This document discusses captive insurance companies (CICs) which are insurance companies owned by businesses that provide self-insurance. It outlines how CICs are formed, regulated, operate, and the tax benefits they provide including deductible premiums payments and up to $1.2 million in untaxed premiums per year. It also discusses costs of setting up a CIC, exit strategies for owners, and other benefits like cost savings and flexibility.
Prudential is a leading international financial services group established in 1848 with a presence in Europe, Asia, and the US. It has a very strong financial position with a AA credit rating from Standard & Poor's. Prudential's Portfolio Management Group manages over £127 billion in assets with an excellent long-term track record in global multi-asset investing.
Introduction and outlook of EU pension systemRedington
This document summarizes the pension system and challenges in Europe. It discusses the three pillars of pension systems: social security, employer pensions, and personal pensions. It then focuses on defined contribution pensions in the UK, including typical plan designs, contributions, taxation, and investment options. The document notes challenges like lack of financial literacy and planning. It proposes solutions such as personal retirement planning, lifecycle investment strategies, and education initiatives to increase participation and knowledge.
Steadfast Companies has offered real estate investment programs for 20 years, including REITs. It currently owns and manages over 135 properties in the US and Mexico worth over $1.5 billion. REITs collect investor funds to purchase and manage income-generating properties, distributing at least 90% of taxable income to shareholders. They offer average yields of 5-8% through low-complexity dividend income and portfolio diversification.
This document provides a performance update from Krygier Wealth Management at TD Waterhouse as of March 31, 2013. It summarizes the firm's management team and investment approach, and provides annualized and calendar year rates of return for its Total Return portfolios compared to benchmarks. The portfolios have outperformed benchmarks over most periods since inception, with the Canadian portfolio returning 13.2% year-to-date and the U.S. portfolio returning 15.5% year-to-date.
This document provides an overview of Chapter 20 from the textbook "Managing Credit Risk Under The Basel III Framework, 3rd ed" which discusses regulatory credit exposures. It covers major debt exposures including loans, bonds, credit derivatives, and commitments. It also discusses securitization exposures, extensions to standardized and IRB approaches, specialized lending, and securities finance transactions. The document is authored by Dr. LAM Yat-fai and is intended to declare copyright and outline the key topics covered in Chapter 20.
Bob Diamond was appointed CEO of Barclays Capital in 1996 and helped build it into a world-class investment bank through strategic acquisitions and rapid revenue growth that outpaced peers. Under his leadership, Barclays Capital expanded its product expertise, developed new business lines, and modernized operations. By the time of the 2008 financial crisis, Barclays Capital had a full suite of products and services due to Diamond's leadership over nearly two decades.
This document summarizes a presentation given by Robert Gardner of Redington on de-risking pension strategies and alternative investments. The presentation covers the current challenging economic environment for UK pensions, introduces the concept of liability driven investments (LDI) and dynamic de-risking, and provides examples of alternative investments that can provide long-term inflation-linked cash flows like infrastructure and social housing assets. The document emphasizes setting clear objectives and using a risk management framework to monitor investments and adapt strategies over time to better meet pension goals and de-risk liabilities.
This document discusses captive insurance companies (CICs) which are insurance companies owned by businesses that provide self-insurance. It outlines how CICs are formed, regulated, operate, and the tax benefits they provide including deductible premiums payments and up to $1.2 million in untaxed premiums per year. It also discusses costs of setting up a CIC, exit strategies for owners, and other benefits like cost savings and flexibility.
Prudential is a leading international financial services group established in 1848 with a presence in Europe, Asia, and the US. It has a very strong financial position with a AA credit rating from Standard & Poor's. Prudential's Portfolio Management Group manages over £127 billion in assets with an excellent long-term track record in global multi-asset investing.
Introduction and outlook of EU pension systemRedington
This document summarizes the pension system and challenges in Europe. It discusses the three pillars of pension systems: social security, employer pensions, and personal pensions. It then focuses on defined contribution pensions in the UK, including typical plan designs, contributions, taxation, and investment options. The document notes challenges like lack of financial literacy and planning. It proposes solutions such as personal retirement planning, lifecycle investment strategies, and education initiatives to increase participation and knowledge.
Steadfast Companies has offered real estate investment programs for 20 years, including REITs. It currently owns and manages over 135 properties in the US and Mexico worth over $1.5 billion. REITs collect investor funds to purchase and manage income-generating properties, distributing at least 90% of taxable income to shareholders. They offer average yields of 5-8% through low-complexity dividend income and portfolio diversification.
This document provides a performance update from Krygier Wealth Management at TD Waterhouse as of March 31, 2013. It summarizes the firm's management team and investment approach, and provides annualized and calendar year rates of return for its Total Return portfolios compared to benchmarks. The portfolios have outperformed benchmarks over most periods since inception, with the Canadian portfolio returning 13.2% year-to-date and the U.S. portfolio returning 15.5% year-to-date.
