Symfonie Wealth Management

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Investment advisory tailored to each client's unique needs.

Investment advisory tailored to each client's unique needs.

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  • 1. ©2013 Symfonie Capital, LLC. August 2013 Investment Advisory for Private Clients London: 16 High Holborn, WC1V 6BX  Prague: Klimentska 1216 / 46, 110 00 Praha 1 T: +44 20 8616 7311 F + 44 20 8616 7499 T: +420 222 191 008 F: +420 222 191 200 E-mail: michael.sonenshine@mtthaler.com
  • 2. ©2013 Symfonie Capital, LLC. 2 Symfonie – Range of Services Client Needs ClientNeeds Occasional consultation Specific investment fund Complete Management Estate planning Specific portfolio mandate Advisory services/ Investment review Product evaluation/comparison/selection Our services range from ad-hoc, occasional consultation to providing a complete client solution.
  • 3. ©2013 Symfonie Capital, LLC. 3 Each Client is Unique Needs assessment process – asset selection starts with the client’s particular circumstances. Our first step is to understand the client’s needs so we can select appropriate assets. Some of the issues we take into account include • investment objectives – does the client prefer relatively safe, liquid, lower return investments or is the client investing for medium or long term capital growth • portfolio income – does the client need income from the portfolio and if so how often and how much • anticipated capital and liquidity requirements – we identify requirement the client may have for cash from the portfolio – for example, planned purchase of real estate, upcoming business investments • the client’s tolerance for price volatility during the term of the investment • the client’s anticipated investment horizon • client’s requirements for being able to liquidate investments quickly and without principal loss
  • 4. ©2013 Symfonie Capital, LLC. 4 Each Client is Unique • tax preferences – does the have a preference for capital gains versus income • are the assets protected and segregated in case of liabilities or lawsuits • how should the investment or the structure fit into client’s estate plan • should investment income be re-invested or paid out in cash • what is the client’s past experience with investing and investment advisors • what bank is best to use to keep cash and securities • does the client need to hedge foreign exchange risk • should the portfolio contain any hedges that could protect capital in weak markets
  • 5. ©2013 Symfonie Capital, LLC. 5 Financial Services Spectrum Service Delivery Model ComplexityofClientNeeds Product Intermediation (retail financial advisors, retail banks) Financial Advisory and Product Selection (private banks, financial advisors) Dedicated Professional Wealth Management Commissions Service fees • Financial intermediaries, financial advisors and private banks generate income from commissions and transaction fees • Wealth managers generate income by servicing clients
  • 6. ©2013 Symfonie Capital, LLC. 6 Investments - Risk/Reward Spectrum Risk/Volatility/Time PotentialInvestmentReturns Long term, less liquidShort term, liquid Deposits Bonds - government, corporate, high grade, high yield, short term, medium term, long term Stocks - blue chip, dividend yielding, growth, small cap, high cap Commodites - gold, silver, coffee, juice Real Estate Real Estate Hedge Funds Hedge Funds Private Equity Private Equity Term Insurance - Accident, Life Life Insurance Inflation? Recession? War? Weather? Politics? China?...
