Product and Distribution Update: Looking Beyond the Headlines

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Product and Distribution Update: Looking Beyond the Headlines"

Transcription

1 HIGHLIGHTS OF A WEB SEMINAR FOR SEI CLIENTS Product and Distribution Update: Looking Beyond the Headlines Mutual funds, ETFs, managed accounts and alternatives all of these product categories enjoyed robust growth last year. But managers who want a real handle on opportunity need to consider the many stories behind those headlines. Those include continuing fragmentation, patterns of concentration, new products, and an accent on product innovation. This may also be the year when platformitization enters every investment manager s lexicon. SEI PANELIST SEI KNOWLEDGE PARTNERSHIP Mutual Funds: Robust Growth, Shifting Opportunity Despite strong challenges from other product packages, mutual funds remain the industry s dominant investment vehicle. The good news is that overall assets under management and net flows are at an all-time high, and about half of all complexes are enjoying positive net inflows (see Exhibit 1). A closer look reveals: Increased concentration of flows. Fewer than half of all fund portfolios, distinctly separate from fund complexes, had positive net flows in This may reflect a broader shift whereby intermediaries and investors are no longer buying fund complexes so much as selecting specific strategies within them. As this trend takes hold, fund complexes may see positive flows concentrated in relatively fewer of their portfolios. Exhibit 1: Mutual Fund Assets and Net Flows 1 Size is no guarantee of success. When the top 25 organizations are ranked in terms of 2006 net flows, we see complexes of all types and sizes. The three-year rankings are much the same, showing an eclectic group of winners with a variety of strategies, products, and distribution The SEI Knowledge Partnership is an ongoing source of action-oriented business intelligence and guidance for SEI s investment manager clients. It helps clients understand the issues that will shape future business conditions, keep abreast of changing best practices, and develop more competitive business strategies. The Partnership is an initiative of SEI s Investment Manager Services unit, which delivers operating solutions including fund accounting and administration, hedge fund services, and separate account services.

2 schemes. On the other hand, the list of lowest-ranking 25 organizations in terms of 2006 net flows is dominated by large, diversified complexes. It s clear that size and product breadth do not guarantee success. Rotation at the top. The top five complexes now account for some 43% of all mutual fund assets 3, but it s important to note that the winners list continues to rotate. Barclay s Global Investors for example, moved up from 229th in AUM in 1996 to number 5 in Dodge and Cox rose from 53rd to 9th place. Thinking about what is driving this concentration trend, it may be less a natural industry phenomenon than the result of a changing field of competitors. When we see some organizations making large gains and strong asset flows in areas with relatively fewer competitors, such as international investments, it s no surprise to see some increase in concentration. Overall mutual fund assets under management and net flows are at an all-time high, and about half of all complexes are enjoying positive net inflows. Shifting product demand. Flow data make three trends clear: A decided tilt toward the international and global category and away from domestic equity. As measured by portfolio count vs. flows, the world allocation category is in the highest demand relative to supply one indicator of an area where opportunity may lie. A rising level of interest in asset allocation funds and other outcome-oriented products. Prepackaged advice products in particular are taking off. Growth in alternative-style long-short funds, as investors continue to seek non-correlated alpha. While this category still accounts for a tiny percentage of overall mutual fund AUM, it is growing quickly and may represent one of the best areas of opportunity for small and boutique managers who are willing and able to adapt culturally. Exchange-Traded Products: A Surge of New Entrants The exchange-traded product market continues to set records for growth of assets and flows. ETF assets under management grew by 46% during 2006, reaching $423 billion as of the end of the year 4. It will be interesting to see how this fast-growing market shapes the industry, especially as new approaches such as actively-managed ETFs emerge. Historically, this market has been dominated by three key players: Barclay s Global Investors, which represented 70% of all flows and 55% of AUM in 2006, distantly followed by State Street and Bank of New York. Now we are seeing a surge in new players, new products, and new portfolio strategies (see Exhibit 2). Nearly 400 new funds were filed with the SEC in 2006 and another 63 in January of 2007 alone. Clearly, ETFs are already having a strong influence, and it will be interesting to see how this market shapes the industry, especially as new approaches such as activelymanaged ETFs emerge. Will ETFs become more prominent building blocks within portfolios? Will investors begin substituting them for active portfolios or use them as larger components of an investment mix? We are also likely to see regulatory impacts from the growth in new types of ETFs. Exhibit 2: Growth of Exchange Traded Funds and Products 2 In terms of the ways funds are priced and sold, we continue to see solid asset growth in no-load funds along with a modest increase in funds offering A-shares. The number of back-end load funds continues to fall. Product and Distribution Update: Looking Beyond the Headlines 2

