Alternative Asset Classes

Size: px
Start display at page:

Download "Alternative Asset Classes"

Transcription

1 Alterative Asset Classes

2 Alterative Asset Classes Beyod the three primary asset classes stocks, bods ad cash may other types of ivestmets ca be used to diversify ivestmet portfolios. The term alterative assets is highly flexible. It may iclude specific physical assets, such as atural resources or real estate, or methods of ivestig, such as hedge fuds or private equity. I some cases, eve geographic regios, such as emergig global markets, are cosidered alterative assets. WHAT ARE ALTERNATIVE ASSET CLASSES? Alterative assets ofte are highly depedet o ovel ivestig strategies or idividual skill i selectig specific ivestmets. For example, hedge fuds (see page 3) exist to pursue ivestig strategies that ofte rely o the maager s judgmet ad that may be difficult or impossible for a mutual fud; with collectibles such as art or atiques, the value of your ivestmet depeds o the properties of a specific work. As a result, eve if you are very kowledgeable about a specific asset class, you might do well to seek out expert advice ad guidace whe selectig alterative assets for iclusio i your portfolio. WHY INVEST IN ALTERNATIVE ASSET CLASSES? Their lack of correlatio with other types of ivestmets may help icrease or stabilize portfolio retur Part of soud portfolio maagemet is diversifyig ivestmets so that if oe type of ivestmet is performig poorly, aother may be doig well. Both istitutioal ad idividual ivestors have icreasigly begu to explore alterative assets i recet years as a way of tryig to icrease returs ad/or diversify risk. I a global ecoomy, traditioal asset classes such as stocks ad bods are icreasigly liked. However, i may cases, a alterative asset s performace is ofte highly depedet o the qualities of the idividual ivestmet, as opposed to beig highly correlated to a overall market. I other cases, such as precious metals, the asset class as a whole may behave differetly from stocks ad bods. May alterative ivestmets attempt to achieve their returs ot from the activity of the market, but by usig uique ivestig strategies to exploit market iefficiecies that the markets have t perceived. As a result, alterative assets ca provide a additioal layer of diversificatio ad complemet more traditioal asset classes. However, diversificatio aloe caot guaratee a profit or esure agaist a loss. While alterative assets offer potetial for returs that are t highly correlated with other markets, their uique properties also mea that they ca ivolve a high degree of risk. They ca take advatage of differet or looser regulatory provisios Hedge fuds have greater latitude tha mutual fuds i pursuig ivestig strategies ad have had to provide less disclosure to ivestors. This greater freedom gives them capabilities that may be off-limits to other ivestmet compaies, such as sellig securities short. It also reduces the chace that a proprietary strategy may be adopted by competitors or become so widely kow that it loses ay market advatage. They may provide pride of owership I additio to their ivestmet value, some alterative ivestmets, such as art, atiques or gems, may simply be a pleasure to ow. Also, certai types of alterative assets, such as reveue from timber harvests, receive favorable tax treatmet. TRADE-OFFS Alterative assets ofte are less liquid tha stocks or bods Depedig o the alterative asset, you may or may ot be able to fid a willig buyer whe you re ready to sell. Also, some hedge fuds may require ivestors to stay ivested for a certai period of time. 2 ATLANTICTRUST.COM

3 Alterative Asset Classes Accurately assessig values ad risks may be difficult The performace of a alterative asset ca be challegig to research, price ad uderstad. You may ot have access to a give ivestmet Uless you meet suitability requiremets for ivestig, icludig icome level ad miimum ivestmet, you may ot be permitted to ivest i a hedge fud. ivestmets are ot listed or traded o a public market or exchage, ad private equity firms ofte are more directly ivolved with maagemet of the busiess tha the average shareholder. Private equity ofte requires a log-term focus before ivestmets begi to produce ay meaigful cash flow if ideed they ever do. Private equity also typically requires a relatively large ivestmet ad is available oly to qualified ivestors such as pesio fuds, istitutioal ivestors ad wealthy idividuals. Private equity ca take may forms. The followig are some examples: Greater ivestig freedom ca icrease potetial for mismaagemet or loss from sector exposure Because they are subject to less regulatio tha may other ivestmets, there are fewer costraits to prevet potetial maipulatio or to limit risk from highly cocetrated positios i a sigle ivestmet. Also, hard assets such as bullio, atiques, art or gems are subject to physical risk ad may ivolve special cosideratios such as storage ad isurace, while timberlad may be subject to atural disasters. HEDGE FUNDS Hedge fuds are private ivestmet vehicles that maage moey for istitutios ad wealthy idividuals. They geerally are orgaized as limited parterships, with the fud maagers as geeral parters ad the ivestors as limited parters. The geeral parter may receive a percetage of the assets, additioal fees based o performace or both. Hedge fuds origially derived their ame from their ability to hedge agaist a market dowtur by sellig short. Though they may ivest i stocks ad bods, hedge fuds are typically cosidered a alterative asset class because of their ability to implemet complex ivestig strategies that ivolve may other asset classes ad ivestmets. PRIVATE EQUITY Like stock shares, private equity represets a owership iterest i a compay. However, ulike stocks, private equity Agel ivestors are idividual ivestors who provide capital to startup compaies ad may have a persoal stake i the veture, providig busiess expertise, idustry experiece ad cotacts, as well as capital. Veture capital fuds ivest i compaies that are i the early to midgrowth stages of their developmet ad may ot yet have a meaigful cash flow. I exchage, the veture capital fud receives a stake i the compay. Mezzaie fiacig occurs whe private ivestors agree to led moey to a established compay i exchage for a stake i the compay if the debt is ot completely repaid o time. It is ofte used to fiace expasio or acquisitios ad is typically subordiated to other debt. As a result, from a ivestor s stadpoit, mezzaie fiacig ca be rewardig because the iterest paid o the loa ca be high. Buyouts occur whe private ivestors ofte part of a private equity fud purchase all or part of a public compay ad take it private, believig that either the compay is udervalued or that they ca improve the compay s profitability ad sell it later at a higher price. I some cases, the private ivestors are the compay s executives, ad the buyout is kow as a maagemet buyout (MBO). A leveraged buyout (LBO) is fiaced ot oly with ivestor capital but with bods issued by the private equity group to pay for purchase of the outstadig stock. ATLANTICTRUST.COM 3

