Direct and Indirect Investment for International Diversification. Matthew Ryall Zurich - 24 th March 2006
|
|
- Penelope Mills
- 7 years ago
- Views:
Transcription
1 Direct and Indirect Investment for International Diversification Matthew Ryall Zurich - 24 th March 2006
2 Agenda The need for cross border diversification The diversification challenge How to diversify direct / indirect
3 Traditional Institutional Property Investment Home region/country Offices Act as a portfolio diversifier for International equities/bonds Cross border investment has traditionally been a mistake
4 Why cross border? Higher returns Diversification Safe haven Lack of domestic opportunity Matching liabilities Environmental / Altitude
5 IPD Returns UK Portugal Spain France Ireland IPD Europe Norway Netherland Denmark Finland Switzerland Sweden Germany Source: IPD Europe Total Return pa (% ) Local currency UK Portugal Spain France I l d
6 Greater Choice : Major European Cities by GVA Rotterdam Edinburgh Birmingham London Leeds Manchester Zurich Geneva Stockholm Lisbon Warsaw Oslo Utrecht Glasgow Brussels Frankfurt Stuttgart Munich Berlin Hamburg Düsseldorf Copenhagen Madrid Amsterdam Barcelona Rome Bologna Valencia Seville Helsinki Milan Turin Dublin Budapest Paris Lyon Marseille Bordeaux Lille
7 Property Investment : Increasingly Cross Border $bn North America Europe North America Domestic Source: Jones Lang LaSalle
8 Challenges Finding trustworthy local partners/operators Currency and political risk Tax drag (in some markets) Many countries have lower transparency Lack of global benchmarks (except securities) Communicating across time zones and cultures Volatility of returns Cross-border real estate can compensate investors for these costs and risks
9 How to invest globally for diversification Take a step-by-step approach to international: 1. Tax 2. Fund of Funds / International global real estate securities 3. Add private, indirect funds 4. Add JVs and partnerships in transparent markets 5. The ultimate goal is NOT a direct cross-border portfolio of buildings 6. Put real estate into a currency overlay program
10 Global framework: style criteria for selecting markets International Objective Target Return Fundamentals Relative Importance Capital Market Gap Transparency Diversification Costs (Tax, currency & legal) Core 6% - 9% Value Added 10% - 15% Opportunistic 15%+ Source: LaSalle Investment Management
11 Direct vs. Indirect
12 The UK Property Market Universe Listed AIM Pooled Property Funds Listed Offshore Direct Private Funds Derivatives Source: LaSalle Investment Management
13 Property Risk/Return profile Volatility of returns over benchmark Direct Asset REITs Specialist Funds Balanced Funds Property Derivatives Potential return over the benchmark Source: LaSalle Investment Management
14 Past Performance Alternative forms of Real Estate % 80.00% 60.00% 40.00% 20.00% 0.00% % % Balanced Funds Index FTSE Real Estate Index Direct Property IPD
15 Option 1: Direct property ownership Products Domestic Collection of national portfolios Regional portfolios Global portfolio Positives Maximum diversification benefits Maximise control National benchmarks Negatives Scale, specific risk / portfolio size No global or regional benchmarks Low liquidity Management Administration Tax and legal
16 Option 2: Unlisted/private indirect property funds Global funds Investment banks Opportunistic Highly leveraged No control over regional weights Targeted funds Specialist managers/ Investment banks Open or closed end Sector/country/regions Varying risk profiles Availability? JVs/ Clubs Specialist managers Usually closed end Varying risk profiles Positives Negatives Diversification retained Utilise expert management Private equity model Low liquidity and control Lack of benchmarks Global funds rarely balanced by region Fund of funds or individual investments