3 Managed Accounts: Expansion Continues This market includes SMAs, mutual fund wrap-fee accounts, and unified managed accounts all those products involving management of an investment account for the client on a fee-only basis. The Unified Managed Account concept is gaining traction, with nearly 38,000 accounts and assets reaching $10.8 billion as of the second quarter of Continued overall growth. Managed accounts of all types continue to attract assets, with AUM rising to more than $1.5 trillion by mid Wirehouses continue to dominate the market with 70% of AUM, or $794 billion, although independent broker-dealers and third-party sponsors are gaining ground 6. Citigroup and Merrill Lynch have the largest presence with a combined market share of 41%. The top ten sponsors account for most of the assets. Manager concentrations are also high, especially in the SMA space, where the top ten managers represent 31% of total assets and the top 25 hold 45% of AUM. Emergence of the Unified Managed Account (UMA) 7. The UMA concept is gaining traction, with nearly 38,000 accounts and assets reaching $10.8 billion as of the second quarter of 2006; $9.1 billion of that was held in the Morgan Stanley Personal Portfolio Program. Approximately 81% of all UMA assets are held in separate accounts with the remainder in mutual funds and ETFs. Investment minimums and fees are being lowered, which will lead to wider acceptance and continued growth of these programs. Some managers are likely to exit the business, however, given already low margins and the introduction of model Exhibit 3: Growth in Direct-Strategy Hedge Funds and Funds of Funds 3 portfolios that could cut management fees by almost 30%. Alternatives: Into the Mainstream We at SEI have often described alternatives as the new face of active management. They continue to grow rapidly, with total hedge fund AUM approaching the $1.5 trillion mark (see Exhibit 3). Key trends include: Rising institutional flows. A growing share of hedge fund asset growth is coming from the institutional side, as pension plans increasingly add alternative products to their asset allocations. Despite speculation that they were losing momentum, flows to hedge funds of funds rebounded in 2006, bringing their assets under management to an all-time high of more than $105 billion. Continued proliferation of funds. Both direct-strategy funds and hedge fund of funds are growing in number, despite some speculation that hedge fund of funds were losing momentum. While flows to hedge fund of funds dipped from 2003 to 2005, they rebounded in 2006, bringing AUM to an all-time high of more than $105 billion. Signs of maturation and consolidation. New fund launches slowed in 2006, and over the last two years more than 1,400 funds were closed or liquidated in a shake-out of underperforming strategies (see Exhibit 4). Product proliferation. While macro strategies dominated the hedge fund industry back in 1990, today we see a growing variety of investment approaches. Still, the product landscape is dominated by the top three strategies: equity hedge, relative value arbitrage, and event driven. All in all, we believe hedge funds remain a major market opportunity as fund structures and strategies continue to evolve. Our traditional siloed view of the world is quickly becoming obsolete. Convergence is the reality shaping our future. Product and Distribution Update: Looking Beyond the Headlines 3

4 Thinking About Competitiveness Today Understanding these investment product trends helps managers think about the opportunities ahead. But it s equally important to consider broader trends that are reshaping the product distribution landscape: The era of convergence. Industry studies and media coverage tend to focus on product categories that are growing quickly and taking market share from others. But this 4 Exhibit 4: Hedge Funds Launched vs. Funds Liquidated dueling products perspective misses the critical point: the lines among customer segments, product categories, and packaging types are increasingly blurred. Our traditional siloed view of the world is quickly becoming obsolete. Convergence is the reality shaping our future. Looking beyond traditional boxes. In order to compete and innovate in a converging world, managers need to open up their thinking to a more investor-centric and intermediary-centric view. Rather than targeting product segments, managers need to engage in a more dynamic and strategic thought process, considering: Which pools of assets are most attractive? Which pools will continue to grow? Where is there a high level of demand relative to the number and strength of competitors? Which products are we best equipped to distribute in those pools? How well do our strengths and expertise fit what investors and intermediaries are seeking? In which market segments is there the greatest effective demand for our products? Within the traditional institutional pool, does it make sense to target corporate defined benefit plans, public plans, or endowments and foundations? Which is the best target in the institutional gatekeeper space, defined contribution plan alliances or variable annuity sponsors? In the individual market, are the best opportunities in the ultra high net worth, affluent, or emerging / mass affluent segment? Which distribution channels will enable us to reach those targeted segments? Is it best to go direct or to go through consultants, alliances, family offices, RIAs, or brokers? The answers will point managers to the best ways of packaging their investment expertise, whether it be as a mutual fund, ETF, SMA, or commingled fund. Packaging dictated by distribution channels. Ultimately, how an investment product is distributed will determine the best ways to package it. In the traditional institutional market, the best bet may be a separate account or a partnership. In the individual market it may be an ETF, mutual fund, or SMA. Packaging types such as mutual funds and separate accounts have long been described as business segments or channels in our industry. But these aren t channels; they are ways of packaging investment expertise. There is no such thing as an ETF or mutual fund or SMA channel because these packaging types are used in all investment pools and market segments (see Exhibit 5). Infrastructure demands. Once managers decide how to package their expertise for a given distribution channel, they must consider demands for customization and the related needs for operating technology and infrastructure. Platformitization of distribution. Open architecture has triumphed. But intermediaries now must do more than simply offer expanded product and manager choice. To differentiate their offerings, they need to add another layer of value with financial planning and asset allocation services. Power is shifting to intermediaries that build wealth management platforms providing one-stop shopping for a full range of products and services. These intermediaries are using institutional gatekeeper-type investment models and assessments to pick and choose the investment products they wish to offer. The effects are already being Product and Distribution Update: Looking Beyond the Headlines 4

