Bringing Asset Pooling to a Broader Market
|
|
- Fay Copeland
- 7 years ago
- Views:
Transcription
1 Bringing Asset Pooling to a Broader Market
2 A new, multi-client asset pooling platform from AEGON Global Pensions, developed with Citi, brings pan-european pensions pooling within the reach of smaller and mediumsized multinational companies. The pan-european pension scheme has been a long time coming. The Pensions Directive of 2003 was supposed to pave the way for a single entity to provide pensions across the European Union. However, there is still much to be achieved before this can happen. The crossborder provisions of the directive have been implemented in different ways by different countries and harmonisation is some way off. Consultations on improving the directive continue, however, a European pensions big bang seems as far away as ever. In a recent panel discussion in Brussels, it was claimed that only five new cross-border pension schemes had been set up since the directive was adopted. While Luxembourg, Ireland, Belgium and the Netherlands have all sought to establish themselves as centres for European pensions by launching pension pooling vehicles tailored to the needs of pension schemes; the creation of a pan-european pension scheme still requires a host of tax, regulatory and legislative obstacles to be addressed.
3 The Pressure Mounts The pressure to apply a centralised approach to pensions has intensified of late. With the implementation of the IAS 19 accounting rule, pensions are now highly visible on the balance sheet. The savage bear market experienced over the past two years has increased the urgency of achieving optimal control and governance over multiple schemes, some of which may now be materially underfunded. Multinationals, particularly those that have grown rapidly through acquisition, often find themselves saddled with a plethora of different consultants and investment managers. Not unreasonably, they want to achieve the same benefits for pensions that their international scale has achieved in treasury management, IT and administration. Asset Pooling is Here In one area asset pooling progress has been made. Pooling involves the co-mingling of assets in a single account within a taxtransparent vehicle, such as those mentioned above. This avoids, or minimises, the loss of any tax advantages that would accrue to pool participants were they investing directly. Where the tax status of different participants varies, a global custodian must manage multiple tax rates and account accordingly to each participant. A number of very large multinationals, including Unilever, Shell, IBM and Nestlé, have either introduced cross-border asset pooling for their European pension schemes or are in the process of doing so. The attractions of pooling are clear. Schemes achieve better governance, improve operating efficiency and risk control, and gain the benefits of unified investment management and custody arrangements. By being part of a large pool, smaller country funds get access to top-of-range investment managers and are better able to achieve diversification of assets. The European Federation for Retirement Provision has estimated the benefits of cross-border asset pooling for the average multinational at EUR1.2 million a year. Other estimates have put the annual gains at around 20 basis points. They stem in the main from lower administration costs, reduced brokerage charges and custody fees and the avoidance of tax drag.
4 However, there is substantial upfront cost to putting a pooling entity in place. Only the biggest corporates can justify the outlay. It is also very time-consuming. And to date, single-company pooling solutions have largely been restricted to selfadministered funds. Off-the-Shelf Asset Pooling Solution Now an off-the-shelf pension asset solution is in place for multinational corporations that either do not wish to set up their own platform or lack the scale to do so. AEGON Global Pensions, part of the Dutch life and pensions concern, AEGON Group, has established a multi-client platform with Citi that permits the tax-transparent, cross-border pooling of assets held by different types of institutions from pension schemes to insurance companies. The pooling solution has been developed primarily for the pension schemes of medium-sized multinationals and is currently available for pooling funds domiciled in the Netherlands, the UK and France. Its scope will be extended further over time. The new platform makes asset pooling a reality for a much broader group of companies than before, says Martijn Tans, Director Marketing and Product Development, AEGON Global Pensions: Until now, asset pooling has been the preserve of the very largest multinationals and required a fully bespoke