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Citywire Alternative Ucits Retreat28-30 November 2012Prepared for professional clients onlyAny views and opinions expresse...
BNY Mellon Investment Management    A multi-boutique Investment management model encompassing investment skills of world  ...
BNY Mellon Investment Management    Our world class specialist asset managers                                             ...
FOR PROFESSIONAL CLIENTS ONLY,                                                          NOT TO BE DISTRIBUTED TO RETAIL CL...
Insight Investment• Autonomous asset manager owned by BNY Mellon                                   Insight assets under ma...
Insight emerging market debt              Colm McDonagh              Head of Emerging Market Debt                         ...
Absolute versus long onlyEM Bond Index long term performance charts                                                       ...
Emerging market asset class is actually a composition of many risksExternal sovereign debt total return: decomposition    ...
Traditional investor considerations• Timing allocation: key to investment experience              EM External government d...
Growth of an asset classDepth and diversity increasingGrowth in total debt outstanding                  Growth in EM share...
Impact of quantitative easing (‘QE’) on emerging market debt                                                      EM curre...
Return driven primarily by yieldChanges in index yields                                       EM return drivers since the ...
Outlook for 2013Behaviour will not be uniform across all asset classes• Wide dispersion in performance, search for yield t...
Absolute Insight Emerging Market Debt Fund• Targets absolute returns                                    Fund facts  – capt...
Absolute Insight Emerging Market Debt FundPortfolio performance and statistics                                           Y...
Absolute Insight Emerging Market Debt FundAims to capture some upside, protect downside• Portfolio construction of longs a...
Investment teamExtensive resources and experience                                                                         ...
Investment processUniverse of instruments to access the best ideas External              External              Local      ...
Multi dimensional risk framework• We use a blend of market-leading external and internal proprietary systems for managing ...
UCITS structure: can it work?Cayman                                                    UCITS• Typically multiple leverage ...
SummaryOutlook                 2013 asset performance to be far more diverse than previous years                        Fi...
Appendix
Insight emerging market debt team                Colm McDonagh – Head of Emerging Fixed Income                Colm joined ...
Fund characteristicsCredit rating split¹                                              Regional spilt                      ...
Investment processIdea generation  External              External    Local                  CDS                           ...
Risk framework and key internal risk limitsExposure internal limits•   Gross exposure                                     ...
BNY Mellon Investment Management      Specialist Investments     Name and title                                           ...
Important information     This is a financial promotion for Professional Clients and distributors only. This is not intend...
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Final citywire alternative ucits insight emd nov2012

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Final citywire alternative ucits insight emd nov2012

  1. 1. Citywire Alternative Ucits Retreat28-30 November 2012Prepared for professional clients onlyAny views and opinions expressed within are those of the investment adviser, unless otherwise stated
  2. 2. BNY Mellon Investment Management A multi-boutique Investment management model encompassing investment skills of world class specialist asset managers Total AUM US$1.4 trillion1 Institutional grade asset management, innovation and market leading intelligence Each asset manager has its own proprietary investment processes No ‘house view’ is imposed: there is no overall Chief Investment Officer Each asset manager retains complete investment autonomy An entrepreneurial, focused approach is encouraged Each asset manager focuses solely on investment management A great breadth and depth of expertise in every major asset class and sector More than 275 institutional asset management product offerings2 1 As at 30 September 2012
  3. 3. BNY Mellon Investment Management Our world class specialist asset managers 2 Global sub-investment grade Brazilian multi-strategy; long/short; Money market funds; full array Greater China capital debt asset management equity and fixed income strategies of short duration strategies market specialist US$15.1bn1 US$6.4bn US$321.6bn US$296mn 3 Active fundamental equity manager; core, Leader in liability driven investment, growth & value styles; U.S., global and Fund of hedge funds; non-proprietary Asian equities fixed income, multi-asset, absolute return world ex-domestic market manager of managers management style and specialist equity solutions US$42.3bn US$4.8bn US$1.8bn US$302.2bn 3 Global multi-asset solutions and Active equity and bond, multi-asset, real- strategies ranging from indexing to return and income solutions within a Currency risk management; Multi-strategy private equity investing; alternatives global thematic framework absolute return style strategies direct investment and fund-of-funds US$258.9bn US$79.1bn4 US$40.1bn US$10.4bn 5 Award-winning global, emerging markets and regional fixed income solutions U.S. & Global real estate investment Global equity European fixed specialist management investment management income and equities US$103.6bn US$7.4bn US$55.4bn US$29.5bn Total AUM US$1.4 trillion 1 AUM for The Alcentra Group, 2 A division of The Dreyfus Corporation, 3 Minority Owned, 4 AUM for The Newton Group, 5 WestLB Mellon Asset Management is wholly owned by the Bank of New York Mellon Corporation after the buyout of the remaining 50% of the 50:50 joint venture with WestLB AG in October 2012. Provisional AUM has been provided by each asset manager as at 30 September 2012. Total AUM, provided by the Bank of the New York Mellon Corporation, includes the asset managers outlined in this presentation as well as BNY Mellon Wealth Management,3 Ankura Capital and external data.