This document provides an overview of Chapter 20 from the textbook "Managing Credit Risk Under The Basel III Framework, 3rd ed" which discusses regulatory credit exposures. It covers major debt exposures including loans, bonds, credit derivatives, and commitments. It also discusses securitization exposures, extensions to standardized and IRB approaches, specialized lending, and securities finance transactions. The document is authored by Dr. LAM Yat-fai and is intended to declare copyright and outline the key topics covered in Chapter 20.
Bob Diamond was appointed CEO of Barclays Capital in 1996 and helped build it into a world-class investment bank through strategic acquisitions and rapid revenue growth that outpaced peers. Under his leadership, Barclays Capital expanded its product expertise, developed new business lines, and modernized operations. By the time of the 2008 financial crisis, Barclays Capital had a full suite of products and services due to Diamond's leadership over nearly two decades.
This document summarizes a presentation given by Robert Gardner of Redington on de-risking pension strategies and alternative investments. The presentation covers the current challenging economic environment for UK pensions, introduces the concept of liability driven investments (LDI) and dynamic de-risking, and provides examples of alternative investments that can provide long-term inflation-linked cash flows like infrastructure and social housing assets. The document emphasizes setting clear objectives and using a risk management framework to monitor investments and adapt strategies over time to better meet pension goals and de-risk liabilities.
The document discusses key questions about whether a financial plan provides guaranteed retirement income, protection from stock market losses, and protection from rising taxes. It then lists strategies that may include using a combination of fixed indexed annuities with lifetime income riders and/or tax-favored life insurance. The document goes on to provide additional information on why 401(k)s, IRAs and other investments may not provide guaranteed income and how even a diversified portfolio is subject to market risk, giving an example of stock market losses in 2008. It also notes that many retirement plans do little to protect from future tax increases.
This document discusses various UK government-sponsored and non-government employee incentive arrangements, including their tax advantages and conditions. It also discusses how employee benefit trusts (EBTs) can be used for succession planning when retiring or transferring ownership of a company, incentivizing and retaining key employees, and providing flexibility in designing employee ownership and incentive packages.
Billfolda Equity Crowdfunding Presentation to Melbourne Angels Matthew Pinter
A presentation by Matthew Pinter CEO of Billfolda Equity Crowdfunding at Melbourne Angels luncheon in Richmond Victoria. The presentation highlights key aspects of the Australian Equity Crowdfunding regime as they apply to Angel Investors, touching on proprietary crowdfunding amendments and the various market participants, including Billfolda.
Global Financial Private Capital is an SEC registered investment advisory firm located in Sarasota, Florida. The document discusses the challenges retirees now face with managing their own investments through vehicles like 401Ks, as pensions have faded. Retirees are living longer than past generations, requiring their savings to last decades rather than years. The article urges conservative investors to focus on consistent, lower-risk returns rather than chasing high returns that involve taking on too much risk.
Infrastructure Investing: When 1 + 1 = TOOJeremy Deal
1) Brookfield Business Partners completed a transformative recapitalization and acquisition of Teekay Offshore in September 2017, injecting $600 million of new capital.
2) This addressed Teekay Offshore's years of misaligned incentives, poor capital allocation decisions, and bad timing that led to financial distress.
3) The deal significantly improved Teekay Offshore's leverage, cash flow, and access to capital, positioning it for growth under Brookfield's ownership.
Best\'s Reviews NFP as the 8th Top Insurance Brokergreglarge
The document summarizes the top 20 global insurance brokers ranked by total revenues in 2010. Marsh & McLennan Cos. topped the list with $10.55 billion in revenues. Aon Corp. and Willis Group Holdings Ltd. held the second and third positions respectively. CNinsure, a Chinese insurance intermediary, debuted at number 16 on the list. Most of the top brokers remained the same as in the previous year's ranking, with some changes in their positions. The rankings are based on revenues reported by the brokers or provided to Best's Review.
This document provides an outline and overview of credit risk controls under the Basel III framework. It discusses controls for both single debts and debt portfolios. For single debts, it describes controls like bilateral netting, principal amortization, collateral, margining, credit guarantees, credit default swaps, downgrade triggers, and call provisions. For debt portfolios, it discusses reducing concentration and dependency through diversification, as well as credit securitization and credit limits. The appendix provides mathematical formulas for concepts like instant LGD, hazard rate, and average LGD.
This document summarizes key legal and business issues that two founders of a startup technology company should address, including forming the proper legal entity to house their intellectual property and business deal, hiring employees and contractors, obtaining financing, and protecting their intellectual property. It highlights that the founders need to determine who their legal client is, decide on an equitable equity split and vesting terms, and put all business agreements in writing from the start.
