Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS

Size: px
Start display at page:

Download "Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS"

Transcription

1 Alpha Fund S.I.F. Specialized Investment Fund LIFE SETTLEMENT FUND OF FUNDS Pag 1 di 29

2 Life Settlements Alternative asset class, investing in life insurance contracts of aged U.S. citizen. Return widely uncorrelated to financial markets. Basically secure asset class since irrevocable payment obligations. Strongly diversified since fund of funds concept. Impressive growth of the market offering interesting opportunities. Pag 2 di 29

3 Life Settlement - Steps The senior citizen sells his policy to a Life Settlement Company ( provider ) who places this policy on the secondary market. The final investor acquires beneficiary rights on the policy in change of a lump sum payment and payment of all remaining premiums. Senior Settlement Policy Life Settlement Provider Policy Investor Pag 3 di 29

4 Life Settlement - Transaction SENIOR LIFE SETTLEMENT COMPANY INVESTOR FACE VALUE INVESTOR PREMIUMS PURCHASE PRICE OF THE POLICY CASH TO THE INSURED SURRENDER VALUE Pag 4 di 29

5 Life Settlement Win-Win situation / Insured Premium payments are not lost but become a real asset No further premium payments The realised price for selling is much higher than the surrender value (lump sum if surrendered to the insurance carrier) Sales revenue of a former strictly illiquid asset on-hand for needs Pag 5 di 29

6 Life Settlement Win-Win situation / Investor US Life Settlements are attractive: Returns are widely uncorrelated to traditional asset classes, real estate and hedge funds. Positive diversification effects in a portfolio. Secure asset class since face values of policies are irrevocable payment obligations of insurance companies. Interesting returns can be expected. Pag 6 di 29

7 Life Insurance market worldwide Almost one third of life insurance premiums are paid by US seniors USA 29% France 6% Great Britain 9% Germany 5% Rest of asia 8% Japan 23% Rest of Europe 15% Rest of the world 5% Pag 7 di 29

8 Secondary Market Since the early 90ies, the life settlement secondary market has grown up to estimated USD bio traded face value in Recent reports estimate USD 160 bio to be reached in the next 10 years. Target: seniors aged above 65 yrs Target will grow 3 fold in the next 25 yrs. Secondary market penetration by today is about 3-4% Traded face value in USD Bio Source: Lehman Brothers/ Connings March 2005 Pag 8 di 29

9 Life Settlement Organisations Medical Underwriters (LISA members) Life Insurance Settlement Association (LISA) Promotion of the development of life settlement industry and regulatory body. More than150 members. Compliant with anti-trust-law, federal laws, state and local laws. LISA Standard anti-fraud plan Pag 9 di 29

10 Investors in the LS industry ABBEY INTERNATIONAL ABN AMRO AIG ANGERMAYER BRUMM & LANGE BANK OF IRELAND BANK OF NEW YORK BANK ONE BARCLAYS BAYERISCHE WECHSEL BANK BEAR STEARNS CHASE CITIGROUP COMMERZBANK CORE PACIFIC CSFB DRESDNER BANK ERUAM BANK GE CAPITAL GENERALI GROUP GEN RE GUARDIAN RE HCI GROUP HPC CAPITAL HYPOVEREINSBANK KING & CIE LEHMAN BROTHERS M & A BANK MAPLE FINANCIAL MERRIL LYNCH MORGAN STANLEY MPC CAPITAL PRICE WATERHOUSE COOPERS ROYAL & SUNALLIANCE ROYAL BANK OF SCOTLAND SCOTTISH LIFE SOCIETE GENERALE STANDARD BANK OF THE UK US BANK & TRUST WEST LB PANMURE ZURICH Pag 10 di 29

11 Fund of Funds (ALPHA FUND SIF) Special Investment Fund investing in Life Settlement Funds Fund domicile: Luxembourg ISIN: LU ; LU ; LU Currencies: USD, EURO Investment Advisor: Fenice Investimenti SA Technical Actuarial Advisor: AA-Partners Ltd. Administrator: RBS DEXIA Luxembourg Depositary Bank: RBS DEXIA Luxembourg Auditor: Deloitte SA Administrator, company, auditor as well as fund manager are completely independent from each other. Pag 11 di 29