5 seen in, for example, the declining number of funds per complex receiving positive net asset flows. The critical point is that while investors and intermediaries still want access to a variety of products, they will be cherry-picking the managers and products that best fit their models, as opposed to offering all the products a supplier provides. Given this and the trend toward bundling services for a single fee, pricing distinctions continue to fade and no-load funds continue to exhibit the fastest growth. A tilt toward outcomes. Overall, investor preferences are moving away from benchmarked, relative-return products and toward those with an absolute-return or outcome orientation. This means we can expect growing emphasis on asset allocation or lifestyle funds and other types of prepackaged investment advice products. The financial wellness bundle. More and more, investors are seeking to meet all their wealth management needs with a single bundle of products and services one going beyond investment performance to include tax and estate planning, insurance, and accounting. Those of us who manufacture investment products are now challenged to find ways of being embedded in this wealth management bundle. This process is driven by intermediaries based on financial goals, plans, and asset allocations specific to each client. This is the same trend that has spawned the Unified Managed Account, and it will continue to reshape the investment landscape. Exhibit 5: Investors and Channels Determine Product and Packaging Conclusion: Key Points to Keep in Mind The investment market remains fragmented with opportunities in all segments, but more and more investors and intermediaries will be focusing on investment outcomes and results rather than on relative performance and benchmarks. The product map continues to move away from accumulation-oriented vehicles to those aimed at capital preservation and retirement income. New market and product opportunities such as managed accounts will require different competitive attributes. The platformitization trend is both affecting shelf space and leading to deconstruction of the fund complex, since platform gatekeepers are increasingly inclined to select individual funds rather than fund families. The trend is also reshaping distribution opportunities. In this environment, small managers with specialized product offerings can be just as competitive as large organizations with broad capabilities. Major opportunities remain in alternatives, in exchange-traded products, and in international and global investing. Product and Distribution Update: Looking Beyond the Headlines 5

6 Sources 1-4. Source: SEI, Strategic Insights 5. Source: SEI, Pensions and Investments (December 25, 2006), Morgan Stanley Investment Strategies, Bloomberg, SIMFUND 6. Cerulli Associates, Source: SEI, Hedge Fund Research, Inc Source: SEI, Hedge Fund Research, Inc. ISSUES FOR 2007 Legal and regulatory change Business operations and outsourcing Marketing, sales, distribution Business strategy For more information, please contact: your SEI Relationship Manager or the SEI Knowledge Partnership at The Investment Manager Services unit is an internal business unit of SEI Investments Company. This information is provided for educational purposes only and is not intended to provide legal advice. SEI does not claim responsibility for the accuracy or reliability of the data provided. Information provided by SEI Global Services, Inc SEI Investments Developments, Inc. Product and Distribution Update: Looking Beyond the Headlines 6

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING.

J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. J.P. Morgan ETFs ANOTHER REASON TO PARTNER. ANOTHER WAY TO BENEFIT FROM OUR INVESTMENT THINKING. EXCHANGE-TRADED FUNDS ARE CHANGING THE WAY THE WORLD INVESTS and have quickly become one of the most popular

More information

Investment Education Series

Investment Education Series Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,

More information

options and the Financial Advisor www.optionseducation.org

options and the Financial Advisor www.optionseducation.org options and the Financial Advisor www.optionseducation.org Key Findings 2 How often and Why Advisors are using options 3 why options use is on the rise 8 why you need to offer options 10 Differences in

More information

Quick Poll: Technology Vital to Addressing Wealth Managers Concerns

Quick Poll: Technology Vital to Addressing Wealth Managers Concerns OpenWealth Quick Poll: Technology Vital to Addressing Wealth Managers Concerns Transaction Services Quick Poll: Technology Vital to Addressing Wealth Managers Concerns 3 Quick Poll: Technology Vital to

More information

Guide to Separately Managed Accounts

Guide to Separately Managed Accounts Guide to Separately Managed Accounts Tools to Better Shape Your Investment Future Not FDIC Insured May Lose Value No Bank Guarantee I N V E S T M E N T M A N AG E M E N T voyainvestments.com VoyaTM Investment

More information

A Winning Relationship. You, Your Advisor, and Schwab Advisor Services. For Clients of Independent Investment Advisors

A Winning Relationship. You, Your Advisor, and Schwab Advisor Services. For Clients of Independent Investment Advisors A Winning Relationship You, Your Advisor, and Schwab Advisor Services For Clients of Independent Investment Advisors Your advisor s expertise and Schwab s custody services come together to help protect

More information

The Cerulli Report Release The Evolving Retail Direct & Discount Brokerage Market: Distributing Through Third-Party Platforms

The Cerulli Report Release The Evolving Retail Direct & Discount Brokerage Market: Distributing Through Third-Party Platforms C e r u l l i The Cerulli Report Release a s s o c i a t e s T h e C e r u l l i R e p o r t This report defines, sizes, and analyzes the direct channel as it exists in today s financial services world.

More information

UMA Model Portfolios Professional Advice for Your Unified Managed Account

UMA Model Portfolios Professional Advice for Your Unified Managed Account UMA Model Portfolios Professional Advice for Your Unified Managed Account B The introduction of unified managed accounts has helped many investors to consolidate and streamline their investment portfolios.

