THE ALTERNATIVE INVESTMENT FUND MARKET FROM A PENSION FUND PERSPECTIVE
|
|
- Neil Stephens
- 8 years ago
- Views:
Transcription
1 THE ALTERNATIVE INVESTMENT FUND MARKET FROM A PENSION FUND PERSPECTIVE With a great deal of focus recently being on the long-term sustainability of pension funds, many funds are looking to develop their programmes in alternative assets as a means of facilitating improved returns over the long-term and finding a viable substitute for bond mandates in the current economic climate. The Lothian Pension Fund s investment team has been engaged in the alternative markets for the last decade and, with a strategic asset allocation to invest 28% of its circa 4.2 billion portfolio in alternative assets, view this as an important sector in growing and preserving the asset positions of UK pension funds. Here Lothian s investment and legal professionals let us have their current view on accessing this market. Alternatives: what s all the fuss about? There has been a great deal of focus recently on pension funds, including Local Government Pension Schemes (LGPS), accessing alternative assets, with internal investment managers increasingly looking to improve the funding levels of their schemes by maximising investment returns, diversifying their portfolios, protecting against inflation, smoothing investment volatility and generating efficiencies through improved governance. Critics of alternative assets often point to the numerous barriers to entering this market, such as the specialist skills and experience required for investing in private funds (e.g. business valuation, financial modelling, market awareness and knowledge of the underlying assets and sometimes complex legal structures) and the costs associated with acquiring, deploying and retaining these skills. It has also been suggested that the drag effect of management incentives typically applied in these funds makes them unattractive long-term investments and that complex structures allow managers to conceal fees and other charges. These are valid considerations but should not necessarily dissuade those with a commitment to fully engage in this market from doing so, with a number of pension schemes already operating relatively sophisticated alternative investment programmes and able to demonstrate good performance and an ability to overcome such concerns. In our experience, a sensible and informed approach to investing in this sector can have significant benefits for LGPS funds. Recent independent research around the efficiencies that can be generated by LGPS funds has shown that returns can be improved through more active internal management and a reduced reliance on funds-of-funds vehicles. We recognise the merits of all means of accessing the alternative markets, with various pension funds at different stages in the development of their programmes and with different risk profiles, but do view good active management of alternative investment programmes as an important way to eek out the long term returns that will help funds narrow the gap between their assets and liabilities while playing a valuable role in diversifying pension fund portfolios in inflation correlated assets.
2 Accessing the market There are a number of different ways of accessing the alternative market. Primary funds Traditionally pension funds have opted to commit capital to primary funds with a mandate to invest in a particular asset class (e.g. private equity, infrastructure) which may also be restricted to a certain geographical or other focus. The manager of these funds will have scope to make appropriate investments within a fixed investment period (generally 5-6 years) and so investors are effectively backing the track record and skill of the manager in their ability to make the best investments for the benefit of the fund over that period. The managers will then have a fixed period to realise those investments to generate maximum returns for the fund and its investors. Essential to this model is the alignment of the interests of management and investors and that the managers have certainty in accessing capital to allow them to execute transactions efficiently for the benefit of the fund. As such, investors are generally tied into these funds for a fixed period (10-25 years, depending on the underlying asset class) with necessarily severe penalties for defaulting on their obligations to fund their commitments. The manager is usually incentivised through the combination of an annual management fee (usually between 1-2% of total commitments to the fund during the investment period and a reduced percentage of actively invested capital thereafter) and a further carried interest percentage (usually 15-20%) of any returns over and above an agreed amount of return (generally around 8% IRR) for investors. However, the development of the secondary market in primary funds (see below) has made interests in these funds more liquid than has historically been the case. Private fund-of-funds vehicles This has also been a popular route of access for the LGPS and other pension funds, with fund-of-fund managers offering their expertise in acquiring vintage fund interests and the potential to diversify exposure in a chosen alternative asset class. This arguably limits the need for the pension funds themselves to commit the necessary expertise, time and resource to assemble a portfolio of this nature and allows exposure to this asset on a lower risk strategy. Listed funds Like fund-of-fund vehicles, listed funds offer investors the ability to gain exposure to a diversified portfolio of assets in an efficient and relatively low risk manner, ultimately relying on the manager s expertise in the sector. These funds also offer more liquidity than private fund-of-funds, where investors are usually tied in for a fixed term rather than having the ability to sell their interest on a regulated exchange. However, listed fund managers can be less flexible in structuring their underlying investments and so sometimes less competitive in bidding for underlying assets than their competitors operating private funds, accepting that the corollary of investing in private funds can be the acceptance of a higher risk profile. Single asset funds In a competitive fund-raising environment, managers are increasingly choosing to launch mini-fund or single asset vehicles in order to take advantage of particular opportunities. These types of investment, of themselves, do not provide diversification within the alternative market, but do often offer opportunities that are very competitively priced and allow investors to carry out detailed diligence on the underlying assets and so make a fully informed decision
