Separately managed accounts

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Separately managed accounts"

Transcription

1 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION Separately managed accounts A J.P. Morgan Global Liquidity solution

2 Separately managed accounts: A Global Liquidity solution IN BRIEF Separately managed accounts, discretionary portfolios opened on behalf of an investor and overseen by an appointed asset manager, are individually customized to meet an investor s specific parameters for security, return and liquidity. The asset manager will invest predominately in individual securities and although the manager will have a fiduciary responsibility for all investments made, the underlying securities are ultimately legally owned by the investor. Investors such as corporate treasurers and insurers choose separately managed accounts for their careful construction and flexibility. These accounts are designed to meet a client s particular risk tolerance and cash flow needs. Critical elements of Global Liquidity s separately managed accounts include precise individual customization; robust risk management and rigorous credit analysis; a strong structure and thorough set-up and documentation process; adaptability to changing interest rate and credit environments. In the following pages we explain how separately managed accounts are constructed and managed and explore the range of benefits they offer investors looking for a tailored investment solution. J.P. MORGAN ASSET MANAGEMENT IS ONE OF THE LEADING INSTITUTIONAL ASSET MANAGERS. GLOBAL LIQUIDITY IS A DIVISION OF J.P. MORGAN ASSET MANAGEMENT AND OUR INVESTMENT PROFESSIONALS ARE LOCATED AROUND THE WORLD, PROVIDING STRATEGIES THAT SPAN THE FULL SPECTRUM OF ASSET CLASSES. GLOBAL LIQUIDITY S OFFERING The largest institutional money market fund provider in the world*, Global Liquidity also provides carefully constructed, individually customized separately managed accounts or portfolios. These portfolios allow clients to define their own parameters for security, returns and liquidity based upon their risk tolerance and cash flow needs. Critical elements of our separately managed accounts include: Individual customization to meet an investor s specific needs Risk management: robust fiduciary culture, rigorous credit analysis Strong structure, thorough set-up and documentation process Adaptability to changing interest rate and credit environments Developing the appropriate portfolio for clients In establishing a separately managed account, Global Liquidity works closely with clients to set a clear mandate. The portfolio management team holds detailed discussions with a client to establish the desired investment objective, performance benchmark and expected risk/return characteristics, among other requirements. Based on these in-depth conversations, an investment strategy is developed, as well as a set of investment guidelines. These guidelines will be closely followed at all times in order to successfully execute the investment strategy on the client s behalf. The mandate will always remain flexible to adapt to changing investment requirements or market conditions and, as such, the guidelines can always be updated at any point in time. Our client s separately managed account is the result of extensive forecasting, analysis and expert construction. * Source: imoneynet as at 31 July SEPARATELY MANAGED ACCOUNTS: A GLOBAL LIQUIDITY SOLUTION

3 Customization is key A valuable benefit of a Global Liquidity separately managed account is its ability to tailor particular investment guidelines to meet a specific objective. The vehicle gives investors a much greater level of control over their investments when compared to pooled investment funds. Depending on a client s return target and risk appetite, customized features of a separately managed account may include: Specified credit quality Interest rate duration range/limit at the portfolio and security level Tax status Restrictions on the types of securities to be purchased Maximum allocation per issuer, minimum issuer rating Ability to control gains and losses Investment Philosophy By carefully managing interest rate and credit risk, and by closely partnering with clients to better understand their cash flow requirements, we believe we can build short-term fixed income portfolios that effectively meet client investment objectives. Portfolios may be denominated in any of the world s major currencies or can even be multi-currency. Our strategy seeks to: Deliver consistent returns Preserve principal Provide liquidity The order of importance of these objectives may vary depending on ultimate strategy, vehicle and client objectives. They are achieved through the combination of our worldclass credit research and exceptional liquidity and risk management. Conservative culture: An active approach to managing credit quality As a risk manager, J.P. Morgan Asset Management draws on a long-established conservative culture. Our reputation is built on more than 100 years of prudent investing. Our conservative philosophy and strong fiduciary culture ensure that a client s goals and interests are always placed first. We create optimal portfolios and protect client investments through: Integrated portfolio, analytic and risk management processes A consistently applied four-stage credit analysis process that chooses only the best investments Continuous portfolio monitoring that immediately eliminates securities that no longer qualify for the approved list Dedicated teams of tenured, career analysts that are specialized by sector RISK MANAGEMENT, CREDIT EXPERTISE Global Liquidity maintains a rigorous focus on risk management and credit analysis. All securities in a separately managed account must meet stringent quantitative and qualitative tests for selection. Separately managed accounts can provide more diversification and control in managing counterparty risks by leveraging our credit analysis and access to a broader range of direct securities. Our credit expertise is especially valuable for investors who have the goal but not the ability or resources to expertly manage their counterparty risk. QUANTITATIVE TESTS (Risk management) Establishes and monitors internal rating Outlines investment parameters CREDIT APPROVAL QUALITATIVE TESTS (Credit research) Evaluates credit strength Reviews operating trends, cash flows, product performance J.P. MORGAN ASSET MANAGEMENT 3