More information

Hedge Funds. In Search of New Frontiers Fall 2006

Hedge Funds. In Search of New Frontiers Fall 2006 Funds In Search of New Frontiers Fall 2006 The Vanishing Frontier funds no can longer roam freely and prosper 1890 US Census: The Frontier is closed Frederick Jackson Turner: the frontier gave rise to

More information

Morgan Stanley Financials Conference

Morgan Stanley Financials Conference Morgan Stanley Financials Conference June 11, 2014 George R. Aylward President and Chief Executive Officer Important Disclosures This presentation contains statements that are, or may be considered to

More information

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence BRINKER CAPITAL OVERVIEW Helping You Invest with Confidence PARTIALLY INVESTED PERIODIC INVESTMENT FULLY INVESTED Unwavering Focus on Investment Excellence For more than 25 years, Brinker Capital has been

More information

2015 Research Catalog

2015 Research Catalog Launching a New Era of Research: Continuous Data Collection and Online Reporting Cogent Reports is proud to augment our 2015 product calendar with several powerful, new online research solutions, specifically

More information

US Futures Trading 2012: Buy-Side Demands in an Evolving Marketplace

US Futures Trading 2012: Buy-Side Demands in an Evolving Marketplace US Futures Trading 2012: Buy-Side Demands in an Evolving Marketplace February 2012 Executive Summary Author: Matthew Simon Futures markets are about to become a lot more competitive. As buy-side portfolio

More information

Redefining the Horizon: Shedding Light on Independent Advisor Access to Hedge Funds

Redefining the Horizon: Shedding Light on Independent Advisor Access to Hedge Funds Redefining the Horizon: Shedding Light on Independent Advisor Access to Hedge Funds by Matthias Paul Kuhlmey, Managing Director and Colin Healy, CIMA, Executive Director About HighTower HighTower is the

More information

Cerulli Advisor Survey Results

Cerulli Advisor Survey Results Cerulli Advisor Survey Results WWW.RISYMPOSIUM.COM Presented by: Topics Large-Scale Advisory Trends Changing Advice Dynamics Product Changes Asset Marketshare by Channel, 2010-2012E Channel 2010 2011E

More information

Portfolio Management Consultants Perfecting the Portfolio

Portfolio Management Consultants Perfecting the Portfolio Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes

More information

ETFs and their Place in the 401(k) Market

ETFs and their Place in the 401(k) Market ETFs and their Place in the 401(k) Market Agenda Unique benefits of ETFs Why ETFs in 401(k)? How does it work? How are advisors using ETFs? What s next? 2 AN INTRODUCTION TO ISHARES 1 The BlackRock - ishares

More information

OPTIONS AND THE FINANCIAL ADVISOR. www.optionseducation.org

OPTIONS AND THE FINANCIAL ADVISOR. www.optionseducation.org OPTIONS AND THE FINANCIAL ADVISOR www.optionseducation.org KEY FINDINGS 2 WHY AND HOW ADVISORS ARE USING OPTIONS 3 THE IMPORTANCE OF OPTIONS EDUCATION 6 THE VALUE OF THE OPTIONS INVESTOR 7 THE IMPACT OF

More information

Consulting Group: An Introduction

Consulting Group: An Introduction 2 Disciplined Investment Process 3 Investment Advisory Programs 5 Global Resources, Local Perspective product consulting group Consulting Group: An Introduction summary The last several years have proven

More information

BUILT FOR THESE TIMES

BUILT FOR THESE TIMES BUILT FOR THESE TIMES CREATING A BETTER FINANCIAL FUTURE At BlackRock, we are committed to providing the leadership and answers you need to navigate today s challenging markets. Since our founding nearly

More information

GOING HYBRID. Understand your options when building a hybrid RIA platform for your practice. HYBRID RIA KEY TAKEAWAYS

GOING HYBRID. Understand your options when building a hybrid RIA platform for your practice. HYBRID RIA KEY TAKEAWAYS GOING HYBRID Understand your options when building a hybrid RIA platform for your practice. HYBRID RIA KEY TAKEAWAYS Is the hybrid RIA platform right for your practice? What does hybrid mean? What are

More information

Social Media's Growing Influence Among High Net Worth Investors

Social Media's Growing Influence Among High Net Worth Investors Social Media's Growing Influence Among High Net Worth Investors Using social media to reach affluent investors and strengthen your brand May 2012 Chris Savio, Cogent Research Jake Raroque, Executive Summary

More information

ETF trends and market comparison US and Europe

ETF trends and market comparison US and Europe ETF trends and market comparison US and Europe This document is directed at professional investors and should not be distributed to, or relied upon by retail investors. The value of investments, and the

More information

Unified Managed Accounts An Investor s Guide

Unified Managed Accounts An Investor s Guide Briefing Unified managed accounts provide a consolidated approach to asset allocation, investment selection, account administration and performance reporting. Unified Managed Accounts An Investor s Guide

More information

2011 PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT CONFERENCE

2011 PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT CONFERENCE 2011 PENSIONS, RETIREMENT SECURITY, AND STRATEGIES FOR INVESTMENT CONFERENCE The Changing Landscape of Financial Service Providers: What Does It Mean for Investing for Security in Retirement? John F. Casey

More information

Client Profiling Asset Allocation Ongoing Monitoring Consolidated Statements Identifiable Fee Asset-Based Fee Managed Account Programs...