17 Option 3: Listed/public property company securities REITs Conventional listed corporations Real Estate Investment Trusts Property owning vehicle Lower dividend yield Distributes 80% - 100% of taxable income High dividend yield Limited ability to generate reserves for investment Country opportunities North America US and Canada Europe Belgium, Netherlands, France, shortly UK and Germany? Australasia Australia, Singapore, Japan, Hong Kong Higher correlation with general equities Positives Established benchmarks Liquidity Transparency Investment period: immediate Negatives Influence of general equity markets Relatively immature market in some countries
18 Benchmark Weightings 60% 50% 40% 30% 20% 10% 0% US Canada Mexico Brazil Germany France Italy Spain Netherlands Sweden UK Switzerland Japan China Australia GDP Listed Real Estate
19 Correlation of Global Asset Class Returns Correlation of Total Returns ( ), US Dollar Global Stocks Global Bonds Global Indirect Real Estate Global Direct Real Estate Global Stocks 1.00 Global Bonds Global Indirect Real Estate Global Direct Real Estate Sources: GPR Index, UBS Global Property Investors Index; MSCI Global Equity, JP Morgan Global Bond Index, LaSalle Investment Management
20 Switching Model Indirect or Direct IPD EY less 5-year Swap Rate (%) Direct market to outperform over following 12 months Indirect market to outperform over following 12 months Point of indifference Oct-03 to Sept-04 Oct-02 to Sept-03 Oct-01 to Sept FTSE Real Estate DY less IPD EY (%) Sources: Datastream, IPD
21 Option 4: Derivatives Available today Direct Property UK and US only Property equities- ETF s on EPRA/NAREIT Positives Quick/easy/cheap to trade Instantaneous exposure Price transparency Strategic or tactical use Negatives Currently small size/ limited supply Very limited coverage of property markets No guarantee of roll-over Negative performance relative to market after costs
22 Cost of Currency: Swiss Example Investors gain/loss of investing abroad (capital only) per annum Country of Investment / Number of Years Euroland 0.2% -0.4% 0.8% 0.4% 1.0% USA -11.3% -9.3% -3.6% -0.2% -1.9% UK -2.9% 1.6% 1.3% -1.4% 1.0% Source: LaSalle Investment Management; DataStream. As at 25th August 2004.
23 Conclusion: Direct and Indirect SIZE OF FUND Derivatives Balanced Funds REITs / Fund of Funds Domestic Portfolio - Direct Direct Assets Specialist Funds CROSS BORDER PROPORTION
24 Cross-border investing the Swiss perspective Switzerland has an important real estate market but returns have been low Investors can enhance returns as well as enjoy diversification benefits by going cross-border Real estate securities are a low risk option for diversified global exposure Consider: Opportunistic Asia Value-add Canada, US, France Core global securities, UK, Germany, Netherlands and Sweden
THINK Global: Risk and return
Changing context of real estate returns in a globalised world Data generating art This document is solely for the use of professionals and is not for general public distribution. Using data from Fig.1
More informationProperty investment in an international perspective
Property investment in an international perspective Presentation to Asset Allocation Netværket, Den Danske Finansanalytikerforening 10 June 2013 Tonny Nielsen, Head of Investment Management Nordic & Eastern
More informationEXPERIENCE MORE FOR LESS WWW.STAYCITY.COM
EXPERIENCE MORE FOR LESS WWW.STAYCITY.COM Background Recognising that standard hotel rooms did not meet the needs of growing numbers of travellers, Staycity was founded in Dublin in 2004 to provide the
More informationGross Domestic Product (GDP-PPP) Estimates for Metropolitan Regions in Western Europe, North America, Japan and Australasia
Gross Domestic Product (GDP-PPP) Estimates for Metropolitan Regions in Western Europe, North America, Japan and Australasia Draft April 2007 GROSS DOMESTIC PRODUCT ESTIMATES: METROPOLITAN REGIONS In Western
More informationOffice Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.
Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,
More informationReal Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?
Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good
More informationIndustry Service Line 9 ABeam Consulting has developed a proprietary network utilizing the strengths of being Asia based. We provide service that fits the local conditions to clients in every region and
More informationThree new stock ETFs for greater global diversification
Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock
More informationHSE HR Circular 005/2010 12 th February 2010.
Office of the National Director of Human Resources Health Service Executive Dr. Steevens Hospital Dublin 8 HSE HR Circular 005/2010 12 th February 2010. To: Each Member of Management Team, HSE; Each Regional
More informationCONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES
THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure
More informationLuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011
Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 January 2011 In order to achieve the best possible result in executing security orders, the bank has selected
More informationLuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011
Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 September 2011 In order to achieve the best possible result in executing security orders, the bank has
More informationTrading in International Equities For Professional Advisers only - not to be relied upon by retail clients
Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients 2 ALLIANCE TRUST SAVINGS About us We are part of the Alliance Trust group and have the backing
More informationProfessional Clients Mai 2010. A. Introduction. Helaba Best Execution Policy
Helaba Best Execution Policy Professional Clients Mai 2010 Editor: Landesbank Hessen-Thüringen MAIN TOWER Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany Contacts Elke Blass Phone: (+49) 69/91
More informationGuide. Axis Webinar User Guide
Guide Axis Webinar User Guide Introduction Joining an Axis Webinar is a quick and easy way to gain additional knowledge about more than just new products, and technology. These webinars allow attendees
More informationKey contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research
Key contacts For more information about this regional special report, please contact: Michael Haddock Senior Director, EMEA Research t: +44 7 182 3274 e: michael.haddock@cbre.com For more information regarding
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationFact sheet DTZ Fair Value Index TM methodology
Fact sheet DTZ Fair Value Index TM methodology DTZ Fair Value Index TM launched to measure investor opportunity in world s commercial property markets First ever forward-looking commercial property value
More informationWhat Makes Cities Successful Randstad on the World Stage
What Makes Cities Successful Randstad on the World Stage 1966 7 World Cities London Moscow New York Paris Randstad Rhein-Ruhr Tokyo Today: JLL City Commercial Attraction Index Top 20 Population Economic
More informationINTERNATIONAL LISTED REAL ESTATE
INTERNATIONAL LISTED REAL ESTATE INVESTMENT OPPORTUNITIES ABROAD COMPLIMENT A U.S. PROPERTY ALLOCATION JULY 2015 Exposure to Institutional Quality Commercial Real Estate Listed real estate offers investors
More informationStock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014
Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock
More informationEuropean office market recovery continues but at varying speeds
The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing
More informationGroup 1 Group 2 Group 3 Group 4
Open Cities Lesson 1: Different kinds of cities Worksheet Task 1 Find the countries on the map Group 1 Group 2 Group 3 Group 4 1 Austria 2 Belgium 3 Bulgaria 4 Cyprus 5 Czech Republic 6 Denmark 7 Estonia
More informationGS1 Industry Engagement Call to Action
Consumer Electronics Product Central Master Data Business Needs Group Date: 24-June-2010 This is an Industry Engagement Call-to-Action to recruit users from the Consumer Electronics industry and from everywhere
More informationSunGard Best Practice Guide
SunGard Best Practice Guide What Number Should I Use? www.intercalleurope.com Information Hotline 0871 7000 170 +44 (0)1452 546742 conferencing@intercalleurope.com Reservations 0870 043 4167 +44 (0)1452
More informationCapital Market Linkages: How to facilitate cross border trading?