4 Buy and maintain, not buy and hope Managing realized gains and losses in the portfolio is a key objective for many users of separately managed accounts. However this does not necessarily mean all investments are made and simply left until maturity. Our credit research process continuously monitors the risk of any security held and, when necessary, the recommendation to sell a security or reduce the holding may be the most prudent solution to mitigate risk. ECONOMIC OUTLOOK Each month, senior investment professionals meet to discuss our fundamental outlook for the economy, focusing on factors such as GDP growth, unemployment and interest rates. Data from a range of internal and external economic sources are compiled and debated by the team, and a consensus view is established. This view is then translated into investment themes, which guide portfolio decisions. MONITOR AND REVIEW PORTFOLIOS Portfolio positions are monitored daily by the portfolio management team and monthly by our Investment Committee, that is made up of representatives from portfolio management, risk management, credit research and sales. Ongoing review Portfolio construction Economic outlook analysis Portfolio modeling Scenario SCENARIO ANALYSIS Next, the portfolio management team uses scenario analysis tools to evaluate security and portfolio performance in different environments to help determine optimal portfolio positioning on the yield curve and across sectors. PORTFOLIO CONSTRUCTION Using the model portfolios as a base, all portfolios are constructed in line with client guidelines. Individual securities are selected based on their relative value and ability to achieve client investment objectives. Rigorous credit analysis forms the foundation for security selection. Only those securities included on the approved-for-purchase list, developed by our in-house credit research team, can be incorporated. MODEL PORTFOLIOS Using the results of the scenario analysis, the portfolio management team develops model portfolios. Model portfolios differ by currency and risk/return objectives. These portfolios include the optimal yield curve and sector positions identified during the scenario analysis, focusing in particular on those positions that performed well across all economic scenarios. 4 SEPARATELY MANAGED ACCOUNTS: A GLOBAL LIQUIDITY SOLUTION

5 An integrated approach to client service Global Liquidity provides an integrated approach to client servicing for separately managed accounts, with each new client assigned a client service team consisting of a client advisor, a client portfolio manager, and a client account manager. CLIENT ADVISOR CLIENT PORTFOLIO MANAGER CLIENT ACCOUNT MANAGER Serves as the key point of contact for client and manages the overall client relationship. Assumes overall responsibility for the portfolio. Reviews the investment guidelines and develops an implementation program that outlines the interim steps required to achieve the long-term strategy. Oversees the process of setting up a client s account on the firm s accounting and client information systems. Responds to all day to day queries. Provides strategic advice reflecting industry perspective and Global Liquidity insights. Presents insights on investment allocation and plan structure. Consults with the client to determine the portfolio s objectives and design the portfolio strategy. Communicates investment strategy decisions, performance and market outlook to the client. Ensures proper communications, client reporting, accounting and compliance with guidelines. Handles all contractual, operational, legal and regulatory issues. Periodically reviews the portfolio s compliance with both the client s guidelines and the product s internal guidelines and relevant regulations. CLIENT REPORTING For reporting on our clients separately managed accounts we have partnered with Clearwater Analytics TM, an innovative provider of portfolio reporting and analytics for institutional investors, to develop a comprehensive Internet based platform for reporting. Our alliance with Clearwater provides important benefits for our clients: A market-leading corporate cash accounting and compliance monitoring solution, including off-cycle accounting and the complete suite of required disclosures. Clearwater s web-based reporting tool is constructed to deliver a complete and easy to understand solution for all investment reporting needs to all constituencies, including treasury, senior management, tax, audit, accounting, and financial reporting clients. Clearwater provides daily performance reports which are fully customizable based on clients tax rates, return type and reporting periods (e.g. daily, monthly, quarterly or off-calendar). Accounting statements cover income detail, balance sheet classification, security details and portfolio transactions. J.P. MORGAN ASSE T MANA G E ME N T 5