Client Profiling Asset Allocation Ongoing Monitoring Consolidated Statements Identifiable Fee Asset-Based Fee Managed Account Programs... 2010 Glossary of Terms Index of Terms Alternatives...4 Asset Manager Addressable Marketplace (AMAM)...4 Cerulli Scalable Advice Continuum...4 Guidance Mass Customized Guidance Modular Advice Ongoing Advice

More information

HARRIS INVESTOR SERVICES. Bruce Schwenger President & CEO

HARRIS INVESTOR SERVICES. Bruce Schwenger President & CEO HARRIS INVESTOR SERVICES Bruce Schwenger President & CEO May 1 and 2, 2003 Developing A Full Choice Investing Platform Brokerage arm of The Harris family of wealth management services Comprised of retail

More information

GLOBAL WEALTH & INSURANCE. September 25, 2013

GLOBAL WEALTH & INSURANCE. September 25, 2013 GLOBAL WEALTH & INSURANCE September 25, 2013 Global Wealth & Insurance Investor Day September 2013 Global Wealth Barb Mason Executive Vice President Global Wealth Management Agenda The business today Canada

More information

2015 Fee Study: Investors Are Driving Expense Ratios Down

2015 Fee Study: Investors Are Driving Expense Ratios Down Michael Rawson Analyst +1 12 696-6079 michael.rawson@morningstar.com Ben Johnson Director, Global ETF Research +1 12 84-4077 ben.johnson@morningstar.com Executive Summary Investors are paying less for

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

PATPATIA & ASSOCIATES, INC. The Advice-Embedded Paradigm: New Wealth Management Solutions

PATPATIA & ASSOCIATES, INC. The Advice-Embedded Paradigm: New Wealth Management Solutions PATPATIA & ASSOCIATES, INC. The Advice-Embedded Paradigm: New Wealth Management Solutions PATPATIA & ASSOCIATES, INC. The Changing Wealth Management Paradigm The wealth management marketplace has changed

More information

Retirement Solutions. Grow Your Retirement Business With Pershing. Your Business Without Limits TM

Retirement Solutions. Grow Your Retirement Business With Pershing. Your Business Without Limits TM Retirement Solutions Grow Your Retirement Business With Pershing Your Business Without Limits TM Grow Your Retirement Business With Pershing Open architecture platform Simplified account management Unbiased

More information

BRIDGING INVESTORS WITH INSTITUTIONAL SOLUTIONS

BRIDGING INVESTORS WITH INSTITUTIONAL SOLUTIONS BRIDGING INVESTORS WITH INSTITUTIONAL SOLUTIONS WE BELIEVE THE BRIDGE IS AN EXCELLENT METAPHOR FOR THE WORK WE DO AT FUND EVALUATION GROUP Premier portfolio management like superior bridge construction

More information

Do Hedge Funds Have An Edge Over Alternative Mutual Funds?

Do Hedge Funds Have An Edge Over Alternative Mutual Funds? May 2016 ALTERNATIVE PERSPECTIVES Do Hedge Funds Have An Edge Over Alternative Mutual Funds? The Case of Equity Long/Short Strategies Do Hedge Funds Have an Edge Over Alternative Mutual Funds? The concept

More information

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.

Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.

More information

Ameriprise Financial, Inc.

Ameriprise Financial, Inc. Ameriprise Financial, Inc. Barclays Global Financial Services Conference Supplemental Handout September 8, 2014 Copyright 2014 Ameriprise Financial, Inc. All rights reserved. Forward-looking statements

More information

Mergers and Acquisitions:

Mergers and Acquisitions: RIA Products + Services Mergers and Acquisitions: Top Trends and Best Practices for RIAs Advisors now have the tools to make key choices themselves, including investment choices, providing greater flexibility

More information

Paul Bennett. Senior Vice President and Chief Economist. New York Stock Exchange. Testimony before the

Paul Bennett. Senior Vice President and Chief Economist. New York Stock Exchange. Testimony before the Paul Bennett Senior Vice President and Chief Economist New York Stock Exchange Testimony before the U.S. Senate Banking Committee, Subcommittee on International Trade and Finance Hearing on Growth and

More information

Capital Markets Future of Investing. The Rise of Robo-Advice Changing the Concept of Wealth Management

Capital Markets Future of Investing. The Rise of Robo-Advice Changing the Concept of Wealth Management Capital Markets Future of Investing The Rise of Robo-Advice Changing the Concept of Wealth Management The concept of robo-advice the use of automation and digital techniques to build and manage portfolios

More information

Retail RIAs. Trend Setters and Distribution Opportunities

Retail RIAs. Trend Setters and Distribution Opportunities Retail RIAs Trend Setters and Distribution Opportunities October 28, 2005 Maturing Market, but Still Leads in Innovation and Presents Opportunities RIAs morph their practices to reinvent themselves, continue

More information

ETF Evolution: The Innovation of Exchange-Traded Funds

ETF Evolution: The Innovation of Exchange-Traded Funds Strategic Advisory Solutions September 2015 ETF Evolution: The Innovation of Exchange-Traded Funds Executive Summary Exchange-traded funds (ETFs) are investment funds traded on stock exchanges, much like

More information

Strategies for competing in the digital age

Strategies for competing in the digital age whitepaper Strategies for competing in the digital age Six key trends transforming asset management Digitization is rewriting the rules of competition in asset management. Given the speed at which technology

More information

LPL Financial Services

LPL Financial Services LPL Financial Services Mark S. Casady President & CEO November 2, 2005 Agenda Independent Advisor Market Segment LPL Financial Services Overview Industry Challenges LPL and Jackson National 2 Financial

More information

Is it time to hire a professional to manage your bonds?

