, adopting not migrate) adapting On track for delivery in late 2018 / early 2019 with migration swiftly thereafter Cost expectations in line with previously stated levels of £120-160m 85
UK Platform and Heritage Re-platforming will significantly expand OMW offering Building on our key strengths and filling proposition gaps Current platform New platform GIA Retain differentiators such as • ISA easy to use online portal and Personal pension rebate mechanism allowing us to offer funds at low prices Onshore bond 1 DFM Cash account New capabilities align UK • Investment trusts Platform with wrap offering ETFs Access to broader proposition • SIPP strengthening position with existing advisers and appeal to Junior ISAs new advisers 1 Adviser Back Office Integration 86 1. Limited current functionality
UK Platform and Heritage Growth drivers Opportunities for future growth Re-engage open market distribution Platform transformation • Increase number of primary programme adviser relationships • Attract new third party Underlying market growth • Increased product advisers not currently using UK capabilities and functionality Platform • Historical Platform market AuA • Improved automation / STP growth ~20% p.a. 1 • Continued focus on customer • OMW growing in-line with service market without wrap functionality • Platform market expected to continue growing strongly in future, albeit at slower rate 87 1. Retail Advised Platform Market CAGR from 2015 to H1 2017 (Source: Fundscape Platform Report Q2 Issue, August 2017).
UK Platform and Heritage Key takeaways Heritage strong profit and cash generative but in run-off, FCA review still to be resolved Platforms central to modern UK wealth management proposition Pension Freedom driving flows onto Platform Customer service and strong adviser relations maintain market position New UK platform will deliver significant additional product offering, re- platforming program on track and on budget 88
International Peter Kenny Winner Best Advice / Winner Best Advice / Winner Best Single Premium Customer Support Customer Support / Investment Product Service Service 2017 - Singapore 2017 - UK Offshore 2017 - Europe International Advisor International Advisor International Advisor International Life Awards International Life Awards International Life Awards 89
International Overview of Old Mutual International Business overview H1 2017 International presence £17.8bn AuA £0.4bn NCCF 50k Portfolio bond policies 1 UNITED KINGDOM REPUBLIC OF 95% customers have an adviser IRELAND c. 700 staff globally EUROPE HONG KONG KPIs SINGAPORE FY 2015 FY 2016 H1 2016 H1 2017 AuA period end 2 14.5 16.9 15.3 17.8 MIDDLE EAST £bn NCCF 2 ISLE OF MAN 0.5 0.5 0.2 0.4 £bn Revenue 115 123 61 64 £m 1. Total policies as at 30 June 2017 ~110k, including ~50k Portfolio bond policies and ~60k Unit linked policies 90 2. Gross AuA and net flows before intragroup eliminations.
International International business provides diversification benefits and products for International and UK customers Supporting UK customers’ Leveraging offering to selected non-UK customers international needs International AuA H1 2017 UK HNW HNW Non-UK customers Intl. HNW 13% UK Res. 28% Cross Border International 14% Cross Border UK Expatriates £17.8bn Expatriates AuA Intl. Expat 11% UK Expat UK 24% HNW 10% UK Residents UK customers 91
International Serves broad customer base with single portfolio bond product 62% OMW Investors UK Residents 5% UK Expats UK HNW Personal Quilter Cheviot Portfolio <1% Bond 38% International HNW International Expats 3 rd party funds & Cross Border other investments 94% 92 Note: % denotes proportion of AuA as of H1 2017.
International Tax efficiency, portability and security Gross roll up UK Residents Tax efficiency 5% p.a. tax free withdrawal Tax deferment As above Tax efficiency & UK Expats Multi-currency, multi-jurisdictional portability Investment platform Estate planning (intergenerational wealth) UK HNW Security Political and economic stability International HNW Security Estate planning (intergenerational wealth) Multi-currency, multi-jurisdictional International Expats Portability Platform that travels with career / individual mobility Political and economic stability Cross Border Access to international hard currency investment Security 93
International Single premium product with premium charging structure Products primarily sold on premium Revenues not fully correlated to equity charging basis market performance Total revenues £m Total revenue contribution FY 2016 1 123 115 Market value charging 43% 64 Total 61 revenue contribution 57% Premium FY 2015 FY 2016 & admin fees 2015 2016 H1 2016 H1 2017 94 1. Based on total revenue contribution(total revenue less normalised investment results, finance costs, breakage and other income less other costs)
International Focusing on core markets with deeper roots Actions to focus market activity Market position in core markets • Historically broad, geographical footprint United Kingdom • #4 in UK flows (18% share H1 2017) 2 • Ongoing review of business acceptance framework Singapore • #1 in Single Premium individual linked market (50% H1 2017 market share) 3 • Focus resources on developing deeper roots in fewer regulated 1 markets Hong Kong • #3 in Single Premium individual linked market (6% H1 2017 market share) 4 • Integrating acquired Singapore distribution team (32 advisers) UAE • Focused on lump sum investment business • Maintain leading position in responding to regulatory change Europe • Principal markets are Sweden and offshore pension market via Malta and Gibraltar 1. Directly regulated or where the regulatory framework permits 2. ABI data H1 2017 3. Source: Life Insurance Authority of Singapore 95 4. Source: Hong Kong Insurance Authority
International Focus on customer service and control framework Customer Service Risk and Control Management Regional Office structure - supporting Robust processes and controls to Customers and advisors in the same time mitigate against Financial Crime Risk zone, language and culture Enhanced due diligence process for Back office operating model higher value cases transitioning to regional cell structure New Customers are checked at policy Focusing on good customer outcomes inception and scans of the existing Customer book run on a daily basis 96
International Strategic priorities in increasingly regulated market environment Integration and efficiency Focus on markets and • Better leverage OMW UK- segments owned distribution • Improve operational efficiency • Concentrated offering in core markets Regulatory • Further integration with Quilter Cheviot & OMW developments • Increase product sales via Investors Freedom of Services into Europe • High level of regulatory change in key markets • Target continued increase Isle of Man in HNW sales – UAE – 97
International Key takeaways Clear focus on current customer segments in fewer regulated markets Scalable business with a core product offering which has broad appeal to our chosen customer segments Revenue model that is resilient in downward markets Business offers geographic and economic diversity which complements our UK business Growing share in the UK resident offshore market and a strong position in our selected international markets 98
Agenda Introduction Bruce Hemphill Strategic Overview Paul Feeney Advice & Wealth Management Paul Feeney Advice Andy Thompson OMW Investors Paul Simpson Quilter Cheviot Martin Baines Wrap-up and Q&A Paul Feeney Break Wealth Platforms Paul Feeney UK Platform and Heritage Steven Levin International Peter Kenny Wrap-up and Q&A Paul Feeney Break Financials Tim Tookey Wrap-up and Q&A Paul Feeney
Q&A
Recommend
More recommend