3 on the investment. In this way in-house managers can build an alternative portfolio founded on their own commercial diligence, with the comfort of specialist manager support, and often benefit from improved commercial terms and more visibility around management decisions and underlying fees. The secondary market As we have mentioned, the development of the secondary market in primary fund interests now enables investors to more freely sell their interests in these funds and so rebalance their portfolios. This not only makes the asset class more liquid, but also affords the discerning investor the opportunity to gain exposure to particular vintage funds/asset classes at a discount and carry out more detailed commercial diligence on these funds, now at a more advanced stage in their investment cycle. While secondary acquisitions are not straightforward, involving tri-partite discussions between buyer, seller and the manager of the target fund, the market has now become more developed and so these transactions can increasingly be concluded relatively quickly and in a cost effective manner with the appropriate expertise at hand. Co-investment opportunities Co-investments are another way in which investors can access alternative funds on preferential terms and with more visibility around the underlying assets themselves. These opportunities generally arise where managers of funds are looking to complete their portfolios with a particular acquisition but their existing fund does not have sufficient headroom to fully fund the acquisition. In such circumstance, managers will often look to raise a co-investment vehicle to fund the difference and such vehicles can provide access to the underlying asset with reduced management fees and no other incentive fee drag. Accepting the different risk/reward and diversification profiles, co-investments often compare very favourably (in terms of cost/fee leakage) with primary, listed and fund-of-fund vehicles through which institutional investors have traditionally sought exposure to the alternative markets. Co-investments can also provide investors with additional visibility in relation to the fees associated with the underlying investments themselves. Direct investments Finally, a limited number of the larger UK pension funds are able to invest directly in underlying assets without going through an intermediary fund vehicle or relying on manager diligence and advice. This can offer significant cost and fee savings, albeit at a greater operational risk and with increased overheads, but is generally the preserve of pension funds able to leverage from economies of scale that allow them to maintain the substantial in-house commercial and transactional expertise required to mitigate the risks of investing directly in assets in this way. The importance of good diligence Generally pension funds will make commitments to private funds that are discretionarily managed within a particular mandate, with only limited controls afforded to the investors themselves. This not only reflects the legal and regulatory obligations on funds of this nature, but also the complexity of the underlying assets and transactions that require specialist management and skills. As you would expect, it is therefore important to carry out thorough diligence on the managers of the funds in which you propose to invest, with track record, management incentivisation, execution capability and efficient cost control being key
4 considerations. The most successful investors in this sector are also able to carry out detailed commercial diligence on the markets and underlying assets within which these funds have or will invest and we would view this as critical to maximising the benefits, and limiting the risks, associated with investing in alternative assets. Legal, regulatory and tax diligence on the fund structure and terms would also be required. Diligence is therefore an essential part of the investment process, and does require a commitment to resource and external fees. However, LGPS and other pension funds do have opportunities to work together to make savings in this area. Portfolio diversification Diversification is an essential part of pension fund investing aimed at achieving the required rate of return with acceptable investment volatility. With most sovereign bond markets likely to provide negative real yields over the next several years, alternatives are currently seen as another way to diversify portfolios, offering a measurable degree of independence from systemic market risks while providing positive real returns. The risk/return profiles of many traditional alternative funds have not necessarily afforded this opportunity, but the advent of de-risked operational infrastructure assets and long term timberland and other funds, which generate steady inflation correlated returns, have drawn pension funds to the market. These asset classes, and likely their replacement by something new in the future, emphasise the adaptability of the alternative market and the opportunities available for those able to operate effectively in this sector. There is now scope to re-balance alternative portfolios and selfdiversify your exposure to this market, without purely being reliant on making large allocations to fund-of-funds, listed or other discretionary managed vehicles with broad investment mandates. Governance