Creating Differentiated Value in a Crowded Market Ed Bernard, Vice Chairman, T. Rowe Price Group
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1 Creating Differentiated Value in a Crowded Market Ed Bernard, Vice Chairman, T. Rowe Price Group T. Rowe Price, Invest With Confidence and the Bighorn Sheep logo is a registered trademark of T. Rowe Price Group, Inc. Copyright T. Rowe Price. All rights reserved.
2 Topics for Discussion Retirement Income Trends point to the need for focus Solutions require simplicity ETFs Raise the bar for active managers to add competitive value Creating Value: Picking Your Spots in a Competitive Market Constraints and competition in the value delivery chain have game-changing impact. T. Rowe Price s Approach 2
3 Retirement Income: Who Are We Trying to Serve? Percent of Aggregate Income of Individuals Age 65 or Older Who Did Not Work, 1975 and Lowest Income Quartile Quartile Quartile Highest Income Quartile 3 Source: ICI Social Security Pension, Asset, and Other Income
4 Keep it Simple... Deductible Contributions to IRA s ($ Billions) Universal IRA Conditional eligibility - Income limits - Availability of plan at work 14.1 Increased eligibility Simplicity created a boom, complexity led immediately to a bust! Substantial portion who dropped out in 1987 were still eligible. 4
5 ... No, I Mean REALLY Simple Retirement Assets in Target Risk and Target Date Funds Target-Risk Funds: What Risk Level? Employer DC Plans Individual Retirement Accounts Target-Date Funds: How Old Are You? Employer DC Plans Individual Retirement Accounts 5
6 And Don t Take Your Eye Off Accumulation 200,000 U.S. Population and , , , , ,000 80, ,000 40,000 20, Source: UN Population Division World Population Prospects, 2008 Revision
7 ETF s: Here s What Drives Headlines ETF Assets $800 $600 $400 $200 $ Sources: ETF Research and Implementation Strategy Team, BlackRock, Bloomberg
8 Here s the Relevant Context 25% 20% 15% 10% 5% 0% Index Fund + ETF Market Share Index Mutual Funds + ETFs Index Mutual Funds Source: Strategic Insight
9 A Product Line Extension Here to stay significant new vehicle Less relevant (so far) for retirement accounts Enough revenue to support broad distribution? Impact: More evolutionary than revolutionary The vehicle itself is evolving Passive: New impetus in passive-active tug-of-war Transparent Active: Limited to no-fault strategies Non-Transparent Active: If it happens, net opportunity for successful active managers. ETFs have raised the stakes... Active managers must add value 9
10 A Great Business (Still) Gets Tougher : The Good Old Days Dramatic expansion of market for managed assets Ample revenue growth to sustain managers and distributors : Shaping a new, more challenging reality Challenging markets, reduced growth rates, greater competition Greater differentiation - winners and losers And... 10
11 End Cost to Clients Has Been Driven Down The National Full Service Brokerage Firms 1 Their Fees and Composite Mutual Fund Expense Ratios , 2000, 2008 and Morgan Stanley Smith Barney, Wells Fargo, Merrill Lynch and UBS. 2 Mutual fund expense ratios are asset-weighted and exclude 12B-1 fees After Revenue Sharing 2009 Using ETF s 11 Sources: Empirical Research Partners Estimates. Securities Industry and Financial Markets Association, ICI, Merrill Lynch
12 Pick Your Spots And Create Value Sources of Revenue Potential Uses of Revenue AUM/ Advisory Fees Investing Passive Capabilities Active Talent $ $$$ Sustainability 12b-1 Fees/ Loads? Distribution Revenue Sharing Value-Add Profits? 12
13 T. Rowe Price Approach Low Cost High Value 13 Source: Lipper
14 T. Rowe Price: Creating Long-Term Value Core Objectives Attract, develop, and retain talent. Maintain collaborative environment. Talented People Collaborating Combine talent, culture, process, and systems to create value for clients and the firm. To Create Value Successfully nurturing this virtuous cycle of value creation is the core driver of our long-term success. 14
15 T. Rowe Price Strategy to Achieve Long-Term Objectives Focus: Superior investment management and related services Discipline: We view growth strategically Protect client interests first Create career opportunity to attract and retain talent Balance: Diversified investment offerings and distribution Not overly reliant on any one area Broad career opportunity set to attract/retain talent Continuous Investment: Strengthen organizational capabilities Attract and retain top professional talent in all types of markets Sustain and expand core strategic capabilities 15
16 Evolution of T. Rowe Price Model Aligns Well Evolution of T. Rowe Price Intermediary Distribution Most Distribution Leverage Evolution of Industry Distribution Least Distribution Leverage Gatekeeper-Centric Gatekeeper + Sales Support Gatekeeper + Producer Producer-Centric (Load) Gatekeeper Wrap IODC Mutual Fund Wrap Load Funds Bank Trust Insurer VA Gatekeeper influence is ascendant T. Rowe Price formula shows promise Consistently strong performance + low TER + leveraged value-add 16
17 Summary Retirement income trends exemplify to the need for clarity and focus. ETFs raise the bar for adding competitive value. Both Retirement Income and ETFs raise challenges and opportunities, but neither is fundamentally a game-changer. Constraints and competition in the value delivery chain have more gamechanging potential. Need for focus: Where to allocate resources to create competitive advantage Passive: All about price (and thus cost structure and scale) Active: Sustained performance trumps all. Higher revenue enables other value-add activities. Non investment activities (e.g., sales) must add legitimate value. Time to place your bets! 17
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