  4. 4. FOR PROFESSIONAL CLIENTS ONLY, NOT TO BE DISTRIBUTED TO RETAIL CLIENTS THIS DOCUMENT SHOULD NOT BE REPRODUCED IN ANY FORM WITHOUT PRIOR WRITTEN APPROVALA smoother path to long-term growth through an innovativeapproach to emerging market debtColm McDonagh
  5. 5. Insight Investment• Autonomous asset manager owned by BNY Mellon Insight assets under management 250• Currently responsible for €225bn of assets 225• Reputation for excellence in: – active fixed income 200 – liability risk management 175 – active multi-asset and absolute return 150• Highly-rated by leading investment consultants: €bn 125 – ranked number one in investments for fixed income 225 management in the Greenwich Associates 100 208 2011 survey – ranked number one in investments for LDI in the 75 134 Greenwich Associates 2011 survey 109 50 90 – ranked number one overall for LDI with UK 68 consultants in the Greenwich Associates 25 57 38 40 45 32 Survey 2012¹ 0Data as at 30 June 2012 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q2¹ Ranked first equal 2012Constant exchange rate used as at 30 June 2012 as per BNYM TreasuryInsight’s assets under management are represented by the value of cash securities, liability benchmarks, and other economic exposure managed for clientsExcludes previous parent introduced assets prior to 2009 P3187 5
  6. 6. Insight emerging market debt Colm McDonagh Head of Emerging Market Debt P3187 6
  7. 7. Absolute versus long onlyEM Bond Index long term performance charts What Insight believes 800 • Not all countries are improving at the same time, at the 700 same rate 600 • Being structurally long risk in EM local rates makes little sense if real rates are negative Index level (rebased to 100) 500 • Flexibility to determine the best risk/reward between external debt and local currency debt, is essential 400 • Active currency management is better than no management 300 • Timing of allocation is a key driver for long only strategies, 200 that is significantly reduced for Absolute strategies 100 • Risk management is a central driver of portfolio construction 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 EMBIGD - External debt GBI-EM GD - local market (UNHEDGED) CEMBI BD - External corporateSource: Bloomberg, Insight. Data as at 15 November 2012 P3187 7
  8. 8. Emerging market asset class is actually a composition of many risksExternal sovereign debt total return: decomposition Local sovereign debt total return: decomposition 50.0 30.0 US Treasury risk? Currency risk? 40.0 25.0 30.0 20.0 20.0 15.0 10.0 10.0 % % 0.0 5.0 -10.0 0.0 -20.0 -5.0 -30.0 -10.0 -40.0 -15.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD¹ 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD¹ Carry UST Spread Residual Return Carry FX Yield Compression ReturnSource: Insight. Data as at 31 August 2012 P3187 8
  9. 9. Traditional investor considerations• Timing allocation: key to investment experience EM External government debt yield pickup to UST• Cyclical market (spread compression/ correction): at what point of the cycle do you allocate?• Sub-asset allocation: local/external/currency? – Mex USD 10yr: Mex USD 10yr 2.53% – Mex Govt 10yr: Mex Govt 10yr 5.39% – Mex CDS: Mex CDS 105bp – USD/MXN: USD/MXN 13.20 Real rates• Liquidity: varying levels• Long only, across entire investment universe, makes little senseSource: Bloomberg, Insight. Data as at 31 October 2012. P3187 9
  10. 10. Growth of an asset classDepth and diversity increasingGrowth in total debt outstanding Growth in EM share of global currency turnover: Daily average turnoverSource: Bloomberg. Data as at 31 December 2011. P3187 10
  11. 11. Impact of quantitative easing (‘QE’) on emerging market debt EM currency move from July 2008 to November 2012Source: Insight and Bloomberg. As at 31 August 2012 P3187 11