6 Sample Portfolios The sample portfolios below illustrate how investment allocations can be customized to meet specific client requirements. As the chart demonstrates, the asset mix of a separately managed account will vary considerably depending on cash flow needs, investment horizon, risk profile and the parameters of a client s investment policy. CREATE UNIQUE PORTFOLIOS TO OPTIMIZE RETURNS Agency Bonds Government Bonds Liquidity Fund 30% 20% 20% 35% 50% Commercial Paper Corporate Bonds (AA and A) Corporate Bonds (BBB) 40% 10% 20% 20% 5% 10% 15% 10% 5% 10% OBJECTIVES Liquidity Balance between liquidity and return Return CASH FLOW Unpredictable and volatile Able to segment portion of cash that is not required near term INVESTMENT HORIZON 90 days 6 months plus 18 months plus RISK PROFILE POLICY PARAMETERS Principal preservation is top priority Credit: Min A, less than 6 months Government/Agency: Min A, less than 1 year Willing to accept low volatility but not over a longer period Credit: Min A, less than 2 years Government/Agency: Min A, less than 3 years Strong cash flow with significant balances Developed risk budget and comfortable with volatility Credit: Min BBB, less than 3 years Government/Agency: Min A, less than 5 years Partnering with J.P. Morgan custody A crucial component in willing the management of a separately managed account is the role of the custodian. A custodian works alongside the asset manager and is tasked with the settlement, safekeeping and reporting of all investments made. J.P. Morgan Asset Management is willing to work with either an external custodian or our affiliated custodian, which is a fully owned subsidiary of our parent company, JPMorgan Chase & Co. J.P. Morgan is one of the world s leading providers of custody and securities servicing solutions to the world s leading institutional investors. Custodial services include trade instruction processing, the settlement and safekeeping of assets, as well as corporate event and income processing, banking services and foreign exchange. Highlights of the service include, but is not limited to or guaranteed for all clients. These services could be negotiated with J.P. Morgan s custody business: Straight-through processing: The use of automation and market standards in processing client trade instructions, a critical requirement as global markets move toward shortened settlement cycles. Corporate actions: The flexibility of online notification and response to voluntary actions and utilization of the latest SWIFT corporate action messages. Foreign exchange: A range of foreign exchange services are available if required. Our AutoFX service presents an automated foreign exchange solution that requires no intervention from clients. JPMorgan ACCESS: The provision of sophisticated, user-friendly technology to deliver browser-based reporting on the client s desktop that is powerful, flexible and intuitive, enabling clients to create customized reports. Contractual settlement: Contractual settlement on security purchases and sales. This allows clients to manage exposure to foreign exchange risk, improve the certainty of cash flow and reduce the cost of overdrafts or missed opportunities. 6 SEPARATELY MANAGED ACCOUNTS: A GLOBAL LIQUIDITY SOLUTION

7 Why choose Global Liquidity Clients choose Global Liquidity because we have the scale, resources, disciplined investment process and robust risk management necessary to create customized, competitive and risk-controlled separately managed accounts. We have a dedicated, experienced team of 33 investment professionals (as at June 2015) and we cover a large diversified client base which provides us with unique insight. We understand the trust placed in our hands and we are committed to partnering with clients to fully understand their needs in order to deliver the very best in cash management solutions. As one of the largest asset and wealth managers in the world, with assets under management of USD1.78 trillion (as at June 2015), we provide global market insights and a range of investment capabilities that few other firms can match. Throughout our long and distinguished history, we have been steadfastly committed to putting our clients interests first. This fiduciary responsibility defines our relationship with clients and informs the basis of every decision we make on their behalf. This core principle is the foundation of our business as we work to understand our clients needs, offer knowledgeable advice and execute strategies to generate excess returns and provide world-class client solutions. Global Liquidity is the business line of J.P. Morgan Asset Management dedicated to offering a wide range of short-term investment solutions for cash investors over a diverse array of currencies, strategies and jurisdictions. J.P. MORGAN ASSET MANAGEMENT 7

8 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION NEXT STEPS For more information please contact your client adviser or your regional sales head: Global Liquidity EMEA Jim Fuell Tel: Global Liquidity Americas Robert White Tel: Global Liquidity Asia Paula Stibbe Tel: FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION This document has been produced for information purposes only and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of JPMorgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of writing, but no warranty as to the accuracy, and reliability or completeness in respect of any error or omission is accepted. They may be subject to change without reference or notification to you. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by the following entities: in the United Kingdom by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other EU jurisdictions by JPMorgan Asset Management (Europe) S.à r.l.; in Switzerland by J.P. Morgan (Suisse) SA, which is regulated by the Swiss Financial Market Supervisory Authority FINMA; in Hong Kong by JF Asset Management Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited; in India by JPMorgan Asset Management India Private Limited; in Singapore by JPMorgan Asset Management (Singapore) Limited, or JPMorgan Asset Management Real Assets (Singapore) Pte Ltd; in Australia by JPMorgan Asset Management (Australia) Limited ; in Taiwan by JPMorgan Asset Management (Taiwan) Limited; in Brazil by Banco J.P. Morgan S.A.; in Canada by JPMorgan Asset Management (Canada) Inc., and in the United States by JPMorgan Distribution Services Inc. and J.P. Morgan Institutional Investments, Inc., both members of FINRA/SIPC.; and J.P. Morgan Investment Management Inc. Copyright 2015 JPMorgan Chase & Co. All rights reserved. LV JPM /15 jpmgloballiquidity.com* *PLEASE NOTE THAT THE SITE IS NOT INTENDED FOR RETAIL PUBLIC IN ASIA AND EUROPE. IT IS INTENDED FOR INSTITUTIONAL INVESTORS IN SINGAPORE, PROFESSIONAL INVESTORS IN HONG KONG AND PROFESSIONAL/INSTITUTIONAL AND QUALIFIED INVESTORS IN EUROPE ONLY. PERSONS IN RESPECT OF WHOM PROHIBITIONS APPLY MUST NOT ACCESS THIS SITE. ACCORDINGLY, THE INFORMATION CONTAINED IN THE SITE DOES NOT CONSTITUTE INVESTMENT ADVICE AND IT SHOULD NOT BE TREATED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY FUND, SECURITY, INVESTMENT PRODUCT OR SERVICE.