Investment consultants often point to the need for pension funds, and particularly LGPS funds, to maintain sufficient expertise and governance to enable them to potentially implement investment strategies in line with the prevailing market and other conditions. Pension funds should of-course continue to adopt a long term approach, but the ability to make ongoing adjustments to investment strategy is an important aspect of maximising returns and other efficiencies in any investment programme, while providing comfort that it can quickly react to any seismic market or other shift that might take place. Those pension funds which have established alternative programmes, and the accompanying governance, therefore have the option of investing through that programme and/or re-balancing the alternative portfolio itself to take advantage of new opportunities or market shifts. Informed investing and manager relationships Another benefit in participating in the alternative sector, particularly through secondary transactions, mini-funds and co-investments, is the opportunity for institutional investors to develop a good working relationship with managers and a greater understanding of the underlying assets and investment structures. Participating in these transactions can therefore have significant benefits in terms of developing your team s understanding of the sector and also, more directly, in future dealings with that manager. For instance, developing a trusted relationship with a manager may result in you having the opportunity to participate in off market acquisitions at competitive commercial terms, with managers taking significant
5 comfort from your ability to provide them with the necessary execution and funding certainty. Transparency of management fees There is a perception that the private alternative markets afford managers the opportunity for clever structuring and a means of concealing transaction and other fees. While there is certainly scope for managers to adopt intelligent fee structures, to generate tax and other efficiencies, our experience has been that a pension fund with an informed approach to investing in this sector is actually privy to more detailed information on management, transaction and other fees than in other types of pooled fund arrangement or externally managed mandate. In particular, investors able to participate in the more direct vehicles are able to benefit from full visibility around the structuring of underlying transactions and, in many cases, beneficial fee arrangements. Infrastructure, infrastructure and more infrastructure Infrastructure certainly does seem to be a hot topic at the moment. We have so far been talking about de-risked operational infrastructure assets which provide long-term index linked returns, but infrastructure investing also includes early stage/brown-field infrastructure investments which offer a higher risk/return profile for pension funds. The alternative market offers access to all forms of infrastructure asset and so enables investors to participate in underlying fund portfolios with mixed exposure to early stage and operational assets to satisfy its particular risk/return requirements. A lot has been said on the subject of pension funds investing in local infrastructure projects and it is worth noting that the alternative markets offer pension funds the opportunity of accessing independent infrastructure funds which can include exposure to local investment. In addition, pension funds with sufficient experience and presence in the alternative market are able to indirectly influence the market and thinking around the investment focus of proposed infrastructure funds, so long as the manager s independent investment discretion is not fettered and the focus of the fund continues to be on generating the targeted risk-adjusted return from the best opportunities available in the market. In this way, pension funds can invest in local infrastructure without compromising the independent fiduciary duties of their trustees/committee members. Finally A recent study by an independent consultant has shown that 40% of pension schemes surveyed are looking at the use of alternative assets to reduce the risk in their portfolios and it is clear that a good number of LGPS and other pension schemes are already actively involved in this sector. The important point for those funds looking to enter the market, and perhaps those with less developed alternative programmes, is to ensure that they have sufficient inhouse and external expertise to fully take advantage of the opportunities that this sector presents and so avoid falling foul of the potential pit-falls of poor fund selection, fee drag, high costs and liquidity concerns. Pension funds, including those within the LGPS, are however well placed to leverage from their collective market presence. In particular, the expertise already available within pension funds with established alternative programmes should present a valuable opportunity for LGPS and other pension funds to collaborate in
6 accessing this market and so make a meaningful contribution to preserving the pension entitlements for future generations. If you have any queries in relation to this article please feel free to contact either Andrew Imrie or Struan Fairbairn within Lothian Pension Fund s Alternative and Other Assets team. This article is for information only and the Lothian Pension Fund/the City of Edinburgh Council shall not be liable in any way for its contents. For the avoidance of doubt, the Lothian Pension Fund/City of Edinburgh Council does not provide investment or any other equivalent regulated services to third parties and this article does not represent advice or seek to market any such services. February 2014
for Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationWhat can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
More informationThis document introduces the principles behind LDI, how LDI strategies work and how to decide on an appropriate approach for your pension scheme.