solution that could take years to implement. What we are offering is more standardised. It is much easier to put in place. The AEGON platform uses the Dutch Fonds voor Gemene Rekening (FGR) structure as a tax-transparent vehicle, thereby minimising the impact of withholding tax. The solution is the result of a three year collaboration between AEGON and Citi, which will also serve as custodian of the assets. Karen Zeeb, Director, Head of Pooling Product EMEA, for Citi s Global Transaction Services says: The tax implications are only one aspect of the structure. Our solution has been built to accommodate everything from securities lending to performance measurement. It is unique in many ways; incorporating the ability to meet the diverse investment objectives of different investment managers whilst being scalable and highly flexible. Multi-Manager Approach The AEGON pooling vehicle is offered as a complete, bundled solution including asset management and custody. Asset management is provided by AEGON subsidiary TKP, which operates a highly successful multi-manager platform. With 23 multi-managed investment pools, TKP blends the styles of the world s leading investment managers to fit the strategy of its pension fund clients. It draws on a diverse range of asset classes from equities and fixed income to alternatives and real estate. It won the European Pensions Multi-Manager of the Year award in 2008 and has been short-listed again this year. The market for cross-border pensions may still be in its infancy but research by consultants Towers Perrin two years ago found that one in four companies surveyed was planning to set up a European pension fund within ten years. Asset pooling is another methodology to bring all the assets together, says Mr Tans: It should be viewed as the first, and at the moment most practical, way of achieving a harmonised, unified solution with all the economies of scale, governance benefits and cost savings that implies. Until now, however, that route has only been open to the very biggest schemes. Says Mr Tans: A single scheme solution is only feasible for a fund with EUR2 billion or more in assets. Now asset pooling is a reality for a much broader group of companies. The new platform makes asset pooling a reality for a much broader group of companies than before.
5 Global Transaction Services Citibank, N.A. All rights reserved. CITI and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. The information contained in these pages is not intended as legal or tax advice and we advise our readers to contact their own advisers. Not all products and services are available in all geographic areas. Any unauthorised use, duplication or disclosure is prohibited by law and may result in prosecution. Citibank, N.A. is incorporated with limited liability under the National Bank Act of the U.S.A. and has its head office at 399 Park Avenue, New York, NY 10043, U.S.A. Citibank, N.A. London branch is registered in the UK at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, under No. BR001018, and is authorised and regulated by the Financial Services Authority. VAT No. GB Ultimately owned by Citi Inc., New York, U.S.A. GRA /09
HSBC Securities Services: UK Tax Transparent Funds for Insurers
HSBC Securities Services: UK Tax Transparent Funds for Insurers Global Banking and Markets Cutting complexity to enhance growth The introduction of a UK domicile Tax Transparent Fund, also known as the
More informationCiti. Commercial Cards. Efficiency, control and business intelligence in one global solution
Citi Commercial Cards Efficiency, control and business intelligence in one global solution Global partner, local solutions Providing convenient payment solutions for purchasing and travel and entertainment
More informationBest Practice in Accounts Receivable Reconciliation > 60% 17% 60% - 80% 13% > More than 80% Don t measure it but will do it
Experts in the News Best Practice in Accounts Receivable Reconciliation Previously published at www.gtnews.com Efficient accounts receivable (A/R) and cash application functions are key to the financial
More informationEurope s bank loan funds where now?
Citi OpenInvestor sm presents: Europe s bank loan funds where now? Are new opportunities opening up for bank loan funds? With banks continuing to shrink their balance sheets, credit managers are keen to
More informationCiti at work. Bringing the bank to work.
Citi at work Bringing the bank to work. Introducing Citi and Citi At Work With over 200 years experience, Citi is one of the world s largest retail banks with over 100 million clients in 40 countries.
More informationFX Market Headlines INVESTMENT PRODUCTS: NOT A BANK DEPOSIT NOT GOVERNMENT INSURED NO BANK GUARANTEE MAY LOSE VALUE. August 15 th, 2016.
