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STRICTLY PRIVATE AND CONFIDENTIAL
NOT FOR DISTRIBUTION
UKAS 360Participant Report
Executive Summary
- 1 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
• The industry is still predominantly male and aged between 36 and 55 years old.
• DFMs and Investment Advisers are more aligned in their sector outlook for the next 6 months, this is likely to be the result of apparent volatility through geopolitical issues, such as Russia.
• Other sectors such as commodities are under scrutiny by DFMs due to dollar appreciation and falling oil prices.
• Frontier markets and GEM are still appealing to all sectors of the market, in a quest to deliver higher returns from a small percentage of a low risk portfolio.
• DFMs are maintaining a cautious position during the current market conditions while Investment Advisers are finding their clients have an increased appetite for risk.
• The market is still very much a people business: the preferred method of communication is through events. Social media, whilst consumed by the market is not seen as a platform to make actual investment decisions.
• There is still an over supply of content distributed on email and social media platforms.
• Trade titles are consumed regularly in both print and digitally, the market looks at broader ‘brands’ online such as the FT or Citywire.
• Factsheets play a crucial role in the research and analysis of funds: it is vital they effectively present any fund’s key attributes such as fees, volatility and performance.
Contents
- 2 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
The following slides are the collated responses from the study amongst the following:
Telephone and face to face interviews with:
• 10 investment specialist advisers and 10 discretionary fund managers from each Wave
Online surveys:
Wave 1:
• 243 participants (DFMs, Investment Specialist and Generalist Advisers)
• October 2013 – January 2014
Wave 2:
• 266 participants (DFMs, Investment Specialist and Generalist Advisers)
• April 2014 – May 2014
Wave 3:
• 187 participants (DFMs and Investment Advisers)
• July 2014 – September 2014
Wave 4:
• 201 participants (DFMs and Investment Advisers)
• October 2014 – November 2014
- 3 -
Average Age Gender
Average Size of firms (number of employees) Segmentation of participants
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
90.2
In office
At firm
12.1
36-55Years
10% Female
20% DFMs/Wealth Managers
6
90% Male
80% Top Tier Advisory
Demographics
Investment appetite and expectations
- 4 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
10 leading DFMs
- 5 -
Actual
2.5
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
What areas are you researching/getting excited about over the next three to six months? Unprompted
n = 10
Wave 1:Wave 2:
Wave 4:
Europe is seen as having the most potential over the next quarter.
Wave 3:
- 6 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
What should investors steer clear of over the next three to six months? Unprompted
Wave 2:
Wave 3:
Wave 1:
Investors are expecting to reduce allocation of government bonds and property funds
Wave 4:
10 leading DFMs n = 10
10 Investment Specialist Advisers
- 7 -
Actual
Preferred
2.5
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
Wave 3:Wave 4:
Wave 1:
Japan and Europe are seen as having the most potential over the next quarter.
Wave 2:
What areas are you researching/getting excited about over the next three to six months? Unprompted
n = 10
- 8 -
Actual
Preferred
2.5
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
Wave 1:
Wave 4:
What should investors steer clear of over the next three to six months? Unprompted
Russia is the main area to reduce exposure to in the coming months.
Wave 2:
Wave 3:
n = 10 10 Investment Specialist Advisers
Given increasing market volatility, are you more or less likely to allocate to the following Emerging Markets in 2015?
- 9 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
n = 204
-0.83
-0.97
-1.81
0.42
-0.33
-1.02
-1.37
-0.21
-5.00 -3.00 -1.00 1.00 3.00 5.00
IAs
DFMs
The majority will continue the same stance on Emerging Markets.
Less likely More likely
India
China
BRICs
GEM
Less likely The same More likely
Source: UKAS 360 Wave 4, November 2014
GEM is most likely to be net positive.
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 10 -
On average, with the current economic climate, have you noticed a change in your clients' attitude to risk?
Overall clients are accepting less risk than they were a year ago.