4 Alterative Asset Classes REAL ESTATE You may make either direct or idirect ivestmets i buildigs either commercial or residetial ad/or lad. Direct ivestmet ivolves the purchase, improvemet ad/or retal of property; idirect ivestmets are made through a etity that ivests i property, such as a real estate ivestmet trust (REIT). Real estate has a relatively low correlatio with the behavior of the stock market ad is ofte viewed as a hedge agaist iflatio. NATURAL RESOURCES Most ivestmets i atural resources such as timber, oil or atural gas are doe through limited parterships. I some cases, such as timber, the resource repleishes itself; i other cases, such as oil or atural gas, the resource may be depleted over time. Timberlad produces icome from the trees harvested, but may also grow i value ad be coverted for use as a real estate developmet. ART, ANTIQUES, GEMS AND COLLECTIBLES Some ivestors are draw to ivestmet-grade collectibles because they may retai their value or eve appreciate as iflatio rises. If you are a kowledgeable collector or have expert advice, they may geerate high returs. However, their value ca be upredictable ad ca be affected by supply ad demad, ecoomic coditios ad the coditio of a idividual piece or collectio. GOLD AND PRECIOUS METALS Ivestors have traditioally purchased precious metals such as gold, silver, platium ad palladium because they believe that precious metals provide security i times of ecoomic ad social upheaval. Gold, for istace, has historically bee see as a alterative to paper currecy ad therefore a hedge agaist iflatio ad currecy fluctuatios. If paper currecy becomes worth less ad less because of iflatio, ivestors perceive that gold will retai its value. As a result, gold prices ofte rise whe ivestors are worried that the dollar is losig value. However, the price of gold is volatile; its value may rise ad the fall quickly. I recet years, the price of gold has bee particularly difficult to predict ad has show little correlatio with iflatio. There are may ways to ivest i precious metals. I additio to buyig bullio or cois, you ca also ivest i futures, shares i miig compaies, sector fuds ad exchage-traded fuds. COMMODITIES AND FINANCIAL FUTURES Commodities are physical substaces that are fudametal to the creatio of other products or to commerce geerally. Ulike most other products that are bought ad sold, a commodity is basically idistiguishable from ay other commodity of the same type. Examples of commodities iclude oil ad atural gas; agricultural products such as cor, wheat ad soybeas; livestock such as cattle ad hogs; ad metals such as copper, ickel ad zic. Commodities are typically traded through futures cotracts. Futures are cotractual agreemets that promise future delivery of somethig upo a certai date, at a specified price. For example, a commodities futures cotract might ivolve wheat, cor, oil or atural gas, amog others. Futures cotracts also are available for fiacial istrumets, such as a stock idex or a currecy. Futures cotracts are stadardized ad are traded o orgaized exchages. Although the futures market was origially created to facilitate tradig amog idividuals ad compaies who produce, ow or use commodities i their busiesses, the market has expaded to iclude idividuals ad compaies that buy ad sell futures cotracts as a way of ivestig. Like optios, futures are cosidered derivatives because their value is based o some other security. Futures allow a ivestor to leverage a relatively small amout of capital. However, they ca be highly speculative ad are ot suitable for all ivestors. NOTE: This paper does ot costitute a recommedatio of the suitability of ay ivestmet strategy for a particular ivestor. 4 ATLANTICTRUST.COM

5 Atlatic Trust Private Wealth Maagemet, a CIBC compay, icludes Atlatic Trust Compay, N.A. (a limited-purpose atioal trust compay), Atlatic Trust Compay of Delaware (a Delaware limited-purpose trust compay), ad AT Ivestmet Advisers, Ic. (a registered ivestmet adviser), all of which are wholly-owed subsidiaries of Atlatic Trust Group, LLC. This documet is iteded for iformatioal purposes oly, ad the material preseted should ot be costrued as a offer or recommedatio to buy or sell ay security. Cocepts expressed are curret as of the date of this documet oly ad may chage without otice. Such cocepts are the opiios of our ivestmet professioals, may of whom are Chartered Fiacial Aalyst (CFA ) charterholders or CFP professioals. Chartered Fiacial Aalyst ad CFA are trademarks owed by CFA Istitute. The Chartered Fiacial Aalyst (CFA ) desigatio is a globally recogized stadard for measurig the competece ad itegrity of ivestmet professioals. Certified Fiacial Plaer Board of Stadards Ic. ows the certificatio marks CFP ad CERTIFIED FINANCIAL PLANNER i the U.S., which it awards to idividuals who successfully complete CFP Board s iitial ad ogoig certificatio requiremets. There is o guaratee that these views will come to pass. Past performace does ot guaratee future comparable results. The tax iformatio cotaied herei is geeral ad for iformatioal purposes oly. Atlatic Trust does ot provide legal or tax advice, ad the iformatio cotaied herei should oly be used i cosultatio with your legal, accoutig ad tax advisers. To the extet that iformatio cotaied herei is derived from third-party sources, although we believe the sources to be reliable, we caot guaratee their accuracy. Approved For Public Use. Ivestmet Products Offered are Not FDIC-Isured, May Lose Value ad are Not Bak Guarateed. ATLANTICTRUST.COM

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY?