Capital Market Linkages: How to facilitate cross border trading? OIC Member States Stock Exchanges Forum Dr. Jochen Biedermann Istanbul, 02 October 2010 Agenda 1. About Deutsche Börse 2. Capital Market
More informationGlobal Real Estate Outlook
Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South
More informationHow To Get A Better Return From International Bonds
International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access
More informationASAP implementation approach for SAP ERP implementation has five major phases as shown in below picture. Fit and Gap Analysis (FGA) is very critical
ASAP implementation approach for SAP ERP implementation has five major phases as shown in below picture. Fit and Gap Analysis (FGA) is very critical part of the second phase of project blueprinting where
More informationGuide. Axis Webinar. User guide
Guide Axis Webinar User guide Table of contents 1. Introduction 3 2. Preparations 3 2.1 Joining the visual part 3 2.2 Joining the conference call 3 2.3 Providing feedback and asking questions during a
More informationCBRE CLARION SECURITIES LISTED REAL ESTATE: AN EFFECTIVE PROXY FOR PRIVATE REAL ESTATE
CBRE CLARION SECURITIES LISTED REAL ESTATE: AN EFFECTIVE PROXY FOR PRIVATE REAL ESTATE This paper examines the relationship between listed and private real estate and considers how an allocation to listed
More informationEuropean office rental struggle amidst subdued demand
The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy
More informationIOOF QuantPlus. International Equities Portfolio NZD. Quarterly update
IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure
More informationTariffs & Charges Schedule for Investment Services
I. ADVISORY TRADING IN INTERNATIONAL SECURITIES EQUITIES, ETFs (Buy & Sell Orders) next (Belgium, France, Netherlands); Germany (Xetra); Italy (Borsa Italiana) minimum EUR 30.00 United Kingdom (London
More informationCargo Sales & Service Presentation
Cargo Sales & Service Presentation Who is Air Logistics Group? Established in 1994 One of the world s leading cargo sales and service companies 55 offices spanning 32 countries and over 200 employees worldwide
More informationRules-Based Investing
Rules-Based Investing Disciplined Approaches to Providing Income and Capital Appreciation Potential Focused Dividend Strategy International Dividend Strategic Value Portfolio (A: FDSAX) Strategy Fund (A:
More informationNASDAQ Asia ex Japan Dividend Achievers TM Index Methodology
NASDAQ Asia ex Dividend Achievers TM Index Methodology Index Description The NASDAQ Asia ex Dividend Achievers Index is comprised of accepted securities with at least three consecutive years of increasing
More informationEurope s Most Dynamic Cities. City Momentum Index March 2015
Europe s Most Dynamic Cities City Momentum Index March 2015 Europe s most dynamic cities The combined forces of urbanisation, globalisation and technology are recasting the commercial geography of real
More informationPROTECTING YOUR PORTFOLIO WITH BONDS
Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during
More informationINDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services.
INDEX SERIES FTSE PUBLICATIONS FTSE ETF Issuer Services. BEIJING BOSTON DUBAI HONG KONG LONDON MILAN MUMBAI NEW YORK PARIS SAN FRANCISCO SHANGHAI SYDNEY TOKYO FTSE FTSE Group ( FTSE ) is a world-leader
More informationHSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR
HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund
More informationEMEA Rents map RETAIL 2012. Accelerating success.