12 Fund of Funds (ALPHA FUND SIF) Diversification: Currently more than 2600 policies. Representing more than USD 12.6 Bio of face value. Underlying funds: Currently 8 (number will increase with increasing fund volume). Representing roughly 3.05 Bio in fund volume. Mean age of insured: about yrs. Average LE: about 108 months Insured of male gender: about 60%. Average face value: about USD 4.9 mio. Insurance companies: Average rating: currently AA (S&P). Percentage below A-: currently <2%. Pag 12 di 29

13 Fund of Funds (ALPHA FUND SIF) Fund development since launch Smooth development of performance Significantly better return than other asset classes Pag 13 di 29

14 Fund of Funds (ALPHA FUND SIF) Fund development since launch Performance perfectly on track (right axis, USD B-Class) Strong increase in fund volume (left axis) Fund volume 105 USD Mio (left axis) Performance net of fees (right axis) Jan 08 Mrz 08 Mai 08 Jul 08 Sep 08 Nov 08 Jan 09 Pag 14 di 29

15 Fund of Funds (ALPHA FUND SIF) Fund development since launch Tactical bets (neutral positioning = funds equally weighted) Contribution of tactical allocation was positive each month 0.00% -2.00% -4.00% -6.00% -8.00% Feb 08 Apr 08 Jun 08 Aug 08 Okt 08 Dez 08 Feb 09 Return Portfolio Apha SIF Fund (gross of fees) Return Alpha SIF Fund (USD B-Class, net of fees) % Time Pag 15 di 29

16 Fund of Funds (ALPHA FUND SIF) Comparison fund selection vs. non-eligible funds Funds in portfolio performed better than the peer group and the non-eligible universe (all funds equally weighted). Indexed Performance in USD Jan 08 Feb 08 Mrz 08 Apr 08 Mai 08 Jun 08 Jul 08 Aug 08 Time Sep 08 Okt 08 Nov 08 Dez 08 Jan 09 Feb 09 Return Alpha SIF Fund (USD B-Class, net of fees) AAP Noneligible Fund Universe (n=7) AAP Life Settlement Peer (n=14) Pag 16 di 29

17 Fund of Funds (ALPHA FUND SIF) Liquidity structure Appropriate liquidity available in case of redemptions Relationships to fund managers can further support liquidity 19.87% Monthly - 30 days notice Monthly - 90 days notice 12.04% 15.51% 52.58% Quarterly - 60 days notice Quarterly - 90 days notice Pag 17 di 29

18 Fund of Funds (ALPHA FUND SIF) Lock-up structure Roughly two thirds of the portfolio with no lock-up period About one third with a one year lock-up Nil lock-up 35.71% One year lock-up 64.29% Pag 18 di 29

19 Fund of Funds (ALPHA FUND SIF) Indicative distribution per life expectancy Life expectancy is certified by qualified medical underwriters. Average life expectance is about 94 months. Roughly 50% of the insured have a life expectancy 8% between three and nine years. 43% 23% Up to 36 Months Months Months 26% Longer than 108 Months Pag 19 di 29

20 Fund of Funds (ALPHA FUND SIF) Indicative distribution of medical underwriters. Medical underwriter assess the life expectancy of insured. Roughly 60% of the LEs stem from 21st Services. 6% 11% 20% AVS Fasano 3% 21st Services EMSI Other 60% Pag 20 di 29

21 Fund of Funds (ALPHA FUND SIF) Indicative distribution of the rating of the insurance carriers. The nominal amount of the policies is an irrevocable payment obligation and therefore quite a secure investment. The companies have an average rating of AA (S&P). 23% 1% 11% AAA AA A 65% Lower than A Pag 21 di 29

22 Comparative analysis Single policies Single Fund/ Portfolio Structured product Fund of Funds High level of diversification No No/partly Partly Yes Access to different providers No No/partly No/partly Yes Combination: optimization best-in-class fund & know-how No No No Yes Professional due diligence No No No Yes Actuarial due diligence No No No Yes Monthly liquidity No Partly/Yes No Yes Low subscription barrier Yes Yes/No No Yes Simple subscription procedure No Yes Yes Yes Various currencies available No Partly/yes Partly Yes Access to institutional funds/ combination of strategies No No No Yes Pag 22 di 29

23 Life Settlement Well suited Well diversified portfolio. Suitable in substitution or in addition to bond investments. Need for low volatility. Widely uncorrelated to financial markets. Basically secure investment. Recommended duration of investment 5-7 years. Pag 23 di 29

