2013 05 09 stanlib company profile rev 03€¦ · company profile. 01 about us our belief 02 our...
TRANSCRIPT
01About Us
Our Belief
02Our Heritage
Our Franchise Model: The Power of Focus and the Strength of Diversity
07Risk Management
Transformation
08Corporate Social Investment
09Our Track Record
Our Competitive Advantage
10In Touch
1
Focused Investing
ABOUT US / If you are looking for a top asset management company then look no further than STANLIB. STANLIB manages over R450 billion assets for over 400 000 retail and institutional clients across the African continent and we have a presence in seven African countries.
OUR BELIEF / There is no ‘one size fits’ all investment solution for clients. Diverse clients need diverse investment outcomes.
We look at investments from a multitude of angles and through many lenses - this gives us an in-depth understanding of an ever changing investment landscape.
Our investment model thus houses multiple focused philosophies, which cater for diverse client needs.
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OUR HERITAGE / We have a proud heritage and more than 1000 years collective experience in our investment team. STANLIB was founded in 2002 when Standard Bank Asset Management and Liberty Asset Management merged. Liberty Asset Management and Standard Corporate and Merchant Bank Asset Management managed investments for over 25 years prior to their merger. STANLIB is fully owned by Liberty Holdings Limited and is a subsidiary of the Standard Bank Group. The ownership structure is detailed on the right.
Standard Bank celebrates 151 years this year and Liberty has been around for 55 years.
We’ve built our business on the same foundation as our parent companies Standard Bank and Liberty Life – focusing on today while always preparing for tomorrow. This allows us to continually meet our clients’ needs no matter how they evolve.
Assets under Management and Administration
R450 bnas at 31 December 2012
STANLIB Credit Partners
STANLIB Asset Management Limited
STANLIB Wealth Management Limited
STANLIB Multi-Manager Limited
Lodestone Holdings (Pty) Limited
STANLIB Collective Investments Limited
STANLIB
Liberty
Standard Bank53.65%
Other shareholders37.34%
BEE Partners9.01% Safika (Tutuwa Consortium)
2.16%
Shanduka (Tutuwa Consortium)1.44%
The Black Managers’ Trust3.61%
The Community Trust1.80%
THE POWER OF FOCUS AND THE STRENGTH OF DIVERSITY / STANLIB has been uniquely structured to offer the advantages and commitment of a boutique investment operation with the strength and efficacy of a large investment house.
We have built STANLIB to unlock the potential of an ever changing world. When there are literally thousands of variables to monitor and interpret you not only need an eye on every ball, you need a dedicated, uninterrupted expert eye on every ball.
Unlocking the potential of change is the key to investment excellence and that is why we have brought together a group of investment experts whose understanding of their individual fields adds up to a superior understanding of the investment world. Whose collective intelligence makes for better risk management and whose individual account abil it y and involvement brings reassuring responsibility.
Our operating model is imbibed with the robust governance that our heritage would lead you to expect and provides the intelligence and support that allows our investment professionals to pour their attention into managing your assets.
The STANLIB investment team consists of Franchises made up of focused teams of investment professionals who are specialists in their particular discipline and responsible for managing clients’ assets in their areas of expertise namely: fixed interest, property, equities, multi asset allocation, multi-management and alternatives. These specialist investment teams can deal with market changes with agility and speed as they are supported by dedicated research, trades, implementation and risk management and compliance teams.
Our Multi-Specialist Franchise Model truly reflects the complex investment world we operate in and echoes our desire to deliver tailored solutions for diverse clients. Result – a broad investment offering designed to deliver our investment promise to clients.