19%
25%
17%
69%
72%
69%
12%
3%
14%
Overall
DFMs
IAs
Lower risk than a year ago About the same as a year ago More risk than a year ago
-0.34
-1.11
-0.18
-5.00 -3.00 -1.00 1.00 3.00 5.00
Overall
DFMs
IAs
Less risk More risk
n = 203
Source: UKAS 360 Wave 4, November 2014
Average combined scores:
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 11 -
Change in clients’ attitude to risk since last year
Their comments reflect that all are still cautious, with a handful of clients prepared to accept more risk.
DFMs IAs
“We are briefing clients that we are cautious and we are taking some risk off the table and I think clients are happy with that”
“…it’s always been the balanced and the slightly cautious who have several asset classes for diversification and hopefully give me some kind of return in that market but defend your capital in down markets, they’re still taking the bulk of the money”
“…they are well advised, most of my clients are long standing … they’ve gone through all the twin towers … different stock market crashes … and they’ve come through it with flying colours and they understand … clients understand what they should expect”
“Our clients’ attitude to risk has been fairly cautious anyway, … a lot of them are very much looking at capital protection though rather than capital growth”
“… I think clients are more cautious these days … if you’ve been in the market for the last 2-3 years you’ve actually done quite nicely, definitely haven’t seen in the last 1-2 years a sudden rush of people getting excited about the market, it’s all been very measured actually”
“I think people are generally feeling a little more confident, we are trying to educate clients on the lack of correlation between economic data and stock market returns. Because a lot of clients are feeling much happier with the economic climate … we are keen to stress that that doesn’t always feed through into stock markets..”
“We’ve got a handful of clients who are very active and very keen in what’s going on economically speaking with the markets and even their attitude to risk hasn’t changed at all in the last 5 years, perhaps because they see what they want and what their expectations are and they’re not swayed by external factors shall we say”
“… who wouldn’t have had that much out of cash and investing things for longer terms, they’ve dipped their toes in and seen its done reasonably well and thought let’s put more in. [They] wouldn’t have invested and it would have sat quite happily in the bank”
“I saw a client today who 12 months ago was quite cautious, … he’s definitely more aggressive in terms of his approach to investment but only with money he can afford to lose, … he’s now prepared to take more risk with some of his money than he was a year ago”
n = 10
- 12 -
Media
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
Where’s your ‘GO TO’ place for asset allocation ideas and inspiration (buy or sell)? Unprompted
- 13 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
n = 173
Overall advisers and DFMs trust their in-house resources for asset allocation ideas.
8%
1%
1%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
10%
15%
5%
4%
2%
3%
5%
2%
3%
2%
2%
2%
2%
1%
1%
2%
2%
1%
1%
0% 5% 10% 15% 20%
In house
Financial Express/Trustnet
Morningstar/OBSR
Citywire
JP Morgan
Own research
Towers Watson
FT
Distribution Technology
Standard Life
Trade press
Fund managers
Old Mutual
All sources
Emerging Market funds
Invesco Perpetual
Jupiter
New Model Adviser
WMA Private Investors Indices
DFMs
IAs
Source: UKAS 360 Wave 4, November 2014
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 14 -
Which trade magazines/websites do you read/visit and how frequently? Unprompted
Financial Adviser is preferred overall and read approx. twice weekly, Citywire is favoured overall as a publisher.
1%
3%
2%
6%
6%
5%
4%
2%
1%
4%
3%
2%
1%
1%
1%
1%
1%
36%
29%
27%
17%
17%
17%
17%
10%
9%
4%
4%
6%
4%
4%
3%
2%
2%
1%
2%
1%
1%
0% 10% 20% 30% 40%
Financial Adviser
New Model Adviser
Money Marketing
Citywire
FT
Investment Week
Trustnet
Money Management
Investment Adviser
Citywire Wealth Manager
Fund Strategy
Professional Adviser
Bloomberg
Morningstar
Portfolio Adviser
Investors Chronicle
Fundweb
Money Week
Financial Planner
Fundslibrary
The Economist
DFMs
IAs
83
100
101
157
189
89
161
28
51
51
172
65
219
128
52
79
96
48
12
112
144
Financial Adviser
New Model Adviser
Money Marketing
Citywire
FT
Investment Week
Trustnet
Money Management
Investment Adviser
Citywire Wealth Manager
Fund Strategy
Professional Adviser
Bloomberg
Morningstar
Portfolio Adviser
Investors Chronicle
Fundweb
Money Week
Financial Planner
Fundslibrary
The Economist
n = 194
Source: UKAS 360 Wave 4, November 2014
Average times per year:
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If you could only read three trade publications which three would you choose? Prompted
DFMs prefer Citywire Wealth Manager whereas IAs prefer Financial Adviser.