EMEA Rents map RETAIL 2012 Accelerating success. EMEA Retail Rents Q1 2012 NORWAY Oslo 154 q 110 q SWEDEN Stockholm 151 tu 146 tu 170 N/A 5.40% tu 140 N/A Helsinki Tallinn 29 p 44 tu FINLAND ESTONIA Saint
More informationCase Igglo. Mikko Ranin 2.2.2010
Case Igglo Mikko Ranin 2.2.2010 Content Igglo mission History How Oikotie Asunnot powered by Igglo works Real estate premarket House pages Activating the customer Earning logic Revenue streams Statistics
More informationUK/Europe Global Fares Guide
UK/Europe Global Fares Guide Australian Edition Effective March 2003 European Explorer Want to get to London, Frankfurt or Rome at the best price? Explore UK/Europe with the airlines that know it best
More informationCHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR. RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX
July 2, 2015 ETF-015-073 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: ishares CURRENCY HEDGED MSCI ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR
More informationTraditionally, venturing outside the United States has involved two investments:
WisdomTree ETFs INTERNATIONAL HEDGED EQUITY FUND HDWM Approximately 50% of the world s equity opportunity set is outside of the United States, 1 and the majority of that is in developed international stocks,
More informationDTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm
Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors
More informationAPPENDIX C: BENEFICIAL OWNERSHIP
APPENDIX C: BENEFICIAL OWNERSHIP Refer to Completion Guide (Pages 8-10) or contact your Account Manager if clarification required. Section A: Classification of Ownership RBC is required to collect beneficial
More informationAxioma Risk Monitor Global Developed Markets 29 June 2016
Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last
More informationDTZ Foresight European Fair Value Q3 2010 Non-core markets drive temperature rise
DTZ Foresight European Fair Value Q3 Non-core markets drive temperature rise 18 November Contents Overview 1 Fair Value Index 2 Fair Value Classifications 3 European Market Classifications 4 European versus
More informationDiversify portfolios with U.S. and international bonds
Diversify portfolios with U.S. and international bonds Investing broadly across asset classes such as stocks, bonds and cash can help reduce volatility and risk within a portfolio. Canadian investors have
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationExchange Traded Funds Tactical Asset Allocation Tools
Exchange Traded Funds Tactical Asset Allocation Tools Eleanor De Freitas, Catherine Barker 1 Barclays Global Investors Exchange traded funds (ETFs), combine the advantages of both index funds and stocks.
More informationIFEU Fixed Income and Equity Contracts: Trading Days in 2015
IFEU Fixed Income and Equity Contracts: Trading Days in 2015 ICE Futures Europe will be closed on the following days: (New Year s Day) (Good Friday) (Christmas Day) Fixed Income Contracts All Fixed Income
More informationResearch & Analytics. Low and Minimum Volatility Indices
Research & Analytics Low and Minimum Volatility Indices Contents 1. Introduction 2. Alternative Approaches 3. Risk Weighted Indices 4. Low Volatility Indices 5. FTSE s Approach to Minimum Variance 6. Methodology
More informationCollaboration between Business Schools and Enterprises. Professor Chris Styles Associate Dean, Executive Education
Collaboration between Business Schools and Enterprises Professor Chris Styles Associate Dean, Executive Education Agenda The value proposition for collaboration Examples of different types of collaboration
More informationLUXEMBOURG TRADING CENTRE LIST
LUXEMBOURG TRADING CENTRE LIST Annex 1 to the special terms and conditions for securities transactions Valid as from 1 March 2012 DZ PRIVATBANK 3 Trading CenTre LisT in order to achieve the best possible
More informationIndex CFDs. Index CFDs are traded without order fee on index level with the following spreads:
Index CFDs Index CFDs are "Over-the-Counter" (OTC) products the prices of which are laid down by the issuer. Index CFDs are based upon the price of the basic value in order to thus achieve a "Fair Value"
More informationGlobal Network Access International Access Rates
Global Network Access International Access Rates We know that you need to communicate with your partners, colleagues and customers around the world. We make every effort to understand the difficulties
More informationEXECUTIVE SUMMARY CONTACTS
EUROPEAN LOGISTICS MARKET Property report Q2 213 CONTACTS PROPERTY REPORT - EUROPEAN LOGISTICS MARKET - SEPTEMBER 213 EUROPEAN LOGISTICS COVERAGE FRANCE Christophe Prioux christophe.prioux@bnpparibas.com
More informationOCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology
OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction
More informationSolution Definition & Structuring. Solution Rollout Process. Implement Changes Rollout in team Business processes. IT Application Setup
Service Management framework 1. Rollout Strategy 2. Solution Structure Services Catalogue entitlement 3. Pricing Process Management framework 1. Program Management 2. Rollout process 3. Project plan 4.
