Retire In Peace (RIP) Selecting a sustainable Retirement Income Proposition

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Retire In Peace (RIP) Selecting a sustainable Retirement Income Proposition"

Transcription

1 Retire In Peace (RIP) Selecting a sustainable Retirement Income Proposition Prepared for Professional Clients only Any views and opinions are those of the presenter, unless otherwise noted and is not investment advice.

2 Learning objectives Common strategies determining how best to generate income at retirement Sustainable withdrawal rates and the key challenges associated: longevity, inflation and pound cost ravaging The practical application of investment strategies to generate income at retirement 2

3 Annuity rates are depressed Annuity rates 1 Source:1. 18/02/16. Annuity cost = 100,000. Based on 65 year old male, single life, no escalation or guarantees and no tax-free cash (PCLS) taken. 3

4 Radical changes to UK Pensions Flexible access to pensions from 55 TAX Death tax pre 75 abolished Pension income (drawdown) restrictions abolished Access to guidance A massive opportunity for advice 4

5 Centralised Retirement Proposition From CIP to CRP Drawdown was about 5% of adviser business in 2014 By 2024, drawdown could be 80% of adviser business* 97% use Centralised Investment Propositions (CIPs) as risk rated solutions for wealth accumulation** Risk rated CIPs will not be fit for purpose as a decumulation alternative to annuities says evalue *Source: Standard Life, June 25, 2015, published in Retirement Planner **Source: evalue survey of 4,500 advisers, published 14/05/15 5

6 Don t just chase the best performers. In Accumulation destination is key. In Decumulation journey is key. No withdrawals Simulated Example 50,000 per annum withdrawals Simulated Example 3,000, ,200, ,500, ,000, ,000, ,500, , , ,000, , , , FUND A FUND B - FUND A FUND B Fund B has a higher annual return (5.42% vs 5.11%) Over a 20 year period, this adds up to significant outperformance (168% vs 139%) It outperforms A in 11 of 20 years For illustrative purposes only When selling units for income, end result is counterintuitive Fund A outperforms this time Check volatility profile if selling units or use income for income 6

7 Selecting a sustainable withdrawal strategy Eating into capital but at what pace?

8 Sustainable Withdrawal Rates Methods for calculating systematic withdrawals vary Static versus market-sensitive % initial balance versus % current balance Indexing for inflation Experts disagree on what constitutes a safe or sustainable withdrawal rate 8

9 Risk of Ruin % Figure 1 Sustainable Inflation-Adjusted Withdrawal Strategies For Different Retirement Lengths and Failure Rates For a 40% Fixed Stock Allocation and Market Assumptions Defined in Text years Source: Retirement Lengths, Withdrawal Rates, and Failure Probabilities, by Wade Pfau, Ph.D., CFA, July 19, 2013, CFA and Chartered Financial Analyst are registered trademarks owned by CFA Institute 9

10 Sustainable Withdrawal Rate: Longevity Considerations Within 20 years 30% of the UK population will be over 65 Life expectancy at age in 5 1 in years 21.1 years Men Women Sources: ONS

11 Inflation Risk: Loss of Purchasing Power Loss of Purchasing Power over 30 Years For illustrative purposes only 11

12 The Implications of Pound Cost Ravaging Beginning Balance: 100,000 Annual Distribution: 5,000 Average Annual Return: 7% Time Horizon: 30 Years 25% 20% Portfolio Value 15% YR. 20: 167,639 10% YR. 25: 204,357 YR. 30: 256,205 Return 5% 0% -5% Portfolio Value -10% YR. 20: 22,481-15% YR. 25: 5,014 YR. 30: 0-20% Years For illustrative purposes only 12

13 Strategies to help manage pound cost ravaging Low volatility strategies at the core To counter the prospect of pound cost ravaging, low volatility strategies can be used to help protect capital Potentially losing out on upside But capital protection and income/lifestyle maintained Aiming to deliver a positive return in all market conditions, although this is not guaranteed 13

