QIC's story
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QIC CEO, Damien Frawley, and Chief of Global Clients and Marketing, Brian Delaney, provide an overview of the history and capabilities of the business.
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QIC's story
- 1. QIC’S STORY Damien Frawley and Brian Delaney May 2014
- 2. 2 BEYOND PREDICTABLE Alternatives Outcomes Global Infrastructure Global Real Estate Global Private Equity Global Liquid Strategies Global Multi-Asset Solutions Long-sighted Clients... first... last... only Long-serving essential partners Diversified Reliability Security Performance
- 3. 3 PREDICTABILITY HAS BUILT OUR REPUTATION. TO DELIVER IT, WE HAVE TO GO BEYOND.
- 4. WE WERE BORN WITH AN INVESTOR MINDSET… 4 … and have grown into a global diversified alternatives business Global Infrastructure Global Real Estate Global Liquid Strategies Global Private Equity Global Multi-Asset Solutions Established in 1991 by the Queensland Government to serve its long-term investment responsibilities Grown to $77.2 billion in funds under management1 We have over 90 clients including government, pension plans, sovereign wealth funds and insurers. Spanning Australia, Europe, Asia, Middle East and US. With over 500 staff with offices in Brisbane, Sydney, Melbourne, London, Los Angeles, San Francisco and Copenhagen 1As at 31 March 2014.
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- 6. GLOBAL INFRASTRUCTURE 6 • Ranked in the top ten infrastructure managers globally by funds under managment1 • Our heritage as a solution provider to sovereign wealth funds has created our global infrastructure platform 1Towers Watson Global Alternatives Survey 2013 . 2 As at 28 February 2014. 3Current as of today but excludes junior debt investments that have been realised. Over $11.2 billion2 AUM 10 direct investments, 7 fund investments and 2 co-investments3 97% by value are direct investments, which range from minority stakes to 100% owned assets Strong 8 year track record in global infrastructure investing2 18 professionals with over 270 years of combined infrastructure advisory, investment and management experience2 Tight knit, high conviction infrastructure experts
- 7. GLOBAL INFRASTRUCTURE (CONT’D.) 7 Largest port operator in Spain Largest water utility in the UK Our team are infrastructure experts. We specialise by sector and seek investments that deliver predictable long-term cash flows and sustainable returns. Client outcomes drive everything and capital preservation is key. We invest with a long-term mindset, looking beyond the assets to the business. We build value over the long term through human capital not just investment capital. We have a quality global platform: • Transport: roads, airports, ports, parking • Utilities: gas, electric, water • Telecommunications • PPP investments
- 8. GLOBAL REAL ESTATE 8 • Consistently ranked as a top performing client-focused investment manager vs. peers1 • Long standing, respected team with true depth of expertise • We are known for our discipline, consistent returns and focus 1Source: Peter Lee Associates Investment Management Surveys 2009-2013. 2QIC economic interest in AUM as at 31 December 2013, converted to AUD at Spot FX rate for offshore assets. Does not include QIPF indirect funds FUM. 3Includes 100% AUD value of QPF, QIPF, QGOF and FCJV assets. Source : QIC GRE as at 31 December 2013. 4As at 31 December 2013. Over $11 billion2 AUM Long-term strategic focus – 33 direct real estate assets with average value of circa $450 million3 23 years in domestic and international real estate More than 150 professionals in offices in Brisbane, Sydney, Melbourne, Los Angeles and London4
- 9. GLOBAL REAL ESTATE (CONT’D.) With over A$11 billion* invested in Australian and international retail and office, we have developed a reputation for delivering predictable outcomes for clients over the long term. Our team has true depth of experience from deal origination and execution to asset management, leasing, marketing and development. • High-quality assets: Focus on investments with high barriers to entry with ongoing scope to add value • All strategic services in-house: fully-integrated real estate ownership, management and development platform and risk management * As at 31 December 2013. 9 Retail Office
- 10. GLOBAL LIQUID STRATEGIES 10 • A leading manager of global fixed interest solutions including inflation, absolute return and hedge fund strategies • Provider of innovative overlay and implementation solutions across global listed markets • A strong risk culture supported by a proven and disciplined, repeatable investment process to clearly articulate accountability and effectively manage portfolios Over $36.8 billion1 AUM We construct portfolios for outcomes not just benchmark returns A 12 year history of successfully managing strategies that are structured to meet changing market dynamics to meet client objectives Experienced team of 24professionals across •Research & Strategy •Portfolio Construction •Execution 1As at 28 February 2014.
- 11. GLOBAL PRIVATE EQUITY 11 • One of Australia’s largest and most sophisticated global private equity investors • We’ve evolved with the market and actively invest in all forms of global private equity, including direct investments • We back great management teams and provide the support to build great companies that ultimately deliver outcomes for our clients 1 Total NAV and unfunded commitments as at 31 December 2013. 2 Inception 2005. Over $5.2 billion1 AUM A global investment platform with: - Over 150 funds across multiple clients - 17direct/co- investments with NAV over $400m1 8year track record2A global team of 11investment professionals based in Australia, Europe and North America1
- 12. GLOBAL MULTI-ASSET 12 • We were born with an investor mindset - we know that predictability of outcomes is what our clients value most • Our research defines our thinking. We analyse the consequences of every investment we make at an individual and a whole of portfolio level • We apply this mind set to our specialist strategies as well as portfolio management Managed multi-asset portfolios since QIC’s foundation in 1991 Our entire investment framework is built around delivering against our clients’ objectives Our proprietary multi- asset class risk model has been developed and refined for more than a decade 20year heritage in managing multi-asset class portfolios
- 13. 13 OUR PEOPLE. WE BELIEVE OUTCOMES ARE THE END-ALL AND KNOW THAT GETTING THERE ISN’T OBVIOUS.