August 15 th, 2016 FX Market Headlines United States United Kingdom Japan Australia INVESTMENT PRODUCTS: NOT A BANK DEPOSIT NOT GOVERNMENT INSURED NO BANK GUARANTEE MAY LOSE VALUE Important Disclosure
More informationTowards a Single Market for Occupational Pensions Without Tax Obstacles
Towards a Single Market for Occupational Pensions Without Tax Obstacles May 25 9:00 AM 9:45 AM Peter Schonewille, European Commission, DG TAXUD/E/3 Competence Centre for Pension Research, University of
More informationCiti OpenInvestor SM. EMEA Private Equity Solutions
Citi OpenInvestor SM EMEA Private Equity Solutions Turning change into opportunity In the private equity space, the key to mastering change lies in taking a multi-disciplinary, targeted approach with a
More informationPayment Factories: different ways of achieving payment efficiency. Jonathan Jordan EMEA Payments Market Manager, Citi Transaction Services
Payment Factories: different ways of achieving payment efficiency Jonathan Jordan EMEA Payments Market Manager, Citi Transaction Services The term Payment Factory is becoming increasingly talked about
More informationDual Currency Placement
Dual Currency Placement Dual Currency Placement If you have international financial interests and are prepared to accept a currency risk in exchange for the opportunity to earn a potential return, a Dual
More informationPublic consultation on Building a Capital Markets Union
Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green
More informationEIOPA European Insurance and Occupational
EIOPA European Insurance and Occupational Pensions Authority Westhafenplatz 1 60327 Frankfurt am Main Germany BLACKROCK London, 22 December 2011 Dear Sirs, BlackRock is pleased to have the opportunity
More informationWealth and Investment Management. What is wealth? The answer is there is no simple answer
Wealth and Investment Management What is wealth? The answer is there is no simple answer By choosing a better vantage point we gain a clearer picture Everyone is different. That s why our wealth management
More informationT2S Perspectives. 12 Migration watch Migration Challenges. Issue 2 2014. Markets and Securities Services
14 Spotlights The DCP Group Corporate Actions: Compromising Harmonisation T2S Perspectives 1 Issue 2 214 Country watch A View from the Ground: Greece 12 Migration watch Migration Challenges 14 THE WATCH
More informationErasing the Borders of International Employment. SD Worx Connect
Erasing the Borders of International Employment SD Worx Connect Does your company have employees in multiple countries? If so, you are undoubtedly all too familiar with the web of rules and laws and the
More informationTax solutions for financial services firms
Draft Version 1 15/09/2015 Tax solutions for financial services firms PRECISE. PROVEN. PERFORMANCE. Tax solutions for financial services firms The Financial Services tax team at Moore Stephens provides
More informationBudget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com
Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016 www.fi sconti.com Table of contents Changes in Dutch payroll and income tax Tax credits and rates in 2016 ----------- 3 Emigration of substantial interest
More informationLEGISLATION UPDATE THE LIFETIME ALLOWANCE, FIXED PROTECTION 2014 AND METLIFE REGISTERED GROUP LIFE POLICIES
FOR INTERMEDIARY USE ONLY FEBRUARY 2014 LEGISLATION UPDATE THE LIFETIME ALLOWANCE, FIXED PROTECTION 2014 AND METLIFE REGISTERED GROUP LIFE POLICIES This update is a summary of MetLife s interpretation
More informationUnderstanding the Fees Charged Within Fiduciary Management
Aon Hewitt Delegated Consulting Services Understanding the Fees Charged Within Fiduciary Management January 2014 Risk. Reinsurance. Human Resources. Table of contents Overview...2 What are the fee components?...3
More informationnew york offi ce Latitude N 40 42' 36" Longitude W 74 0 0"
new york offi ce 40 Latitude N 40 42' 36" Longitude W 74 0 0" New York Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is a small
More informationAddendum to the Citi International Personal Bank General Terms and Conditions
Addendum to the Citi International Personal Bank General Terms and Conditions Effective 31 December 2012 The contents of this document apply only to clients of Citi International Personal Bank who hold
More informationFeasibility Study for a EU Pension Fund for Researchers. European Commission Research Directorate-General
Feasibility Study for a EU Pension Fund for Researchers European Commission Research Directorate-General Executive Summary n RTD/DirC/C4/2009/026879 1 Executive Summary This report covers the main results
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationInvestment Services. Wealth and Investment Management
Investment Services Wealth and Investment Management Contents Important information 3 A better vantage point for a clearer picture 5 Investment Philosophy 7 Investment Services 9 Advisory Services 10 Discretionary
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationOur guide to the Pension Schemes Act 2015
LCP GUIDE MARCH 2015 Our guide to the Pension Schemes Act 2015 IN THIS GUIDE: p2 An overview of the changes p2 Flexible benefits and safeguarded benefits The Pension Schemes Act 2015 offers up the prospect
More informationTIME:EIS. Targeting asset backed investments
Targeting asset backed investments Contents Welcome to TIME 3 The Enterprise Investment Scheme 4 Introducing TIME:EIS 5 Our EIS Team 6 Risks 7 About TIME Investments 8 Fees 9 Time for action 10 Important
