Schroders 2014 Q3 results Data Pack November 2014
Contents Page Assets under management (AUM) 2 Regional diversification of AUM 3 Gross sales and net flows 4-5 Currency profile of AUM 6 AUM diversification 7-9 Asset Management AUM – detailed asset class analysis 10-12 Asset Management business flows 13-14 Net revenue and margins – Asset Management 15 Cost and return metrics for the Group 16 Key performance indicators 17-18 Total costs and headcount 19-20 Income statement progression 21-23 Movement in capital 24 Group capital allocation 25 Forward-looking statements 26 1 Schroders 2014 Q3 Results | 6 November 2014
Assets under management (AUM) £276.2 billion at 30 September 2014 £bn Institutional Intermediary Asset Management Wealth Management Total 31 December 2013 144.3 88.5 232.8 30.1 262.9 Net flows 1.5 5.1 6.6 0.4 7.0 Investment returns, foreign 5.3 1.0 6.3 - 6.3 exchange and other 30 September 2014 151.1 94.6 245.7 30.5 276.2 2 Schroders 2014 Q3 Results | 6 November 2014
Regional diversification of AUM 61% of 2014 net revenues outside UK UK £108.4bn Continental Europe £50.2bn Asia Pacific North America £68.3bn £34.1bn Middle East £8.1bn South America £7.1bn 3 Schroders 2014 Q3 Results | 6 November 2014
Gross sales £bn 19.7 19.6 19.2 20.0 18.9 18.3 17.5 15.0 10.0 5.0 0.0 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Equities Fixed Income Multi-asset EMD, Commodities & Property Wealth Management 4 Schroders 2014 Q3 Results | 6 November 2014
Net flows £bn 5.0 3.8 2.4 2.2 1.0 2.5 (1.1) 1.0 0.0 (2.5) (5.0) Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Equities Fixed Income Multi-asset EMD, Commodities & Property Wealth Management 5 Schroders 2014 Q3 Results | 6 November 2014
Currency profile of AUM Assets under management £276.2 billion 10% 2% 2% 2% 30% 3% 4% 4% 7% 11% 25% GBP USD EUR AUD JPY CNY HKD CHF KRW TWD Other* * Includes the following currencies which individually constitute 1% of AUM: IDR, BRL, SGD, INR, CAD, THB, MXN 6 Schroders 2014 Q3 Results | 6 November 2014
Total AUM by channel, region and product Assets under management £276.2 billion By channel By region* By product 11% 11% 15% 6% 39% 45% 55% 25% 34% 21% 21% 17% Equities UK Institutional Fixed Income Continental Europe** Intermediary Multi-asset Asia Pacific EMD, Commodities & Property Wealth Management Americas Wealth Management * By client domicile ** Includes Middle East 7 Schroders 2014 Q3 Results | 6 November 2014
Asset Management AUM by channel and product Institutional AUM £151.1bn Intermediary AUM £94.6bn 4% 9% 21% 26% 46% 56% 19% 19% Equities Fixed Income Multi-asset EMD, Commodities & Property 8 Schroders 2014 Q3 Results | 6 November 2014
Asset Management AUM by channel and region* Institutional AUM £151.1bn Intermediary AUM £94.6bn 13% 19% 30% 37% 27% 28% 16% 30% UK Continental Europe** Asia Pacific Americas * By client domicile ** Includes Middle East 9 Schroders 2014 Q3 Results | 6 November 2014
Asset Management AUM – detailed asset class analysis Assets under management £245.7 billion EMD, Commodities and Equities £123.0bn Property £16.5bn Fixed Income £47.0bn Multi-asset £59.2bn Asia Pacific 17% Americas 29% Agriculture and commodities 19% Americas 12% Australia 6% Asia Pacific 7% Emerging market debt 13% Asia Pacific 19% Private equity 5% Emerging markets 14% Australia 8% Australia 8% Europe 10% Convertibles 3% Europe 6% Property 63% Global 12% Europe 20% GAIA range 4% Japan 4% Global 22% LDI 19% Quantitative equities 17% Insurance-linked 1% Multi-manager 3% UK 14% UK 10% UK 29% US 4% Multi-manager 2% 10 Schroders 2014 Q3 Results | 6 November 2014
Institutional AUM – detailed asset class analysis Assets under management £151.1 billion EMD, Commodities and Equities £70.0bn Property £12.8bn Fixed Income £28.6bn Multi-asset £39.7bn Asia Pacific 14% Americas 42% Agriculture and commodities 18% Americas 3% Australia 7% Asia Pacific 6% Emerging market debt 6% Asia Pacific 13% Private equity 7% Emerging markets 16% Australia 7% Australia 9% Europe 6% Convertibles 1% Europe 4% Property 69% Global 17% Europe 11% LDI 28 % Japan 1% Global 18% UK 43% Quantitative equities 27% Insurance-linked 1% UK 9% UK 14% US 3% 11 Schroders 2014 Q3 Results | 6 November 2014