24 Life Settlement Well suited Life Settlements are an interesting strategy for: Diversification of existing portfolios. Structured products. Life insurance. Pension planning. Capital and wealth protection. Reduction of volatility. Pag 24 di 29

25 Alpha Fund of Funds (INVESTMENT PROCESS) Investment process Life Settlement Funds Due Diligence Monitoring Investment Comitees Investments FoF Pag 25 di 29

26 Alpha Fund of Funds (INVESTMENT PROCESS) Fund due diligence Strengths/Potential Analysis Experience of personal Partners Network Investment strategy Portfolio IT/ infrastructure Etc. Actuarial Analysis Portfolio structure (gender etc.) Valuation approach Life expectancies Medical underwriter Premium payment strategy If appropriate: X-ray of whole portfolio Etc. Fund Quantitative Analysis Historic Performance AuM/ development AuM Fee structures Liquidity Leverage Available portfolio breakdowns Etc. Risk Analysis Personal Processes (buying & selling policies) Partners (administrator, custodian...) Portfolio (diversification, LEs etc.) Transparency Valuation Etc. Pag 26 di 29

27 Alpha Fund of Funds (INVESTMENT PROCESS) Fund monitoring & reporting Continuous Monitoring Quantitative Qualitative Risks Strengths/opportunities Visits with fund managers Monitoring of the market and its environment Etc. Pag 27 di 29

28 CONTACTS Alpha SICAV- Sif: Life Settlement FoF Please contact: Tel: Further info & Prospectus: Pag 28 di 29

29 Disclaimer Nothing on current document should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Past performance is not necessarily a guide to the future performance of an investment. The information on this document is provided for information only and should not form the basis of an investment decision. None of the investments referred to in this documents are available, and prospectuses in respect of them will not be distributed, to persons resident in any country, state or jurisdiction where such distribution would be contradictory to local law or regulation. Pag 29 di 29

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

Robeco High Yield Bonds

Robeco High Yield Bonds Important Information 1. Robeco High Yield Bonds (the Fund aims to provide long term capital growth. The Fund invests at least two thirds of its total assets in bonds, asset backed securities and similar

More information

An Approach for Estimating Market Returns for Life Settlements. 5th ELSA Symposium (June 16, 2014) London UK

An Approach for Estimating Market Returns for Life Settlements. 5th ELSA Symposium (June 16, 2014) London UK An Approach for Estimating Market Returns for Life Settlements 5th ELSA Symposium (June 16, 2014) London UK ..the ques@on is: what are the returns which can be reasonably expected from investments in life

More information

Three Pillar Approach - Getting the most out of commodities

Three Pillar Approach - Getting the most out of commodities Three Pillar Approach - Getting the most out of commodities Contents Investment Strategy Why Invest The Three Pillars Risk & Liquidity Regulation Investor Protection Fund Structure Key Partners Fund Features

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 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

Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates

Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates Event Driven Fund of Hedge Funds Seeking for Independence From Rising Long-Term Interest Rates Stéphane Gutzwiller François Gutzwiller Q3 2015 Investment styles Merger arbitrage Distressed securities Special

More information

www.orbeinvestimentos.com Value investing is simple to understand, but difficult to implement. The hard part is discipline, patience, and judgment

www.orbeinvestimentos.com Value investing is simple to understand, but difficult to implement. The hard part is discipline, patience, and judgment www.orbeinvestimentos.com Value investing is simple to understand, but difficult to implement. The hard part is discipline, patience, and judgment Seth Klarman, Baupost Group Orbe Investimentos Brazil

More information

Structured Products on Innovative Alternative Investments

Structured Products on Innovative Alternative Investments / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

More information

LONG TERM INVESTMENT FUND (SIA)

LONG TERM INVESTMENT FUND (SIA) November 2010 Simplified Prospectus LONG TERM INVESTMENT FUND (SIA) LONG TERM INVESTMENT FUND (SIA) Natural Resources* Important Information Investment objective Investment policy This simplified prospectus

More information

NewEuroMTS Overview. October 2005

NewEuroMTS Overview. October 2005 NewEuroMTS Overview October 2005 1 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates

More information

Investment in Life Settlements: Certainty in Uncertain Times

Investment in Life Settlements: Certainty in Uncertain Times Investment in Life Settlements: Certainty in Uncertain Times November 30, 2010 by J. Mark Goode Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent

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

Sprott Diversified Yield Fund

Sprott Diversified Yield Fund Sprott Diversified Yield Fund SPROTT ASSET MANAGEMENT LP ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2013 26JUL201212454834 The annual management report of fund performance is an analysis and explanation

More information

Swiss Alpha Strategy Certificates

Swiss Alpha Strategy Certificates Swiss Alpha Strategy Certificates Harvesting option premium Nomura NOVEMBER 2006 Nomura and its platform Altrus Nomura The Nomura Group is a global financial services firm dedicated to providing a broad

More information

BLACKROCK GLOBAL FUNDS Product Highlights Sheets

BLACKROCK GLOBAL FUNDS Product Highlights Sheets BLACKROCK GLOBAL FUNDS Product Highlights Sheets July 2016 Contents Pages ASEAN Leaders Fund 3 Asia Pacific Equity Income Fund 7 Asian Dragon Fund 11 Asian Growth Leaders Fund 15 Asian Local Bond Fund

More information

HSBC World Selection Portfolios The smart way to diversify your customers investments

HSBC World Selection Portfolios The smart way to diversify your customers investments HSBC World Selection Portfolios The smart way to diversify your customers investments 2 A smart way to invest 3 The benefit of diversification 6 How is HSBC World Selection managed? 8 What are the advantages

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

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

More information

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions.

Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. Market Access ETFs Exchange Traded Funds from RBS The Royal Bank of Scotland plc is an authorised agent of The Royal Bank of Scotland N.V. in certain jurisdictions. 2 Market Access ETFs The Royal Bank

More information

BLACKROCK GLOBAL EQUITY INCOME FUND An Equity Strategy with Growth and Income Focus

BLACKROCK GLOBAL EQUITY INCOME FUND An Equity Strategy with Growth and Income Focus BLACKROCK GLOBAL EQUITY INCOME FUND An Equity Strategy with Growth and Income Focus [1] [ 2 ] In today s uncertain markets, investors need an investment that offers both current income and the potential

More information

Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference

Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference Designing The Ideal Investment Policy Presented To The Actuaries Club of the Southwest & the Southeastern Actuarial Conference Presented by: Greg Curran, CFA & Michael Kelch, CFA AAM - Insurance Investment

More information

Schroder International Selection Fund Emerging Markets Debt Absolute Return (the Fund )

Schroder International Selection Fund Emerging Markets Debt Absolute Return (the Fund ) Prepared on: 9 October 2015 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus (the Prospectus

More information

Pictet enjoys a solid rating among the banking industry peers today, being awarded AA- longterm rating from Fitch for eight consecutive years.

Pictet enjoys a solid rating among the banking industry peers today, being awarded AA- longterm rating from Fitch for eight consecutive years. Helvetic Investments Pte. Ltd. 39B Circular Road Singapore 049395 DID: +65 6438 0383, Fax: +65 6438 3430 Reg. No. 200912670W March 2014 AN ALTERNATIVE FUND; PICTET MOSAIC CLASS I (USD) FUND OF HEDGE FUNDS

More information

UK Critical Illness and Income Protection Insurance 2008

UK Critical Illness and Income Protection Insurance 2008 A Datamonitor report UK Critical Illness and Income Protection Insurance 2008 An In-Depth Analysis of the CII and IP Markets Published: Nov-08 Product Code: DMFS2252 Providing you with: Recommendations

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

MAKE VOLATILITY YOUR ASSET. LJM PRESERVATION & GROWTH FUND

MAKE VOLATILITY YOUR ASSET. LJM PRESERVATION & GROWTH FUND MAKE VOLATILITY YOUR ASSET. LJM PRESERVATION & GROWTH FUND MARKETS CAN BE ROCKY. HARNESS VOLATILITY WITH LIQUID ALTERNATIVES. Liquid alternatives are mutual fund investments that derive value from sources

More information

Clear Alpha Trading Strategies Fund Class A Shares USD a UCITS IV compliant fund

Clear Alpha Trading Strategies Fund Class A Shares USD a UCITS IV compliant fund Fund Terms Inception date 20 January 2011 Legal structure Fund AUM Firm AUM Share classes Investment Objective UCITS IV fund domiciled in Ireland $47.3 million $93.7 million USD Class (EUR, GBP also available)

More information

HSBC International Select Fund MultiAlpha North America Equity

HSBC International Select Fund MultiAlpha North America Equity Simplified Prospectus JUNE 2009 HSBC International Select Fund MultiAlpha North America Equity GEDI:980234v8 GEDI:980234v10 GEDI:980234v13 GEDI:980234v15 VISA 2009/50683-3213-13-PS L'apposition du visa