More informationTax Initiatives The Common Reporting Standard
Treasury and Trade Solutions February 2016 Tax Initiatives The Common Reporting Standard The Common Reporting Standard (CRS) The Common Reporting Standard - Overview The Common Reporting Standard ( CRS
More informationWHAT YOU NEED TO KNOW ABOUT ISAs
WHAT YOU NEED TO KNOW ABOUT ISAs How to protect and grow your ISA savings, or use them to generate income ISA Portfolio About MetLife As the UK market leaders in guaranteed retirement solutions, we understand
More informationCiti At Work Account Application Form
Citi At Work Account Application Form Before you apply There are a few things you should know before you make an application: Applicants must be UK residents or applying through Citi At Work; All applicants
More informationCore/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 informationYour foreign exchange specialist
Citigold Your foreign exchange specialist Your life, your money, your way Local knowledge in foreign exchange solutions Our clients demand the very best international wealth management and that includes
More informationExchange Traded Funds. An Introductory Guide. For professional clients only
Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their
More informationAlternative Investment Fund Managers Directive ( AIFMD ): An Overview and Analysis
ViewPoint May 2011 Alternative Investment Fund Managers Directive ( AIFMD ): An Overview and Analysis Introduction The Alternative Investment Fund Managers Directive ( AIFMD or Directive ) is the most
More informationTHE ASSOCIATION OF GLOBAL CUSTODIANS. September 15, 2004. Re: Requirements to Comply with the New U. S./Japan Tax Treaty
THE BANK OF NEW YORK BROWN BROTHERS HARRIMAN CITIBAN K, N.A. INVESTORS BANK _ TRUST COMPANY JPMORGAN CHASE BANK MELLON FINANCIAL THE NORTHERN TRUST COMPANY RBC GLOBAL SERVICES STATE STREET BANK AND TRUST
More informationCiti OpenInvestor SM. Private Equity Solutions
Citi OpenInvestor SM Private Equity Solutions Turning change into opportunity In the private equity space, the key to mastering change lies in taking a multi-disciplinary, targeted approach with a service
More informationHow To Choose An Exchange Traded Fund
ETFs and Tax Paul Amery, Moderator Editor www.indexuniverse.eu Yvonne Kunihira-Davidson, Panelist Director Burt, Staples & Maner LLP Nathan Hall, Panelist Partner KPMG Dan Draper, Panelist Global Head
More informationPROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM. Richard Spiller, Esq. 011 44 171 556 4541. Introduction
PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM This article considers: Richard Spiller, Esq. 011 44 171 556 4541 Introduction 1. What activities by an overseas insurer amount to the carrying
More informationNetherlands Government Action Plan. The Netherlands: International Financial Centre
Netherlands Government Action Plan The Netherlands: International Financial Centre August 2007 The Netherlands: International Financial Centre Netherlands Government Action Plan Contents Strategic Goals
More informationFinancial Services Tax Breakfast Briefings
Financial Services Tax Breakfast Briefings Current Tax Issues on Debt Funds and Shadow Banking Nick Cronkshaw Mark Sheiham 17 December 2014 Introduction What we re going to cover Background - growth and
More informationWEALTH MANAGEMENT SOLUTIONS
WEALTH MANAGEMENT SOLUTIONS Contents Wealth management 1 Boutique approach, global solutions 3 Traditonal values, innovative thinking 4 Working in partnership 4 Protecting wealth 6 Enhancing wealth 8 Distributing
More informationExchange Traded Funds. Reasons to Consider. For professional clients only
Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the
More informationWealth Management. Instinctively global
Wealth Management Instinctively global In an integrated global economy clients need an integrated global law firm The wealth management landscape is changing and with it the needs of our clients. An instinctively
More informationThe Benefits of Moving from Fragmented to Integrated Cash Application
The Benefits of Moving from Fragmented to Integrated Cash Application Basak Toprak, EMEA Market Manager for Receivables and Channel Services, Global Transaction Services, Citi Frank Gastl, MD of Hanse
More informationasset based lending supporting private equity
asset based lending supporting private equity ABN AMRO Commercial Finance is a leading cross-border asset based lender, operating in the Netherlands, UK, Germany, France and Belgium. We offer a range of
More informationSolvency II and key considerations for asset managers
120 Solvency II and key considerations for asset managers Thierry Flamand Partner Insurance Leader Deloitte Luxembourg Xavier Zaegel Partner Financial Risks Leader Deloitte Luxembourg Sylvain Crepin Director
More informationasset mix advice and management as market and economic insight acce plans, registered and non- only solution defined benefit
a only solution defined benefit plans, registered and non- asset mix advice and management as market and economic insight acce at simple a simple investment only solution for defined benefit pension registered
More informationCHAPTER 2: THE CANADIAN SECURITIES INDUSTRY
CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY Topic One: Industry Overview 1. Self-regulatory Organizations (SROs). A. The SROs set rules that govern the operations of investment dealers and market activity.