  12. 12. Return driven primarily by yieldChanges in index yields EM return drivers since the start of QE2 November 2010 to September 2012• External government debt -74bp 15• Corporate debt -74bp 10• Corporate HY debt +33bp• Local government debt -39bp 5 % returnCurrent yields 0• External government debt 4.6% -5• Corporate debt 4.86%• Corporate HY debt 7.84% -10• Local government debt 5.82% -15 Government debt Corporate debt Local currency Corporate HY debt Carry Yield compression FXSource: Insight and Bloomberg. As at September 2012 P3187 12
  13. 13. Outlook for 2013Behaviour will not be uniform across all asset classes• Wide dispersion in performance, search for yield to continue EM yields (simple average) (further compression from sub IG names) 16 14• Developed markets want to depreciate versus EM 12 currencies, and by implication reduce EM current account 10 % surpluses 8 6 4• EM policy mix becomes more unorthodox to prevent 2 excessive capital inflows, protect against higher inflation, and 0 insulate consumers/ companies from currency volatility Investment grade High Yield High Beta Govt Debt Corporate Local• Bank deleveraging means more bond issuance, which at present is met by supportive QE environment• Policy effectiveness, or lack thereof, has increasing political implications¹ Source: Insight and Bloomberg as at 25 September 2012 P3187 13
  14. 14. Absolute Insight Emerging Market Debt Fund• Targets absolute returns Fund facts – captures returns and manages downside risks • Daily dealing• ‘Best ideas’ portfolio with long and short exposures • Fees: 1% annual management charge• Launched 2007, AUM US$ 600+ million (over $1.5bn in total plus 10% performance fee payable only once the return is ahead of cash Absolute EM strategies) • Minimum investment: £3,000 • UCITS structure• Investment universe is “go anywhere” across emerging markets: • USD, EUR and GBP share classes – local government – external government – local corporate – external corporate – CDS/IRS – Currency P3187 14
  15. 15. Absolute Insight Emerging Market Debt FundPortfolio performance and statistics YTD 2011 2010 2009 2008 Since inception Return Volatility Return Volatility Sharpe Return Volatility Sharpe Return Volatility Sharpe Return Volatility Sharpe Return Volatility Sharpe (%) (%) (%) (%) ratio (%) (%) ratio (%) (%) ratio (%) (%) ratio (%)* (%) ratioAbsolute Insight Emerging 11.8 2.8 1.0 3.2 0.1 10.5 3.1 3.2 29.9 3.9 7.4 -11.9 7.2 -2.4 6.8 5.9 0.7Market Debt FundJPMorgan EMBI GD 15.3 3.2 7.3 4.6 1.4 12.2 4.5 2.6 29.8 5.2 5.5 -12.0 14.0 -1.3 9.3 8.4 0.8JPMorgan GBI-EM 12.7 9.6 -1.8 10.9 -0.2 15.7 9.9 1.5 22.0 12.9 1.6 -5.2 16.5 -0.6 10.2 11.9 0.7HFR Global Hedge Fund index 2.2 2.3 -8.9 3.9 -2.5 4.7 3.0 1.4 13.2 3.0 4.0 -23.3 6.8 -4.3 -2.3 6.3 -0.7HFR Total EM index¹ 3.1 n/a -5.9 9.7 -0.7 17.1 11.2 1.5 24.0 6.9 3.5 -25.1 14.2 -2.2 4.0 11.0 0.1Source: Insight and Bloomberg, as at 31 October 2012Indices: External government = JPM EMBI GD; Local government = JPM GBI EM GD (unhedged, USD)* Annualised return since 28 February 2007. Since inception volatility based on bi-monthly pricing points¹ To end 30 September 2012 and priced monthlyInsight fund returns are gross of fees and in sterling terms. Index returns are in local currency termsPast performance is not a guide to future performance P3187 15
  16. 16. Absolute Insight Emerging Market Debt FundAims to capture some upside, protect downside• Portfolio construction of longs and Historic fund positioning shorts can lower volatility, and 100 reduce “allocation timing risk”• “Best ideas” approach (not 80 influenced by benchmark exposures and weightings) 60• Risk aversion episodes offer large 40 opportunities for those with cash 20How is it done?• Derivatives allow hedging and/or 0 % outright short positions -20• Flat position, when appropriate -40• Manage risk closely -60 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Apr-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Apr-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Apr-12 Aug-12 Sep-12 Feb-10 Mar-10 Feb-11 Mar-11 Feb-12 Mar-12 Jul-09 Jul-10 Jul-11 Jul-12 May-10 May-11 May-12 Jan-10 Jun-10 Jan-11 Jun-11 Jan-12 Jun-12 Historic Cash Position (%) Historic Short Position (%) Historic Long position (%)Data as at 30 September 2012 P3187 16