Investing in Stocks WHAT ARE THE DIFFERENT CLASSIFICATIONS OF STOCKS? WHY INVEST IN STOCKS? CAN YOU LOSE MONEY? Ivestig i Stocks Ivestig i Stocks Busiesses sell shares of stock to ivestors as a way to raise moey to fiace expasio, pay off debt ad provide operatig capital. Ecoomic coditios: Employmet, iflatio, ivetory

More information

Alternative Asset Classes Page 1 ALTERNATIVE ASSET CLASSES: AN INTRODUCTION

Alternative Asset Classes Page 1 ALTERNATIVE ASSET CLASSES: AN INTRODUCTION Alternative Asset Classes Page 1 ALTERNATIVE ASSET CLASSES: AN INTRODUCTION PART OF SOUND PORTFOLIO MANAGEMENT IS DIVERSIFYING INVESTMENTS SO THAT IF ONE TYPE OF INVESTMENT IS PERFORMING POORLY, ANOTHER

More information

Comparing Credit Card Finance Charges

Comparing Credit Card Finance Charges Comparig Credit Card Fiace Charges Comparig Credit Card Fiace Charges Decidig if a particular credit card is right for you ivolves uderstadig what it costs ad what it offers you i retur. To determie how

More information

Choosing a Mortgage FIXED-RATE MORTGAGES. ADJUSTABLE-RATE MORTGAGES (ARMs)

Choosing a Mortgage FIXED-RATE MORTGAGES. ADJUSTABLE-RATE MORTGAGES (ARMs) Choosig A Mortgage Like homes, home mortgages come i all shapes ad sizes: short-term, log-term, fixed, adjustable, jumbo, balloo these are all terms that will soo be familiar to you, if they re ot already.

More information

Rainbow options. A rainbow is an option on a basket that pays in its most common form, a nonequally

Rainbow options. A rainbow is an option on a basket that pays in its most common form, a nonequally Raibow optios INRODUCION A raibow is a optio o a basket that pays i its most commo form, a oequally weighted average of the assets of the basket accordig to their performace. he umber of assets is called

More information

WE KEEP GOOD COMPANY REVITALIZING STORES FOR BIG BRAND FRANCHISES CFG. Recapitalization. Growth Capital CAROLINA FINANCIAL GROUP

WE KEEP GOOD COMPANY REVITALIZING STORES FOR BIG BRAND FRANCHISES CFG. Recapitalization. Growth Capital CAROLINA FINANCIAL GROUP REVITALIZING STORES FOR BIG BRAND FRANCHISES Recapitalizatio Frachise ad Restaurats Growth Capital I ve spet my career buildig valuable restaurat frachises for some of the top QSR brads i America. We eeded

More information

DC College Savings Plan Helping Children Reach a Higher Potential

DC College Savings Plan Helping Children Reach a Higher Potential 529 DC College Savigs Pla Helpig Childre Reach a Higher Potetial reach Sposored by Govermet of the District of Columbia Office of the Mayor Office of the Chief Fiacial Officer Office of Fiace ad Treasury

More information

Abstract. What are alternative asset classes?

Abstract. What are alternative asset classes? An Introduction to Alternative Asset Classes Richard D. Landsberg, JD, LLM, MA, CLU, CPM, ChFC, RFC, AIF Director Advanced Consulting Nationwide Financial Abstract Alternative investments, which have been

More information

How To Find FINANCING For Your Business

How To Find FINANCING For Your Business How To Fid FINANCING For Your Busiess Oe of the most difficult tasks faced by the maagemet team of small busiesses today is fidig adequate fiacig for curret operatios i order to support ew ad ogoig cotracts.

More information

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life

TIAA-CREF Wealth Management. Personalized, objective financial advice for every stage of life TIAA-CREF Wealth Maagemet Persoalized, objective fiacial advice for every stage of life A persoalized team approach for a trusted lifelog relatioship No matter who you are, you ca t be a expert i all aspects

More information

Information about Bankruptcy

Information about Bankruptcy Iformatio about Bakruptcy Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea Isolvecy Service of Irelad Seirbhís Dócmhaieachta a héirea What is the? The Isolvecy Service of Irelad () is a idepedet

More information

Preserving Your Financial Legacy with Life Insurance Premium Financing.

Preserving Your Financial Legacy with Life Insurance Premium Financing. Preservig Your Fiacial Legacy with Life Isurace Premium Fiacig. Prepared by: Keeth M. Fujita, Natioal Director, The Private Bak Specialty Fiace Group Life Isurace Premium Fiace. James Mosrie, Seior Wealth

More information

Retirement By the Numbers

Retirement By the Numbers Retiremet By the Numbers Fiacial priorities may vary depedig o your age, but every perso wats a successful retiremet. This workbook ca help you estimate your retiremet eeds ad explai the optios available

More information

rs e n i n Discuss various financial products for savers and nvestors Understand various types of personalities and their financial needs

rs e n i n Discuss various financial products for savers and nvestors Understand various types of personalities and their financial needs e-learig ad referece solutios for the global fiace professioal Fiacial Plaig A comprehesive e-learig co u rs e o Fi acial P la i g The themes of this product are: Kow basic cocepts i fiacial plaig Discuss

More information

Navigate the Principles of Investing

Navigate the Principles of Investing Wealth Maagemet Educatio Series How ca we help you further? Do you have a questio o what you have just read? Would you like to have a further discussio o this subject? Cotact your Relatioship Maager, or

More information

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares NISA for the tax year 2015/2016 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form IFSL Brooks Macdoald Fud Stocks & Shares NISA trasfer applicatio form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

RISK TRANSFER FOR DESIGN-BUILD TEAMS

RISK TRANSFER FOR DESIGN-BUILD TEAMS WILLIS CONSTRUCTION PRACTICE I-BEAM Jauary 2010 www.willis.com RISK TRANSFER FOR DESIGN-BUILD TEAMS Desig-builD work is icreasig each quarter. cosequetly, we are fieldig more iquiries from cliets regardig

More information

How to read A Mutual Fund shareholder report

How to read A Mutual Fund shareholder report Ivestor BulletI How to read A Mutual Fud shareholder report The SEC s Office of Ivestor Educatio ad Advocacy is issuig this Ivestor Bulleti to educate idividual ivestors about mutual fud shareholder reports.