More informationGuaranteed Drawdown. Giving you confidence about your retirement income
Guaranteed Drawdown Giving you confidence about your retirement income 1 The new retirement landscape As you approach retirement, it s time to make those important financial decisions that will see you
More informationEuropean Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE. Investment Fund Managers Directive and types of AIFM.
European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE Federation of the Dutch Pension Funds Prinses Margrietplantsoen 90 2595 BR The Hague PO Box 93158 2509 AD The Hague The Netherlands
More informationMessage from the Partners
In Brief In Brief March 2016 Our primary responsibility is for the interests of our clients. As a matter of principle all partners are available to meet clients and do so regularly. 1 Message from the
More information12 / 15. Clearstream Vestima Newsletter. Integrated solution for trade execution and custody across all fund types
Clearstream Vestima Newsletter 12 / 15 Integrated solution for trade execution and custody across all fund types Clearstream has successfully integrated the hedge fund processing application acquired from
More informationBelgium in international tax planning
Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated
More informationStrength You Can Trust
Strength You Can Trust RBC Wealth Management It All Starts With You Our relationship managers are focused on serving your best interests, and we aim to develop highly effective and customised solutions
More informationPatents in Europe 2013/2014
In association with Unitary patent and Unified Patent Court: the proposed framework Rainer K Kuhnen Patents in Europe 2013/2014 Helping business compete in the global economy Unitary patent and Unified
More informationG L O B A L F U N D S E R V I C E S. S e r v i c e s s u p p o r t i n g E u r o p e a n e x c h a n g e t r a d e d f u n d s
G L O B A L F U N D S E R V I C E S S e r v i c e s s u p p o r t i n g E u r o p e a n e x c h a n g e t r a d e d f u n d s Support physical, replicating and synthetic ETF models Experience across a
More informationhong kong offi ce Latitude N 22 16' 42" Longitude E 114 9 32"
hong kong offi ce 22 Latitude N 22 16' 42" Longitude E 114 9 32" Hong Kong Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is
More informationReport of the Alternative Investment Expert Group: Developing European Private Equity
Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes
More informationYour guide to Managed Funds.
Your guide to Managed Funds. An introduction to Managed Funds 1 Investing in Managed Funds 2 Key benefits 6 Risks 7 The Citibank advantage 8 About Citigold 11 An introduction to Managed Funds There s a
More informationAsset Management in the UK 2014-2015
ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,
More informationGlobal Client Group The Gateway to AWM
Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner
More informationMetLife Income for Life Bond (UK and International) A guaranteed income for life s ups and downs
MetLife Income for Life Bond (UK and International) A guaranteed income for life s ups and downs If you are asking yourself... How can I get a better return than bank deposits now interest rates are so
More informationTD Direct Investing A Guide to ISAs
TD Direct Investing A Guide to ISAs Introduction The aim of this guide is to explain how an Individual Savings Account (ISA) works and the benefits to investors. We offer our services on an execution-only
More informationPrivate Client Services. Your World. Our Guidance
Private Client Services Your World Our Guidance Canaccord Genuity Wealth Management is an award winning wealth manager committed to providing investors with a broad array of investment opportunities.
More informationWEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION
WEALTH MANAGEMENT FOR WEALTH CREATION AND PRESERVATION PLANNING YOUR WEALTH MANAGEMENT STRATEGY Wealth creation and wealth preservation at LighthouseWealth we achieve this balance for our clients through
More informationPension Scheme Funding in Germany. Private Investment Funds Practice Discussion Papers
Pension Scheme Funding has become a must for corporates in the German marketplace. The need to optimize investment of pension assets means there are far-reaching opportunities for financial institutions.
More informationPensionBee Personal Pension Investment Philosophy
PensionBee Personal Pension Investment Philosophy March 2016 1 About our plans We believe that everyone should have access to a good pension plan, whether it s a PensionBee plan, or not. The important
More informationDYNAMIC DIVERSIFIED FUND
DYNAMIC DIVERSIFIED FUND The Right Assets at the Right Time The SSgA Dynamic Diversifed Fund uses proven market-aware intelligence to dynamically adjust asset allocation ensuring you are in the right assets
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationFiduciary Management at BNP Paribas Investment Partners A true partnership approach. For Professional Investors
Fiduciary Management at BNP Paribas Investment Partners A true partnership approach For Professional Investors By taking the fiduciary journey with us, you are engaging in a true working partnership,,
More informationSecond International Comparative Study of Mortality Tables for Pension Fund Retirees
Second International Comparative Study of Mortality Tables for Pension Fund Retirees T.Z.Sithole (Kingston University), S.Haberman (Cass Business School, City University London) and R.J.Verrall (Cass Business
More informationYour guide to investment funds at Canada Life International Limited
Your guide to investment funds at Canada Life International Limited Investing in your future Investing offshore Why offshore investing can work for you. Core investment range Access to over 150 internal
More informationClient Alert. Real Estate Activities Under the Framework of the Bank Holding Company Act: Limits and Opportunities
January 14, 2009 Client Alert Jointly Prepared by Goodwin Procter s Financial Services and RE, REITs & RE Capital Markets Groups Real Estate Activities Under the Framework of the Bank Holding Company Act:
More informationDrawdown Pensions: A technical guide
For Financial Adviser use only Drawdown Pensions: A technical guide March 2013 News and information from MetLife s Technical Team In this bulletin: Drawdown has been an alternative to annuity purchase
More informationWelcome Retirement Solutions Forum
October 1, 2014 Welcome Retirement Solutions Forum Craig Lombardi Managing Director Total Retirement Client Group Sales Retirement Savings Are Shifting to Globally 2013 Assets = $58 bil. 96% Canada 4%
More informationWelcome to Aspire. Expert financial advice for you
Welcome to Aspire Expert financial advice for you Welcome to Aspire At Aspire we have one goal in mind to give you the financial advice you need and complete peace of mind that your finances are in the
More informationSecuritisation and Private Equity. slaughter and may. October 2004
Securitisation and Private Equity slaughter and may October 2004 contents Securitisation and Private Equity 1 1. Refi nancing an Acquisition 2 2. Providing Debt Financing for an Acquisition 4 3. Realising
More informationPrudential Onshore Portfolio Bond. Your questions answered
Prudential Onshore Portfolio Bond A guide to the Prudential Onshore Portfolio Bond Your questions answered The Prudential Onshore Portfolio Bond combines the advantage of a wide choice of assets available
More informationtrust and corporate services in Gibraltar
Acquarius Trust Group trust and corporate services in Gibraltar Comprehensive Global Fiduciary Services.the total solution built around you the people the service the quality Acquarius Trust Group 1 OUR
More informationComparison table of Luxembourg investment vehicles. Chevalier & Sciales
Comparison table of Luxembourg investment vehicles Chevalier & Sciales The purpose of this memorandum is to set out the different investment vehicles (regulated, lightly regulated and unregulated) that
More informationPersonal Investment Management Service Additional contribution form
Personal Investment Management Service Additional contribution form Please complete this form in BLOCK CAPITALS throughout. Withdrawals Please note that if you take withdrawals from your policy, RL360
More informationSetting up a banking institution in Luxembourg
Setting up a banking institution in Luxembourg Marco Lichtfous Partner Advisory & Consulting Governance, Risk & Compliance Deloitte Said Qaceme Senior Manager Advisory & Consulting Strategy, Regulatory
More informationTD Direct Investing. Rates and Charges
TD Direct Investing Rates and s 2 February 2015 Our Regular Fees Our management and administration fees are regular account charges that cover the ongoing services you receive from TD Direct Investing.