14 Newton Real Return Fund Investment objective Performance aim A total return comprised of long-term capital growth and income by investing in a broad multi-asset portfolio The Fund aims to deliver a minimum return of cash (1 month GBP LIBOR) +4% per annum over 5 years before fees. In doing so, the Fund aims to achieve a positive return on a rolling three year basis. However, a positive return is not guaranteed and a capital loss may occur. Launch date 1 September 1993 An unconstrained active multi-asset strategy seeking lower volatility Emphasis on long term investing and with an aim of capital preservation Top tier, London based investment house with over 30 years of global fund management expertise Newton is renowned for its distinctive and proven global thematic investment approach, which is consistently applied across all strategies Dedicated global research analysts drive the Fund s investment policy Transparent, single portfolio of direct, liquid investments Maximum flexibility at the portfolio construction level; emphasis on traditional asset classes no asset allocation constraints 14

15 Newton Real Return Fund Calendar year results since inception (31 March 2004) Newton Real Return Fund 1 month GBP LIBOR + 4%¹ (%) MSCI World (NR GBP)² CY volatility Since inception (annualised) Portfolio (%) MSCI World Index NDR (%) Notes: 1. The fund has a performance reference of cash (1 month GBP LIBOR) +4% per annum over 5 years before fees. 2. Comparisons are made to demonstrate correlation only and are for illustrative purposes only. 3. Calendar year volatility calculated using monthly data points. Source: Newton, as at 30 April March 2004 to 31 December 2004 Source: Newton, as at 30 April 2016, net of fees, COB prices 15

16 Selecting a Retirement Income Strategy Is there a different way to produce income without eating into capital?

17 Retirement Income Proposition Practical, easy to implement Distinct from growth strategy Opportunity to charge appropriate fee Need Income source Reason for inclusion Fun Factor Low volatility fund - unit encashment Multi-Asset income fund - natural income Growth (Capital Preservation) + Income top up Income and Growth Eat & Heat Guaranteed Income Product / Annuity State Pension Income certainty Income certainty 17

18 Strategies to offer both Income and Growth Potential Addressing Income needs and Legacy Planning Using Income for Income Draw the income generated from underlying investments - Leave capital intact to (hopefully) grow If natural yield insufficient, can withdraw capital but clearly inherent risks - Pound cost ravaging 18

19 The Benefits of Income-Yielding Assets vs Unit Encashment Markets Rise Income remains stable Markets Fall Income remains stable Year 1 Year 2: markets rise Year 1 Year 2: markets fall Share price No. of shares 100, ,000 Capital value 100, ,000 Dividend per share 5p 5p Yield 5% p.a. 4.2% p.a. Income 5,000 5,000 Share price No. of shares 100, ,000 Capital value 100,000 80,000 Dividend per share 5p 5p Yield 5% p.a. 6.3% p.a. Income 5,000 5,000 Source: BNY Mellon research, May For illustrative purposes only. 19

20 Newton Multi-Asset Income Fund Strategy type Objective Income reference Global multi-asset income To provide income with the potential for capital growth 60% equities 40% bonds 1 Wide range of assets can invest in: Cash Corporate bonds Derivatives Equities Government bonds Convertible bonds / preference shares Alternatives Aims to yield 30% more than reference yield Paid quarterly A fully flexible multi-asset strategy Emphasis on long term investing and focus on income Single portfolio aiming to source the best income producing opportunities across asset classes and the capital structure Note: 1 The 60% MSCI AC World, 40% hedged BoA ML global broad market index is used as a comparative index for this strategy. The strategy does not aim to replicate either the composition or the performance of the comparative index The power of perspective, income and flexibility 20

21 Income diversification has moved on 21

22 Diversified source of income For illustrative purposes only. Source; Newton as at 30 June

23 Track record, 5 February 2015 to 31 July 2016 Newton Multi-Asset Income Fund Cumulative total return (%) Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Note: 1 Actual income received pro rata over the month received for illustrative purposes Source: Newton as at 31 July 2016 Total return Actual income received¹

24 Implementing a Retirement Income Proposition Hybrid arrangements Combining secure income with growth potential

25 Inheritance Planning Why to leave a legacy? Death tax pre 75 abolished means increased importance on inheritance planning via pension Rising house prices making it even more difficult for first time buyers: Average UK house price 189k¹ Average UK income 27.6k¹ University fees; the average student now graduates with > 40k debt Average wedding > 20k 1. Source: accessed 9 May