EXPLORING SEPARATE ACCOUNTS

EXPLORING SEPARATE ACCOUNTS EXPLORING SEPARATE ACCOUNTS FOR INSTITUTIONAL AND FINANCIAL PROFESSIONAL USE ONLY SEPARATE ACCOUNTS In today s investment environment, where risks remain and meaningful returns on cash are hard to come

More information

Private Equity: Characteristics and Implementation Considerations

Private Equity: Characteristics and Implementation Considerations FOR INSTITUTIONAL/WHOLESALE OR PROFESSIONAL CLIENT USE ONLY NOT FOR RETAIL DISTRIBUTION Private Equity: Characteristics and Implementation Considerations June 2015 IN BRIEF In an effort to enhance portfolio

More information

J.P. Morgan Global Liquidity. Managed Reserves Fund Operation Services Guide. JPM Managed Reserves Fund

J.P. Morgan Global Liquidity. Managed Reserves Fund Operation Services Guide. JPM Managed Reserves Fund J.P. Morgan Global Liquidity Managed Reserves Fund Operation Services Guide JPM Managed Reserves Fund Insight Process =use Results For+institutional only Strictly not for public distribution Welcome to

More information

Forward guidance: Estimating the path of fixed income returns

Forward guidance: Estimating the path of fixed income returns FOR INSTITUTIONAL AND PROFESSIONAL INVESTORS ONLY NOT FOR RETAIL USE OR PUBLIC DISTRIBUTION Forward guidance: Estimating the path of fixed income returns IN BRIEF Over the past year, investors have become

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

A Best Practice Oversight Approach for Securities Lending

A Best Practice Oversight Approach for Securities Lending A Best Practice Oversight Approach for Securities Lending At its core, securities lending is an investment overlay strategy. It s an investment product that complements existing investment strategies allowing

More information

Capital preservation strategy update

Capital preservation strategy update Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4

More information

Credit Suisse Portfolio Solutions. Personalized strategies to help you grow, preserve, and use your wealth

Credit Suisse Portfolio Solutions. Personalized strategies to help you grow, preserve, and use your wealth Credit Suisse Portfolio Solutions Personalized strategies to help you grow, preserve, and use your wealth 1 Credit Suisse Portfolio Solutions Personalized strategies to help you grow, preserve, and use

More information

Market Bulletin. November 7, 2014. U.S. High Yield: A bubble set to burst?

Market Bulletin. November 7, 2014. U.S. High Yield: A bubble set to burst? November 7, 2014 U.S. High Yield: A bubble set to burst? Grace Tam, CFA Vide President Global Market Strategist J.P. Morgan Funds Katy Fang Research Analyst J.P. Morgan Funds Tai Hui Managing Director

More information

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds

Seeking a More Efficient Fixed Income Portfolio with Asia Bonds Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return

More information

Emerging Markets Fixed Income Capabilities

Emerging Markets Fixed Income Capabilities For professional investors Fixed Income Capabilities Opportunities in a market benefiting from strong fundamentals and increasing demand Fixed Income Capabilities I 2 BNP Paribas Investment Partners BNP

More information

What we stand for. Creating access to fixed income investments you can trust.

What we stand for. Creating access to fixed income investments you can trust. Welcome to FIIG What we stand for Trust is key. It s key to building relationships with our customers, and it s key to safeguarding a sustainable future as a market leading provider of access to fixed

More information

Fixed Income Training Seminar Asset Management Experience

Fixed Income Training Seminar Asset Management Experience Asset Management Fixed Income Training Seminar Asset Management Experience Philipp Büchler, Chris Koslowski, Markus Kramer, Manuel Walker Credit Suisse Asset Management Core Fixed Income Group Zurich August

More information

Managed Funds Series

Managed Funds Series Managed Funds Series Namibia s Unit Trust Market Leader 2 - Managed Funds Index 4 Introduction Fund Categories 5 Asset Classes 6 Portfolio Construction 7 Investment Approach 8 Investment Process 9 Our

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

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

SEI Japan Equity Fund As at 30th June, 2009

SEI Japan Equity Fund As at 30th June, 2009 Benchmark TOPIX Base Currency JPY Currencies Available EUR, GBP Fund Complex SEI Global Assets Fund PLC SEI Japan Equity Fund As at 30th June, 2009 SEI MANAGER OF MANAGERS PHILOSOPHY SEI employs a sophisticated

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

Japanese bonds in a negative interest rate environment

Japanese bonds in a negative interest rate environment Japanese bonds in a negative interest rate environment On January 29, 2016, the Bank of Japan (BoJ) introduced "Quantitative and Qualitative Monetary Easing with Negative Interest Rate". The decision initiated

More information

FTIF Templeton Global Bond Fund

FTIF Templeton Global Bond Fund FTIF Templeton Global Bond Fund The STRATEGY Investment Goal FTIF Templeton Global Bond Fund seeks to maximize total return, with a combination of interest income, capital appreciation and currency gains