More informationFor the Trustees of Defined Benefit Pension Schemes and their Investment Consultants Only.
LGIM SOLUTIONS LEGAL & GENERAL INVESTMENT MANAGEMENT Buy-Out Aware. For the Trustees of Defined Benefit Pension Schemes and their Investment Consultants Only. Preparing for the endgame: a fund range specifically
More informationA LEADING LIQUIDITY PROVIDER TO REAL ESTATE INVESTORS WORLDWIDE COMPANY PROFILE
A LEADING LIQUIDITY PROVIDER TO REAL ESTATE INVESTORS WORLDWIDE COMPANY PROFILE NYC Core Retail Portfolio Atlantic Center Adjacent to the Barclays Center Arena Brooklyn, NY WHO WE ARE Madison International
More informationPrinciples and Practices in Credit Portfolio Management Findings of the 2011 IACPM Survey. www.iacpm.org
Principles and Practices in Credit Portfolio Management Findings of the 2011 IACPM Survey www.iacpm.org TABLE OF CONTENTS I. INTRODUCTION...3 Survey Results Overview...3 Credit Portfolio Management Business
More informationCITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010
CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS Dated 4 August 2010 This Simplified Prospectus contains key information in relation to Citi Global Interest Rates Index Fund (the Fund),
More informationHuman Capital Advantage for Business What is the Value of ADP ihcm for CEOs?
Human Capital Advantage for Business What is the Value of ADP ihcm for CEOs? HR.Payroll.Benefits. ADP ihcm: Rethink Human Capital Management The need for HR to be a true business partner has never been
More informationCross-Border Private Placement Market. 10 October 2014
Cross-Border Private Placement Market 10 October 2014 2014 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Speakers The 2014 Edition of the Legal 500 UK states that Morrison & Foerster is the
More informationConsidering a London listing?
Considering a London listing? About us Over the last five years Capita Asset Services has been appointed to more Initial Public Offerings (IPO) than any other registrar. Our experience of flotation projects
More informationVietnam s Insurance Market: An Overview January 2014
Legal Update Insurance Vietnam 29 January 2014 Vietnam s Insurance Market: An Overview January 2014 1. Introduction Vietnam started liberalising its insurance market by allowing foreign insurers to participate
More informationING Green Savings Account & ING Orange Savings Account Regulations
ING Green Savings Account & ING Orange Savings Account Regulations I PURPOSE Article 1 These regulations relating to the ING Green Savings Account and the ING Orange Savings Account (hereinafter referred
More informationA specialist investment manager for US clients
For US clients A specialist investment manager for US clients Sarasin Asset Management Ltd. July 2015 Why invest with Sarasin Asset Management? True client commitment and expertise for 03 US residents
More informationEuropean Insurance Market: Opportunities and challenges
European Insurance Market: Opportunities and challenges Violeta Ciurel, Ph.D, LLIF General Manager European and International Affairs ING Group - Amsterdam November, 12, 2007 New York Global Financial
More informationCondensed Consolidated Interim Financial Statements Q4 2014. aegon.com
Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive
More informationCOMMISSION STAFF WORKING DOCUMENT. Executive Summary of the Impact Assessment. Accompanying the document
EUROPEAN COMMISSION Brussels, 11.9.2013 SWD(2013) 332 final COMMISSION STAFF WORKING DOCUMENT Executive Summary of the Impact Assessment Accompanying the document Proposal for a Regulation of the European
More informationPandox acquires Hotellus International AB
PRESS RELEASE Stockholm February 7, 2000 Pandox acquires Hotellus International AB The acquisition creates a large and pure hotel property company with wellknown brands and operations in northern Europe.
More informationEmployee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY
Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY Moderator and Speakers Sabrina Hartusch: Global Head of Insurance, Triumph, Switzerland; president of SIRM Paolo Marini: Global
More information