Canada Life Manager-of-Managers

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1 Canada Life Manager-of-Managers

2

3 Contents What is the Manager-of-Managers approach to investing? What are the benefits to investors? Is this a new approach to investing? Who are SEI? Key facts SEI global footprint Best of the Best - Finding the right managers Finding the best managers - the process at work The selection process The analytical process Keeping on track with continuous monitoring Every trade, every day Best of the Best - Who are the chosen fund managers? How do I invest? Canada Life Manager-of-Manager Fund range

4 What is the Manager-of-Managers approach to investing? 1 The Manager-of-Managers concept is a sophisticated investment approach, which builds up a portfolio of the best specialist investment managers around the world, rather than a portfolio of individual stocks and bonds. Relying on fund managers to have skill in every asset class has traditionally been the choice of many investors. The SEI Managerof-Managers approach believes it is better to appoint managers that manage assets in particular or distinct ways in order to diversify risk and add depth to a portfolio. By using managers with differing styles, the Manager-of-Manager process will provide a portfolio with diversity across all styles whilst minimising the total risk to the fund. Investment Managers develop different approaches as to how they invest and how they identify which are the best stocks. These are called investment styles. These styles go in and out of favour over time and it is virtually impossible to predict when a style will be in favour making it important to have exposure to all styles at all times. The Canada Life Manager-of-Managers fund range enables investors to access a number of specialist investment managers across the world. Companies who offer a Managerof-Manager investment solution actively manage the investment managers and are responsible for the selection and performance of the investment managers, identifying, hiring and monitoring, or replacing managers, as necessary. The managers themselves are responsible for picking the individual stocks and bonds. In 2005, Canada Life partnered with SEI to launch Manager-of-Manager funds to the Irish market. SEI is one of the world s leading providers in this market with over 137 billion in funds under management worldwide. An additional benefit of the Manager-of-Manager approach versus a traditional specialist management system is that the Manager-of-Managers deals with all of the relationships with the underlying managers, monitoring trading activity on a daily basis, managing cash flows and re-balancing across asset classes, ensuring operational efficiency and proactively making manager changes and additions where appropriate. SEI s Manager-of-Managers investment model provides investors with access to some of the best fund management specialists in the world many of which have only previously been available to large institutional investors. SEI is responsible for portfolio structure, manager selection, evaluation and replacements of Managers when necessary, across each portfolio in an approach that is specifically designed to ensure the delivery of consistent returns, low volatility and a level of predictability unavailable through a single manager.

5 What are the benefits to investors? 2 You have access to some of the world s best investment managers Continuous active management and daily monitoring of managers and portfolios Manager-of-Managers approach was previously only available to large institutional investors A defined process designed to limit volatility, manage risk and deliver consistent returns A system with the rigorous objectivity to find the best investment managers around the world

6 Is this a new approach to investing? 3 The largest institutional investors in the world in managing their investments have followed this investment discipline. In many cases individual investors would not have access to many of these investment managers as they are only available to institutional investors and can have large investment minimums. It is a tried and tested approach used by the biggest pension funds, corporations, charities and largest private investors and Canada Life has now made this sophisticated approach available to the Irish market. Who are SEI? SEI Investments is one of the world s leading provider s of Manager-of-Managers funds with 137 billion under management worldwide and a strong track record of growth in Europe with a presence in the UK, Italy, Germany, The Netherlands and France. SEI has pioneered the concept of selecting independent money managers for pension plans and wealthy investors for the past 20 years and is now available to retail investors in Ireland exclusively through Canada Life. Any investment recommendation made by SEI is backed by extensive research and is conducted by experienced, highly educated, investment professionals. SEI is also a leading provider of investment technology services, serving more than 1/3 of the top 50 US banks.

7 Key facts 4 Founded in 1968, publicly listed company (SEIC), 40% of the firm s shares are held by employee, senior management and board members Top ranked Manager-of-Managers programme in the US Global leader in Manager-of-Managers with 137 billion under management Administers 250 billion in mutual fund and pooled assets Operates more than 20 offices in over a dozen countries Is a publicly quoted company listed on NASDAQ, and Named Multi-Manager of the Year by Professional Pensions, 2004 Awarded the Global Pensions Manager-of-Managers 2003

8 SEI global footprint 5 UNITED KINGDOM Institutional and HNW Asset Management IRELAND Global Product Platform FRANCE Institutional and HNW Asset Management ITALY Distribution Alliance CANADA Institutional and HNW Asset Management UNITED STATES ( Oaks-Corporate HQ) Institutional and HNW Asset Management MEXICO Pension and HNW Asset Management THE NETHERLANDS Institutional and HNW Asset Management GERMANY Institutional and HNW Asset Management SOUTH KOREA Joint Venture Asset Management Company TAIWAN Joint Venture Asset Management Company HONG KONG Business Development SOUTH AFRICA Pension Asset Management