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PHILOSOPHY / We believe frontier African markets offer attractive risk adjusted returns that can enhance the risk-return metrics of global portfolios traditionally underexposed to the region. Our expertise and presence in Africa allows us to realise this value for investors.FOCUS / The Franchise offers equity, fixed income and balanced solutions in rand denominated and foreign denominated form to local and offshore clients.CAPABILITIES
� Equity � Fixed Income � Balanced � Credit
PHILOSOPHY / Our analysis has shown that markets are inefficient in reflecting the true value of assets. Our renowned team of fixed interest specialists can take advantage of these inefficiencies or mispricing opportunities which allows us to deliver attractive risk-adjusted returns. FOCUS / The Fixed Interest Franchise’s focus is to provide a range of fixed interest solutions that cater for all income needs - from money market to bond portfolios.CAPABILITIES
� Nominal Bonds � Income Funds � Inflation-Linked Bonds � Liability-Driven Investing � Money Markets � Credit (Traditional and High Yield) � Unlisted debt � Flexible / Aggressive – Bonds and Listed
Property
PHILOSOPHY / By avoiding or limiting losses, we allow ourselves the opportunity to compound returns on an increasingly higher capital base. Over time, this allows us to deliver inflation beating returns. FOCUS / The Absolute Return Franchise’s focus is to provide solutions that target the delivery of consistent positive returns with low dispersion through all business cycles.CAPABILTIES
� CPI + 3% � CPI + 4% � CPI + 6% � Dynamic Return Fund � Tactical Asset Allocation � Regulation 30 compliant portfolios
Pan-Africa Franchise
Fixed Interest Franchise
Absolute Return Franchise
John MackieHead of Pan-Africa Franchise
B.Com (Hons) (Econ)28 years of experience
Henk ViljoenHead of Fixed Interest Franchise
M.Com27 years of experience
Eben MareHead of Absolute Return Franchise
Ph.D., M.Sc., B.Sc. (Hons)24 years of experience
PHILOSOPHY / We think that a combination of portfolios exploiting sources of risk and return in different ways will produce better risk adjusted returns with greater consistency than single asset manager portfolios. FOCUS / The Multi-Manager Franchise’s focus is to deliver solutions that produce superior investment returns with a greater consistency than single asset managers by efficiently combining underlying portfolios. CAPABILITIES
� South African and Global Multi-Manager Products
� Manager Research � Portfolio Construction � Portfolio Management � Fiduciary and Risk Management
PHILOSOPHY / We believe that investing in sustainable and accessible real estate developments within economically growing nodes will result in inflation-beating returns in the long term. FOCUS / The Direct Property Investment Franchise’s focus is to deliver performance for investors with long-term investment appetite in quality real estate investments focusing on economically growing nodes on the African continent.CAPABILITIES
� Liberty Life Direct Property � Direct Africa Development Property � Segregated Direct Property Mandates � African Property Listed Fund Management
Multi-Manager Franchise
Direct Property Franchise
Chris BenfieldManaging Director of Multi-Manager
B.Com, B.Acc15 years of experience
Amelia BeattieChief Investment Officer: STANLIB Direct Property Franchise
B.Com (Stellenbosch)13 years of experience
Unlocking the potential of change is the key to investment excellence and that is why we brought together a group of investment experts whose understanding of their individual fields adds up to a superior understanding of an ever-changing investment world.This collective intelligence makes for better risk management, individual accountability and involvment.
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PHILOSOPHY / We believe investors interpret market information differently, resulting in stock price movements that do not correspond to its intrinsic value. This creates an opportunity for us to invest in companies that will unlock greater value in future than what the share price is currently reflecting. FOCUS / The Value Franchise’s focus is to deliver medium to long term capital growth by investing in companies that are trading below their intrinsic value.CAPABILITIES
� Value Equity � Shari’ah – balanced, equity and sukuk
PHILOSOPHY / We believe listed property companies that are consistently producing above average growth in rental streams will deliver attractive risk-adjusted returns over time.FOCUS / The Listed Property Franchise’s focus is to generate superior long-term risk adjusted returns by investing in quality listed property shares.CAPABILITIES
� Local Listed Property � Global Emerging Market Listed Property � Global Property
PHILOSOPHY / The Beta Quants Franchise’s focus is to provide cost effective access to index tracking, enhanced equity, quants based asset allocation and Exchange Traded Funds (ETFs). FOCUS / The Beta Quants Franchise’s focus is to provide cost effective access to index tracking, enhanced equity, quants based asset allocation and Exchange Traded Funds (ETFs).CAPABILITIES
� Active Quantitative Active � Index Tracking Funds (Equity, Bonds, Property,
Offshore) � Exchange Traded Funds � Tactical Asset Allocation
Value Franchise
Listed Property Franchise
Beta Quants Franchise
Robin EagarCo-Head of Balanced Franchise
B.Sc (Engineering)14 years of experience
Keillen NdlovuHead of Listed Property Franchise
B.Com (Hons), CAIB (SA) Treasury & Intl Banking8 years of experience
Patrick MamathubaHead of Beta Quants Franchise and Portfolio Manager
B.Com (Hons), CFA20 years of experience
PHILOSOPHY / We believe in investing in companies that are on the cusp of an extended period of earnings outperformance, or that are trading at valuations that are attractive relative to their own trading history. We do not conform to a specific asset management style i.e. value or growth. FOCUS / The Unconstrained Equity Franchise’s focus is to deliver medium to long term capital growth by investing in companies that will be long term structural outperformers or are on the cusp of an extended period of earnings outperformance.CAPABILITIES
� Unconstrained Equity
PHILOSOPHY / Infrastructure is a distinct investment asset class with a unique timeline and risk/return proposition. The space has historically not been widely accessible or understood. This presents an opportunity for a team with industry expertise and a long track record of deal making to establish an offering which will be a conduit for institutional investors to gain access to the asset class. The strategy will be executed via a multi-fund approach to infrastructure investing, creating different investment vehicles to focus on the different risk/return profiles.FOCUS / Investment focus: Direct equity and quasi-equity in infrastructure projects. Sector focus: Power, renewables, rail, roads, airports, water, telecommunications. Geographic focus: Pan-African, but fund specific targets will apply.CAPABILITIES
� STANLIB Infrastructure Private Equity � STANLIB Infrastructure Yield Fund under
development.