More information

Core/Satellite Investing

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

More information

Olympia Capital Management

Olympia Capital Management Olympia Capital Management Olympia Capital Management 2 Delivering innovative solutions since 1989 An independent and experienced team Founded in 1989 to manage funds of hedge funds Richmond Park: an active

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

Strength Across the Board Investment Excellence in Fixed Income 30 June 2015

Strength Across the Board Investment Excellence in Fixed Income 30 June 2015 Strength Across the Board Investment Excellence in Fixed Income 30 June 205 Recognising the strength and depth of our Fixed Income range across Europe, the US and Emerging Markets CLASS I EUR Performance

More information

SSgA CAPITAL INSIGHTS

SSgA CAPITAL INSIGHTS SSgA CAPITAL INSIGHTS viewpoints Part of State Street s Vision thought leadership series A Stratified Sampling Approach to Generating Fixed Income Beta PHOTO by Mathias Marta Senior Investment Manager,

More information

Trader Vic Indices. Access managed futures in an innovative index format

Trader Vic Indices. Access managed futures in an innovative index format Trader Vic Indices Access managed futures in an innovative index format The Royal Bank of Scotland plc (RBS) is an authorised agent of ABN AMRO in certain jurisdictions and ABN AMRO is a subsidiary undertaking

More information

Index Solutions A Matter of Weight

Index Solutions A Matter of Weight Index Solutions A Matter of Weight Newsletter No. 11 Our current newsletter is about weight, or more precisely the weighting of equities in an index. Non-market capitalization weighted indices are at present

More information

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF This material is for investment professionals and has been prepared solely for information purposes and does not constitute an offer,

More information

Schroder ISF* Euro Liquidity. For Professional Investors only * ISF refers to International Select Fund throughout the document

Schroder ISF* Euro Liquidity. For Professional Investors only * ISF refers to International Select Fund throughout the document Schroder ISF* Euro Liquidity For Professional Investors only * ISF refers to International Select Fund throughout the document 1 Money market portfolio management Fixed income assets under management As

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

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015 ETPD Stream 2015 ETFs at SIX Swiss Exchange Lugano, 23 November 2015 European ETF asset growth is ongoing Source: ETFGI, industry insights, October 2015 3 Market Status ETF Segment 1 118 listed ETFs (1

More information

Secondary Market Structured Settlements Buyer s Guide

Secondary Market Structured Settlements Buyer s Guide Secondary Market Structured Settlements Buyer s Guide What is a Secondary Market Structured Settlement? A Secondary Market Structured Settlement is a transferred structured settlement in which you, the

More information

BMO Corporate Bond ETFs

BMO Corporate Bond ETFs For professional investors only Exchange Traded Funds PAGE 1 BMO Corporate Bond ETFs Diversified, global bond exposure ember 20 Contact us Client Services +44 (0) 20 70 4444 client.service@bmogam.com bmogam.com/etfs

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

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

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

Merrill Lynch Factor Index Fund

Merrill Lynch Factor Index Fund www.invest.baml.com/funds Merrill Lynch Factor Index Fund INVEST FUNDS September 2011 INVEST UCITS FUNDS INVEST UCITS FUNDS Important Note This brochure is supplied for information purposes only to the

More information

SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL

SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL Mutual fund in compliance with European regulations SSgA World Index Equity Fund. SIMPLIFIED PROSPECTUS SECTION A LEGAL Summary: Name: SSgA World Index Equity Fund. Legal form: French open-ended investment

More information

Deutsche Bank 2014 Global Financial Services Investor Conference

Deutsche Bank 2014 Global Financial Services Investor Conference Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset

More information

Vote for growth, seize US equities potential. For professional investors

Vote for growth, seize US equities potential. For professional investors Vote for growth, seize US equities potential For professional investors Vote for growth, seize US equities potential I October 2012 I 2 Why US EquitieS at BNP Paribas Investment Partners? A strong history

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

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005

Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV) Simplified prospectus September 2005 Dexia Equities L Luxembourg Open-ended Investment Company (SICAV ) 69, route d Esch L-1470 Luxembourg