for professional clients only. NOT TO BE DISTRIBUTED TO RETAIL CLIENTS. An introduction TO Liability driven INVESTMENT HELPING PENSION SCHEMES ACHIEVE THEIR ULTIMATE GOAL Every defined benefit pension
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 informationPEI: New Strategies for Risk Management in Private Equity
PEI: New Strategies for Risk Management in Private Equity Risk in non-traditional secondary strategies By Augustin Duhamel and Vidar Bergum, 17Capital Introduction As the private equity industry has matured,
More informationCycles, Concentration and Rebirth in the Real Estate Investment Management Industry. Hawkeye Partners January 2012
Page 1 Cycles, Concentration and Rebirth in the Real Estate Investment Management Industry Introduction Hawkeye Partners January 2012 Investors today are faced with challenges resulting from the continued
More informationDiscretionary Wealth Management
Discretionary Wealth Management Specialist, Focused, Committed Using experience and expertise to invest for your future Contents 1 The practical importance of wisdom 2 Introduction to Discretionary Wealth
More informationSANTA BARBARA COUNTY EMPLOYEES RETIREMENT SYSTEM PRIVATE EQUITY INVESTMENT POLICY. I. Purpose. II. Strategic Objective
SANTA BARBARA COUNTY EMPLOYEES RETIREMENT SYSTEM PRIVATE EQUITY INVESTMENT POLICY I. Purpose This ( Policy ) is designed to ensure that investment managers, consultants, and the Santa Barbara County Employees
More informationPrivate banking in Italy: Holistic advisory for family-run business in an increasingly globalised environment
Private banking in Italy: Holistic advisory for family-run business in an increasingly globalised environment by Andrea Cingoli, Banca Esperia SpA The Italian private banking sector is developing a new
More informationPrivate Equity Secondaries: The Opportunity Set October 2013
THE ART OF SERIOUS INVESTING LVW Advisors is an independent Registered Investment Advisor based in Rochester (Pittsford), New York. Our team of experienced financial advisors provides customized investment
More informationWriting your charity s investment policy A guide
Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment
More informationTHE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON
This interview originally appeared in the Summer 24 edition of InSIGHTS, a quarterly publication from S&P Dow Jones Indices. THE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON Every four years,
More informationWealth Management Service
Wealth Management Service About AGL Wealth Management Ltd AGL Wealth Management Ltd is a firm of Independent Financial Advisors authorised and regulated by the Financial Conduct Authority. Our senior management
More informationHMT Discussion paper on non-bank lending
17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include
More informationCPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?
CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment
More informationRetirement Connections: A Professionally Managed Solution
Retirement Connections: A Professionally Managed Solution Expand your practice and build loyalty with an easy-to-use retirement plan for your small business clients For Financial Advisor use only. Not
More informationAppendix A INFRASTRUCTURE INVESTMENT STRATEGY PAPER. Contents
INFRASTRUCTURE INVESTMENT STRATEGY PAPER Contents 1 Introduction 2 Infrastructure investment as an asset class 3 The Fund's existing infrastructure portfolio 4 Planned future infrastructure portfolio and
More informationModel Portfolios Supporting your investment proposition
For Intermediary use only Model Portfolios Supporting your investment proposition June 2016 Debbie, Platform Proposition team 2 Model Portfolios Supporting your investment proposition Are you a looking
More informationActively Managed Portfolio Service
INVESTMENT MANAGEMENT Actively Managed Portfolio Service Bespoke Walker Crips We take pride in being one of the oldest independently owned companies in the City of London. Our predecessors first bought
More informationComparative Study of Frameworks to protect the Long Term Interests of Pension Funds Investing in Public-Private Partnerships
EMAIL contact@fosterinfrastructure.com WEB www.fosterinfrastructure.com Comparative Study of Frameworks to protect the Long Term Interests of Pension Funds Investing in Public-Private Partnerships Pty
More informationThe Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC
More informationGW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Investment Principles
GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Principles This Statement of Principles (SIP) covers the defined contribution section of the Scheme. It is set out in three parts: 1)
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 informationGUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how
GUIDE To INVESTING At Intrinsic our approach to investment advice is based on clearly understanding your financial situation, your goals, and how much risk you are prepared to take with your money. 2 GUIDE
More informationPrivate equity taps into defined contribution
The institutional investor perspective on private equity, venture capital and infrastructure funds www.limitedpartnermag.com Q4 2013 Private equity taps into defined contribution The phasing out of defined
More informationCALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR GLOBAL EQUITY. October 13, 2014
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR GLOBAL EQUITY October 13, 2014 This policy is effective immediately upon adoption and supersedes all previous Global Equity
More informationNORTH CAROLINA DEPARTMENT OF STATE TREASURER INVESTMENT MANAGEMENT DIVISION. External Investment Manager and Vehicle Selection Policy and Procedures
I. Background NORTH CAROLINA DEPARTMENT OF STATE TREASURER INVESTMENT MANAGEMENT DIVISION External Investment Manager and Vehicle Selection Policy and Procedures The North Carolina Retirement Systems include
More informationINVESTMENT PROPOSITION
INVESTMENT PROPOSITION OUR PRINCIPLES AND HOW WE INVEST We understand the trust placed in us when choosing to invest with Charlotte Square. That is why we always look for the correct balance between the
More informationInvestment Implications for UK DC Schemes in Light of Tax and Regulatory Changes
Investment Implications for UK DC Schemes in Light of Tax and Regulatory Changes November 19, 2014 by William Allport of PIMCO With greater flexibility and choices available to DC savers in the latter
More informationINVESTMENT MANAGEMENT. Investment Management Services
INVESTMENT MANAGEMENT Investment Management Services World class team JLT Investment Solutions employs over 60 people. Our entire focus is on investing our clients money. We are based in Exeter, Bournemouth,
More informationGSK Pension Scheme ( the Scheme ) Statement of Investment Principles
GSK Pension Scheme ( the Scheme ) Statement of Investment Principles This Statement of Investment Principles (SIP) covers the defined benefit and the defined contribution sections of the Scheme. It is
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 informationKeynote Speech, EIB/IMF Meeting, 23 October, Brussels
Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Governor Carlos Costa Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis.
More informationSpreading investment risk
1 Spreading investment risk Spreading investment risk Why and how should I diversify my assets? 1 Spreading investment risk Contact: Doug Steevens FIA Portfolio Manager +44 (0)20 7086 9312 douglas.steevens@aonhewitt.com
More informationInvestment in Life Settlements: Certainty in Uncertain Times
Investment in Life Settlements: Certainty in Uncertain Times A Life Settlement is the sale of an in-force life insurance policy to a third party for an amount less than its death benefit, but greater than
More informationVanguard LifeStrategy Funds
Vanguard LifeStrategy Funds All-in-one portfolios built from Vanguard s exceptional value index funds This document is directed at professional investors and should not be distributed to, or relied upon
More informationST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND
INTRODUCING THE ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced,
More informationTHE CASE FOR REAL RETURN INVESTING
Perpetual Investments THE CASE FOR REAL RETURN INVESTING For many, the primary goal of investing is to accumulate sufficient assets to fund a comfortable retirement whether that s in 5 or 50 years time.