  17. 17. Investment teamExtensive resources and experience Years experience 0 5 10 15 20 25 30 35Specialisation Name Pre insight Insight Industry start dainsight start date Total At Insight Pre-InsightHead of Fixed Income Adrian Grey 7.20 17.97 1 Aug 1987 10 Oct 1994 22 15 7Portfolio Managers Colm McDonagh 12.18 3.90 1 Sep 1996 1 Nov 2008 13 1 12 Rodica Glavan 7.01 5.82 01/12/1999 01/12/2006 11 3 8 Robert Simpson 0.07 6.35 01/09/2005 28/09/2005 4 4 0Analyst Oliver Williams 2.61 0.71 01/06/2009 09/01/2012 4 4 0Wider team Gareth Colesmith 0.00 14.10 24 Aug 1998 24 Aug 1998 12 12 0Head of Credit Alex Veroude 9.84 5.24 1 Sep 1997 1 Jul 2007 13 3 10Credit Strategy Praveen Telang 2.16 1.57 1 Jan 2009 1 Mar 2011 19 7 12Analysts David Averre 16.67 7.41 1 Sep 1988 1 May 2005 15 5 10 Cathy Braganza 18.30 0.03 1 Jun 1994 13 Sep 2012 Charles-Henri Boivin 5.76 1.73 1 Apr 2005 4 Jan 2011 5 0 5 Simon Cooke 0.00 1.06 5 Sep 2011 5 Sep 2011 Jeremy Deacon 18.51 2.24 1 Jan 1992 30 Jun 2010 10 0 10 Uli Gerhard 13.84 1.07 1 Nov 1997 1 Sep 2011 Shaheer Guirguis 6.84 5.07 1 Nov 2000 1 Sep 2007 9 2 7 Alex Moss 13.18 10.91 1 Sep 1988 1 Nov 2001 16 8 8 Insight Eleanor Price 11.63 5.62 1 Jul 1995 12 Feb 2007 15 3 12 Pre insight Tristan Teoh 5.94 0.38 1 Jun 2006 8 May 2012 15 0 14 Lionel Trigalou 3.21 11.70 1 Nov 1997 15 Jan 2001 12 9 3 Anna Stevens 0.00 5.99 1 Oct 2006 1 Oct 2006 3 3 0 Sunil Patel 0.00 4.07 1 Sep 2008 1 Sep 2008 1 1 0 Robert Sawbridge 0.00 3.40 1 Sep 2008 1 Sep 2008 3 3 0 Ranbir Singh Lakhpuri 6.08 5.41 1 Apr 2001 1 May 2007 9 3 6 Lorraine Specketer 4.67 5.24 1 Nov 2002 1 Jul 2007 7 3 5Product Specialists Emma Du Haney 21.18 3.82 1 Oct 1987 1 Dec 2008 22 1 21 April LaRusse 16.68 4.07 1 Jan 1992 1 Sep 2008 18 1 17 Alison Arthurs 2.25 5.07 1 Jun 2005 1 Sep 2007 5 2 2 Monique Carter 3.50 5.24 1 Jan 2004 1 Jul 2007Dealers Paul Rochester 20.76 5.07 1 Dec 1986 1 Sep 2007 23 2 21 Paul Sharp 12.93 15.99 1 Nov 1983 4 Oct 1996 26 13 13 Angie Hart 0.01 17.07 1 Sep 1995 4 Sep 1995 14 14 0 Joe Hazelwood 10.84 2.24 1 Sep 1999 30 Jun 2010 8 0 8As at September 2012 P3187 17
  18. 18. Investment processUniverse of instruments to access the best ideas External External Local Local Currency Derivatives government corporate government corporate Govt bond Corporate bond Brazilian Corporate bond EM currencies to CDS and CDX to denominated denominated government denominated in the hedge hedge or to take in foreign currency in foreign currency in BRL local currency or as active active risks position Interest rate swaps i.e. Brazil govt in i.e. Cemex in USD i.e. Gazprom in to take views on USD Rubles rising or falling rates or bond yields• Six ways to best express views in the Fund• Proprietary models used to value instruments by country e.g. yield curves, historic spreads, CDS versus cash basis• Some external quantitative models used (Autobahn, and JPM DataQuery) P3187 18
  19. 19. Multi dimensional risk framework• We use a blend of market-leading external and internal proprietary systems for managing portfolio risk EM Cross-asset Stop-loss EM Risk Metrics ThinkFolio procedures & ARA • Country “risk” bucket • Stop-loss review • Single EM currency 10% NAV Portfolio monitoring Risk control Trading P3187 19
  20. 20. UCITS structure: can it work?Cayman UCITS• Typically multiple leverage • VaR versus commitment approach• Investors have limited liquidity • Daily liquidity pros and cons• Large range of investment instruments (private deals, • Balance sheet treatment of swaps/CDS distressed, structures) • Dublin versus Luxembourg• Higher fees P3187 20