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

ASSETS UNDER MANAGEMENT (US$BN) 44.8. US$94bn* Equity Bond Others

ASSETS UNDER MANAGEMENT (US$BN) 44.8. US$94bn* Equity Bond Others FIXED INCOME CAPABILITIES OVERVIEW OCTOBER 2013 All data as at 30 September 2013 unless otherwise stated ABOUT EASTSPRING INVESTMENTS Eastspring Investments, part of Prudential plc^, is an Asian investment

More information

INVESTMENT POLICY April 2013

INVESTMENT POLICY April 2013 Policy approved at 22 April 2013 meeting of the Board of Governors (Minute 133:4:13) INVESTMENT POLICY April 2013 Contents SECTION 1. OVERVIEW SECTION 2. INVESTMENT PHILOSOPHY- MAXIMISING RETURN SECTION

More information

the cash investment policy statement

the cash investment policy statement the cash investment policy statement Developing, Documenting and Maintaining a Cash Management Plan [2] the cash investment policy statement The Cash Investment Policy Statement (IPS) The face of the cash

More information

1. General Obligation Bonds (G.O.s): Bonds backed by the full taxing power of the issuer.

1. General Obligation Bonds (G.O.s): Bonds backed by the full taxing power of the issuer. S&P INDICES Fixed Income February 2010 S&P Fixed Income Indices: Municipal Bond Investor Tool Kit Key Terms Alternative Minimum Tax (AMT): An extra tax that some taxpayers are required to pay in addition

More information

Effect of Rising Interest Rates on Fixed Income. Dominick DeAlto, Global Head, Multi-Sector Fixed Income

Effect of Rising Interest Rates on Fixed Income. Dominick DeAlto, Global Head, Multi-Sector Fixed Income Effect of Rising Interest Rates on Fixed Income Dominick DeAlto, Global Head, Multi-Sector Fixed Income Effect of Rising Interest Rates on Fixed Income I May 2015 I 2 Why Do Investors Allocate to Fixed

More information

Investment Counselling Program

Investment Counselling Program Investment Counselling Program To us there are no foreign markets. N19 70 56 W155 08 58 Golfing with friends, Hawaii Your life has a geography. Where you re from, where you re going, where you aspire to

More information

Cash Management Group Solvency II and Money Market Funds

Cash Management Group Solvency II and Money Market Funds Cash Management Group Solvency II and Money Market Funds The opinions expressed are as of June 2012 and may change as subsequent conditions vary. Managing cash and short term investments is an essential

More information

Writing your charity s investment policy A guide

Writing your charity s investment policy A guide Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment

More information

private client managed portfolios

private client managed portfolios private client managed portfolios Simplify, preserve and enhance. Your wealth is the cumulative result of your hard work, discipline, and astute management. Yet the opportunities it affords may also come

More information

CLIENT RELATIONSHIP DISCLOSURE STATEMENT

CLIENT RELATIONSHIP DISCLOSURE STATEMENT A. INTRODUCTION CLIENT RELATIONSHIP DISCLOSURE STATEMENT Securities legislation in Canada requires Deans Knight Capital Management Ltd. ( Deans Knight or the firm ) to provide you with certain information

More information

RUTGERS POLICY. Revisions: 7/1/2013; 10/10/2013 (Updated title); 9/3/2014 (Changes in roles and investment portfolio definitions)

RUTGERS POLICY. Revisions: 7/1/2013; 10/10/2013 (Updated title); 9/3/2014 (Changes in roles and investment portfolio definitions) RUTGERS POLICY Section: 40.2.19 Section Title: Fiscal Management Policy Name: Investment Policy for the Short Term Investments Formerly Book: N/A Approval Authority: Senior Vice President for Finance and

More information

FIDUCIAN TECHNOLOGY FUND

FIDUCIAN TECHNOLOGY FUND PRODUCT DISCLOSURE STATEMENT FIDUCIAN TECHNOLOGY FUND ARSN 093 544 337 2 MARCH 2015 This Product Disclosure Statement (PDS) provides a summary of significant information about the Fiducian Technology Fund

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Bank Credit Risk Indicators

Bank Credit Risk Indicators Bank Credit Risk Indicators Fitch Solutions offers the most comprehensive suite of bank credit risk indicators available in the market to help you monitor your exposure to bank credit and counterparty

More information

Strength You Can Trust

Strength You Can Trust Strength You Can Trust RBC Wealth Management It All Starts With You Our relationship managers are focused on serving your best interests, and we aim to develop highly effective and customised solutions

More information

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU

State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Product Disclosure Statement State Street Global Equity Fund ARSN 162 547 784 APIR SST0050AU Issued 6 October 2015 by State Street Global Advisors, Australia Services Limited ABN 16 108 671 441, AFSL 274900

More information

FIDUCIAN AUSTRALIAN SHARES FUND

FIDUCIAN AUSTRALIAN SHARES FUND PRODUCT DISCLOSURE STATEMENT FIDUCIAN AUSTRALIAN SHARES FUND ARSN 093 542 271 2 MARCH 2015 This Product Disclosure Statement (PDS) provides a summary of significant information about the Fiducian Australian

More information

SEI Aggressive Global Equity Portfolio

SEI Aggressive Global Equity Portfolio SEI Aggressive Global Equity Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet

More information

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management INSTITUTIONAL TRUST & CUSTODY Big Bank Capabilities, Mid-Market Focus SM Investment Management At U.S. Bank Institutional Trust & Custody, we are trusted investment advisors to corporations, municipalities,

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

Risk management: Building an effective process

Risk management: Building an effective process Deutsche Bank Group DB Advisors Risk Management: Building an effective process Risk management: Building an effective process When crisis hit global markets, many managers were caught unprepared. In the

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on 18 January 2016 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1 ( Prospectus

More information

DSL Investment-Linked Plan Series Principal Brochure Investment Choice Brochure June 2011

DSL Investment-Linked Plan Series Principal Brochure Investment Choice Brochure June 2011 June 2011 SFC authorization is not a recommendation or endorsement of DSL InvestSmart Plus Investment-Linked Plan / DSL InvestSmart Investment-Linked Plan (collectively known as DSL Investment-Linked Plan

More information

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1 The Statue of Liberty Ellis Island Foundation Endowment New York, New York Investment Policy Policy 6-1 Revised: January 2012 Investment Policy Statement for the Management of the Assets of The Statue

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

How a thoughtful FX strategy can give Fund Managers a competitive edge

How a thoughtful FX strategy can give Fund Managers a competitive edge How a thoughtful FX strategy can give Fund Managers a competitive edge Executive summary Each alternative investment fund takes a different approach to its investment strategy, but the ultimate goals are

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

MLC MasterKey Unit Trust Product Disclosure Statement (PDS)

MLC MasterKey Unit Trust Product Disclosure Statement (PDS) MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take

More information

B ACK N EX T PR I N T Q U I T. Wealth Management

B ACK N EX T PR I N T Q U I T. Wealth Management Wealth Management RELATIONSHIPS THE BUTTERFIELD WAY Some things were just meant for each other like your financial needs and Butterfield s wealth management services. The Butterfield experience is a natural

More information

CORPORATE TREASURY SERVICES. Helping to Create and Protect Capital in Changing Markets and Economic Conditions.

CORPORATE TREASURY SERVICES. Helping to Create and Protect Capital in Changing Markets and Economic Conditions. r CORPORATE TREASURY SERVICES Helping to Create and Protect Capital in Changing Markets and Economic Conditions. Set your Goals. Make them Happen. Expert Resources to Meet your Specific Needs WHAT WE DO

More information

CASE STUDY. Northern Ireland Electricity Pension Scheme. Providing and Implementing a new Investment Strategy WORLDWIDE SECURITIES SERVICES

CASE STUDY. Northern Ireland Electricity Pension Scheme. Providing and Implementing a new Investment Strategy WORLDWIDE SECURITIES SERVICES CASE STUDY Northern Ireland Electricity Pension Scheme Providing and Implementing a new Investment Strategy WORLDWIDE SECURITIES SERVICES NORTHERN IRELAND ELECTRICITY PENSION SCHEME CASE STUDY Company

More information

Money Market Portal. experienced innovative proactive

Money Market Portal. experienced innovative proactive Money Market Portal experienced innovative proactive Our Portal is distinguished by our deep knowledge of money market funds, by our advanced technology platform, and by our overriding commitment to offline

More information

FOREIGN EXCHANGE RISK MANAGEMENT

FOREIGN EXCHANGE RISK MANAGEMENT STANDARDS OF SOUND BUSINESS PRACTICES FOREIGN EXCHANGE RISK MANAGEMENT 2005 The. All rights reserved Foreign Exchange Risk Management Page 2 FOREIGN EXCHANGE RISK MANAGEMENT A. PURPOSE This document sets

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

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

Preserve Wealth Harvest income Balance your Portfolio

Preserve Wealth Harvest income Balance your Portfolio Preserve Wealth Harvest income Balance your Portfolio L eaders in Yield and Income Our commitment to superior client service, and our consistent record of outperforming the major bond indices in both bull

More information

Investment Grade Credit Capabilities For Corporate and Public Treasurers FIDELITY INSTITUTIONAL ASSET MANAGEMENT * Fourth Quarter 2015 Overview

Investment Grade Credit Capabilities For Corporate and Public Treasurers FIDELITY INSTITUTIONAL ASSET MANAGEMENT * Fourth Quarter 2015 Overview Fourth Quarter 2015 Overview FIDELITY INSTITUTIONAL ASSET MANAGEMENT * Investment Grade Credit Capabilities For Corporate and Public Treasurers * Formerly known as Pyramis Global Advisors We have been

More information

DWS (CH) Money Market Umbrella Fund

DWS (CH) Money Market Umbrella Fund DWS (CH) Money Market Umbrella Fund Simplified Prospectus Umbrella fund under Swiss law (Type Other funds for traditional investments ) June 2012 Simplified prospectus as of June 2012 Simplified prospectus

More information

Discretionary Wealth Management

Discretionary Wealth Management Discretionary Wealth Management Specialist, Focused, Committed Using experience and expertise to invest for your future Contents 1 The practical importance of wisdom 2 Introduction to Discretionary Wealth