More information

Statement of cash flows

Statement of cash flows 6 Statemet of cash flows this chapter covers... I this chapter we study the statemet of cash flows, which liks profit from the statemet of profit or loss ad other comprehesive icome with chages i assets

More information

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice.

I apply to subscribe for a Stocks & Shares ISA for the tax year 20 /20 and each subsequent year until further notice. IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form IFSL Brooks Macdoald Fud Stocks & Shares ISA Trasfer Applicatio Form Please complete usig BLOCK CAPITALS ad retur the completed form

More information

Grow your business with savings and debt management solutions

Grow your business with savings and debt management solutions Grow your busiess with savigs ad debt maagemet solutios A few great reasos to provide bak ad trust products to your cliets You have the expertise to help your cliets get the best rates ad most competitive

More information

Amendments to employer debt Regulations

Amendments to employer debt Regulations March 2008 Pesios Legal Alert Amedmets to employer debt Regulatios The Govermet has at last issued Regulatios which will amed the law as to employer debts uder s75 Pesios Act 1995. The amedig Regulatios

More information

For customers Key features of the Guaranteed Pension Annuity

For customers Key features of the Guaranteed Pension Annuity For customers Key features of the Guarateed Pesio Auity The Fiacial Coduct Authority is a fiacial services regulator. It requires us, Aego, to give you this importat iformatio to help you to decide whether

More information

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place.

PENSION ANNUITY. Policy Conditions Document reference: PPAS1(7) This is an important document. Please keep it in a safe place. PENSION ANNUITY Policy Coditios Documet referece: PPAS1(7) This is a importat documet. Please keep it i a safe place. Pesio Auity Policy Coditios Welcome to LV=, ad thak you for choosig our Pesio Auity.

More information

Graceful Exits: Six Steps for Successful Business Exit Planning.

Graceful Exits: Six Steps for Successful Business Exit Planning. Graceful Exits: Six Steps for Successful Busiess Exit Plaig. Prepared by: Robi Love, Maagig Director, M&A Advisory, Busiess Advisory Services. Tim Morriso, Seior Busiess Appraiser, Busiess Advisory Services.

More information

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology

INVESTMENT PERFORMANCE COUNCIL (IPC) Guidance Statement on Calculation Methodology Adoptio Date: 4 March 2004 Effective Date: 1 Jue 2004 Retroactive Applicatio: No Public Commet Period: Aug Nov 2002 INVESTMENT PERFORMANCE COUNCIL (IPC) Preface Guidace Statemet o Calculatio Methodology

More information

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value.

GoVal Group Government Consulting and Valuation Advisory Group. real. Real expertise. Real choices. Real value. GoVal Group Govermet Cosultig ad Valuatio Advisory Group real. Real expertise. Real choices. Real value. Novogradac s GoVal Group Specialized cosultig services from a idustry leader. real choices. A uique

More information

DWS Investment GmbH. DWS Aktien Strategie Deutschland Sales Prospectus including Terms of Contract

DWS Investment GmbH. DWS Aktien Strategie Deutschland Sales Prospectus including Terms of Contract DWS Ivestmet GmbH DWS Aktie Strategie Deutschlad Sales Prospectus icludig Terms of Cotract Jauary 1, 2012 Sales Prospectus ad Terms of Cotract Sales Prospectus Geeral sectio Geeral priciples 1 Maagemet

More information

ODBC. Getting Started With Sage Timberline Office ODBC

ODBC. Getting Started With Sage Timberline Office ODBC ODBC Gettig Started With Sage Timberlie Office ODBC NOTICE This documet ad the Sage Timberlie Office software may be used oly i accordace with the accompayig Sage Timberlie Office Ed User Licese Agreemet.

More information

WHAT IS YOUR PRIORITY?

WHAT IS YOUR PRIORITY? MOVE AHEAD The uderlyig priciples of soud ivestmet should ot alter from decade to decade, but the applicatio of these priciples must be adapted to sigificat chages i the fiacial mechaisms ad climate. BENJAMIN

More information

INVESTMENT PERFORMANCE COUNCIL (IPC)

INVESTMENT PERFORMANCE COUNCIL (IPC) INVESTMENT PEFOMANCE COUNCIL (IPC) INVITATION TO COMMENT: Global Ivestmet Performace Stadards (GIPS ) Guidace Statemet o Calculatio Methodology The Associatio for Ivestmet Maagemet ad esearch (AIM) seeks

More information

PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE

PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE PRICE BAILEY CHARITIES & NOT FOR PROFIT THE RIGHT ADVICE FOR LIFE OUR EXPERTISE To arrage a meetig with a member of for more iformatio about Price Bailey, At Price Bailey, we recogise that charity ad ot-for-profit

More information

Trusteed IRAs. Integrate and simplify your retirement and estate plans

Trusteed IRAs. Integrate and simplify your retirement and estate plans Trusteed IRAs Itegrate ad simplify your retiremet ad estate plas Trusteed IRAs from Merrill Lych Trust Compay To create the legacy of your dreams, you may eed more tha a Idividual Retiremet Accout ad a

More information

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life

Enhance Your Financial Legacy Variable Annuity Death Benefits from Pacific Life Ehace Your Fiacial Legacy Variable Auity Death Beefits from Pacific Life 7/15 20172-15B As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three death beefits that