  21. 21. SummaryOutlook 2013 asset performance to be far more diverse than previous years Financial repression has created some distortions, that may unwindApproach The fund contains the best ideas across the emerging market universe and is structured to share in market upside while limiting the downside riskUSP Good performance with low volatility: – strength of investment process – strong risk controls – key beneficiary of the Insight’s fixed income investment frameworkBenchmark 3 month USD LibidTeam Colm McDonagh, Rodica Glavan, Robert Simpson and Oliver WilliamsFund assets $593mTotal EMD assets $2,206mAs at 31 October 2012 P3187 21
  22. 22. Appendix
  23. 23. Insight emerging market debt team Colm McDonagh – Head of Emerging Fixed Income Colm joined Insight in October 2008 as Head of Emerging Market Fixed Income. Prior to Insight, Colm was a partner at Hydra Capital Management Ltd, an emerging market fixed income boutique he joined in January 2006, where he managed both alternative and traditional emerging market strategies. He was Head of Global Emerging Market Debt at Aberdeen Asset Management until November 2005, responsible for total return and income funds for institutional and retail clients. He has invested across the entire spectrum of the asset class including government, corporate, local currency and defaulted instruments. Colm began his investment career as an Emerging Market Eurobond trader in 1996 at Bank of America. He graduated with a Bachelor of Business and Legal Studies honours degree in Finance and Law from University College Dublin. Rodica Glavan – Portfolio Manager, Fixed Income Rodica joined Insight as an emerging market debt portfolio manager in December 2006. Before joining Insight, she worked at Schroder Investment Management Limited (Schroders), London for two years managing emerging markets for their global portfolios. Rodica started her career in 1999 as a sovereign analyst for emerging markets at Schroders in New York. Rodica holds a BBA degree in Economics and Finance from University of Alaska Anchorage, USA. She also holds the Investment Management Certificate from the UK Society of Investment Professionals, and speaks four languages. Robert Simpson – Portfolio Manager, Fixed Income Robert joined Insight in September 2005 as part of the graduate trainee programme. He initially spent time with the institutional business development team and in December 2005 transferred to the fixed income team to take up a role assisting in the management of emerging market debt portfolios. Robert holds a BSc honours degree in Pharmacology and a Masters in Finance and Economics, both from the University of Manchester. Robert holds the Investment Management Certificate from the CFA Society of the UK and is also a CFA Charterholder. Oliver Williams – Analyst, Fixed Income Oliver joined Insight in January 2012 as a Graduate within the Fixed Income Group assisting the Emerging Market Debt Team in all activities required for the daily management of all emerging market funds. Prior to joining Insight, Oliver worked as a Performance Analyst at UBS Global Asset Management. He holds a BSc honours degree in Mathematical Sciences from the University of Bath. P3187 23
  24. 24. Fund characteristicsCredit rating split¹ Regional spilt 40% CCC+ - D 1.1% AAA - AA- 30.2% 12.8% 30% B+ - B- 24.9% 20.8% 20% 14.1% 10% A+ - BBB+ 5.7% 18.2% 0% -4.3% -4.3% BB+ - BB- -10% -8.7% 18.6% -20% -23.3% BBB - BBB- -30% 28.5% Latam Europe Middle Asia Index East/Africa Long ShortData as at 31 October 2012 Data as at 31 October 2012¹ Gross weight P3187 24
  25. 25. Investment processIdea generation External External Local CDS Currency government corporate government P3187 25