Is it time to hire a professional to manage your bonds? Is it time to hire a professional to manage your bonds? Today s bond markets are more complex Finding the right bonds can be difficult. The bond markets are large and complex, and it takes a lot of homework

More information

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value Advisors Turn to ETF Managers Growing Assets and Increasing Client Value Advisor partnerships with ETF managers are on the rise ishares has tracked an increased number of advisors partnering with ETF managers.

More information

Mutual Funds and Other Investment Companies. Chapter 4

Mutual Funds and Other Investment Companies. Chapter 4 Mutual Funds and Other Investment Companies Chapter 4 Investment Companies financial intermediaries that collect funds from individual investors and invest in a portfolio of assets shares = claims to portfolio

More information

ALTERNATIVE INVESTMENTS: MYTHS & MISCONCEPTIONS

ALTERNATIVE INVESTMENTS: MYTHS & MISCONCEPTIONS ALTERNATIVE INVESTMENTS: MYTHS & MISCONCEPTIONS Many investors mistakenly think of alternative investments as being only for ultra-high-net-worth individuals and institutions. However, due to a number

More information

An Overview to Equity Services Incorporated

An Overview to Equity Services Incorporated An Overview to Equity Services Incorporated 30 % 64086 MK3302(0711) TC58836(0211) Putting ESI on the Map Nearly 600 registered representatives Of which, approximately 400 are Investment Adviser Representatives

More information

Mutual Fund Investing Exam Study Guide

Mutual Fund Investing Exam Study Guide Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed

More information

Collective Investment Trusts: The New Wave in Retirement Investing. May 2008

Collective Investment Trusts: The New Wave in Retirement Investing. May 2008 Collective Investment Trusts: The New Wave in Retirement Investing May 2008 Collective Investment Trusts: The New Wave in Retirement Investing The SEI Knowledge Partnership is an ongoing source of actionable

More information

Core/Satellite Investing

Core/Satellite Investing For professional investors only Core/Satellite Investing Core/satellite portfolio construction aims to combine the most effective characteristics of index and alpha-generating strategies offering flexibility

More information

IndexIQ. Smart solutions for better portfolios. by MainStay Investments

IndexIQ. Smart solutions for better portfolios. by MainStay Investments IndexIQ Smart solutions for better portfolios by MainStay Investments An Innovative Marriage of ETFs and Alternative Investments In recent years, exchange-traded funds (ETFs) have steadily grown in popularity.

More information

About Hedge Funds. What is a Hedge Fund?

About Hedge Funds. What is a Hedge Fund? About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost

More information

Schroders plc Bernstein Strategic Decisions Conference 1 October 2013

Schroders plc Bernstein Strategic Decisions Conference 1 October 2013 Schroders plc Bernstein Strategic Decisions Conference 1 October 2013 Massimo Tosato Executive Vice Chairman Schroders: a global business with AUM of over 255bn Depth and strength of investment resource:

More information

Are You in the Wrong Target-Date Fund?

Are You in the Wrong Target-Date Fund? Insights August 2014 Are You in the Wrong Target-Date Fund? Now Is a Good Time to Reevaluate TDFs may have different investment strategies, glide paths, and investment-related fees. Because these differences

More information

2014 KPMG UK Fiduciary Management Market Survey

2014 KPMG UK Fiduciary Management Market Survey INVESTMENT ADVISORY 2014 KPMG UK Fiduciary Management Market Survey November 2014 kpmg.com/uk 1 2014 KPMG UK FIDUCIARY MANAGEMENT MARKET SURVEY 2 The survey results presented are based on the responses

More information

Sandler O Neill Global Exchange & Brokerage Conference. June 6, 2013

Sandler O Neill Global Exchange & Brokerage Conference. June 6, 2013 Sandler O Neill Global Exchange & Brokerage Conference June 6, 2013 Disclaimer The following information contains certain forward-looking statements that reflect the Company's current views with respect

More information

UNDERSTANDING CLOSED-END FUNDS

UNDERSTANDING CLOSED-END FUNDS Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors

More information

Mutual Funds and Other Investment Companies Hedge Funds

Mutual Funds and Other Investment Companies Hedge Funds Mutual Funds and Other Investment Companies Hedge Funds Chapter 4 & 26 McGraw-Hill/Irwin Copyright 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Lecture outline Introduction of investment

More information

Investment Company Institute and the Securities Industry Association. Equity Ownership

Investment Company Institute and the Securities Industry Association. Equity Ownership Investment Company Institute and the Securities Industry Association Equity Ownership in America, 2005 Investment Company Institute and the Securities Industry Association Equity Ownership in America,

More information

It s a BIG opportunity.