More informationSTATISTICS 2008:45 EUROPEAN METROPOLISES THE BALTIC SEA CITIES IN THE EUROPEAN CONTEXT
STATISTICS 2008:45 EUROPEAN METROPOLISES THE BALTIC SEA CITIES IN THE EUROPEAN CONTEXT INQUIRIES Juha Suokas, tel. +358 9 310 36538 juha.suokas@hel.fi PUBLISHER City of Helsinki Urban Facts PB 5500, FI-00099
More informationIndian E-Retail Congress 2013
The Retail Track The Omni Channel Retail Supply Chain Indian E-Retail Congress 2013 Subhendu Roy Principal Consumer Industries and Retail Practice 15 February, 2013 Disclaimer This document is exclusively
More informationInternational Equity Investment Options for 401(k) Plans
International Equity Investment Options for 401(k) Plans Considerations for Plan Sponsors Authored by: Adam D. Brown, T. Rowe Price Defined Contribution Investment Specialist Executive Summary T. Rowe
More informationFTSE Global Small Cap Index
FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving
More informationGlobal Pricing Study 2011: "Weak pricing cuts profits by 25%" Short summary
Global Pricing Study 2011: "Weak pricing cuts profits by 25%" Short summary August 2011 Bonn Office Haydnstr. 36, 53115 Bonn, Germany Tel.: +49 228 9843-351, fax: +49 228 9843-380 e-mail: bonn@simon-kucher.com
More informationOutlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting
Outlook for European Real Estate in 2013 Mark Charlton, Head of Research & Forecasting Tuesday 20 th November 2012 Europe - uncertainty continues to buffet sentiment Oct 06 Oct 07 Oct 08 Oct 09 Oct 10
More informationEvaluating Managers on an After-Tax Basis
Evaluating Managers on an After-Tax Basis Brian La Bore Senior Manager Research Analyst Head of Traditional Research Greycourt & Co., Inc. March 25 th, 2009 Is Your Alpha Big Enough to Cover Its Taxes?
More informationHow Hedging Can Substantially Reduce Foreign Stock Currency Risk
Possible losses from changes in currency exchange rates are a risk of investing unhedged in foreign stocks. While a stock may perform well on the London Stock Exchange, if the British pound declines against
More informationStaying alive: Bond strategies for a normalising world
Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should
More informationEuropean office sector recovery gains momentum
The Jones Lang LaSalle Office Property Clock Q4 2013 European office sector recovery gains momentum European Office Rental Index increases q-o-q Aggregate European leasing volume up 18% on Q3 Completions
More informationfacts and figures 2012
facts and figures 2012 TRAVEL TIMES TO/FROM keflavik international airport ÍSAFJÖRÐUR GJÖGUR GRÍMSEY HÚSAVÍK ÞÓRSHÖFN BÍLDUDALUR Flight 40 min. Flight 40 min. / Driving 5 hours Flight 40 min. SAUÐÁR- KRÓKUR
More informationNORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS
NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS Safeguarding financial wealth From natural resource to financial
More informationStudy Abroad Mark Conversion. Conversion Narratives
Study Abroad Mark Conversion Conversion Narratives Table of Contents Introductory Comments 3 America 4 Bolivia & Brazil Canada & USA Chile Colombia Mexico Asia 9 China, Hong Kong & Singapore Japan Australasia
More informationYour advisor worth more than 1%?
Your advisor worth more than 1%? APRIL 2016 Q: What will I get for the fee I m paying? Saving for retirement. Sending a child to college. Buying your dream home. Achieving these goals may take more than
More informationEMEA Office MarketView
EMEA Office MarketView 2014 CBRE Global Research and Consulting EMEA PRIME YIELD 7.9 BPS EU-28 VACANCY RATE 0.02 PP EMEA PRIME RENT 0.3% EMEA CAPITAL VALUE 1.8% TAKE-UP 17% TAKE-UP STILL SUBDUED BUT SOME
More informationEmployee inventor rewards survey
CMS_LawTax_CMYK_28-100.eps Employee inventor rewards survey www.cmslegal.com/patentswithoutborders August 2014 Table of contents Introduction... 3 The results at a glance... 4 Rewards for inventors...