  26. 26. Risk framework and key internal risk limitsExposure internal limits• Gross exposure 200% NAV• Net exposure 100% NAVDV01 limits• +/- 500 at portfolio level• +/- 150 per countryCurrency exposure internal limits (gross)• Single emerging market currency 10% NAVDiversification measures• Each country generally represents a separate ‘risk bucket’• Limits apply on risk at individual country level and at aggregate portfolio levelStop-loss mechanisms• Stop-loss review triggers apply to each country risk bucket• 3% monthly stop-loss applies at aggregate portfolio level• 2% stop thinkInternal limits are set by the Absolute Return Investment Committee (ARIC) and may be subject to change from time to time P3187 26
  27. 27. BNY Mellon Investment Management Specialist Investments Name and title Telephone Email Hilary Lopez +44 (0) 20 7163 3854 hilary.lopez@bnymellon.com Mark McPartlin +44 (0) 20 7163 3855 mark.mcpartlin@bnymellon.com Paul Eady, Client Services +44 (0) 20 7163 3856 paul.eady@bnymellon.com Meena Banwatt, Marketing +44 (0) 20 7163 2877 meena.banwatt@bnymellon.com Please note that telephone calls may be recorded for monitoring and training purposes.27
  28. 28. Important information This is a financial promotion for Professional Clients and distributors only. This is not intended The Fund may not be registered for sale in all markets. as investment advice. This document is issued in the UK and in mainland Europe (excluding Germany) by BNY Mellon Asset Past performance is not a guide to future performance. The value of investments and the income from Management International Limited. BNY Mellon Asset Management International Limited, BNY Mellon them is not guaranteed and can fall as well as rise due to stock market and currency movements. Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. When you sell your investment you may get back less than you originally invested. You should read Authorised and regulated by the Financial Services Authority. the Prospectus and Key Investor Information Document (KIID) for each fund in which you want to invest. The Prospectus and KIID can be found at www.insightinvestment.com. In Germany, this document is issued by WestLB Mellon Asset Management Kapitalanlagegesellschaft All information relating to Insight Investment Management (Global) Limited (Insight) and Absolute mbH, which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. WestLB Mellon Asset Insight Emerging Market Debt Fund has been prepared by Insight for presentation by BNY Mellon Management is wholly owned by The Bank of New York Mellon Corporation. If WestLB Mellon Asset Asset Management International Limited (BNYMAMI). Any views and opinions contained in this Management Kapitalanlagegesellschaft (WMAM KAG) receives any rebates on the management fee document are those of Insight as at the date of issue; are subject to change and should not be taken of investment funds or other assets, WMAM KAG undertakes to fully remit such payment to the as investment advice. BNYMAMI and its affiliates are not responsible for any subsequent investment investor, or the Fund, as the case may be. If WMAM KAG performs services for an investment product advice given based on the information supplied. of a third party, WMAM KAG will be compensated by the relevant company. Typical services are investment management or sales activities for funds established by a different investment BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be management company. Normally, such compensation is calculated as a percentage of the used as a generic term to reference the corporation as a whole or its various subsidiaries. All rankings management fee of the respective fund, calculated on the basis of such product’s fund volume based on worldwide assets under management for The Bank of New York Mellon Corporation as at managed or distributed by WMAM KAG. The amount of the management fee is published in the 31 December 2010, unless otherwise stated. Provisional AUM has been provided by each investment