26 Retirement Income Proposition 300k starting capital, 20k income per annum needed with legacy Need Income source Starting Capital Income per annum Capital after 18 years - historic average Capital after 18 years - conservative Fun Factor Newton Real Return (unit encashment) Newton Multi-Asset Income (natural income) 125,000 4, ,400¹ 142,119² 125,000 5,528³ 300,827⁴ 194,957⁵ Eat & Heat Annuity 50,000 2, State Pension 0 8, ,000 20, , ,077 ¹ Based on annualised growth rate of 7.57% since inception to 31/08/16, adjusted for units sold, net of fees ² Based on annual growth rate 50% lower than historic average (inception to 31/08/16) i.e. 3.79%, adjusted for units sold, net of fees ³ Income earned over one year to 31/08/16 ⁴ Based on annual capital growth rate of 5% since inception to 31/08/16 with income not reinvested, net of fees ⁵ Based on annual capital growth rate 50% lower than historic average (inception to 31/08/16) i.e. 2.5% with income not reinvested, net of fees 26

27 Summary A changing proposition for changing times In Accumulation, destination is key. (CIP) In Decumulation, journey is key. (CRP) Select a sustainable retirement income strategy, the power of the blend: Guaranteed Income to cover the income essentials Income top up via: > Natural Income to allow growth potential > Low volatility strategy for unit encashment 27

28 Learning objectives Common strategies determining how best to generate income at retirement Sustainable withdrawal rates and the key challenges associated: longevity, inflation and pound cost ravaging The practical application of investment strategies to generate income at retirement 28

29 Important Information Past performance is not a guide to future performance. The value of investments can both fall and rise. Investors may not get back the amount invested. Income from investments may vary and is not guaranteed. For Professional Clients only. This is a financial promotion and is not investment advice. For a full list of risks applicable to these funds, please refer to the Prospectus. Investors should read the Prospectus and KIID for each fund in which they want to invest. Go to Investments should not be regarded as short-term and should normally be held for at least five years. The Funds are sub-funds of BNY Mellon Investment Funds, an open-ended investment company with variable capital (ICVC) with limited liability between sub-funds. Incorporated in England and Wales: registered number IC27. The Authorised Corporate Director (ACD) is BNY Mellon Fund Managers Limited (BNY MFM), incorporated in England and Wales: No Registered address: BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Authorised and regulated by the Financial Conduct Authority. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and its subsidiaries. Issued in the UK by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No Authorised and regulated by the Financial Conduct Authority. PRE00306, exp 31/8/

OUR GUIDE TO EQUITY INCOME INVESTING INCOME GENERATION COVERED FROM EVERY ANGLE

OUR GUIDE TO EQUITY INCOME INVESTING INCOME GENERATION COVERED FROM EVERY ANGLE OUR GUIDE TO EQUITY INVESTING GENERATION COVERED FROM EVERY ANGLE FIRST THINGS FIRST: DECIDING WHAT YOU WANT FROM YOUR INVESTMENTS Put simply, people usually invest their money in funds in order to help

More information

Newton Global Dynamic Bond Fund

Newton Global Dynamic Bond Fund Newton Investment Management Newton Global Dynamic Bond Fund For professional investors only. This document is for Australian and New Zealand wholesale clients only. Please read the important disclosures

More information

Equities has the market stabilised towards long-term sustainable returns?

Equities has the market stabilised towards long-term sustainable returns? Equities has the market stabilised towards long-term sustainable returns? Jeff Munroe Investment leader, global equities Newton Investment Management 23 October 2014 Prepared for Professional Clients only.

More information

NEWTON GLOBAL HIGH YIELD BOND FUND

NEWTON GLOBAL HIGH YIELD BOND FUND QUARTERLY INVESTMENT REPORT PREPARED FOR PROFESSIONAL CLIENTS ONLY // AS AT 30 SEPTEMBER 2015 NEWTON GLOBAL HIGH YIELD BOND FUND PERFORMANCE DISCLOSURE Past performance is not a guide to future performance.