More information

Citadele Eastern European Bond Fund. February 2014

Citadele Eastern European Bond Fund. February 2014 Citadele Eastern European Bond Fund February 2014 Citadele Asset Management Government of Latvia EBRD Solid shareholder base Regulated by Financial and Capital Market Commission 75% 25% Citadele Bank MiFID

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

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

FrontPoint Partners LLC FrontPoint Strategic Credit Fund

FrontPoint Partners LLC FrontPoint Strategic Credit Fund FrontPoint Partners LLC FrontPoint Strategic Credit Fund Long/Short Strategy across the Asset Backed Securities (ABS) market. INVESTMENT S TRATEGY AND P ROCESS FrontPoint Strategic Credit Fund ( FSC, The

More information

HSBC GIF Chinese Equity Fund

HSBC GIF Chinese Equity Fund For Investment Professionals only Investment Case Investment Team The Fund Summary The investment case 2 Investment case Why invest in the HSBC GIF Chinese Equity Strategy? Chinese economic growth at 7-8%

More information

SUPPLEMENT Davy Cautious Growth Fund

SUPPLEMENT Davy Cautious Growth Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Kames Absolute Return Bond Fund

Kames Absolute Return Bond Fund Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years

More information

Q&A for changes to Vanguard s Ireland-domiciled fund range

Q&A for changes to Vanguard s Ireland-domiciled fund range Q&A for changes to Vanguard s Ireland-domiciled fund range As we broaden our presence in Europe, we are able to enhance our product suite by reducing costs and introducing a new share class structure designed

More information

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits

More information

Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1

Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1 Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1 Agenda 1. Explanation of Options 2. Option products on EEX 3. Margin calculation 4. Advantages of using

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 21 February 2013 This Product Highlights Sheet is an important document. It highlights the key terms and risks of the ILP sub-fund and complements the Product Summary and Fund Summary. It

More information

Analyzing Risk in an Investment Portfolio

Analyzing Risk in an Investment Portfolio Introduction Analyzing Risk in an Investment Portfolio October 16, 2012 PUBLIC TRUST ADVISORS Neil Waud, CFA Director Portfolio Management neil.waud@publictrustadvisors.com (303) 244-0468 Matthew Tight

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

DEBT MANAGEMENT POLICY AND PROPOSED CERTIFICATES OF PARTICIPATION (COPs) TRANSACTION

DEBT MANAGEMENT POLICY AND PROPOSED CERTIFICATES OF PARTICIPATION (COPs) TRANSACTION DEBT MANAGEMENT POLICY AND PROPOSED CERTIFICATES OF PARTICIPATION (COPs) TRANSACTION Los Angeles Unified School District Office of the Chief Financial Officer Background Since 1990, District has issued

More information

Mutual Fund Distribution in Europe 2006

Mutual Fund Distribution in Europe 2006 A Datamonitor report Mutual Fund Distribution in Europe 2006 Published: May-06 Product Code: Scope: Sizes the distribution channels of mutual funds in five major European markets using FERI FMI data Draws

More information

Ignis International Funds plc (the Company )

Ignis International Funds plc (the Company ) Ignis International Funds plc (the Company ) An open-ended umbrella investment company with variable capital authorised under the laws of Ireland Ignis International Hexam Global Emerging Markets Fund

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

TRADING LEVERAGE ON EXCHANGE DAILY LEVERAGE PRODUCTS

TRADING LEVERAGE ON EXCHANGE DAILY LEVERAGE PRODUCTS London 28/09/2012 TRADING LEVERAGE ON EXCHANGE DAILY LEVERAGE PRODUCTS Trading the markets conference RISK WARNING The following products are suitable for sophisticated retail and professional investors

More information

The UK Retail Bond Market H1 2011 Performance Update

The UK Retail Bond Market H1 2011 Performance Update 1. Introduction The UK Retail Bond Market H1 2011 Performance Update Over the last 6 months, 7 transactions have been launched in the retail bond market in the UK, raising 540 million - with a further

More information

Investment in Life Settlements: Certainty in Uncertain Times

Investment in Life Settlements: Certainty in Uncertain Times Investment in Life Settlements: Certainty in Uncertain Times A Life Settlement is the sale of an in-force life insurance policy to a third party for an amount less than its death benefit, but greater than

More information

Vanguard UK Short-Term Investment Grade Bond Index Fund

Vanguard UK Short-Term Investment Grade Bond Index Fund Vanguard UK Short-Term Investment Grade Bond Index Fund May 2013 LAUNCH BRIEFING Fund summary The Vanguard UK Short-Term Investment Grade Bond Index Fund expands the low-cost asset allocation building

