The Importance of Brand in the Asset Management Industry. Presentation prepared for Financial Services Forum. London, 25 th June 2015.

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1 The Importance of in the Asset Management Industry Presentation prepared for Financial Services Forum. London, 25 th June

2 How s drive business value The importance of Customer Experience in driving Value 2.

3 How s drive Business Value What are we measuring? ed Business Value of a single branded business operating under the subject brand/trademark Contribution Total economic benefit derived by a business from its brand Value Proportion of brand contribution which can be legally transferred via sale or licensing, i.e. the trademark (value in league tables). ed Business Contribution Value 3.

4 How s drive Business Value Managing the linkages across the brand value chain Investment Equity Performance $ ed Customer Experience Drivers Equity Customer Behaviour Business Performance Investment rating Charging basis Marketing spend Service quality Functional (quality, price) Emotional (image, trust) Awareness Preference Invest Hold Recommend Loyalty Net cash flow Assets under management Fees Distribution profile 4.

5 How s drive Business Value Strong brands drive market share and value For illustrative purposes only Driver Performance Driver Importance R² = Products 21% Offer 8.1 CSR 7.9 Price Quality Service % 16% 13% 10% 9% investment expected to influence drivers in the following way Market share Potential Uplift Loyalty Relationship % 3% equity Current Business Value Uplift from Investment Cost of Investment Potential Business Value Equity Statistical Relationship Business Value 5.

6 Finance League Table results The importance of Customer Experience in driving Value 6.

7 The strongest brands have the strongest business performance 2.0 Finance - Top 10 Finance - Top 100 Finance - Top 500 S&P

8 Banking Values 2015 (US$bn) BV% BV $m Retail % +19 Commercial % +36 Investment % -9 Wealth/Asset Management % -3 Wholesale % -3 Credit Cards % +6 Other % +1 Mortgages % -3 8.

9 Wealth / Asset management BVs in Banks Value BV % change Rating 1 UBS 8,068 27% AA+ 2 Deutsche Bank 4,781-5% AA 3 Morgan Stanley 4,684 7% AA 4 Credit Suisse 4,445-11% AA 5 Wells Fargo 4,361 24% AAA- 6 Merrill Lynch 3,606-5% AA- 7 J.P. Morgan 2,870 28% AA 8 Royal Bank Of Canada 1,938 24% AA 9 Goldman Sachs 1,502-48% AA+ 10 Scotiabank 1,315 AA+ 9.

10 Asset Managers by AUM 2015 (US$bn) AUM BlackRock 4,770 2 Vanguard Group 3,149 3 State Street Global Advisors 2,440 4 Fidelity 2,025 5 Allianz Asset Management 1,949 6 J.P. Morgan Asset Management 1,760 7 BNY Mellon Investment Management 1,740 8 PIMCO 1,590 9 Credit Suisse Group 1, AXA Group 1,383 Source: 10.

11 Relationship between Value and AUM 11.

12 12.

13 strength and AUM growth go hand-in-hand Those who invest in the brand will reap new inflows Further investment in brand strength required to maintain AUM growth Market appreciation and high existing brand strength have contributed to AUM increase despite decrease in BSI Macquarie BlackRock Goldman Sachs 20.00% 15.00% 10.00% 5.00% 0.00% Schroders InvescoLazard Banco Sabadell UBS BBVA T. Rowe Price Royal Bank of Canada Nordea State Street JP Morgan The Bank Of New York Mellon Toronto Dominion HSBC Janus -4.00% -2.00% 0.00% Commonwealth 2.00% Bank Of Australia4.00% 6.00% 8.00% 10.00% -5.00% AUM YoY Growth Wells Fargo Northern Trust Franklin Templeton Investments SEB Deutsche Bank Morgan Stanley Ameriprise Financial strength and AUM growth go hand - in-hand Positive brand awareness is a crucial component in brand strength Greater brand strength will bring in new inflows BSI YoY Growth % Resona Bank Natixis Seed sowers: Raising brand awareness and strength to capitalize on the rebound % Credit Suisse BNP Paribas Despite market appreciation, their AUM did not grow due to low existing brand strength % 13.