More information

Sample Investment Policy. Introduction

Sample Investment Policy. Introduction Sample Investment Policy Introduction This statement of investment policy was adopted by the Board of Directors of Organization Name on Date, to provide for the creation of, and guidelines for the management

More information

Laddering a Portfolio of Municipal Bonds

Laddering a Portfolio of Municipal Bonds CONTRIBUTORS J.R. Rieger Global Head Fixed Income Indices james.rieger@spdji.com Tyler Cling Senior Manager Fixed Income Indices tyler.cling@spdji.com Bond laddering is a strategy that calls for maturity

More information

bringing fund managers and buyers together GLOBAL FUND PLATFORM

bringing fund managers and buyers together GLOBAL FUND PLATFORM bringing fund managers and buyers together GLOBAL FUND PLATFORM RBC Investor & Treasury Services is a global brand name and is part of Royal Bank of Canada. RBC Investor & Treasury Services is a specialist

More information

Private Wealth Management. trusted experienced insightful

Private Wealth Management. trusted experienced insightful Private Wealth Management trusted experienced insightful The majority of our relationships are the result of referrals from our clients or their other professional advisors. We consider these endorsements

More information

Wealth and Investment Management. What is wealth? The answer is there is no simple answer

Wealth and Investment Management. What is wealth? The answer is there is no simple answer Wealth and Investment Management What is wealth? The answer is there is no simple answer By choosing a better vantage point we gain a clearer picture Everyone is different. That s why our wealth management

More information

Managing risk in DC plan lineups The new alpha?

Managing risk in DC plan lineups The new alpha? PERSPECTIVES Managing risk in DC plan lineups The new alpha? October 2013 IN BRIEF Defined contribution (DC) plan participants face a broad range of risks when investing for retirement but, historically,

More information

Crafting a Forward Looking Investment Portfolio

Crafting a Forward Looking Investment Portfolio BOURSE SECURITIES LIMITED February 15th, 2016 Crafting a Forward Looking Investment Portfolio This week, we at Bourse evaluate the investment considerations and opportunities having looked previously at

More information

DEBT/SUKUK CAPITAL MARKETS ON NASDAQ DUBAI

DEBT/SUKUK CAPITAL MARKETS ON NASDAQ DUBAI DEBT/SUKUK CAPITAL MARKETS ON NASDAQ DUBAI The Ideal Venue for Capital Raising The International Capital Market. From the Middle East. For the Middle East. أن نكون السوق المالية العالمية التي تعمل في الشرق

More information

Treasury Advisory Services Stability through effective financial risk and liquidity management. Audit. Tax. Consulting. Financial Advisory.

Treasury Advisory Services Stability through effective financial risk and liquidity management. Audit. Tax. Consulting. Financial Advisory. Treasury Advisory Services Stability through effective financial risk and liquidity management Audit. Tax. Consulting. Financial Advisory. Treasury Health Check Identify gaps and benchmark to make informed

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

Now newly enhanced new functionality, new analytics, more intuitive design

Now newly enhanced new functionality, new analytics, more intuitive design TARGET DATE COMPASS SM EVALUATE AND SELECT TARGET DATE FUNDS WITH GREATER KNOWLEDGE AND CONFIDENCE SM Now newly enhanced new functionality, new analytics, more intuitive design Target date funds have quickly

More information

Impact Investing TAILORED, TRANSPARENT SOLUTIONS

Impact Investing TAILORED, TRANSPARENT SOLUTIONS We set the standard for Impact Investing and are the first-choice partner for asset owners seeking to understand and control their global impact. Build your impact strategy with us - see inside for details.

More information

Global Multi-Asset Group (GMAG)

Global Multi-Asset Group (GMAG) NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Global Multi-Asset Group (GMAG) Blending multiple assets into single investments to maximize diversification, return potential and manager flexibility

More information

Portfolio Management. A fully integrated portfolio management and reporting solution

Portfolio Management. A fully integrated portfolio management and reporting solution Portfolio Management A fully integrated portfolio management and reporting solution Saxo Portfolio Manager An integrated portfolio management and trading solution for wealth managers Saxo Portfolio Manager

More information

Renaissance Charitable Foundation Inc.

Renaissance Charitable Foundation Inc. Charitable Foundation Inc. Revised July 2008 I. Statement of Purpose The intent of this is to establish guidelines that will govern the investment activities of ( RCF ) and any Registered Investment Advisor

More information

Investment Policies- Your Roadmap to Public Fund Investing. Agenda for Today

Investment Policies- Your Roadmap to Public Fund Investing. Agenda for Today Investment Policies- Your Roadmap to Public Fund Investing Presented to: Ohio Township Association January 27, 2016 Agenda for Today What is an Investment Policy Components of an Investment Policy Ohio

More information

Depositary Bank Solutions Effective Custody of Fund Assets

Depositary Bank Solutions Effective Custody of Fund Assets 1 Depositary Bank Solutions Effective Custody of Fund Assets Depositary Bank Solutions 4 Fund Domiciles 6 A Solution Package with Many Benefits 8 Depositary Bank Services 10 Contractual Settlement 13 Reimbursement