More information

ETF Trend Following. As of March 31,

ETF Trend Following. As of March 31, ETF Trend Following As of March 31, 2016 This presentation does not constitute an offering of securities. The information contained herein is summary in nature. Table of Contents: Page 3: Executive Summary

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

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

Suggested Standards for Product Designers, Managers and Distributors. June 2013. Edition 3.0

Suggested Standards for Product Designers, Managers and Distributors. June 2013. Edition 3.0 Suggested Standards for Product Designers, Managers and Distributors June 2013 Edition 3.0 FOREWORD Edition 1.0 of the European Life Settlement Association (ELSA) Code of Practice (the Code) was introduced

More information

Its context and value in volatile markets. Lynn Mathews CLS Services

Its context and value in volatile markets. Lynn Mathews CLS Services CLS: Its context and value in volatile markets Lynn Mathews CLS Services www.cls-group.com CLS and the CLS Logo are registered trademarks of CLS UK Intermediate Holdings Ltd 2008 CLS UK Intermediate Holdings

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

36 South Breakfast. Profile of the U.S. Listed Equity Options Market. Zurich October 23, 2013

36 South Breakfast. Profile of the U.S. Listed Equity Options Market. Zurich October 23, 2013 36 South Breakfast Profile of the U.S. Listed Equity Options Market Zurich October 23, 2013 The Options Industry Council (OIC) Gary Delany www.optionseducation.org Disclaimer Options involve risk and are

More information

Simplified Prospectus

Simplified Prospectus October 2007 Simplified Prospectus Robeco Capital Growth Funds Robeco US Premium Equities 1 Important Investment objective and policy This simplified prospectus contains key about the Sub-Fund. If you

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares

Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Accredited Investors Only As of November 30th, 2015 Investment approach Blackstone Alternative Alpha Fund II ( BAAF

More information

Swisscanto (LU) Bond Invest Global High Yield. Edition for Switzerland, Germany, Austria, Liechtenstein and Luxembourg

Swisscanto (LU) Bond Invest Global High Yield. Edition for Switzerland, Germany, Austria, Liechtenstein and Luxembourg Swisscanto (LU) Bond Invest Global High Yield Edition for Switzerland, Germany, Austria, Liechtenstein and Luxembourg The challange: Invest in high-yield bonds Term The ability of a company to repay its

More information

Lake Hill Crude Oil Market Update

Lake Hill Crude Oil Market Update Lake Hill Crude Oil Market Update Oil markets are experiencing forced hedging, unwinds and de-risking by both producers and consumers, exacerbating the recent spike in volatility. This distressed trading

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

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

Swiss Real Estate Funds A Tried-And-Tested Asset Class. Compact

Swiss Real Estate Funds A Tried-And-Tested Asset Class. Compact Swiss Real Estate Funds A Tried-And-Tested Asset Class Compact The Swiss Funds & Asset Management Association SFAMA (SFAMA), which was established in 1992 with its registered office in Basel, is the representative

More information

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius ETF Reference Guide Contents 1. Background 04 2. Introduction to Exchange Traded Funds 05 What are Exchange Traded Funds Why invest in Exchange Traded Funds as an alternative to other similar investments?

More information

Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA

Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA Standardising the Longevity Market Have we arrived yet? An update on the work of the LLMA 19 February 2013 Benoit Moreau AXA Pretty Sagoo Deutsche Bank Agenda Introduction Longevity What s at stake? The

More information

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP] This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese

More information

L2: Alternative Asset Management and Performance Evaluation

L2: Alternative Asset Management and Performance Evaluation L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

ING Europe Invest Autocall 2020

ING Europe Invest Autocall 2020 5,00% potential annual yield Maturity: 4 years maximum Risk profile: see page 4 Capital not guaranteed at Maturity by the Issuer Risk class peculiar to ING Luxembourg* 0 1 2 3 4 5 6 Description ING Europe

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

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

THE ORBITEX DIFFERENCE

THE ORBITEX DIFFERENCE ORBITEX CREATES FINANCIAL SOLUTIONS FOR DISCERNING CLIENTS ORBITEX Financial Services Group is a financial services firm providing clients worldwide with a full range of investment opportunities, including

More information

CGWM Total Return Bond Fund

CGWM Total Return Bond Fund To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the

More information