  • 7. ©2013 Symfonie Capital, LLC. 7 Wealth Management Process Asset Analysis What are the client’s assets today Sources of current and future income Developing the Plan Based on all the inputs we work with the client to develop a portfolio that suits the client’s circumstances. Estate/Inheritance/Tax What is the client’s estate plan How does the client wish to provide for loved ones? How has the client legally protected assets? What is the client’s tax circumstances and how is the tax situation be managed? Liability Analysis What are client’s debts What are the upcoming expenses and cash needs Client Assessment Understanding the client’s circumstances Risk tolerance Financial goals and objectives Regular review of portfolio and circumstances
  • 8. ©2013 Symfonie Capital, LLC. 8 Portfolio Design • Portfolio design will depend on what we learn from our analysis of the client’s circumstance and needs. Symfonie is prepared to evaluate the use of any or all the following asset classes in the portfolio mix. Investment selection is either done in- house or in co-operation with external service providers. • Money market instruments • Government bonds • Corporate bonds • Investment funds • Equities • Alternative assets • Real estate
  • 9. ©2013 Symfonie Capital, LLC. 9 Investment Mandate •We work with the client or the client’s representative to draft an investment mandate that is presented to the client for approval. The mandate covers the following areas: • Statement of portfolio objectives • Types of instruments that are acceptable • Types of instruments that are prohibited • Benchmarks and performance measurements • Frequency of portfolio reports and analysis • Investment decision making process • Definition of discretion in asset selection the investment advisor may have to select assets. • Process of execution of investment decisions • Selection of portfolio service providers such as bank, custodian, accountancy
  • 10. ©2013 Symfonie Capital, LLC. 10 Investment Process and Execution • We assist the client in opening the appropriate bank and custody accounts • We propose a list of assets that fits within the client’s investment mandate • We arrange the investment’s with the client’s bank(s) or securities dealer(s) • Portfolio valuation can be daily, weekly, monthly and upon request • Portfolio is monitored daily and urgent issues reported to the client • We provide comment and portfolio analysis monthly or upon request • We re-review the client’s needs and circumstances and investment policy at least annually
  • 11. ©2013 Symfonie Capital, LLC. 11 What Symfonie Brings to our Clients • Independence – our fees are charged based on the level of assets and the complexity of portfolio on which we advise. Unlike private banks, we don’t earn commissions on products in which the client invests. Independence and objectivity mean assets are selected based on what’s right for the client, not what’s on the bank product list and not what pays a commission. • Breadth and Integration of Service – we take the client’s overall financial situation into account, including client estate plan, tax position, liabilities, spending requirements and business circumstances. • Diverse skills and specialties – we have a speciality in fixed income and credit instruments. We understand how to setup and use offshore investment vehicles. We have experience selecting alternative assets such as hedge funds and private equity funds. We understand how to structure private investments. • Complete services – we assist the client in selection of service providers such as custodian bank, legal, tax advisor, investment vehicle (i.e. classical personal account, legal entity, etc).
  • 12. ©2013 Symfonie Capital, LLC. 12 Symfonie EM Credit – Consistent Outperformance 0.80 0.90 1.00 1.10 1.20 1.30 1.40 Jan-05 M ar-05M ay-05 Jul-05 Sep-05 N ov-05 Jan-06 M ar-06M ay-06 Jul-06 Sep-06 N ov-06 Jan-07 M ar-07M ay-07 Jul-07 Sep-07 N ov-07 Jan-08 M ar-08M ay-08 Jul-08 Base=1 Hedged WE XOVER Hedged EEI Hedged EMCI USDLIBOR 1M Symfonie HEDGED WE HY Source: Symfonie. Chart above reflects the performance of the credit strategy implemented within the MT Thaler New Europe Fund during the time Symfonie principal Michael Sonenshine was responsible for the Fund’s investments in credit instruments.
  • 13. ©2013 Symfonie Capital, LLC. 13 Symfonie Global High Yield – Successful Track Record Symfonie Global HY 90 105 120 135 150 165 180 195 210 225 240 31-O ct-0831-Dec-08 28-Feb-0930-Apr-0930-Jun-0931-Aug-0931-O ct-0931-Dec-09 28-Feb-1030-Apr-1030-Jun-1031-Aug-1031-O ct-1031-Dec-10 28-Feb-1130-Apr-1130-Jun-1131-Aug-1131-O ct-1131-Dec-11 29-Feb-1230-Apr-1230-Jun-1231-Aug-1231-O ct-1231-Dec-12 IndexNov1=100 ML WE HY SYMFONIE EU XOVER EMCI Source: Symfonie. Chart above reflects the performance of the Ceska Sporitelna High Yield Fund during the time Symfonie principal Miichael Sonenshine was responsible as investment advisor to the Fund.