More information

LEASE-PURCHASE DECISION

LEASE-PURCHASE DECISION Public Procuremet Practice STANDARD The decisio to lease or purchase should be cosidered o a case-by case evaluatio of comparative costs ad other factors. 1 Procuremet should coduct a cost/ beefit aalysis

More information

WHERE CHANGE IS POSSIBLE

WHERE CHANGE IS POSSIBLE WHERE CHANGE IS POSSIBLE gree workspaces AT TIDES, WE HAVE BEEN WORKING WITH PEOPLE LIKE YOU FOR MORE THAN 30 YEARS TO MAKE THE WORLD A BETTER PLACE. Our missio is to parter with philathropists, foudatios,

More information

Inland American s Exit

Inland American s Exit Report by UNITE HERE, December 2013 Becky Perrie, Sa Fracisco Research bperrie@uitehere.org/415-553-3276 Ilad America s Exit Will Ilad America Real Estate Trust take advatage of what it calls its very

More information

Gatory Charitable Lead Trust (CLAT)

Gatory Charitable Lead Trust (CLAT) Types of Trusts: A Overview This guide provides a overview of seve types of trusts, while also reviewig their advatages ad disadvatages for differet types of ivestors Table of Cotets Charitable Lead Trusts...

More information

INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION

INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION INVESTING IN SOCIAL CHANGE TOOLS FOR SOCIAL INNOVATION At Tides, we have bee workig for more tha 30 years with people like you to make the world a better place. Our missio is to parter with activists,

More information

Diversifying Investment Income Streams.

Diversifying Investment Income Streams. Diversifyig Ivestmet Icome Streams. Prepared by: Chris Haverlad, CFA, Asset Allocatio Strategist. Justi Learcic, CAIA, Seior Ivestmet Research Aalyst. Editorial Review: Darrell Crok, CFA Deputy Chief Ivestmet

More information

How to use what you OWN to reduce what you OWE

How to use what you OWN to reduce what you OWE How to use what you OWN to reduce what you OWE Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts.

More information

CCH Accountants Starter Pack

CCH Accountants Starter Pack CCH Accoutats Starter Pack We may be a bit smaller, but fudametally we re o differet to ay other accoutig practice. Util ow, smaller firms have faced a stark choice: Buy cheaply, kowig that the practice

More information

Introducing International Investment Advisory Services. Your global needs, our international expertise

Introducing International Investment Advisory Services. Your global needs, our international expertise Itroducig Iteratioal Ivestmet Advisory Services Your global eeds, our iteratioal expertise Stregth ad Stability from RBC For over 140 years, ivestors have tured to Royal Bak of Caada (which operates globally

More information

A GUIDE TO BUILDING SMART BUSINESS CREDIT

A GUIDE TO BUILDING SMART BUSINESS CREDIT A GUIDE TO BUILDING SMART BUSINESS CREDIT Establishig busiess credit ca be the key to growig your compay DID YOU KNOW? Busiess Credit ca help grow your busiess Soud paymet practices are key to a solid

More information

Financial. Services Guide. Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparation: 21/11/2005. Head Office Address:

Financial. Services Guide. Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparation: 21/11/2005. Head Office Address: Fiacial Services Guide Adviser: Graeme Hood CD, Dip FP, CFP Date of Preparatio: 21/11/2005 Head Office Address: Fiacial Wisdom Limited (ABN 70 006 646 108) Australia Fiacial Services Licece No. 231138

More information

Interval Fund Investing - Mutual Fund Access to Alternative Investments

Interval Fund Investing - Mutual Fund Access to Alternative Investments White Paper Iterval Fud Ivestig - Mutual Fud Access to Alterative Ivestmets Idividual ivestors have log wished for the same access istitutios have to alterative ivestmets. Iterval fuds have potetial to

More information

Death Beefits from Pacific Life

Death Beefits from Pacific Life Ehace Your Fiacial Legacy Variable Auities with Death Beefits from Pacific Life 9/15 20188-15C FOR CALIFORNIA As You Pla for Retiremet, Protect Your Loved Oes A Pacific Life variable auity ca offer three

More information

hedge fund indexing January 2010

hedge fund indexing January 2010 hedge fud idexig Jauary 2010 Emergig from oe of the most sigificat market dislocatios to date, hedge fuds as a whole successfully capitalized o opportuities i 2009, recoupig much of their 2008 losses ad

More information

Savings and Retirement Benefits

Savings and Retirement Benefits 60 Baltimore Couty Public Schools offers you several ways to begi savig moey through payroll deductios. Defied Beefit Pesio Pla Tax Sheltered Auities ad Custodial Accouts Defied Beefit Pesio Pla Did you

More information

CHAPTER 11 Financial mathematics

CHAPTER 11 Financial mathematics CHAPTER 11 Fiacial mathematics I this chapter you will: Calculate iterest usig the simple iterest formula ( ) Use the simple iterest formula to calculate the pricipal (P) Use the simple iterest formula

More information

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated.

Introducing Your New Wells Fargo Trust and Investment Statement. Your Account Information Simply Stated. Itroducig Your New Wells Fargo Trust ad Ivestmet Statemet. Your Accout Iformatio Simply Stated. We are pleased to itroduce your ew easy-to-read statemet. It provides a overview of your accout ad a complete

More information

leasing Solutions We make your Business our Business

leasing Solutions We make your Business our Business if you d like to discover how Bp paribas leasig Solutios Ca help you to achieve your goals please get i touch leasig Solutios We make your Busiess our Busiess We look forward to hearig from you you ca

More information

Dilution Example. Chapter 24 Warrants and Convertibles. Warrants. The Difference Between Warrants and Call Options. Warrants

Dilution Example. Chapter 24 Warrants and Convertibles. Warrants. The Difference Between Warrants and Call Options. Warrants Chapter 24 Warrats ad Covertibles Warrats The Differece betee Warrats ad Call Optios Warrat Pricig ad the Black-Scholes Model Covertible Bods The Value of Covertible Bods Reasos for Issuig Warrats ad Covertibles