More informationInvestment in Life Settlements: Certainty in Uncertain Times
Investment in Life Settlements: Certainty in Uncertain Times November 30, 2010 by J. Mark Goode Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent
More informationWealth Management Solutions
Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to
More informationPortfolio Management Consultants Perfecting the Portfolio
Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes
More informationSUPPLEMENT Davy Cautious Growth Fund
Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963
More informationHow To Invest In Infrastructure Investment
Institutional Investor Trends for 214 Survey probity n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character. On an ongoing basis, Probitas Partners offers
More informationGSK Pension Scheme ( the Scheme ) Statement of Investment Principles
GSK Pension Scheme ( the Scheme ) Statement of Investment Principles This Statement of Investment Principles (SIP) covers the defined benefit and the defined contribution sections of the Scheme. It is
More informationSchroders Insurance-Linked Securities
May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why
More informationSeparately managed accounts
FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION Separately managed accounts A J.P. Morgan Global Liquidity solution Separately managed
More informationPREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY
PREMIER PORTFOLIO MANAGEMENT SERVICE INVESTOR GUIDE FOR CLIENTS OF PROFESSIONAL FINANCIAL ADVISERS ONLY 2 Premier Portfolio Management Service Investor Guide WELCOME Neil Birrell Chief Investment Officer
More informationPrinciples for investment success. We believe you will give yourself the best chance of investment success if you focus on what you can control
Principles for investment success We believe you will give yourself the best chance of investment success if you focus on what you can control Important information This guide has been produced for educational
More informationInvestment management. Tailor-made investment solutions
Investment management Tailor-made investment solutions ABOUT US Tilney Bestinvest is a leading investment and financial planning firm that builds on a heritage of more than 150 years. We look after more
More informationWealth management Guide for financial advisers
Wealth management Guide for financial advisers Wealth management 1 Contents 01 Welcome to Standard Life Wealth 03 Why choose Standard Life Wealth to work with? 04 How we aim to meet your clients financial
More informationAbout Hedge Funds. What is a Hedge Fund?
About Hedge Funds What is a Hedge Fund? A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost
More informationOCCASIONAL PAPER NUMBER ONE
OCCASIONAL PAPER NUMBER ONE A GUIDE TO: PRIVATE EQUITY INVESTING IN NEW ZEALAND February 2008 Introduction... 2 Part One: Background to Private Equity... 3 Part Two: How to Invest in Private Equity...
More informationRetirement Income Service FOR INTERMEDIARIES
Retirement Income Service FOR INTERMEDIARIES 1 We recognise how hard your clients work throughout their lives to enjoy a comfortable retirement. With extensive experience in providing tailor-made retirement
More informationTHE ROLE OF LIQUID ALTERNATIVES IN WEALTH MANAGEMENT
HEALTH WEALTH CAREER THE ROLE OF LIQUID ALTERNATIVES IN WEALTH MANAGEMENT SEPTEMBER 2015 In this short paper, we focus on liquid alternative products and will, 1) explain the investment theses for investing
More informationLife Settlements Investments
Title: Life Settlements Investments Authors: Craig Ansley Director, Capital Markets Research Julian Darby Consultant Date: February 2010 Synopsis: Life settlements is becoming an increasingly popular asset
More informationmore of the same. True diversification shouldn t mean Aberdeen Diversified Growth Fund
True diversification shouldn t mean more of the same. Aberdeen Diversified Growth Fund Lots of strategies call themselves diversified growth funds. But look closely and see how diversified they really
More informationKENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND
KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND African Alliance is an investment banking group operating in Africa. We provide local and on-the-ground investment banking services
More informationInvestment for charities. Good thinking. Well applied.
Investment for charities Good thinking. Well applied. 1 2 Balancing capital preservation and income generation Royal London Asset Management (RLAM) has around 200 charity clients from a wide variety of
More informationDo Diversified Growth Funds solve the diversification problem?
Aon Hewitt Retirement and Investment Do Diversified Growth Funds solve the diversification problem? Risk. Reinsurance. Human Resources. Do Diversified Growth Funds solve the diversification problem? Diversified
More informationInsights. Investment strategy design for defined contribution pension plans. An Asset-Liability Risk Management Challenge
Insights Investment strategy design for defined contribution pension plans Philip Mowbray Philip.Mowbray@barrhibb.com The widespread growth of Defined Contribution (DC) plans as the core retirement savings
More informationAsset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.
INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.