14 s in Asset Management The importance of Customer Experience in driving Value 14.

15 Market experience since the Global Financial Crisis Net new flow has been low but is gradually rising Market appreciation has been the biggest contributor to AUM increase Net new flow has been low investor confidence has been weak However, as the financial market recovers, investor confidence is returning But how much will your brand reap? 15.

16 awareness first The key to the first gate > Product & Performance When a potential client receives a sales call from an Asset Management Company, brand recognition is essential There needs to be a pre-established association between the Asset Management brand in the client s mind before even receiving the call Hi, this is ABC Asset Management Company. Would you be interested in hearing about our products? Client has existing positive brand awareness Client does not have any brand awareness Yes, let s have a meeting and hear what you have to offer No, thank you. 16.

17 Business relationships crucial to brand value growth In the retail business, intermediaries hold the key The purchasing of a mutual fund by an individual retail client is broken down thus 1. Retail client visits an intermediary to purchase fund product 2. Intermediary recommends the hottest funds in the current market, reinforcing positive brand associations in the client s mind The hotness of a fund is made up of more than just asset allocation and investment track record The business relationship between the intermediary and the Asset Management Comnpany is as important to the hotness indicator of the fund i.e. Quality of promotional/educational seminar sessions, business outings, etc. What the client already thinks of the brand What the intermediary thinks of the brand Net client brand awareness 17.

18 Case Study: Fidelity Pioneer in the Korean Asset Management Market 20 years ago, Asset Management did not exist in Korean Finance Fidelity was the first to invest in expanding its brand and industry awareness After 3 years, the Korean market came to know the brand and the industry Since then Fidelity has emerged as the top asset manager brand in Korea 18.

19 Growing strong Asset Management brands as the market recovers Capturing organic growth The global economy is rapidly recovering, with investor confidence steadily returning, particularly in the UK post-election honeymoon As spring returns to the industry, asset managers should begin investing in their brand strength in order to capitalize on the recovery in confidence Returning investors will turn to the top-of-the-mind brands 19.

20 Setting marketing budgets? The importance of Customer Experience in driving Value 20.

21 What Drives and Sustains the Long Term Conversion Effect? Finance s approach to marketing ROI seeks to address and understand the short, medium and long term impact of brand building and advertising Short Term, New, Advertising Sales (from current and recent advertising) Sales 2. Medium Term Repeat Purchases ( Secondary Ad Sales) Long Term Conversion Advertising Measured by Preference Time 21.

22 + Sales Performance is the product of short & long term drivers 22 PULL: Consumer Demand 20% Overall Sales (e.g. number of accounts, funds on deposit) Underlying Consumer Preference and understanding the health of the brand in the long term is typically measured using drivers research. 10% PUSH: Operating Factors 0% Price, promotion and distribution effects in the short term are typically measured using marketing mix modelling techniques. 22.

23 Strategic v Tactical Marketing Spend Marketing spend can be divided into strategic ( Pull ) and tactical ( Push ) activities: 23 STRATEGIC TACTICAL Geared to supporting long term brand values: image, awareness Longer term payback (typically 3 years) Gives REASON to buy your brand BRAND PULL activities Targeted to stimulate immediate Sales: Promotions, Distribution Drives Should be expected to pay back within 12 months Gives INCENTIVE to buy your brand BRAND PUSH activities 23.

24 Segmented analysis allows for improved Resource Allocation and Strategy 24 Segment Market Attractiveness Strength Index Market Share A&P Value ($) A % A % A % B % B % B % Illustrative example 24.

25 Contact us David Haigh Chief Executive Finance, London E: M: Birchin Lane, London, EC3V 9BW Finance is the leading brand valuation and strategy firm, helping companies to manage their brands for improved business results. 25.

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