More information

SEI Income Portfolio. Investment Policy Statement

SEI Income Portfolio. Investment Policy Statement SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment

More information

Global high yield: We believe it s still offering value December 2013

Global high yield: We believe it s still offering value December 2013 Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

Define your goals, we ll do the rest

Define your goals, we ll do the rest SUB-FUNDS OF GOLDMAN SACHS FUNDS, SICAV Define your goals, we ll do the rest The GS Wealthbuilder Multi-Asset Portfolios can help you achieve your goals, whether you are looking to preserve, enhance or

More information

9/30/81: 15.84% Real yield average: 2.46% Real 10-year Treasury yield 12/31/15: 0.25% -5% 58 63 68 73 78 83 88 93 98 03 08 13

9/30/81: 15.84% Real yield average: 2.46% Real 10-year Treasury yield 12/31/15: 0.25% -5% 58 63 68 73 78 83 88 93 98 03 08 13 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building better fixed income portfolios 1Q 2016 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Get

More information

Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015

Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015 RETIREMENT INSIGHTS Money market reform Understanding the impact on defined contribution plans December 2015 AUTHORS IN BRIEF New rules governing money market funds (MMFs) will have an impact on defined

More information

20 August 2013. Can the dividend

20 August 2013. Can the dividend 2 August 213 Can the dividend d theme thrive in a rising rates environment? Grace Tam Vice President Global Market Strategist J.P. Morgan Funds Ben Luk Market Analyst Global Market Strategy Team J.P. Morgan

More information

Good Practice Checklist

Good Practice Checklist Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment

More information

Reverse Exchangeables

Reverse Exchangeables Structured Investments Solution Series Volume III: Reverse Exchangeables Earn Higher Yields with Contingent Principal Protection REVERSE EXCHANGEABLES Introduction FOCUSING ON YOUR FINANCIAL GOALS can

More information

Investment management of the Exchange Fund

Investment management of the Exchange Fund Investment management of the Exchange Fund The HKMA manages the Exchange Fund on behalf of the people of Hong Kong and according to the statutory purposes of the Fund. The primary purpose of the Fund,

More information

Industry-leading Credit Risk Solutions

Industry-leading Credit Risk Solutions Industry-leading Credit Risk Solutions About Us Fitch Solutions provides a range of industry-leading products and professional development services to the global financial community. In addition to offering

More information

2010 Portfolio Management Guidelines

2010 Portfolio Management Guidelines 2010 Portfolio Management Guidelines Preamble The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality of Swiss

More information

Redefining the safety option Target date funds and risk management

Redefining the safety option Target date funds and risk management PERSPECTIVES Redefining the safety option Target date funds and risk management September 2013 IN BRIEF Defined contribution (DC) plan participants face a broad range of risks when investing for retirement

More information

Fixed Income Performance Attribution

Fixed Income Performance Attribution Fixed Income Performance Attribution Mary Cait McCarthy August 2014 Content 1 2 3 4 5 6 What is Performance Attribution? Uses of Performance Attribution Drivers of Return in Fixed Income Returns Based

More information

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure

J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure 1 Introduction and scope The rules of the Financial Services Authority ( FSA ), in implementing the Markets in Financial Instruments

More information

IMPORTANT QUESTIONS YOU SHOULD ASK ABOUT

IMPORTANT QUESTIONS YOU SHOULD ASK ABOUT IMPORTANT QUESTIONS YOU SHOULD ASK ABOUT JAMES KIRBY ACCOUNTANCY CORPORATION JAMES KIRBY ACCOUNTANCY CORPORATION Registered Investment advisor 2601 Saturn Street, Suite 106 Brea, CA 92821 6702 (714) 203

More information

Principal Protected Investments

Principal Protected Investments Structured Investments Solution Series Volume I: Principal Protected Investments Profit from Potential Market Gains While Protecting Your Investment Principal at Maturity PRINCIPAL PROTECTED INVESTMENTS

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

Citi OpenInvestor. OpenLend. Securities Lending Solutions. Customized Programs to Optimize Portfolio Performance

Citi OpenInvestor. OpenLend. Securities Lending Solutions. Customized Programs to Optimize Portfolio Performance Citi OpenInvestor sm OpenLend sm Securities Lending Solutions Customized Programs to Optimize Portfolio Performance 2 Citi Transaction Services Innovative Solutions for a Sophisticated Market Lending programs

More information

THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES

THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES Morgan Stanley 20 Linden Place Red Bank, NJ 07701 (732) 936-3400 THE DURSO WEALTH MANAGEMENT GROUP AT MORGAN STANLEY THE DURSO WEALTH MANAGEMENT GROUP S DISCRETIONARY PORTFOLIO MANAGEMENT INVESTMENT STRATEGIES

More information

British heritage, Swiss know-how

British heritage, Swiss know-how British heritage, Swiss know-how Barclays recent awards Best Private Bank Client Service Highly Commended Foreign Private Bank External Asset Manager Platform Best Overall Private Bank - UK 2016 2016 2015

More information