More information

Are you protected against market risk?

Are you protected against market risk? Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the

More information

Your Complete Investment Solution taking care of you...

Your Complete Investment Solution taking care of you... investment funds Your Complete Investment Solution taking care of you... Introduction New Ireland is one of the leading providers of investment solutions within the Irish market today. We offer a range

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

When rates rise, do stocks fall?

When rates rise, do stocks fall? PRACTICE NOTE When rates rise, do stocks fall? The performance of equities and other return-seeking assets in rising and falling interest rate scenarios, January 1970 through September 2013 William Madden,

More information

Investing in Bonds challenges and opportunities in 2015

Investing in Bonds challenges and opportunities in 2015 For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is

More information

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING The Australian fixed income market vs the Australian share market The Australian share market is dynamic. On any given trading day, share prices may move rapidly

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

High total returns and attractive income from bonds

High total returns and attractive income from bonds High total returns and attractive income from bonds Q&A roadshow 2016 #QAroadshow2016 Michael Scott Portfolio Manager June 2016 For professional advisers only. This material is not suitable for retail

More information

Finding the fix for fixed income. John Stopford Co-Head of Multi-Asset, Portfolio Manager

Finding the fix for fixed income. John Stopford Co-Head of Multi-Asset, Portfolio Manager Finding the fix for fixed income John Stopford Co-Head of Multi-Asset, Portfolio Manager The need for income is increasing It s not just a developed market issue Projected demographic changes across male*

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Equity income and passive investing

Equity income and passive investing Equity income and passive investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to,

More information

BRINGING INSIGHT INVESTMENT S SPECIALIST CAPABILITIES TO A BROADER AUDIENCE PREPARED FOR PROFESSIONAL CLIENTS ONLY

BRINGING INSIGHT INVESTMENT S SPECIALIST CAPABILITIES TO A BROADER AUDIENCE PREPARED FOR PROFESSIONAL CLIENTS ONLY BRINGING INSIGHT INVESTMENT S SPECIALIST CAPABILITIES TO A BROADER AUDIENCE PREPARED FOR PROFESSIONAL CLIENTS ONLY BNY MELLON IN FACTS AND FIGURES BNY Mellon is the corporate brand of The Bank of New York

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies

Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Aurora Updates Aurora Dividend Income Trust (Managed Fund) vs. Listed Investment Companies Executive Summary 21 January 2014 The Aurora Dividend Income Trust (Managed Fund) is an efficient and low risk

More information

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015

INVESTING YOUR SUPER. This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 This document forms part of the NGS Super Member Guide (Product Disclosure Statement) dated 14 August 2015 INVESTING YOUR SUPER FACT SHEET 5 14 AUGUST 2015 NGS Super offers you flexibility and choice when

More information

DYNAMIC DIVERSIFIED FUND

DYNAMIC DIVERSIFIED FUND DYNAMIC DIVERSIFIED FUND The Right Assets at the Right Time The SSgA Dynamic Diversifed Fund uses proven market-aware intelligence to dynamically adjust asset allocation ensuring you are in the right assets

More information

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED

Investing for a brighter future. Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Investing for a brighter future Stocks and Shares ISAs explained 1 STOCKS AND SHARES ISAS EXPLAINED Contents 03 What is a stocks and shares ISA? 04 How much can I invest? 05 Why invest in a stocks and

More information

Short report For the period ended 31 Dec 2015

Short report For the period ended 31 Dec 2015 Short report For the period ended 31 Dec 2015 Short reports Architas Diversified Global Income Fund For the period ended 31 Dec 2015 Investment objective The aim of the Fund is to provide you with an income,

More information

What are you looking for in a European equity fund?