PHILOSOPHY / Our analysis has shown that by combining different asset classes (cash, bonds, property, equities, global bonds and global equities) and adjusting the portfolio’s exposure to each asset class depending on current economic conditions will lead to attractive risk-adjusted returns over time. FOCUS / The Balanced Franchise’s focus is to provide asset allocation solutions using a diversified spread of asset classes (cash, bonds, property and equities).The Core Equity Franchise’s focus is to provide a style agnostic and benchmark cognisant solution that is driven by our in house equity research, economic outlook and business cycle views.CAPABILITIES
� Balanced Asset Allocation � Tactical Asset Allocation � Core Equity
Unconstrained Equity Franchise
Infrastructure Franchise
Balanced and Core Equity Franchise
Andrew VintcentHead of Unconstrained Equity Franchise
B.Bus.Sc, CA(SA), CFA14 years of experience
Greg BabayaHead of Infrastructure Franchise
B.Com, B.Compt (Hons), MBA16 years of experience
Herman van VelzeCo-Head of Balanced and Core Equity Franchise
B.Eng, MBL19 years of experience
Robin EagarCo-Head of Balanced and Core Equity Franchise
B.Sc (Engineering)14 years of experience
PHILOSOPHY / Research is embedded at the centre of our operating model. We believe that financial markets are inefficient due to behavioural biases and that a focus on rational and objective analysis will identify instances of mispricing. Our research philosophy places an emphasis on identifying quality companies trading at a discount to fundamental value, which we are prepared to back over the long term. FOCUS / Core to STANLIB’s investment philosophy is research – both bottom up antop-down. Our team of equity analysts have more than 160 years of cumulative industry experience and conducts fundamental research on up to 230 companies.CAPABILITIES
� SA Equity research � Economics Research � Resources Sector Funds � Industrials Sector Funds � Financials Sector Funds
Research Franchise
Henry MunzaraHead of Research Franchise
BA (Hons) Economics16 years of experience
Lebogang MolebatsiHead of Financials
B.Com (Hons), CA (SA)11 years of experience
Theo BothaHead of Industrials
B.Com (Hons), CFA22 years of experience
Sholto DolamoHead of Resources
M.Sc Engineering (Materials Science), MBA11 years of experience
Kevin LingsChief Economist
B.Com (Hons) Economics24 years of experience
Vaughan Henkel Investment Strategist
B.Sc, CFA14 years of experience
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The STANLIB product portfolio reflects our commitment to today and our preparation for tomorrow and represents a mixture of diversity, performance and emerging asset classes that allow us to meet both today’s needs as well as being able to respond to tomorrow’s conditions.