  • 14. ©2013 Symfonie Capital, LLC. 14 Fixed Income Yield Spectrum YIELD VS. TIME TO MATURITY 0 5 10 15 20 25 0 1 2 3 4 5 6 7 YEARS TO MATURITY YIELD(%) Euro Governments Euro HG Corporates Euro Crossover Corporates EM Corporates EM Govt
  • 15. ©2013 Symfonie Capital, LLC. 15 Fixed Income Yield Spectrum YIELD VS. CREDIT RATING 0 5 10 15 20 25 CREDIT RATING YIELD(%) Euro Governments Euro HG Corporates Euro Crossover Corporates EM Corporates EM Govt
  • 16. ©2013 Symfonie Capital, LLC. 16 Symfonie Investment Team Michael Sonenshine, CFA – Investment Principal Mr. Sonenshine More than 20 years of experience in banking and investment management. He specialises in credit investments. His investment process is research driven with an emphasis on fundamental analysis. He founded Symfonie Capital in 2012. 2003-2012, MT Thaler, Prague/London: CEO/Partner, Head of Research. Investment funds focused on central and eastern Europe and pan-European credit markets 2000-2003 CSFB, London: European High Yield Debt Research 1998-2000 ING Bank, London: European High Yield Debt Research 1995-1998 ING Investment Management, Prague: CEO, Czech Republic 1994-1995 ING Bank, London: Analyst 1993-1994 Driehaus Capital, Prague: Analyst 1992-1993 Evrobank, Prague: Advisor MBA William Simon School, University of Rochester B.A., Tufts University
  • 17. ©2013 Symfonie Capital, LLC. 17 Symfonie Investment Team Zvezda Dermendzieva, Ph.D. – Quantitative Credit Research Ms. Dermendzieva is an award winning economist specialising in statistical data models. Using data files supplied by the P2P platforms Ms. Dermendziveva develops analytical models and filtering tools aimed at reducing the number of default loans in the portfolio. Ms. Dermendzieva’s professional experience includes econometric analysis of insurance data for one of Europe’s leading insurance companies, insurance risk modeling and pricing, economic research for the German Ministry of Finance and analysing longitudinal data at then National Graduate Institute for Policy Studies in Tokyo, Japan. Professional Experience •Generali Insurance Group, Prague, Czech Republic – econometric data analysis, risk and price models •Osteuropa Institut, Regensburg, Germany – economic and finance research for the German Ministry of Finance •National Graduate Institute for Policy Studies, Tokyo, Japan – visiting professor, econometric analysis and financial modeling Academic Experience •Ph.D., Economics, CERGE-EI, Prague, Czech Republic •M .A., Economics, University of the State of New York, CERGE-EI, Prague, Czech Republic •B.A., Economics, American University, Sofia, Bulgaria, Graduated Magma Cum Laude Awards & Publications •Best CEE Ph.D. Thesis - UniCredit & Universities Foundation •Boston Consulting Group Strategy Cup – finalist •Citigroup Endowment – merit scholarship •CERGE-EI – merit scholarship •Philip Morris – merit scholarship •“Emigration from the South Caucusus – Who Goes Abroad and What are the Economic Implications “(Post-Communist Economics, 23(3)) •“How Does Overconfidence Affect Individual Decision Making?” (Proceedings of the International Conference Experiments in Economic Sciences, Kyoto, Japan)
  • 18. ©2013 Symfonie Capital, LLC. 18 Jan Kofol - Workout Specialist Mr. Kofol has more than 30 years of experience incorporate restructuring, workouts, risk management and corporate lending at major consulting firms, and at major investment and commercial banks. Alvarez & Marshal Central Europe - 2006 - 2008 Senior Director, Global operational and advisory firm specializing in assisting organizations to solve problems and unlock value for the stake holders BBK, Ltd - 2004 - 2006 Principal, leading business advisory firm assisting companies and/or their creditors in a wide range of areas, from improving enterprise value to managing distressed situations CSFB – 1985 - 2003 Director, Global head of Impaired Assets. Managed the global portfolio of problem loans of CSFB Deputy Head of Risk Management North America. Vice Chairman Credit Committee and Vice Chairman of the Leverage Finance Credit Committee. Head of Credit Suisse Corporate Lending, North America. Responsible for Corporate Banking team in the Northeast United States. Corporate Lending Officer, Credit Suisse North America Manufacturers Hanover Trust – 1978 - 1985 International Lending Officer MBA, New York University, BA, Presbyterian College.