More information

TIAA-CREF WEALTH MANAGEMENT A HIGHLY PERSONALIZED, SOPHISTICATED SERVICE DESIGNED TO MATCH ONE OBJECTIVE: YOURS

TIAA-CREF WEALTH MANAGEMENT A HIGHLY PERSONALIZED, SOPHISTICATED SERVICE DESIGNED TO MATCH ONE OBJECTIVE: YOURS TIAA-CREF WEALTH MANAGEMENT A HIGHLY PERSONALIZED, SOPHISTICATED SERVICE DESIGNED TO MATCH ONE OBJECTIVE: YOURS TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD. OUR HISTORY We are TIAA-CREF. A full-service

More information

My first gold holdings. My first bank. Simple. Transparent. Individual. Our investment solutions for clients abroad.

My first gold holdings. My first bank. Simple. Transparent. Individual. Our investment solutions for clients abroad. My first gold holdigs. My first bak. Simple. Trasparet. Idividual. Our ivestmet solutios for cliets abroad. The perfect basis for workig together successfully The wheel of time is turig faster tha ever

More information

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs

Personal Retirement Savings Accounts (PRSAs) A consumer and employers guide to PRSAs Persoal Retiremet Savigs Accouts (PRSAs) A cosumer ad employers guide to PRSAs www.pesiosauthority.ie The Pesios Authority Verschoyle House 28/30 Lower Mout Street Dubli 2 Tel: (01) 613 1900 Locall: 1890

More information

How deductible plans work

How deductible plans work Idividual ad Family Plas DEDUCTIBLE PLANS How deductible plas work Deductible plas geerally offer lower mothly premiums i exchage for payig more out of your ow pocket for services covered by your health

More information

BLUE SKY SRA ALLIANCE FUND

BLUE SKY SRA ALLIANCE FUND BLUE SKY SRA ALLIANCE FUND ARSN 140 253 685 PRODUCT DISCLOSURE STATEMENT Ivestmet Sciece 4 Uits (APIR Code COL0018AU) Ivestmet Sciece 9 Uits (APIR Code COL0019AU) 3 JUNE 2014 Ivestmet Sciece 16E Uits (APIR

More information

where: T = number of years of cash flow in investment's life n = the year in which the cash flow X n i = IRR = the internal rate of return

where: T = number of years of cash flow in investment's life n = the year in which the cash flow X n i = IRR = the internal rate of return EVALUATING ALTERNATIVE CAPITAL INVESTMENT PROGRAMS By Ke D. Duft, Extesio Ecoomist I the March 98 issue of this publicatio we reviewed the procedure by which a capital ivestmet project was assessed. The

More information

auction a guide to selling at Residential

auction a guide to selling at Residential Residetial a guide to sellig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells up to 700 millio of property at auctio Holds at least seve residetial ad six

More information

About our services and costs

About our services and costs About our services ad costs Cotets Whose products do we offer 2 Ivestmet 2 Isurace 2 Mortgages 2 Which services will we provide you with? 3 Ivestmet 3 Isurace 3 Mortgages 3 What will you have to pay us

More information

MainStay Funds IRA/SEP/Roth IRA Distribution Form

MainStay Funds IRA/SEP/Roth IRA Distribution Form MaiStay Fuds IRA/SEP/Roth IRA Distributio Form Do ot use for IRA Trasfers or SIMPLE IRA INSTRUCTIONS Before completig this form, please refer to the applicable Custodial Agreemet ad Disclosure Statemet

More information

Institute of Actuaries of India Subject CT1 Financial Mathematics

Institute of Actuaries of India Subject CT1 Financial Mathematics Istitute of Actuaries of Idia Subject CT1 Fiacial Mathematics For 2014 Examiatios Subject CT1 Fiacial Mathematics Core Techical Aim The aim of the Fiacial Mathematics subject is to provide a groudig i

More information

FM4 CREDIT AND BORROWING

FM4 CREDIT AND BORROWING FM4 CREDIT AND BORROWING Whe you purchase big ticket items such as cars, boats, televisios ad the like, retailers ad fiacial istitutios have various terms ad coditios that are implemeted for the cosumer

More information

A Guide to the Pricing Conventions of SFE Interest Rate Products

A Guide to the Pricing Conventions of SFE Interest Rate Products A Guide to the Pricig Covetios of SFE Iterest Rate Products SFE 30 Day Iterbak Cash Rate Futures Physical 90 Day Bak Bills SFE 90 Day Bak Bill Futures SFE 90 Day Bak Bill Futures Tick Value Calculatios

More information

Baan Service Master Data Management

Baan Service Master Data Management Baa Service Master Data Maagemet Module Procedure UP069A US Documetiformatio Documet Documet code : UP069A US Documet group : User Documetatio Documet title : Master Data Maagemet Applicatio/Package :

More information

Corporate and Institutional Services. Tailored solutions. Global reach. Expert delivery.