It s a BIG opportunity. IRA Rollover Dynamics 2008 Market Sizing, Benchmarks, & Best Practices It s a BIG opportunity. How will you compete for IRA Rollovers? IRA Rollover Dynamics 2008 explores best practices and approaches

More information

CI LifeCycle Portfolios

CI LifeCycle Portfolios Portfolios Portfolios Portfolios are sophisticated multi-asset class, multi-manager target date retirement funds offered exclusively by CI Institutional Asset Management as an option for pension plan sponsors

More information

MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES

MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES 0 MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES 1 MONETARY AUTHORITY OF SINGAPORE Contents Foreword 2 About the Survey 5 Survey Findings

More information

How to Grow? We analyzed the top decile advisors versus the overall advisor peer universe on their ability to outperform in five key growth areas:

How to Grow? We analyzed the top decile advisors versus the overall advisor peer universe on their ability to outperform in five key growth areas: July 2015 In May, Envestnet launched an initiative called ENVESTAT to provide an industry analytics platform delivering insights, trends, and predictions about investor behavior and advisory practices.

More information

European ETFs: A Market Ripe for Consolidation

European ETFs: A Market Ripe for Consolidation December 2014 European ETFs: A Market Ripe for Consolidation Levi-Sergio MUTEMBA Abstract More than 20 exchanges versus three in the United States. Multiple regulations versus a single one in the US. Several

More information

Weighing the Alternatives: Do Non-Traditional Investments Have a Place in an IRA?

Weighing the Alternatives: Do Non-Traditional Investments Have a Place in an IRA? According to new research from Cerulli Associates, most financial service professionals now incorporate alternative investment vehicles into their clients portfolios. In the research firm s new report,

More information

Diversified Managed Allocations

Diversified Managed Allocations Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to

More information

Market Overview. September 23, 2004

Market Overview. September 23, 2004 Market Overview September 23, 2004 Agenda Overview : US Market Annuity Sales Annuity Market Competition AXA Financial Annuity Market Share and Rank Life Sales Life Insurance Market Competition AXA Financial

More information

Social Metrics in Investing: The Future Depends on Financial Outperformance and Leadership

Social Metrics in Investing: The Future Depends on Financial Outperformance and Leadership Community Development INVESTMENT REVIEW 59 Social Metrics in Investing: The Future Depends on Financial Outperformance and Leadership Introduction Allison Duncan, Amplifier Strategies Georgette Wong, Take

More information

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios

Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Adviser Guide to the Select Multi-Asset Portfolios - Select Defensive and Select Growth Portfolios Leading the way in multi-asset portfolios since 2002 Contents Why consider multi-asset portfolios? What

More information

A Big Opportunity: Microsoft Advisor Platform & Salentica

A Big Opportunity: Microsoft Advisor Platform & Salentica A Big Opportunity: Microsoft Advisor Platform & Salentica Driving Microsoft product stack to help wealth management firms meet today s challenges Prepared by: Bill Rourke, Salentica Brad Prodger, Microsoft

More information

The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer

The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer Author: Brooks Friederich, Senior Investment Analyst, Envestnet PMC FOR HOME OFFICE AND ADVISOR USE ONLY-NOT FOR USE WITH THE INVESTING

More information

STRATEGIES FOR ADAPTING AND REMODELING ACTIVITIES IN ROMANIAN INSURANCE COMPANIES

STRATEGIES FOR ADAPTING AND REMODELING ACTIVITIES IN ROMANIAN INSURANCE COMPANIES DIANA MIRUNA HANCU STRATEGIES FOR ADAPTING AND REMODELING ACTIVITIES IN ROMANIAN INSURANCE COMPANIES Ph.D. Thesis - SUMMARY - Ph.D. Coordinators: Prof. Dan CÂNDEA, Ph.D. Prof. Dumitru MATIŞ, Ph.D. 2009

More information

Investment Technology Group Investor Overview

Investment Technology Group Investor Overview Investment Technology Group Investor Overview ITG Inc., member NASD, SIPC. 2006 All rights reserved. Not to be reproduced without permission. 91306-61314 Safe Harbor Statement This document may contain

More information

Credit Suisse 2014 Financials Conference

Credit Suisse 2014 Financials Conference Credit Suisse 2014 Financials Conference Gregory J. Fleming President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management February 12, 2014 Notice The information provided herein

More information

Positioning Life Insurance Opportunities. A simple way to tell a compelling story

Positioning Life Insurance Opportunities. A simple way to tell a compelling story Positioning Life Insurance Opportunities A simple way to tell a compelling story Table of Contents Three Buckets... 2 Supporting Tools & Resources... 5 Consumption... 6 Life Insurance Retirement Planning

More information

1 2 3 4 5 6 Say that you need to generate $4,000 per month in retirement and $1,000 will come from social security and you have no other pension. This leaves $3,000 per month, or $36,000 per year, that

More information

Using tactical investing to preserve and grow client wealth.