  • 19. ©2013 Symfonie Capital, LLC. 19 Symfonie Advisory Board The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie. Willem Naves Holland • More than 25 years of experience in investment and corporate banking • Twenty years experience in credit trading management positions in the ING Group - Amsterdam, London, Sao Paolo • Global co-Head of Fixed Income trading at ING • Head of EMEA Equity and Fixed Income sales and trading product • Banking advisory projects focusing on credit and risk management in Macedonia, Poland, El Salvador and Indonesia • Erasmus University degree in Law Pavel Kohout Czech Republic • Fifteen years experience in economic analysis and investment management • Director of Strategy at Partners Advisors, a leading Czech financial advisory firm • Author of several books on economics • Member of Czech National Economics Advisory Board • Member, Expert Panel of Advisors to Czech Ministry of Finance
  • 20. ©2013 Symfonie Capital, LLC. 20 Symfonie Advisory Board The Symfonie Advisory Board is a group of highly experienced financial professionals. Symfonie has regular meetings with the Advisory Board to discuss the Fund’s investments, strategy, research on P2P providers. Advisory Board members are independent of Symfonie and do not have legal or regulatory authority or status within Symfonie. Maarten van den Belt UK • More than twenty five years of experience in investment and corporate banking • Credit risk management and loan officer positions at NMB Bank, the Netherlands • Corporate high yield bond management during the formative years of the European high yield market • Senior management positions in treasury and lending at ING Bank, Raiffeisen Bank and West LB • Developed and managed capital markets trading and consumer banking businesses in Tokyo, Moscow and London • Managing partner responsible for alternative asset manger with $400 mn AUM focused on investments in Russia • Non-Executive Directorships with TMM, a leading Ukrainian real estate developer and Pristav, one of Russia’s largest c c consumer debt collection agencies • University of Utrecht, Social and Business law Charles Klein China • Twenty years experience in corporate finance and treasury management • Management positions in General Motors with responsibility for currency portfolios, asset acquisition and disposition and financial reporting systems • Resident in China, fluent in German and Russian • MBA, Wharton School of Management
  • 21. ©2013 Symfonie Capital, LLC. 21 Disclaimer • This document has been prepared by Symfonie Capital Investment Management LLC (“Symfonie Capital”) for persons reasonably believed by Symfonie Capital to be persons of the categories to whom Symfonie Capital are permitted to communicate financial promotions. This document does not constitute or form part of any offer or invitation to sell, or the solicitation of an offer to subscribe or purchase any investment. Symfonie Capital believes that the information it provides is accurate as at the date of publication, but no warranty of its accuracy or completeness is given and no liability in respect of errors or omissions is accepted by Symfonie Capital or any partner or employee of Symfonie Capital. Past performance is not necessarily a guide to future performance. • This presentation is for illustration and discussion purposes only and is not intended to be, neither should it be construed or used as, financial, legal, tax or investment advice nor an offer to sell, nor a solicitation of any offer to buy, an interest in any of the funds managed by Symfonie Capital (the “Funds”). None of the Funds have shares registered under the U.S. Securities Act of 1933, as amended. None of the Funds will be registered under the U.S. Investment Company Act of 1940, as amended. Any offer or solicitation of an investment in any of the Funds may be made only by delivery of a respective fund’s Confidential Offering Memorandum to qualified prospective investors. • This presentation is as of the date indicated, is not complete, and does not contain certain material information about the Funds, including important disclosures and risk factors associated with an investment in any of the Funds. • Any indications of interest from prospective investors in response to this material involves no obligation or commitment of any kind. Subscriptions can be made only on the basis of a Confidential Offering Memorandum to qualified investors. The investment objectives and methods summarized in this document represent our current focus and intentions. • There is no assurance that Symfonie Capital will achieve its objectives or that its investment process or risk management will be successful. Investors may lose money. No representation is made that any of the Funds will or are likely to achieve their respective objectives or that any investor will or is likely to achieve results comparable to any that may be shown or will make any profit at all or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results. • This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. Before making any investment, you should thoroughly review the particular fund’s Confidential Offering Memorandum with your financial and tax advisor to determine whether an investment in the fund is suitable for you in light of your financial situation. • This presentation is subject to revision and updating. Certain information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. This presentation is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient. Symfonie Capital is solely responsible for the content herein.