What are you looking for in a European equity fund? What are you looking for in a European equity fund? Discover what Capital Group European Growth and Income Fund (LUX) could offer. FOR PROFESSIONAL INVESTORS ONLY Morningstar Category: Europe Large-Cap

More information

Simplified Prospectus

Simplified Prospectus Simplified Prospectus River and Mercantile Funds ICVC Incorporating the River and Mercantile UK Equity High Alpha Fund; the River and Mercantile UK Equity Smaller Companies Fund; the River and Mercantile

More information

SCHRODER INVESTMENT MANAGEMENT (LUXEMBOURG) S.A. Disclosure and disclaimers to the dividend calendar:

SCHRODER INVESTMENT MANAGEMENT (LUXEMBOURG) S.A. Disclosure and disclaimers to the dividend calendar: SCHRODER INVESTMENT MANAGEMENT (LUXEMBOURG) S.A. Disclosure and disclaimers to the dividend calendar: Distribution frequency Dividends will be declared as annual dividends or may be paid more frequently

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

SLVO Silver Shares Covered Call ETN

SLVO Silver Shares Covered Call ETN Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver

More information

Vanguard Target Retirement Funds

Vanguard Target Retirement Funds Vanguard Target Retirement Funds Help your clients reach their retirement goals This document is directed at professional investors and should not be distributed to, or relied upon by, retail investors.

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

Newton Global Emerging Markets strategy

Newton Global Emerging Markets strategy Newton Global Emerging Markets strategy For professional investors only. This document is for n and New Zealand wholesale clients only. Compared to more established economies, the value of investments

More information

OPTIMIZING RETIREMENT INCOME BY COMBINING ACTUARIAL SCIENCE & INVESTMENTS

OPTIMIZING RETIREMENT INCOME BY COMBINING ACTUARIAL SCIENCE & INVESTMENTS OPTIMIZING RETIREMENT INCOME BY COMBINING ACTUARIAL SCIENCE & INVESTMENTS OneAmerica is the marketing name of the companies of OneAmerica. Lifetime Sequence of Returns Risk 16 Explanatory Power for Each

More information

Assumptions for financial planning. Robert Lockie FIFP CFP CM

Assumptions for financial planning. Robert Lockie FIFP CFP CM Assumptions for financial planning Robert Lockie FIFP CFP CM You don t need assumptions if you can reliably and consistently predict the future General considerations Real or nominal? Forward-looking Pre-

More information

The Investors Dilemma

The Investors Dilemma The new world of equity risk management The Investors Dilemma March 2015 Disclaimer Investment Manager: Perennial Investment Partners Limited ABN 59 087 901 620, AFSL No. 238763 ( Perennial ). Sub Manager:

More information

Justifying the investment budget

Justifying the investment budget Justifying the investment budget Professional Pensions DC Conference, 12 April 2016 Tim Horne DC Investment Solutions Manager, Schroders For professional investors only. This material is not suitable for

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Investment risk Balancing investment risk and potential reward

Investment risk Balancing investment risk and potential reward Investment risk Balancing investment risk and potential reward This guide has been produced for educational purposes only and should not be regarded as a substitute for investment advice. Vanguard Asset

More information

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information

Top performing diversified growth & income fund

Top performing diversified growth & income fund Premier Multi-Asset Growth & Income Fund Top performing diversified growth & income fund WINNER Managed Income Premier Multi-Asset Growth & Income A MONEY OBSERVER MONEYOBSERVER MONEY OBSERVER RATED FUND

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management 2 With bond yields near 60-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate

More information

Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14

Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14 Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14 Disclaimers The content of this presentation is for informational purposes only. This information does not constitute investment

More information

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT CONTENTS My Future 2 Your Family 2 Your Property 3 Your Assets 3 Your Future Summary 4 Your Retirement 4 Your Future Income 5 Details & Events

More information

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed

More information

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

METLIFE FUND LIST FOR NEW INVESTMENT

METLIFE FUND LIST FOR NEW INVESTMENT METLIFE FUND LIST FOR NEW INVESTMENT RETIREMENT PORTFOLIO - INVESTMENT BOND PORTFOLIO - TRUSTEE RETIREMENT PORTFOLIO - ISA PORTFOLIO MAY 2016 Contents 1 Introduction 3 2 Managing risk in investment management

More information

Best Practices in Retirement Planning

Best Practices in Retirement Planning Best Practices in Retirement Planning Wade D. Pfau, Ph.D., CFA The American College instream Solutions McLean Asset Management Retirement Researcher blog (www.retirementresearcher.com/blog) Retirement

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution.

Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution. Putnam Retirement Advantage Funds Featuring a distinctive glide path to pursue better risk-adjusted returns for retirement investors For dealer use only. Not for public distribution. Putnam manages money

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

Evolution of GTAA Investment Styles. In This Issue: June 2012

Evolution of GTAA Investment Styles. In This Issue: June 2012 June 2012 ALPHA GROUP TOPIC The Alpha Group researches investment managers. In This Issue: n Evolution of GTAA Investment Styles n Risk-Parity vs. GTAA Managers n Implementation n Investing in a GTAA Strategy

More information

AFMAXX 457(b) Group Variable Annuity - American Fidelity Separate Account C * May 31, 2016 Monthly Performance

AFMAXX 457(b) Group Variable Annuity - American Fidelity Separate Account C * May 31, 2016 Monthly Performance May 3, 206 Monthly Performance Annuities can provide an effective and systematic method of saving for retirement. Variable annuities offer growth potential which can help build wealth by keeping up with

More information

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust

More information

PH&N LifeTime Funds. Investment Guide

PH&N LifeTime Funds. Investment Guide Investment Guide PH&N LIFETIME FUNDS Your One-Fund Retirement Solution A Leading Global Asset Manager for Canadian Investors Established in 1964, Phillips, Hager & North Investment Management (PH&N IM)

More information

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE BOND FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

CSOP WTI Oil Annual Roll December Futures ER ETF. www.csopasset.com^

CSOP WTI Oil Annual Roll December Futures ER ETF. www.csopasset.com^ IMPORTANT: Investments involve risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the

More information

Principles for investment success. We believe you will give yourself the best chance of investment success if you focus on what you can control

Principles for investment success. We believe you will give yourself the best chance of investment success if you focus on what you can control Principles for investment success We believe you will give yourself the best chance of investment success if you focus on what you can control Important information This guide has been produced for educational

More information

SHORT DURATION BONDS

SHORT DURATION BONDS SHORT DURATION BONDS Our Short Duration Bond Fund range RL Short Duration Gilt Fund RL Short Duration Global Index Linked Bond Fund RL Short Duration Credit Fund RL Duration Hedged Credit Fund RL Short

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest

More information

Premier Asset Management The Income conundrum

Premier Asset Management The Income conundrum Premier Asset Management The Income conundrum January 2015 For professional adviser use only and not for distribution to retail investors The income conundrum Over 80% of the World s assets will be owned

More information

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5.

Stable Value Option. New York Life Insurance Company Anchor Account III As of 9/30/2011 INVESTMENT OBJECTIVE SECTOR DIVERSIFICATION. Cash --- 5. Stable Value Option The Stable Value Option seeks to provide a low-risk stable investment, offering competitive yields and limited volatility, with guarantee of principal and accumulated interest. Until

More information

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015 RBS Stakeholder Investment Fund ICVC Annual Short Report for the year ended 31 March 2015 Table of Contents Report of the Authorised Corporate Director 1 Economic and Market Overview 2 Statistics 3 Major

More information

Severn Trent Group Personal Pension

Severn Trent Group Personal Pension Severn Trent Group Personal Pension May 2014 Note: We cannot provide individual financial planning advice Severn Trent Group Personal Pension 1. Who s BlackRock? 2. How can I plan for my retirement? 3.

More information

How equity income funds can provide regular and higher income with lower volatility for investors. Patrick Noble August 2009

How equity income funds can provide regular and higher income with lower volatility for investors. Patrick Noble August 2009 How equity income funds can provide regular and higher income with lower volatility for investors Patrick Noble August 2009 1 Important Information This information is general in nature and does not take

More information

Asset Allocation: Your Critical Investment Decision

Asset Allocation: Your Critical Investment Decision Asset Allocation: Your Critical Investment Decision Despite what you might read in the financial media, choosing the best-performing investments is not the key to achieving your long-term success. Unfortunately,

More information

RETIREMENT RETIREMENT. for individuals

RETIREMENT RETIREMENT. for individuals RETIREMENT RETIREMENT PRODUCTS and Endowment Plan for individuals WHY CORONATION A SINGLE INVESTMENT PHILOSOPHY OF LONG-TERM INVESTING We take high-conviction views that result in consistent superior long-term