Using tactical investing to preserve and grow client wealth. Using tactical investing to preserve and grow client wealth. 1 Because we believe that stock prices reflect known information, our quantitative bottom-up approach offers our clients an efficient investment

More information

Finding the retirement planning sweet spot

Finding the retirement planning sweet spot Finding the retirement planning sweet spot By Jenny Ivy Published July 1, 2009 It s all blowing up; Which is good and bad for the independent broker/dealer space. An unprecedented recruiting environment,

More information

Trust Services at Merrill Lynch. Estate Planning Services

Trust Services at Merrill Lynch. Estate Planning Services Trust Services at Merrill Lynch Estate Planning Services Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and

More information

Options for Independence : content, coverage, and investment access

Options for Independence : content, coverage, and investment access Winter 2012 Options for Independence : content, coverage, and investment access Introduction Meeting the fi nancial needs of today s high-net-worth individuals often requires use of a range of investment

More information

The Search for Yield Continues: A Re-introduction to Bank Loans

The Search for Yield Continues: A Re-introduction to Bank Loans INSIGHTS The Search for Yield Continues: A Re-introduction to Bank Loans 203.621.1700 2013, Rocaton Investment Advisors, LLC Executive Summary With the Federal Reserve pledging to stick to its zero interest-rate

More information

Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry. Hawkeye Partners January 2012

Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry. Hawkeye Partners January 2012 Page 1 Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry Introduction Hawkeye Partners January 2012 Investors today are faced with challenges resulting from the continued

More information

Global Corporate and Institutional Advisory Services (GCIAS)

Global Corporate and Institutional Advisory Services (GCIAS) Global Corporate and Institutional Advisory Services (GCIAS) GCIAS 3455 Peachtree Road NE, Suite 1000 Atlanta, GA 30326 Toll-free: 888.763.2327 Merrill Lynch Wealth Management makes available products

More information

Interest Rates and Inflation: How They Might Affect Managed Futures

Interest Rates and Inflation: How They Might Affect Managed Futures Faced with the prospect of potential declines in both bonds and equities, an allocation to managed futures may serve as an appealing diversifier to traditional strategies. HIGHLIGHTS Managed Futures have

More information

Operational Assessment: An Essential Step in Establishing an Efficient Operational Infrastructure

Operational Assessment: An Essential Step in Establishing an Efficient Operational Infrastructure Operational Assessment: An Essential Step in Establishing an Efficient Operational Infrastructure From rising investor expectations to new regulatory requirements, more and more is being demanded from

More information

Fixed Income ETFs: Navigating Today s Trading Environment

Fixed Income ETFs: Navigating Today s Trading Environment Fixed Income ETFs: Navigating Today s Trading Environment Karen Schenone, CFA Vice President, ishares Fixed Income Strategy Khoabane Phoofolo Vice President, ishares Capital Markets Today s Speakers Karen

More information

Modernizing Portfolio Theory & The Liquid Endowment UMA

Modernizing Portfolio Theory & The Liquid Endowment UMA Modernizing Portfolio Theory & The Liquid Endowment UMA Michael Featherman, CFA Director of Portfolio Strategies November 2012 Modern Portfolio Theory Definition and Key Concept Modern Portfolio Theory

More information

What s in a Name: White-Label Funds in DC Plans

What s in a Name: White-Label Funds in DC Plans What s in a Name: White-Label Funds in DC Plans October 2014 Hewitt EnnisKnupp, An Aon Company 2014 Aon plc What s in a Name? That which we call a rose by any other name would smell as sweet. Much like

More information

Wealth Management and Securities Services

Wealth Management and Securities Services U.S. Bancorp Investor Day Wealth Management and Securities Services Terry Dolan Vice Chairman September 12, 2013 # Forward-looking Statements and Additional Information The following information appears

More information

Private Equity Liquidity: A Work in Progress

Private Equity Liquidity: A Work in Progress Private Equity Liquidity: A Work in Progress The phrase private equity liquidity once felt like an oxymoron, but the picture is rapidly changing Liquidity has traditionally meant something very different

More information

Alternate Routes: Four Ways Alternatives can Optimize a Portfolio

Alternate Routes: Four Ways Alternatives can Optimize a Portfolio Asset allocation will always be the foundation for sound portfolio construction. How those assets should be allocated, however, is evolving as time and markets change. Since the first applications of Modern

More information

CREATE YOUR OWN INVESTMENT FUND

CREATE YOUR OWN INVESTMENT FUND PA N TO N E May 2006 Integrated Solutions For Wealth Managers CREATE YOUR OWN INVESTMENT FUND by Mark A. Barnicutt, MBA, CFP, CFA PRESIDENT, GRAEDEN HALL INC. OVERVIEW KEY DESIGN FEATURES BENEFITS OF HAVING

More information

95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years

95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years 18th Annual Global CEO Survey Redefining competition in a world without boundaries 95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years 82% of asset

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

Wealth Management Solutions

Wealth Management Solutions Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to

More information

Master Limited. canterburyconsulting.com. CanterburyConsulting Notes from the Investment Office 1

Master Limited. canterburyconsulting.com. CanterburyConsulting Notes from the Investment Office 1 canterburyconsulting.com 2015 Master Limited The answer to this topic which has been the source of much debate, dialogue, and division lies in proper education and personal choice. Partnerships Master

More information

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015

Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch. A Client Disclosure Pamphlet February 2015 Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet February 2015 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park

More information

DST Systems Inc. Avondale Partners Investor Meeting March 5, 2013

DST Systems Inc. Avondale Partners Investor Meeting March 5, 2013 DST Systems Inc. Avondale Partners Investor Meeting March 5, 2013 2013 DST Systems, Inc. 2012 All rights DST Systems, reserved. Inc. All rights reserved. Disclaimer Our presentation may include forward

More information

Financial Strategies for the 21st Century

Financial Strategies for the 21st Century 2 The Life Cycle 2 The Wealth Management Model 3 Putting the Pieces Together online report consulting group Strategies for the 21st Century summary a brief introduction to managing your wealth While individuals

More information