Corporate and Institutional Services. Tailored solutions. Global reach. Expert delivery. Corporate ad Istitutioal Services Tailored solutios. Global reach. Expert delivery. STRENGTH AND STABILITY WITH RBC RBC is oe of Caada s largest baks ad amog the largest baks i the world based o market

More information

France caters to innovative companies and offers the best research tax credit in Europe

France caters to innovative companies and offers the best research tax credit in Europe 1/5 The Frech Govermet has three objectives : > improve Frace s fiscal competitiveess > cosolidate R&D activities > make Frace a attractive coutry for iovatio Tax icetives have become a key elemet of public

More information

fund initiator: multi-leaders-fund holding ltd

fund initiator: multi-leaders-fund holding ltd sales prospectus icludig terms ad coditios of ivestmet for a directive-compliat ivestmet fud, issued may 2014 asset maagemet compay: deutsche asset & wealth maagemet ivestmet gmbh fud iitiator: multi-leaders-fud

More information

EB5. WHAT IS EB5? n INFORMATIONAL & NETWORKING DINNER. October 10 I 6:30PM-10:00PM I Address Downtown, Dubai U.A.E. PRODUCT BUREAU llc DESIGN PARTNER:

EB5. WHAT IS EB5? n INFORMATIONAL & NETWORKING DINNER. October 10 I 6:30PM-10:00PM I Address Downtown, Dubai U.A.E. PRODUCT BUREAU llc DESIGN PARTNER: October 10 I 6:30PM-10:00PM I Address Dowtow, Dubai U.A.E. EB PRESENTED BY: DESIGN PARTNER: PRODUCT BUREAU llc WHAT IS EB? INFORMATIONAL & NETWORKING DINNER INFORMATIONAL & NETWORKING DINNER WHAT IS EB?

More information

summary of cover CONTRACT WORKS INSURANCE

summary of cover CONTRACT WORKS INSURANCE 1 SUMMARY OF COVER CONTRACT WORKS summary of cover CONTRACT WORKS INSURANCE This documet details the cover we ca provide for our commercial or church policyholders whe udertakig buildig or reovatio works.

More information

auction a guide to buying at Commercial

auction a guide to buying at Commercial Commercial a guide to buyig at auctio Allsop is the market leader from commercial ad residetial auctios i the UK Aually sells aroud 700 millio of property at auctio Holds six commercial ad seve residetial

More information

auction a guide to buying at Residential

auction a guide to buying at Residential Residetial a guide to buyig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells approximately 1 billio of property at auctio i the UK Holds at least seve residetial

More information

Limited Liability Partnership. Business Trust. MIA Professional Standards and Practices

Limited Liability Partnership. Business Trust. MIA Professional Standards and Practices tax MIA Professioal Stadards ad Practices Limited Liability Partership ad Busiess Trust The busiess ladscape i Malaysia is set to be irrevocably chaged by two ew modes of busiess structures, amely Limited

More information

I. Why is there a time value to money (TVM)?

I. Why is there a time value to money (TVM)? Itroductio to the Time Value of Moey Lecture Outlie I. Why is there the cocept of time value? II. Sigle cash flows over multiple periods III. Groups of cash flows IV. Warigs o doig time value calculatios

More information

Pre-Suit Collection Strategies

Pre-Suit Collection Strategies Pre-Suit Collectio Strategies Writte by Charles PT Phoeix How to Decide Whether to Pursue Collectio Calculatig the Value of Collectio As with ay busiess litigatio, all factors associated with the process

More information

Wells Fargo Insurance Services Claim Consulting Capabilities

Wells Fargo Insurance Services Claim Consulting Capabilities Wells Fargo Isurace Services Claim Cosultig Capabilities Claim Cosultig Claims are a uwelcome part of America busiess. I a recet survey coducted by Fulbright & Jaworski L.L.P., large U.S. compaies face

More information

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth

.04. This means $1000 is multiplied by 1.02 five times, once for each of the remaining sixmonth Questio 1: What is a ordiary auity? Let s look at a ordiary auity that is certai ad simple. By this, we mea a auity over a fixed term whose paymet period matches the iterest coversio period. Additioally,

More information

Strength You Can Trust. There s Wealth in Our Approach.

Strength You Can Trust. There s Wealth in Our Approach. Stregth You Ca Trust There s Wealth i Our Approach. About RBC Royal Bak of Caada (RBC) is oe of the world s leadig diversified fiacial services compaies. Oe that is distiguished by a log heritage of fiacial

More information

Art & Private Client insurance policy SUMMARY OF COVER

Art & Private Client insurance policy SUMMARY OF COVER Art & Private Cliet isurace policy SUMMARY OF COVER 2 SUMMARY OF COVER DIOCESAN SCHOOLS LEGAL EXPENSES INSURANCE ART AND PRIVATE CLIENT POLICY SUMMARY SUMMARY OF COVER 3 Policy ref: ME773 1 07/16 What

More information

Computershare Investment Plan. Best Buy Co., Inc. Common Stock

Computershare Investment Plan. Best Buy Co., Inc. Common Stock Computershare Ivestmet Pla A Direct Stock Purchase ad Divided Reivestmet Pla for Best Buy Co., Ic. Commo Stock Best Buy Co., Ic. is listed o the New York Stock Exchage (Tradig Symbol BBY, CUSIP 086516101)

More information

BCP EQUITY INDEX BONDS

BCP EQUITY INDEX BONDS AVAILABLE TO INVESTMENT PENSION ARF/AMRF INVESTORS BCP EQUITY INDEX BONDS TWO CAPITAL SECURE BONDS THAT PROVIDE ACCESS TO LEADING EUROPEAN AND WORLD EQUITY INDICES Track the performace of the Fivex S&E

More information

IT Support. 020 8269 6878 n www.premierchoiceinternet.com n support@premierchoiceinternet.com. 30 Day FREE Trial. IT Support from 8p/user

IT Support. 020 8269 6878 n www.premierchoiceinternet.com n support@premierchoiceinternet.com. 30 Day FREE Trial. IT Support from 8p/user IT Support IT Support Premier Choice Iteret has bee providig reliable, proactive & affordable IT Support solutios to compaies based i Lodo ad the South East of Eglad sice 2002. Our goal is to provide our

More information

Life Insurance: Your Blueprint for Wealth Transfer Planning. Producer Guide to Private Split Dollar Arrangements. Your future. Made easier.