More informationGOING FOR GOLD IN THE GLOBAL OFFICE MARKET
GOING FOR GOLD AUGUST 2012 A COMPARISON OF GLOBAL OFFICE PROPERTY MARKET PERFORMANCE London on the rise but Beijing takes the Gold With the eyes of the world focused on sporting and cultural achievement
More informationThe Case for International Fixed Income
The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,
More informationVanguard Emerging Markets Stock Index Fund
Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard
More informationSAXO CAPITAL MARKETS UK LTD - EQUITY ACTIVE TRADER Rates and Conditions, valid from 1 July 2015
STOCKS & ETFs FLAT FEE THRESHOLD COMMISSION ABOVE MAIN MARKETS FLAT FEE (TRADE SIZE) THRESHOLD NASDAQ, NYSE & NYSE ARCA 1) Stocks 6,000 shares 0.7 cps/share London Stock Exchange 1) Stocks 5 GBP 30,000
More informationINTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD
INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD YOU ARE WHAT YOU DO INTERNATIONAL SECURITIES TRADING III CONTENTS CONTENTS Welcome Welcome 1 2 Trade international securities with
More informationSchroder Real Estate Investment Management Experts in international real estate investment
April 2016 For professional investors only. Not suitable for retail clients. Schroder Real Estate Investment Management Experts in international real estate investment www.schroders.com/realestate Schroder
More informationIn 2012, GNP in constant prices increased by 1.8% compared with 2011.
8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased
More informationAn international exchange
1 # Why 1 in Seafood Why Oslo? should this be your choice An international exchange International rules and regulations based on EU standards. Same trading platform as the London Stock Exchange. Many international
More informationHow does a venture capitalist appraise investment opportunities?
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
More informationCapital preservation strategy update
Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4
More informationPrice list. Forex trading rates and conditions. Contract for Difference (CFD) trading rates and conditions. Index CFD trading rates and conditions
Price list Forex trading rates and conditions Contract for Difference (CFD) trading rates and conditions Index CFD trading rates and conditions Stock trading rates and conditions Net Free Equity margin
More informationContracts for Difference (CFDs)
Interactive Brokers presents Contracts for Difference (CFDs) Andrew Wilkinson, Interactive Brokers Chief Market Analyst awilkinson@interactivebrokers.com Webinar begins @ 12:00 pm EST webinars@interactivebrokers.com
More informationFinancial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London
More informationInstitutional Investors and the CEE Stock Exchange Group in 2014
Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges
More informationBANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND
BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS
More informationREFINE YOUR INVESTMENT STRATEGIES
seic.com REFINE YOUR INVESTMENT STRATEGIES with Managed Volatility Funds SEI s Suite of Managed Volatility Funds Proven to Deliver SEI introduced what we believe was the first managed volatility fund of
More informationGlobal Investing 2013 Morningstar. All Rights Reserved. 3/1/2013
Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific
More informationEMEA Office MarketView
EMEA Office MarketView 20 CBRE Global Research and Consulting EMEA PRIME YIELD 7.6 BPS EU-27 VACANCY RATE 0.11 PP EMEA PRIME RENT 0.5% EMEA CAPITAL VALUE 1.9% TAKE-UP 9.6% EMEA OFFICE MARKETS SET FOR IMPROVEMENT
More informationTHE FUTURE OF RAIL MANIFESTO. The five pillars of customer experience modern rail depends on.
THE FUTURE OF RAIL MANIFESTO The five pillars of customer experience modern rail depends on. Welcome to the worst-kept secret in the travel industry. RAIL IS ABOUT TO DOMINATE SHORT AND MEDIUM HAUL TRAVEL.
More informationInternational Securities Trading now you can invest across the world
International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading
More information