DFMs (Net Average Score) Investment Advisers (Net Average Score)
DFMs (% of ranked first) Investment Advisers (% of ranked first)
Citywire Wealth Manager
Investment Week
Fund Strategy
New Model Adviser
Money Management
Financial Adviser
Investment Adviser
Money Marketing
Professional Adviser
IFA Magazine
Portfolio Adviser
Financial Adviser
New Model Adviser
Money Marketing
Citywire Wealth Manager
Money Management
Investment Week
Investment Adviser
Professional Adviser
Fund Strategy
IFA Magazine
Portfolio Adviser
47%
18%
6%
15%
12%
3%
0%
3%
0%
3%
0%
Citywire Wealth Manager
Investment Week
Fund Strategy
New Model Adviser
Money Management
Financial Adviser
Investment Adviser
Money Marketing
Professional Adviser
IFA Magazine
Portfolio Adviser
25%
24%
10%
10%
9%
13%
6%
4%
1%
2%
0%
Financial Adviser
New Model Adviser
Money Marketing
Citywire Wealth Manager
Money Management
Investment Week
Investment Adviser
Professional Adviser
Fund Strategy
IFA Magazine
Portfolio Adviser
n = 36 n = 165
Source: UKAS 360 Wave 4, November 2014
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 16 -
Which, if any, do you consider to be the best industry websites? Prompted
DFMs preferred websites are FT.com and Citywire Wealth Manager, IAs mostly use FE TrustNet.
DFMs (Net Average Score) Investment Advisers (Net Average Score)
60%
60%
51%
31%
29%
26%
23%
20%
14%
6%
6%
3%
3%
3%
FT.com
Citywire Wealth Manager
FE TrustNet
FT Adviser
Morningstar
Citywire New Model Adviser
Investment Week
FundWeb
Money Marketing
Professional Adviser
Portfolio Adviser
Panacea Adviser
IFA Life
IFA Magazine
37%
27%
26%
21%
21%
21%
10%
9%
6%
4%
2%
2%
2%
Citywire New Model Adviser
FT.com
FT Adviser
Morningstar
Citywire Wealth Manager
Money Marketing
Investment Week
FundWeb
Professional Adviser
Panacea Adviser
Portfolio Adviser
IFA Life
IFA Magazine
n = 35 n = 163
Source: UKAS 360 Wave 4, November 2014
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 17 -
Are there any journalists or other market commentators whose opinion you particularly rate? Unprompted n = 61
JPMAM’s Stephanie Flanders is most named as a good market commentator, followed by BBC’s Robert Peston.
2%
1%
1%
1%
1%
1%
2%
1%
10%
4%
3%
3%
3%
1%
1%
2%
1%
2%
2%
1%
0% 2% 4% 6% 8% 10% 12% 14%
Stephanie Flanders (JPM)
Robert Peston (BBC)
Martin Wolf (FT)
Jeff Prestridge (Financial Mail)
Justin Urquart Stewart (7IM)
Ambrose Evans-Pritchard (Telegraph)
Anthony Hilton (Evening Standard)
Brian Tora (FS/JM Finn)
FT
Lawrence Gosling (IW)
Merryn Somerset-Webb (Money Week)
Rob Reid (Syndaxi)
The Economist
DFMs IAs
Others mentioned once: Alistair Mundy, Analytics Researchers, Alen Mattich, Anatole Kaletsky, Anna Fedorova, Artemis market commentaries, APCIMS, Bill Blain, Brett Davidson, Capital Economics, David Stevenson, FE Analytics report, Fund managers in general, FT/Lex, Gary Corcoran, Hannah Smith, Henry Dixon, Ibbotson, Investec Market commentaries, Jeff Saut, Jeremy Warner, Jim O'Neill, Joachim Fells, John Kay, John Ficenec, JP Morgan team, Kay Ingram, Keith Wade, Mark Dampier, Max Keiser, Mike Riddell, Mislav Matejka, Money Week, Ned Cazalet, Neil Bailey, Nick Cicutti, Nick Paler, Paul Lewis, Richard Jeffrey, Roger Bootle, Rosie Sells, Simon Thompson, Steve Bee, Tom Elliott, Tony Wickenden, Tony Hazell, Willem Buiter.