More information

EEA Life Settlements Fund

EEA Life Settlements Fund EEA Life Settlements Fund An Absolute Return, Historically Uncorrelated Investment Solution This document is being directed only at persons who are professional clients or eligible counterparties for the

More information

Investment Benefits. Investment Objectives

Investment Benefits. Investment Objectives ALANCED The Funds Retirement Income Pooled Fund Trust 2020 Retirement 2030 Retirement 2040 Retirement 2050 Retirement Retirement Target Date Funds and Retirement Income Fund Investment enefits The Retirement

More information

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds

Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds 1 Equity and Fixed Income Funds London & Capital Equity and Fixed Income Funds London & Capital 2 We are an independently-owned

More information

Real Asset Funds. What Are They and Should I Use Them? 2003 2014 Multnomah Group, Inc. All Rights Reserved.

Real Asset Funds. What Are They and Should I Use Them? 2003 2014 Multnomah Group, Inc. All Rights Reserved. Real Asset Funds What Are They and Should I Use Them? 2003 2014 Multnomah Group, Inc. All Rights Reserved. Scott Cameron, CFA Scott is the Chief Investment Officer for the Multnomah Group and a Founding

More information

Working in partnership for the benefit of your clients For professional advisers only

Working in partnership for the benefit of your clients For professional advisers only Multi-asset portfolio management services for financial advisers Working in partnership for the benefit of your clients For professional advisers only Contents Welcome to Ashcourt Rowan 1 Risk driven,

More information

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

More information

Funding Pension Liabilities Is Becoming a Key Area of Corporate Finance Focus

Funding Pension Liabilities Is Becoming a Key Area of Corporate Finance Focus Pensions Management Funding Pension Liabilities Is Becoming a Key Area of Corporate Finance Focus In recent years, managing pension liability risk has increasingly featured on the agendas of CFOs. AUTHORS:

More information

December 2012. Emerging Markets Small Cap: The Undiscovered Frontier

December 2012. Emerging Markets Small Cap: The Undiscovered Frontier December 212 Emerging Markets Small Cap: The Undiscovered Frontier 1 23481 The EM Small Cap Opportunity Set Global Small Cap Universe Number of Companies Emerging markets small cap comprises approximately

More information

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations ATTACHMENT 2 Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations May 27, 2015 Office of the Chief Investment Officer Contents For Discussion at Committee

More information

McGill University Pension Plan

McGill University Pension Plan The presentation can be accessed in online at: http://www.mcgill.ca/hr/node/2128. McGill University Pension Plan GENERAL PENSION PLAN INFORMATION SESSION Human Resources This presentation is intended to

More information

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE

UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment

More information

Distribution-Focused Strategies A cash flow strategy for retirement

Distribution-Focused Strategies A cash flow strategy for retirement Distribution-Focused Strategies A cash flow strategy for retirement Designed by advisors to meet the need for steady cash flows in retirement with extensive flexibility and control all with low costs.

More information

Investing in volatile times. Advice & Answers Financial Services

Investing in volatile times. Advice & Answers Financial Services Investing in volatile times Advice & Answers Financial Services Agenda Sub-prime mortgages Investment update Agenda Recent returns Global investment update The importance of diversification Market returns

More information

OpenWorld Dynamic Assets Fund

OpenWorld Dynamic Assets Fund FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction

More information

Park Avenue Asset Management. Factual Studies on Managed Futures Interaction with Stocks

Park Avenue Asset Management. Factual Studies on Managed Futures Interaction with Stocks Park Avenue Asset Management Phone: (877) 611-7226, Email: ManagedFutures@ParkAvenueAssetMgt.com 100 Park Avenue, 16th Floor, New York, NY 10017 Factual Studies on Managed Futures Interaction with Stocks

More information

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND INTRODUCING THE ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced,

More information

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period)

Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) Mirae Asset Tax Saver Fund (An open ended equity linked saving scheme with a 3 year lock-in period) November 2015 NFO Start Date: 20 th Nov, 2015 @ NFO End Date: 18 th Dec, 2015 @ Scheme re-opens for continuous