Intermediary AUM – detailed asset class analysis Assets under management £94.6 billion EMD, Commodities and Equities £53.0bn Property £3.7bn Fixed Income £18.4bn Multi-asset £19.5bn Asia Pacific 21% Americas 8% Agriculture and commodities 19% Americas 30% Australia 5% Asia Pacific 10% Emerging market debt 37% Asia Pacific 33% Private equity 2% Emerging markets 10% Australia 10% Australia 5% Europe 16% Convertibles 5% Europe 10% Property 42% Global 5% Europe 33% GAIA range 13% Japan 7% Global 28% UK 1% Quantitative equities 4% Insurance-linked 2% Multi-manager 8% UK 22% UK 4% US 6% Multi-manager 4% 12 Schroders 2014 Q3 Results | 6 November 2014
Institutional Assets under management: £151.1 billion (30 June 2014: £148.0 billion) £bn 10.0 7.5 7.0 7.0 6.0 5.4 5.7 5.0 1.6 1.0 0.9 0.8 0.0 (0.2) (0.3) (5.0) (4.9) (5.0) (5.4) (5.7) (6.1) (7.7) (10.0) Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Gross inflows Gross outflows Net flows 13 Schroders 2014 Q3 Results | 6 November 2014
Intermediary Assets under management: £94.6 billion (30 June 2014: £92.8 billion) £bn 15.0 12.1 11.8 11.2 10.4 10.3 9.0 10.0 5.0 2.8 2.0 1.3 1.0 0.1 0.0 (0.8) (5.0) (8.9) (10.0) (8.4) (10.2) (9.3) (10.5) (11.1) (15.0) Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Gross inflows Gross outflows Net flows 14 Schroders 2014 Q3 Results | 6 November 2014
Net revenue and margins – Asset Management Asset Management net revenue £329.5 million (Q3 2013: £315.0 million) Q3 2013 Q3 2014 Performance fees – £m 17.5 3.4 Performance fees on average AUM 3 bps 1 bps Net revenue – £m 315.0 329.5 Net revenue on average AUM 55 bps 53 bps Costs* – £m 206.3 211.6 Costs* on average AUM 36 bps 34 bps Operating profit* – £m 108.7 117.9 Operating profit* on average AUM 19 bps 19 bps * Excludes exceptional items 15 Schroders 2014 Q3 Results | 6 November 2014
Cost and return metrics for the Group ► Compensation cost: operating revenue ratio Q3 2013 Q3 2014 YTD YTD = total Group compensation costs divided by Asset Management and Wealth Management net revenues** Compensation cost: 48% 47% operating revenue ratio* ► Bonus: pre-bonus operating profit Bonus: = total Group bonus divided by pre-bonus Asset pre-bonus operating 41% 40% profit* Management and Wealth Management profit before tax** Headcount 3,533 3,574 ► Cost: net revenue ratio = total Group costs divided by net revenue Total costs* 675.6 733.8 Cost: ► Return on average capital (pre-tax) 67% 65% net revenue ratio* = total Group profit before tax divided by average capital Return on average capital 22% 23% ► Return on average capital (post-tax) (pre-tax)* = total Group profit after tax divided by average capital Return on average capital 17% 18% (post-tax)* * Excludes exceptional items ** Adjusted by the Remuneration Committee for allowable and disallowable costs and revenues 16 Schroders 2014 Q3 Results | 6 November 2014
Key performance indicators Compensation cost: operating revenue ratio 100% 80% 60% 49% 47% 46% 40% 44% 20% 0% FY 2011 FY 2012 FY 2013* Q3 2014 YTD* Total Group compensation costs divided by Asset Management and Wealth Management net revenues (adjusted by the Remuneration Committee for allowable and disallowable costs and revenues) * FY 2013 and Q3 2014 YTD exclude exceptional items 17 Schroders 2014 Q3 Results | 6 November 2014
Key performance indicators Cost: net revenue ratio 100% 80% 70% 66% 65% 65% 60% 40% 20% 0% FY 2011 FY 2012 FY 2013* Q3 2014 YTD* Total Group costs divided by net revenue * FY 2013 and Q3 2014 YTD exclude exceptional items 18 Schroders 2014 Q3 Results | 6 November 2014
Total costs £m 300.0 255.7 244.6 249.2 244.1 250.0 233.5 212.9 74.3 71.8 72.2 74.9 200.0 65.0 60.1 150.0 100.0 181.4 177.4 172.4 169.2 168.5 152.8 50.0 0.0 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Staff costs* Non-staff costs* * Excludes exceptional costs 19 Schroders 2014 Q3 Results | 6 November 2014
Headcount 4,000 3,500 3,574 3,540 3,533 3,528 3,513 3,000 3,140 2,500 2,000 1,500 1,000 500 0 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 20 Schroders 2014 Q3 Results | 6 November 2014
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