More informationAbout Our Private Investment Benchmarks
1. What is a benchmark? FREQUENTLY ASKED QUESTIONS A benchmark is a standard of measurement for investment performance. One of the more common types of benchmarks is an index which, in this case, measures
More informationPrivate Market Real Estate Investment Options for Defined Contribution
Private Market Real Estate Investment Options for Defined Contribution New and Improved Solutions November 2014 Risk. Reinsurance. Human Resources. Executive Summary Investment vehicles using private real
More informationHigh Yield Bonds A Primer
High Yield Bonds A Primer With our extensive history in the Canadian credit market dating back to the Income Trust period, our portfolio managers believe that there is considerable merit in including select
More informationETFs as Investment Options in 401(k) Plans
T. ROWE PRICE ETFs as Investment Options in 401(k) Plans Considerations for Plan Sponsors By Toby Thompson, CFA, CAIA, T. Rowe Price Defined Contribution Investment Specialist Retirement Insights EXECUTIVE
More informationInvestment Management Services. Botswana
Investment Management Services Botswana 01 STANLIB Investment Management Services 02 STANLIB Botswana Money Market Fund 03 STANLIB Botswana Managed Prudential Fund 04 STANLIB Botswana Equity Fund 05 General
More informationThe ABCs of Venture Capital A Primer from the National Venture Capital Association
The ABCs of Venture Capital A Primer from the National Venture Capital Association Courtesy of the Entrepreneurs Forum of the Great Northwest c/o Tipperary Press P.O. Box 81 Spokane, WA 99210 e-mail: EFGNW@aol.com
More informationPublicly traded private equity vehicles: A different kind of model By Adam Goldman, Red Rocks Capital LLC. Accessing private equity: an overview
Publicly traded private equity vehicles: A different kind of model By Adam Goldman, Red Rocks Capital LLC Accessing private equity: an overview Over the past several decades, investors in private equity
More informationWisdomTree SMART BETA
WisdomTree SMART BETA WISDOMTREE AND SMART WisdomTree and SMART BETA In the past two decades, exchange-traded funds (ETFs) have exploded onto the investment scene. New ETFs are coming to market all the
More informationCreating growth Improving access to finance for UK creative industries
Brief March 2011 Creating growth Improving access to finance for UK creative industries Emma Wild knowledge economy group CBI email: emma.wild@cbi.org.uk Access to finance is essential for business growth.
More informationHow should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide.
How should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide. www.increaseyourpension.co.uk Welcome to making investing simple Investing doesn t have to
More informationat ICAP: RESET & ReMATCH
Basis Risk Mitigation services at ICAP: RESET & ReMATCH Guy Rowcliffe CEO RESET and BRM Group July 2012 Definition of basis risk Basis Risk is defined by the Derivative Consulting Group Glossary as: The
More informationCo-investments in funds of funds and separate accounts
Chapter_9.FoF 16/6/08 1:44 pm Page 65 Chapter 9 Co-investments in funds of funds and separate accounts By Brian Gallagher, Twin Bridge Capital Partners BACKGROUND While co-investing has been an important
More informationUNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE
UNDERSTANDING YOUR INVESTMENT PORTFOLIO A GUIDE FOR OUR MANAGED PORTFOLIO SERVICE CONTENTS Our Approach to Building Your Portfolio 03 Getting Started 03 Investment Objectives 04-05 Understanding Investment
More informationPowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1
PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios
More informationIndexIQ. Smart solutions for better portfolios. by MainStay Investments
IndexIQ Smart solutions for better portfolios by MainStay Investments An Innovative Marriage of ETFs and Alternative Investments In recent years, exchange-traded funds (ETFs) have steadily grown in popularity.
More informationBefore you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings.
Important information Investment Risk Warnings Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings. Definitions used in these Risk Warnings
More informationCOMPANY OVERVIEW. Company Overview - 1
COMPANY OVERVIEW Company Overview - 1 The Rowan Tree The European Rowan tree (Sorbus aucuparia) has a long tradition in European mythology and folklore. It was thought to be a magical tree and give protection
More informationInvestment Bond. Funds key features. This is an important document. Please keep it safe for future reference.
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
More informationCFA Institute Contingency Reserves Investment Policy Effective 8 February 2012
CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012 Purpose This policy statement provides guidance to CFA Institute management and Board regarding the CFA Institute Reserves
More informationEquity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds
Equity and Fixed Income Funds The London & Capital Managed Series of UCITS IV Funds 1 Equity and Fixed Income Funds London & Capital Equity and Fixed Income Funds London & Capital 2 We are an independently-owned
More informationPriority Senior Secured Income Fund, Inc.
Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed
More informationEffective downside risk management
Effective downside risk management Aymeric Forest, Fund Manager, Multi-Asset Investments November 2012 Since 2008, the desire to avoid significant portfolio losses has, more than ever, been at the front
More informationFrontier International
International research insights from Frontier Advisors Real Assets Research Team Issue 15, June 2015 Frontier regularly conducts international research trips to observe and understand more about international
More informationInvestment Education Series
Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,
More informationInvestment Insights. The future of DGFs have they done what they said and how will they perform in the future? Consideration for trustees
Quarter One - 2015 Investment Insights The future of DGFs have they done what they said and how will they perform in the future? Over the past ten years the use of Diversified Growth Funds (DGF) by defined
More informationPREFERRED PORTFOLIO MANAGEMENT SEPARATELY MANAGED FIXED INCOME ACCOUNTS
PREFERRED PORTFOLIO MANAGEMENT SEPARATELY MANAGED FIXED INCOME ACCOUNTS Build on BlackRock IN TAXABLE FIXED INCOME MANDATES IN MUNICIPAL FIXED INCOME MANDATES $ 38B+ IN SEPARATELY MANAGED FIXED INCOME
More informationOUR SERVICES. private clients. CityAsset MANAGEMENT PLC
CityAsset MANAGEMENT PLC OUR SERVICES private clients The value of investments and the income arising from them, can go down as well as up, and is not guaranteed, which means that you may not get back
More informationThink Huge Investments - Investment Mandate
Think Huge Investments - Investment Mandate About Think Huge Investments Pty Ltd Think Huge Investments Pty Ltd is an Australian based boutique investment company. Think Huge Investments Pty Ltd is a corporate
More informationPremier Private Client Portfolio
Premier Private Client Portfolio Available through Lighthouse Group LIGHTHOUSEGROUP Whether seeking a steady income stream, strong long term capital growth or a combination of both, finding a portfolio
More informationTHE COLLECTIVES PORTFOLIO SERVICE MADE FOR YOU
THE COLLECTIVES PORTFOLIO SERVICE MADE FOR YOU THE COLLECTIVES PORTFOLIO SERVICE The Collectives Portfolio Service (CPS) is a discretionary investment management service, which invests solely in funds
More informationModel Portfolio Platform Service (For Professional Advisers only)
Model Portfolio Platform Service (For Professional Advisers only) 2 Portfolio solutions well managed Accessible : risk-graded : trusted research Novia, Transact, Standard Life and Brown Shipley 12 Collective
More informationInvestment Philosophy
Investment Philosophy Our unique approach to investment management puts you at the heart of everything we do Wealth and Investment Management Discover a new side to your personality: your investment self
More informationcreating more efficient portfolios
Investing for growth - creating more efficient portfolios First weigh the considerations, then take the risks. Helmuth van Moltke 42 towerswatson.com DC members have historically been heavily invested
More informationSelf Managed Super Funds Take charge
Self Managed Super Funds Take charge Gain control of your financial future with a Self-Managed Super Fund (SMSF) About Markiewicz & Co. Markiewicz & Co. is one of Australia s leading full service investment
More informationJOHN RALFE CONSULTING
Mr Andrew Lennard Accounting Standards Board Aldwych House 71-91 Aldwych London WC2B 4HN July 14th 2008 Dear Andrew Discussion Paper The Financial Reporting of Pensions January 2008 As you know I was a
More informationThe benefits of private equity investment
The benefits of private equity investment David Wilton, Chief Investment Officer, International Finance Corporation (IFC), looks at how private equity can be beneficial; the different investment strategies
More informationTHAMESIDE financial planning
THAMESIDE financial planning OUR INVESTMENT APPROACH UNDERSTANDING INVESTMENT RISK An overview Thameside Financial Planning recognises the importance of working with you to understand, achieve and maintain
More informationNote: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance.
13: Private Equity Overview of the sector Note: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance. 13.1 Private equity
More information