In-House / South Africa Partners* Regional Geographies
Fixed income Property Equity Multi-Asset Alternatives Offshore
Act
ive
Sing
le M
anag
er
Cen
tral
ised
Res
earc
h an
d Ec
onom
ics
Money Market
Bonds
Income
Unlisted Debt
Liability Driven Investments
Pan-African Fixed Income
Listed Property
Direct Property
International Listed Property
Pan-Africa Property
Core Equity
Value Equity
Unconstrained Equity
Sector Funds
Small Caps
Pan-Africa Equity
Balanced
Absolute Returns
Shari’ah
Pan-Africa Balanced
Infrastructure Funds Cash (Fidelity)*
Bonds (Brandywine)*
Equity (Threadneedle)*
Multi-Asset (Fidelity)*
Botswana
Uganda
Namibia
Swaziland
Lesotho
Kenya
Pass
ive
Sing
le
Man
ager
Bes
poke
Re
sear
ch
Property Exchange Traded Funds (ETFs)
Equity Exchange Traded Funds (ETFs)
Index Tracking
Quants Equity
Quant Asset Allocation Funds
Mul
ti-M
anag
er
Bes
poke
Res
earc
h an
d M
anag
er
Adv
isor
y Se
rvic
es
MM Fixed Income MM Property MM Equity MM Balanced
MM Absolute
MM Global Equity
MM Global Bond
MM Global Hedge
Just think how different the world is today compared to when you were born. It is different to how it was last year. It is even different to how it was yesterday. The world changes in hundreds of thousands of ways every day and if you want to build a financial future in this world then you need an investment company that manages today ’s differences while also preparing for tomorrow’s.
We believe that to be a successful investment company today and tomorrow requires that we a re i nte ntly fo c u s e d o n to d ay a n d th o ro ug h ly prepared for tomorrow. The time to develop a skill is before you need to rely on it.
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RISK MANAGEMENT / Compliance and Risk Management are cornerstones of our business. To this end, we have robust risk management, compliance and governance structures. Our highly experienced Middle Office consists of Compliance, Legal, and Risk Management. They provide systems and processes, which ensure that the requirements for mandate compliance are monitored.
STANLIB has strict risk controls in place to ensure none of our portfolios breach risk control filters. These controls are an integral part of the portfolio construction process.
In addition to the portfolio monitoring tools mentioned above, we use the STATPRO system to measure our performance relative to benchmarks and indices, where appropriate. STATPRO is also used for performance attribution. Risk management is effected through appropriate diversification across sectors and counters and ensuring that bet sizes are not too large.
We have provision of IT and business recovery facilities including office space. Our robust systems are designed to ensure that our organisation operates efficiently at all times. Insurance policies for professional indemnity as well as directors’ and officers’ liability are always in place, though Standard Bank Insurance Brokers (Pty) Ltd.
TRANSFORMATION / STANLIB is dedicated to the continual improvement of our BEE status and to the development of the skills of its own people, the people of partner companies and the economic empowerment of the wider community. BBBEE is a strategic issue that is facing businesses of all sizes in South Africa and we are particularly proud of our BBBEE Level 2 contributor rating (rated by Empowerdex – March 2012).
Affirmative Procurement: STANLIB has a policy of favouring suppliers who are substantially owned, led and managed by Previously Disadvantaged South Africans.
Recruitment Policy: We are committed to building an industry that is more representative of our country’s population. Among key performance criteria against which senior managers and executives are measured (and rewarded) is adherence to EE policy and achievement of EE targets.
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CORPORATE SOCIAL INVESTMENT / All of our CSI projects have ‘empowerment through education’ at heart. STANLIB is committed to spending up to 1% of our net profit after tax on CSI and our staff offers their time in support of our various CSI initiatives.
In May 2012, STANLIB launched a national financial literacy initiative as part of our other CSI activities. “Smartbucks - Mind your Moolah” is a national financial literacy initiative from STANLIB designed to instill a culture of saving amongst young people in South Africa. 15 000 learners from high schools across the country were taken to cinemas to watch a 60 minute tongue-in-cheek movie on the pitfalls of improper spending and not saving.
“Smartbucks - Mind your Moolah” was such a success in 2012 that STANLIB will be continuing this financial literacy programme for the foreseeable future and a sequel was launched in May 2013.
Imparting savings skills to children in South Africa’s schools is a key element in changing the country’s attitude towards saving. Every year, in excess of 550 000 learners write matric and enter the labour market - without financial skills - without even a basic understanding of saving and investing. At STANLIB, we believe that we can make a real difference as we are passionate about making a difference in the communities in which we operate.
We are passionate about making a difference in the communities in which we operate
15 382Learners
104Schools
Smartbucks: Mind Your Moolah Financial Literacy Movie
5High School Learners
42Tertiary students
Bursaries
9Adopted schools
8 013Learners
School Adoption
10Teach SA Ambassadors
Employee Matching Scheme
Matching donations
RAND-FOR-RANDto registered Non-Profit
Organisations and schools
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WHY STANLIB? / Asset management is STANLIB’s only business. We focus on delivering on our investment promise to our clients. Our chosen franchise model embraces the strength of diversity and the power of focus.