- 14. OUR PEOPLE 14 QIC has some of the best investment and technical professionals in the industry and through their efforts we drive strong returns for our diverse range of clients.
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- 16. CORPORATE STRUCTURE • QIC is independent and operates with pure investment management focus • Shareholders are Queensland State Government Ministers • QIC has a Board of Directors, who delegate day-to-day operation to QIC’s Executive Committee (ExCo). • ExCo consists of Chief Executive Officer and senior executives. 16 DAMIEN FRAWLEY QIC Limited Chief Executive Officer Corporate Management Group CLAIRE BLAKE Chief Financial Officer ADRIAAN RYDER Chief Investment Officer BRIAN DELANEY Chief of Global Clients and Marketing DAVID CLARKE Chief Risk Officer PAUL LEITCH Chief Operating Officer Asset Management Group ADRIAAN RYDER Global Multi-Asset SUSAN BUCKLEY Global Liquid Strategies MARCUS SIMPSON Global Private Equity STEVE LEIGH Global Real Estate ROSS ISRAEL Global Infrastructure
- 17. GOVERNANCE, RISK & COMPLIANCE 17 QIC Limited: Three lines of defence designed to proactively identify, assess and manage risks 1st line of defence • Board committees, executive, investment teams • Execution policies and procedures • Counterparty selection guidelines • Liquidity polices 2nd line of defence • Independent investment compliance and risk management team • Compliance training, advice, corporate policies and standards • GLS portfolio risk and construction meeting 3rd line of defence • Internal and external audit function • Assurance over risk management control activities. • Excellent feedback from internal audit review
- 18. ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE • QIC became a signatory to the United Nations-backed Principles for responsible Investment Initiative (UNPRI) in 2008. • QIC’s approach to Responsible Investment is outlined on our website, www.qic.com • Each QIC investment team has a documented approach on how it integrates the consideration of ESG factors into its investment process. • QIC is committed to reducing its environmental footprint and offsetting environmental impacts it cannot avoid. QIC encourages its employees to be environmentally responsible and we work with our stakeholders to find practical and innovative ways to deliver our joint business and environmental objectives. 18
- 19. EVOLUTION OF OUR OPERATING MODEL House of Boutiques Evolution to integrated model Corporate Strategy Business Strategy Client, Sales & Marketing Infrastructure, Operations & Risk Asset Mgt Asset Mgt Asset Mgt Infrastructure , Operations, Risk & Marketing Asset Mgt Bus Strat Product Sales Client Asset Mgt Bus Strat Product Sales Client Corporate Strategy Asset Mgt Bus Strat Product Sales Client 19
- 20. STRATEGY SNAPSHOT 20 PillarsBuild on our heritage to become the essential partner for clients seeking a global institutional leader in alternative, specialised investments. Going beyond the predictable to deliver outcomes for clients, shareholders and staff VisionMission Sustain Grow DiversifySustain Pillars Strategic Priorities We have 5 strategic priorities ranging from transitional to transformational Corporate KPIs Financial Performance Clients and Market Process and Governance Talent and Culture
Notas del editor
- Key Message The changes to the operating model look simple on paper – but took significantly more effort and energy than initially anticipated. We now need to refine the operating model to an execution model Supporting Comments While the House of Boutiques model served a purpose in the QIC of the past, it came to a time where the overall business model was no longer scalable to support the growth of the business and a consistent market approach We needed an operating model that resonated with the market The initial steps in moving towards an integrated operating model took over 12 months to bed in – through the new strategy, improved governance structures, increased attention on our KPI measures, and ensuring appropriate accountabilities and structure We are now seeing benefits from the improvements, with improved collaboration and a building sense of urgency. However, this will remain an area of attention – continued efforts need to be made to really embed this model in to the culture and maximise the benefits –turning this into an execution model.
- Key Message My intention is that the Strategy largely remains the same with increased focus on execution I don’t believe strategy should materially change regularly and it was always the intention for this strategy that our transformational priorities would take a number of years to achieve Supporting Comments We have updated the vision and mission in line with the brand refresh Our vision now places crucial emphasis on being chosen by clients – this aspect underscores the importance of an actively commercial mindset. It depicts a future for QIC where the organisation is actually recognised by clients as being a global leader versus merely aspiring to be a global leader in the previous version. Our mission now includes ‘beyond predictable’ which will serve to embed the brand positioning throughout the organisation. We are increasingly using the term ‘outcomes’ as this is ultimately what clients seek and it is also an important focus that aligns all of our investment teams. The construct of five strategic priorities works well and many of the current priorities represent key areas where we should always focus - i.e. investment performance and operational excellence. These have proved to be good mechanisms to focus the business and align execution efforts The corporate KPIs and scorecard are deeply embedded in our performance management system and therefore is a key lever for continuing to drive behaviour and outcomes.