Source: UKAS 360 Wave 4, November 2014
Provider communication
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How useful are the following from provider firms/fund managers?
Live events/seminars are preferred method of delivery from providers supported with regular market commentary.
n = 199
3.53
3.52
3.21
2.94
3.14
2.94
2.94
2.63
1.85
1.75
2.26
3.40
3.40
3.26
3.23
3.14
3.05
2.94
2.65
2.32
2.24
2.09
1.0 1.5 2.0 2.5 3.0 3.5 4.0
Live events/seminars by groups of fund managers
Live events/seminars by individual fund managers
Regular market commentary
Provider/fund manager websites
Email updates
Email investment bulletins
Live teleconferences/Live web conferences
Fund manager videos
Hard copy updates
Hard copy investment bulletins
Social media updates
DFMs
IAs
Not at all useful Very useful
Source: UKAS 360 Wave 4, November 2014
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 20 -
Volume of material received and preference
Overall advisers wish for more face to face contact – at least once a quarter.
In general, how much of the following do you receive? How frequently would you prefer contact from provider firms/fund managers?
n = 199
2.14
2.14
1.91
1.86
0.74
-0.86
2.00
1.62
1.03
0.98
-0.06
-1.48
-5.00 -2.50 0.00 2.50 5.00
Trade magazines/Papers
News alerts and other emailsfrom trade
magazines/websites
Printed marketing materialsfrom investment houses
Email marketing materialsfrom investment houses
Telephone calls frominvestment houses
Face to face contact withinvestment houses
DFMs Score
IAs Score
42
11
10
9
69
8
4
2
55
17
12
13
34
8
8
3
0 20 40 60 80
Direct Mail
Events (live, out of the office)
Events (office based egteleconferences/web…
Social Media
Telephone
Face to face meetings
Skype/online meetings
DFMs IAs
Not enough Too muchNumber of times per year
Source: UKAS 360 Wave 4, November 2014
- 21 -
Ratings and research
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
- 22 -
Do you use/consider 3rd party ratings for research? If yes, who?
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
Use of Ratings n = 184
Overall 70% consider 3rd party ratings as part of research – Morningstar being the most popular.
Yes, 38%
Yes, 78%
No, 62%
No, 22%
0% 20% 40% 60% 80% 100%
Discretionary
Top Adviser
n = 129
Quantitative:
Qualitative:
79%
14%
36%
71%
23% 13%0%
20%
40%
60%
80%
100%
Morningstar OBSR AnalystRatings (Gold, Silver etc)
Rayner Spencer Mills AAAratings
S&P Capital IQ PlatinumRatings (was AAA)
Discretionary
Top Adviser
91%
78%70%
30%
52%
26%
84%
75%69%
56%
34%
19%
0%
20%
40%
60%
80%
100%
MorningstarStar Ratings
CitywireManager
Ratings (AAA)
FinancialExpressCrownRatings
FinancialExpress
Alpha ratings
LipperLeaders
DistributionTechnologyRisk Ratings
1-10
Discretionary
Top Adviser
Source: UKAS 360 Wave 3, August 2014
- 23 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
Use of Ratings
Although some use 3rd party ratings as a filtering tool initially, most use it as confirmation and affirmation of their decision. Also, to help sell the product onto their client where possible.
n = 129
2%
2%
4%
3%
2%
2%
34%
29%
22%
19%
16%
14%
9%
3%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Initially to filter a list of funds
My firm uses them to produce our panel list
To filter a list after my initial research
To provide validation of a particular decision
To filter my final selection of fund options
My model portfolio supplier uses them as filter for panel
My platform uses them as a filter to determine the range of fundson offer
Other (please specify)
Discretionary
Top Adviser
Source: UKAS 360 Wave 3, August 2014
If yes, at what stage?