Our competitive advantage is outlined below:
Our Investment Capability – We have a broad investment offering designed to deliver our investment promise to clients
� Our Franchise Model - Our Multi-Specialist Franchise Model truly reflects the complex investment world we operate in and echoes our desire to deliver tailored solutions for diverse clients
� Our People - We believe STANLIB’s success is due to our talented people, who bring diverse and complementary skills and capabilities, working together to identify and develop the best ideas and opportunities for our clients. We are responsible for managing the financial assets of individuals and companies across Africa. In this important role, it is imperative that our people reflect STANLIB’s values of Passion for our clients, Investment Excellence, Innovation, Curiosity, Teamwork and Fair Play
� Our Heritage – We are part of a bigger group with a proud heritage. Standard Bank and the Liberty Group have been substantial players in the financial services landscape in South Africa for more than 150 years
� Our Operating Model – STANLIB has been uniquely structured to offer the advantages and commitment of a boutique investment operation with the strength and efficacy of a large investment house. Our operating model is highly scalable with a cost effective infrastructure
� Our Track Record – We believe in consistently delivering on our investment promise to our clients. STANLIB has won 72 Raging Bull and 92 Morningstar awards since 2002
OUR TRACK RECORD / Our Vision says that we need to consistently deliver on our investment promise to our clients and what better way to prove that we are delivering this promise than to be recognised for top performance in the industry. The Raging Bull and Morningstar awards recognise the top-performing collective investment portfolios in the industry every year.
STANLIB has won 72 Raging Bull and 92 Morningstar awards since 2002. These accolades attest to the strength of our investment team and our diverse investment approach and were awarded across a wide range of sectors and funds, demonstrating the breadth of our investment expertise.
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IN TOUCH / If you would like to contact STANLIB, there are several ways in which you can do this. STANLIB’s Head Office is based in Melrose Arch, Johannesburg. We have a walk-in investment centre situated at our Head Office address:
Johannesburg (Head Office)17 Melrose Boulevard, Melrose Arch, 2196
P O Box 202, Melrose Arch, 2076
Switchboard +27 (0)11 448 6000
Call Centre 0860 123 003 (SA only)
Broker line 0860 104 418 (SA only)
For enquiries [email protected]
For instructions [email protected]
GPS coordinates S 26.1347°, E 28.0686°
INSTITUTIONAL CLIENTS / At STANLIB, we have a dedicated team of fund managers to attend to our institutional clients, both current and prospective. If you would like one of our client fund managers to contact you, please send an e-mail to [email protected].
RETAIL CLIENTS / If you would like to contact STANLIB, you can do so by calling our Call Centre on 0860 123 003 (open weekdays from 08:00 to 17:00 and from 08:00 to 11:00 on Saturdays)
Alternatively, you can send an E-mail Query to: [email protected]
If you would like to transact with STANLIB, you can send an e-mail to: [email protected]
HOW TO ACCESS YOUR INVESTMENT VIA THE WEB, MOBILE PHONE OR VIA A STANDARD BANK BRANCH / We have various ways in which you can access your investment to view balances or to transact.
STANLIB OnlineSTANLIB Online is a self-service portal which gives you access to your investments 24/7. On STANLIB Online you can:
� View your history of transactions
� View your investment balance and statements
� Access your tax certificate
� View investment graphs and fund fact sheets
� Switch unit trusts (for Unit Trust clients)
STANLIB Mobile – m.stanlib.comIf you have a web-enabled cellphone, you can access your investment via STANLIB Mobile. You can:
� View your investment balances
� View your asset and fund allocation
� Download or e-mail your statement
To access STANLIB Online and STANLIB Mobile, you need to be a registered STANLIB Online user.
Standard Bank ATMIf you are a Standard Bank client, you can link your STANLIB unit trust to your Standard Bank ATM card. Every time you use the ATM, you can view your statement, buy additional units in your unit trust and switch between unit trust funds in your account.
How to link your ATM card to your STANLIB Investment
1. Complete the Unit Trust ATM Linking Form (available on our website www.stanlib.com. Print, sign and e-mail the form to [email protected], or fax it to 0867 277 501.
2. Please contact our call centre on 0860 123 003 for assistance.
17 Melrose Boulevard Melrose Arch 2196 PO Box 203 Melrose Arch 2076T 0860 123 003 (SA only) T +27 (0)11 448 6000 E [email protected] W stanlib.comGPS coordinates S 26.13433°, E 028.06800° W
STANLIB Limited | Reg. No. 1997/014748/06 Authorised FSP in terms of the FAIS Act, 2002