prospectus of the respective fund. Any compensation paid to the WMAM KAG does not increase the manager as at 30 Spetember2012. Total AUM, provided by the Bank of the New York Mellon management fee of the relevant fund. A direct charge to the investor is prohibited. The information Corporation, includes the investment managers outlined in this presentation as well as BNY Mellon given herein constitutes information within the meaning of § 31 sub-section 2 WpHG (German Wealth Management, Ankura Capital and external data. The Bank of New York Mellon Corporation Securities Trading Act). holds over 90% of the parent holding company of Alcentra group, 90% of The Boston Company Asset In Dubai, United Arab Emirates, this document is issued by the Dubai branch of The Bank of New Management, LLC, a 19.9% minority interest in The Hamon Investment Group Pte Limited, the parent York Mellon, which is regulated by the Dubai Financial Services Authority. company of Blackfriars Asset Management Limited, Hamon Asset Management Limited and Hamon If this document is used or distributed in Hong Kong, it is issued by BNY Mellon Asset Management Asian Advisors Limited, through which Hamon offers investment services in the US, a 20% minority Hong Kong Limited, whose business address is Level Suites 1201 - 05, Level 12, Three Pacific Place, interest in Siguler Guff & Company LLC and certain related entities and owns 100% of WestLB Mellon 1 Queens Road East, Hong Kong. BNY Mellon Asset Management Hong Kong Limited is regulated Asset Management. BNY Mellon Beta & Transition Management is a division of The Bank of New by the Hong Kong Securities and Futures Commission and its registered office is at 6th floor, York Mellon, a wholly-owned banking subsidiary of The Bank of New York Mellon Corporation. BNY Alexandra House, 18 Chater Road, Central, Hong Kong. Mellon Cash Investment Strategies is a division of The Dreyfus Corporation. AUM outlined for Newton In Singapore, this document is issued by The Bank of New York Mellon, Singapore Branch for represents the aggregate AUM of the following affiliated companies: Newton Investment Management presentation to professional investors. The Bank of New York Mellon, Singapore Branch, One Limited, Newton Capital Management Limited, Newton International Investment Management Limited Temasek Avenue, #02-01 Millenia Tower, Singapore 039192. Regulated by the Monetary Authority of and Newton Fund Managers (CI) Limited. BNY Mellon ARX is the brand used to represent the Singapore. In Singapore, this document is to be distributed to Institutional Investors (as defined in the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda. Securities and Futures Act, Chapter 289 of Singapore) only. This document may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. Unless otherwise stated, BNY Mellon Asset Management International Limited and all investment This document should not be published in hard copy, electronic form, via the web or in any other managers contained within are ultimately owned by The Bank of New York Mellon Corporation. medium accessible to the public, unless authorised by BNYMAMI to do so. No warranty is given as to ICVC and unit trust investments should not be regarded as short-term and should normally be held for the accuracy or completeness of this information and no liability is accepted for errors or omissions in at least five years. such information. CP9236-22-11-2012(1W) Absolute Insight Emerging Market Debt Fund is a sub-fund of Absolute Insight Funds p.l.c., an ICVC with segregated liability between sub funds incorporated in Ireland under registered number 431087 and authorised by the Central Bank of Ireland. IIFM is the Investment Manager and Distributor. The sub-investment manager and Administrative Support Provider of the sub-funds is IIMG.28

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