9 Best of the Best - finding the right managers 6 Identifying, hiring and managing a series of specialist investment managers are crucial for consistent performance. This is the cornerstone of the SEI approach. SEI only selects managers for their core competencies and the specific contribution they can make to a portfolio. Their performance is then measured against specific strengths for which they were hired. SEI brings powerful research capabilities to the search and selection of all its managers. A rigorous step-by-step approach reduces a universe of over 30,000 possible investment managers worldwide down to a handful who meet SEI s standards. STEP 1 Idea Generation With 30,000 managers world wide: Examine their portfolio returns Screen with SEI s proprietary screening models Analyse all managers style and behaviour to see where the performance came from STEP 2 Fundamental Analysis On a reduced universe: Analyse the remaining managers holdings in detail Review all their trades across the life of a portfolio Check the risk factors within the portfolios themselves STEP 3 Qualitative Analysis On a smaller short list: Interview all members of the investment teams and their support staff Review their systems and controls Check their research and trading capabilities Fully examine all compliance procedures and their organisational structure STEP 4 Ongoing Monitoring Less than 50 meet SEI s demanding criteria and are appointed: SEI s advanced technology and rigorous research process reduces the vast universe down to a handful of specialist managers who are then hired to carry out SEI s agreed investment strategy

10 Finding the best managers - the process at work 7 1 Idea Generation Quantitative analysis Economies of scale Industry Knowledge 30, Fundamental Analysis Historical holdings analysis Portfolio characteristics Quality of track record Risk Management assessment 4 Ongoing Monitoring Ongoing dialogue Daily Holdings analysis On-site visits Competitive analysis Qualitative Analysis Conference calls On-site visits Quality of personnel Articulation of process

11 The selection process 8 The SEI manager selection and monitoring process focuses on four key areas: Performance, Philosophy, Process and People Performance SEI compares a manager s performance through a solid understanding of their investment style. This identifies the value they have added to their portfolio returns, over and above those generated by their investment style. SEI also examine the consistency of returns across a number of different market cycles. Philosophy SEI looks for specialist managers who have a clearly defined investment philosophy and style for example, growth or value, or a preference for large or small companies. This must have been consistently applied over a number of years. Process SEI then sees how a firm actually puts its philosophy into action and looks for firms with a commitment to researching new investment opportunities and proper discipline in making buy and sell decisions. People Because a firm s primary assets are its people, SEI look for stable, well-managed organisations. They must have the ability to attract and retain outstanding investment talent. People who move often can undermine performance.

12 The analytical Process 9 The investment decisions of SEI are backed by the most advanced technological infrastructure ever assembled in the business of managing managers. It is access to this powerful technology, combined with the time and resources to conduct hundreds of extensive on-site visits with investment managers testing for the factors that spell success, that make the whole SEI investment process so formidable. Keeping on track with continuous monitoring SEI is unique in the thoroughness with which it manages its managers ongoing performance. It is simply not good enough only to choose the right manager in the first place, a manager s performance has to be constantly monitored and evaluated through time. This is exactly what the SEI process does. Every trade, every day After a manager is chosen, SEI analysts continuously watch their philosophy, process, people and performance, in detail. SEI s advanced technology allows them to track each manager s trades every day, ensuring that they remain within agreed guidelines and that they do not drift from their area of expertise. Managers who deviate from their philosophy or fail to achieve stated goals are subject to replacement, and the SEI process ensures that this is done with immediate effect.

13 Best of the Best - Who are the chosen fund managers? funds available from SEI through Canada Life Ireland Global Balanced Fund UK Equity Europe (ex UK) Equity Global Developed Markets Equity US Large Cap Equity Japan Equity Pac Basin Equity Emerging Markets Equity Global Fixed Income Global Opp Fixed Income 35 Investment Managers Bernstein Investment Acadian Quantitative Management Associate Quantitative Management Associate Goldman Sachs Boston Co. Axa Rosenberg Alliance Capital Fischer Francis Alliance Bernstein 35 Investment Managers made up of 9 equity and fixed interest funds Martin Currie Standard Life Framlington Blackrock JP Morgan TT International Capital Guardian Bernstein Investment Smith Breedon Associates Enhanced Investment Technologies LLC Bernstein Investment Capital International Delaware AJO Morgan Stanley Montag & Caldwell LSV Asset Mgmt Acadian Lyoyd George Capital International Maple Brown Abbott Boston Co. Rexiter Capital Ashmore Investment Globally Diversified 3451 UK 265 Euro (ex UK) 260 Global Developed 716 US Large Cap 853 Japan 385 Pac Basin 177 Emerging Markets 343 Global Fixed 187 Global Opp 265 How do I invest? The full range of Canada Life/ SEI Manager of Manager funds is available across all of our pension and investment products including lump sum and regular savings accounts.

14 Canada Life 11 Manager-of-Manager Fund range CL/ SEI Global Balanced Fund CL/ SEI Global Equity Fund CL/ SEI European Equity Fund CL/ SEI US Equity Fund CL/ UK Equity Fund CL/ SEI Japanese Equity Fund CL/SEI Pacific Basin Equity Fund CL/ SEI Emerging Markets Equity Fund CL/ SEI Global Fixed Income Fund CL/ SEI Opportunistic Fixed Income Fund

15 Warning: Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up This document does not form part of any contract. For full details of all our products, please refer to the specific product policy conditions. The contents are intended as a guideline only and should not be construed as advice or an interpretation of the law. While every care has been taken in the preparation of this document, Canada Life Assurance (Ireland) Limited accepts no liability whatsoever for any errors or omissions in the information contained herein or for any loss occasioned to any person acting or refraining from acting as a result of any statement in this document. You should always seek the advice of an appropriately qualified professional.

16 Canada Life Canada Life House Temple Road Blackrock Co.Dublin CANMU696 10/06 Telephone Fax Website Canada Life Assurance (Ireland) Limited is regulated by the Financial Regulator. CANMU699 (12/06)

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