Life Insurance: Your Blueprint for Wealth Transfer Planning. Producer Guide to Private Split Dollar Arrangements. Your future. Made easier. Life Isurace: Your Blueprit for Wealth Trasfer Plaig Producer Guide to Private Split Dollar Arragemets These materials are ot iteded to be used to avoid tax pealties ad were prepared to support the promotio

More information

Indexed Survivor Universal Life. Agent product guide 15887 7/10

Indexed Survivor Universal Life. Agent product guide 15887 7/10 Idexed Survivor Uiversal Life Aget product guide 15887 7/10 Idexed Survivor Uiversal Life is a flexible premium survivor uiversal life isurace policy with a idex-liked iterest creditig feature. Buildig

More information

BCP ABSOLUTE RETURN BOND 16

BCP ABSOLUTE RETURN BOND 16 AVAILABLE TO INVESTMENT PENSION ARF/AMRF INVESTORS BCP ABSOLUTE A CAPITAL SECURE, ACTIVELY MANAGED, ABSOLUTE RETURN BOND THAT AIMS TO ACHIEVE CONSISTENT, POSITIVE RETURNS Uderlyig Fud has a exceptioal

More information

Domain 1: Designing a SQL Server Instance and a Database Solution

Domain 1: Designing a SQL Server Instance and a Database Solution Maual SQL Server 2008 Desig, Optimize ad Maitai (70-450) 1-800-418-6789 Domai 1: Desigig a SQL Server Istace ad a Database Solutio Desigig for CPU, Memory ad Storage Capacity Requiremets Whe desigig a

More information

Commercial Real Estate Women Network

Commercial Real Estate Women Network Commercial Real Estate Wome Network About CREW Network Fouded i 1989, CREW Network is the idustry s premier busiess etworkig orgaizatio dedicated to ifluecig the success of the commercial real estate idustry

More information

Eckart Wealth Management Group

Eckart Wealth Management Group Eckart Wealth Maagemet Group A broad rage of capabilities desiged to build ad erich your fiacial life. ADVICE AND GUIDANCE RETIREMENT BANKING SOLUTIONS FOR BUSINESS TRACKING PROGRESS CREDIT AND LENDING

More information

2 Time Value of Money

2 Time Value of Money 2 Time Value of Moey BASIC CONCEPTS AND FORMULAE 1. Time Value of Moey It meas moey has time value. A rupee today is more valuable tha a rupee a year hece. We use rate of iterest to express the time value

More information

Emerging Market Corporate Bonds: Rising in prominence and broadening investment opportunities

Emerging Market Corporate Bonds: Rising in prominence and broadening investment opportunities T. Rowe Price Ivestmet dialogue Emergig Market Corporate Bods: Risig i promiece ad broadeig ivestmet opportuities Mike Coelius, CFA, Portfolio Maager Executive Summary Emergig market (EM) corporate bods

More information

APPLICATION FORM. Henderson Investment Funds. Valid from 11 May 2015. SECTION 1 About yourself

APPLICATION FORM. Henderson Investment Funds. Valid from 11 May 2015. SECTION 1 About yourself Hederso Ivestmet Fuds APPLICATION FORM Valid from 11 May 2015 You should use this form if you wish to ivest i the Hederso Ivestmet Fuds rage. Further iformatio is cotaied i the Prospectus, the Additioal

More information

Page 1. Real Options for Engineering Systems. What are we up to? Today s agenda. J1: Real Options for Engineering Systems. Richard de Neufville

Page 1. Real Options for Engineering Systems. What are we up to? Today s agenda. J1: Real Options for Engineering Systems. Richard de Neufville Real Optios for Egieerig Systems J: Real Optios for Egieerig Systems By (MIT) Stefa Scholtes (CU) Course website: http://msl.mit.edu/cmi/ardet_2002 Stefa Scholtes Judge Istitute of Maagemet, CU Slide What

More information

Investment & Portfolio Strategy

Investment & Portfolio Strategy Ivestmet & Portfolio Strategy Jauary 2014 Five Keys to a Successful Retiremet Thikig about retiremet is o loger a future evet or viewed as optioal for may Americas. Most recogize the eed for careful plaig

More information

Supply Chain Management

Supply Chain Management Supply Chai Maagemet LOA Uiversity October 9, 205 Distributio D Distributio Authorized to Departmet of Defese ad U.S. DoD Cotractors Oly Aim High Fly - Fight - Wi Who am I? Dr. William A Cuigham PhD Ecoomics

More information

Smart Connected Products & The Internet of Things

Smart Connected Products & The Internet of Things Smart Coected Products & The Iteret of Thigs Who we are Taget delivers Talet Globally. Established for 40 years we specialise i delivery of iovative & tailored talet solutios to customers aroud the world.

More information

PESTLIN & Co. Mergers & Acquisitions Real Estate Corporate Finance

PESTLIN & Co. Mergers & Acquisitions Real Estate Corporate Finance pestli & Co. 9 / 2009 www.pestli.de 1 PESTLIN & Co. Mergers & Acquisitios Real Estate Corporate Fiace pestli & Co. is a cosultacy i the field of corporate trasactios ad corporate fiace. We assist our cliets

More information

Anti-Money Laundering

Anti-Money Laundering Ati-Moey Lauderig Over the last year, moey-lauderig crimes siphoed a estimated $1.3 trillio out of the global ecoomy.* I light of this staggerig statistic, the resultig striget legislatio is uderstadable.

More information

How To Get A Kukandruk Studetfiace

How To Get A Kukandruk Studetfiace Curret Year Icome Assessmet Form Academic Year 2015/16 Persoal details Perso 1 Your Customer Referece Number Your Customer Referece Number Name Name Date of birth Address / / Date of birth / / Address

More information

Diploma in Secretarial Administration

Diploma in Secretarial Administration Istitute of Fiace Diploma i Secretarial Admiistratio Awarded by the Lodo Chamber of Commerce ad Idustry (LCCI) Startig October 2007 ope for erollmet from July 2007 Be smart start right eroll ow! Eglish

More information