More information

Alternative Sector Rotation Strategy

Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy INVESTMENT OBJECTIVE: Seeks long term growth of capital by investing in alternative asset classes as a way to compliment a traditional

More information

BAILLIE GIFFORD. Devon County Council Pension Fund 27 February 2015. Tom Wright and Patrick Edwardson

BAILLIE GIFFORD. Devon County Council Pension Fund 27 February 2015. Tom Wright and Patrick Edwardson BAILLIE GIFFORD Devon County Council Pension Fund 27 February 2015 Tom Wright and Patrick Edwardson Our Relationship Appointed: 29 th May 2012 Strategy: Diversified Growth Portfolio Value: 241,626,198

More information

Online Investments. Our Fund Range and Investments

Online Investments. Our Fund Range and Investments Online Investments Our Fund Range and Investments Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks

More information

(YELLOW) investors understand that their principal will be at medium risk. (BLUE) investors understand that their principal will be at low risk

(YELLOW) investors understand that their principal will be at medium risk. (BLUE) investors understand that their principal will be at low risk NFO Opens: 10 th March 2015 NFO Closes: 24 th March 2015 Scheme Re-Opens: On or before 10 th April 2015 This product is suitable for investors who are seeking*: Income and capital appreciation Dynamic

More information

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011 Diversifying with Negatively Correlated Investments Monterosso Investment Management Company, LLC Q1 2011 Presentation Outline I. Five Things You Should Know About Managed Futures II. Diversification and

More information

BI Horizon Pension Plan

BI Horizon Pension Plan BI Horizon Pension Plan Geoff Hallett October 2013 Note: We cannot provide individual financial planning advice FOR FINANCIAL PROFESSIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION BI Horizon Pension Plan 1.

More information

Why own bonds when yields are low?

Why own bonds when yields are low? Why own bonds when yields are low? Vanguard research November 213 Executive summary. Given the backdrop of low yields in government bond markets across much of the developed world, many investors may be

More information

Simplifying Unconstrained Fixed Income Investing

Simplifying Unconstrained Fixed Income Investing Investment Management Fixed Income Team, July 204 Simplifying Unconstrained Fixed Income Investing Introduction Financial markets fluctuations in recent years and central banks attempts to sustain the

More information

Finding income and managing risk in a near-zero interest-rate environment

Finding income and managing risk in a near-zero interest-rate environment Aging Workforce Series Finding income and managing risk in a near-zero interest-rate environment William Martin, Head of Fixed-Income Portfolio Management TIAA-CREF Executive Summary Yields in traditional

More information

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference.

Investment Bond. Funds key features. This is an important document. Please keep it safe for future reference. Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to

More information

FINANCIAL PLANNING Tariff of charges

FINANCIAL PLANNING Tariff of charges FINANCIAL PLANNING Tariff of charges Customers receiving advice Ways to Invest with Nationwide There are two ways to invest through Nationwide: with advice via one of our Nationwide financial advisers

More information

THE DIVIDEND DEBATE: GROWTH VERSUS YIELD

THE DIVIDEND DEBATE: GROWTH VERSUS YIELD THE DIVIDEND DEBATE: GROWTH VERSUS YIELD Introduction Amidst the low interest rate environment of recent years, dividend paying stocks have gained increased mindshare among investors and asset allocators

More information

Opportunities and risks in credit. Michael Korber Head of Credit

Opportunities and risks in credit. Michael Korber Head of Credit Opportunities and risks in credit Michael Korber Head of Credit August 2009 Overview Fixed income assets, characteristics and risks Where the current opportunity is in fixed income markets How to access

More information

Retirement sustainability for defined contribution plan participants

Retirement sustainability for defined contribution plan participants By: Daniel Gardner, Defined Contribution Analyst MAY 2011 Sam Pittman, Senior Research Analyst Retirement sustainability for defined contribution plan participants Defined benefit pensions have largely

More information

Funds in Court Information Guide INVESTMENT RISKS

Funds in Court Information Guide INVESTMENT RISKS Funds in Court Information Guide INVESTMENT RISKS NOTE: The information in this document is for information purposes only. The information is not intended to be and does not constitute financial advice

More information