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Other: • Through FE Analytics• Threesixty
Most access ratings as part of their every day research through the software they use.
6%
5%
1%
5%
2%
43%
40%
35%
28%
15%
4%
0% 10% 20% 30% 40% 50% 60%
Software systems
Research providers directly
Platforms
Product providers directly(literature/websites)
Trade media
Other
Discretionary
Top Adviser
n = 129Where do you get the ratings information from?
Source: UKAS 360 Wave 3, August 2014
Factsheets and KIIDs
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What information do you talk through with your clients prior to making their investment decisions?
- 26 -Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
n = 192
Factsheets and performance figures are used extensively by both sectors, with KIID’s documents more popular with IAs.
85%
62%
71%
15%
15%
9%
9%
3%
86%
80%
75%
20%
11%
7%
4%
3%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Factsheets
Key Investor Information Documents (KIID)
Performance figures
Supplementary Investor Documents (SID)
Prospectus
Reports/Accounts
Asset Management firm's websites
Third party websites
DFMs IAs
Source: UKAS 360 Wave 4, November 2014
How useful are the following elements on the Key Investor Information Document (KIID)?
- 27 -
Actual
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION
DFMs IAsn = 35
The most useful information on KIIDs are the charges, understanding fund objectives and investment policy.
n = 161
3%
6%
9%
14%
9%
6%
17%
3%
12%
12%
14%
31%
40%
46%
34%
24%
42%
34%
37%
37%
23%
51%
50%
27%
29%
14%
9%
6%
9%
9%
9%
9%
9%
9%
9%
Charges
The fund objectives andinvestment policy
Past performance
Risk and reward
Details of fund and manager'sauthorisation*
Where and how to obtain moreinfo**
The name of the depositaryappointed***
1= Not at all useful 2 3 4=Very useful No opinion/do not use
9%
11%
14%
9%
14%
20%
22%
13%
12%
16%
18%
37%
34%
38%
21%
26%
24%
35%
32%
34%
30%
57%
51%
46%
38%
17%
10%
7%
1%
1%
1%
3%
4%
Charges
The fund objectives andinvestment policy
Risk and reward
Past performance
Where and how to obtain moreinfo**
Details of fund and manager'sauthorisation*
The name of the depositaryappointed***
1= Not at all useful 2 3 4=Very useful No opinion/do not use
* Details of both the fund and fund manager's authorisation (i.e. whether the fund is authorised in the UK or elsewhere in Europe)** Where and how to obtain more detailed information about the fund, such as the fund prospectus and the annual and half-yearly reports*** The name of the depositary appointed to safeguard the fund's assets
3.47
3.29
2.97
2.84
2.63
2.53
2.19
Avg Avg
3.27
3.17
3.03
3.01
2.51
2.35
2.22
Source: UKAS 360 Wave 4, November 2014
Editorial Coverage 2014
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Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 29 -
RiF Tracker:
Every week the Research in Finance team analyses all of the financial trade press and identifies the key sectors most covered editorially to help spot key trends in the industry. We also monitor whether this coverage is positive, negative or neutral and across all providers.
We have attached a snippet overleaf to show the most covered sectors in the last year. However, if you would like more information or detail about this please contact us.
Research in Finance¦ UKAS 360 All rights reserved ¦ PRIVATE AND CONFIDENTIAL - NOT FOR DISTRIBUTION - 30 -
Editorial coverage : Sept – Nov 2014
The individual sector covered most editorially was UK Equity Income.
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The individual sector most advertised during this period was Global Emerging Markets.
Advertising: Sept – Nov 2014 (# of pages across trades)
Contact Us
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CONTACT DETAILS
Research in Finance80 Coleman StreetLondonEC2R 5BJ
Toby Finden-Crofts
Founding Director
Tel: 0207 104 2236
Email: [email protected]
Adele Gray
Research Director
Tel: 0207 104 2237
Email: [email protected]
Richard Ley
Founding Director
Tel: 0207 104 2235
Email: [email protected]
Ana Mendes
Senior Market Research Analyst
Tel: 0207 104 2238
Email: [email protected]
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