Trimax LLC is offering a $5 million line of credit secured by coil and leaf spring manufacturing equipment. The equipment was originally purchased for 55 million euros by TES Group in Poland in 2007/2008 but was recently appraised at 30 million euros. If the line of credit is drawn down, the funds would be used to acquire the equipment from a European Union appointed receiver and cover costs associated with shipping, setup, and marketing to potential customers. The investment involves risks but could generate a projected return on investment of over 1,497% within 6 months.
SA Home Loans is a South African company that originated home loans and funded its loan book through securitization, the process of packaging individual loans into marketable securities. The company presented on the growth of securitization globally and in South Africa. It discussed its own success using securitization to access cheaper funding than banks, allowing it to offer discounted home loans. Moving forward, it aims to expand securitization activity in South Africa through greater investor education, cross-border deals, and additional asset classes.
Accounting scandals typically involve executives misusing funds, overstating revenues or assets, or underreporting expenses or liabilities. This can amount to fraud. Common causes include executives temporarily reducing stock prices to facilitate company takeovers for personal gain or feeling pressured to alter financials for personal benefit. Some of the largest corporate accounting scandals include Enron inflating assets by $11 billion, WorldCom overstating assets by $3.8 billion, and Tyco executives stealing $150 million and inflating income by $500 million. These scandals often result in bankruptcy, large fines, and executive prison sentences.
Federal and state securities laws regulate the issuance and sale of securities and are intended to protect investors. Securities are broadly defined to include traditional investments like stocks and bonds as well as interests in business opportunities. These laws typically require companies to register securities before public offerings or to comply with exemptions for private placements. Regulation D provides safe harbors for private offerings, including Rule 506 which preempts state laws for offerings only to accredited investors, defined as individuals with high net worth or income or institutional investors. Allowing sales only to accredited investors provides benefits to companies like lower transaction costs.
Jersey is likely to see a raft of pension changes come into force in 2016, but that shouldn't stop people investing in a Self Invested Personal Pension (SIPP).
In fact, any changes that do occur in Jersey's pension marketplace are only likely to be more advantageous for SIPPs.
We originally published this report in Jan-13 (see below). In this update, we note that GS now plans to list the unit on NYSE, as Goldman Sachs BDC Inc (ticker: GSBD). At the end of 2013, GSBDC had net asset value of $575m; GS owns just under 20% of the firm.
GS appears to have made the right and early call when it established GS Liberty Harbour: the sector boomed over the past two years, and other banks have taken note. In Feb-15, Credit Suisse launched its own specialty finance operation, Credit Suisse Park View BDC Inc.; reporting within CSAM, the unit is seeking to raise $500m by selling shares. Morgan Stanley is also considering a launch of its own unit, and we expect others will follow, too.
EXTRACT FROM THE ORIGINAL NOTE (attached):
GSAM Liberty Harbour’s new credit fund may commingle $600m from outside investors with $150m of GS’ own funds. The bank is adapting to the evolving risk regulations very effectively…
… reminding us in turn that the risk cannot be ‘macromanaged’ from outside.
We expect regulators will adjust Volcker and similar rules to reflect the active market realities.
Captive insurance companies (CICs) allow businesses to retain insurance risk and profits to build wealth in a tax-advantaged manner. CICs are owned by their policyholders, typically a single company or business owner. By establishing a CIC, businesses can deduct insurance premiums paid to the CIC to reduce taxes, while the CIC receives the premiums tax-free and invests the funds to grow further. A CIC can be an effective estate planning tool by shifting wealth out of an owner's estate to heirs through the use of an irrevocable trust.
The document discusses tips for improving English skills, including reading publications and practicing new vocabulary words, learning related terms, and communicating with others to advance one's career. It also recommends selecting the right words when speaking, listening to oneself, and replacing words with synonyms.
The NEXT project aims to create a collaborative platform to support innovation and technology transfer across countries in the Adriatic area. The platform will be created by 11 partners from Italy, Croatia, Albania, Bosnia and Herzegovina, Serbia, and Montenegro. It will map research activities, create an online platform to facilitate exchanges, provide support services, promote investment opportunities, and provide guidelines to support coordinated innovation policies across the region. The project addresses challenges like fragmented innovation systems and a lack of cooperation, and will capitalize on opportunities for synergies across borders to strengthen competitiveness.
The document discusses key questions about whether a financial plan provides guaranteed retirement income, protection from stock market losses, and protection from rising taxes. It then lists strategies that may include using a combination of fixed indexed annuities with lifetime income riders and/or tax-favored life insurance. The document goes on to provide additional information on why 401(k)s, IRAs and other investments may not provide guaranteed income and how even a diversified portfolio is subject to market risk, giving an example of stock market losses in 2008. It also notes that many retirement plans do little to protect from future tax increases.
This document discusses various UK government-sponsored and non-government employee incentive arrangements, including their tax advantages and conditions. It also discusses how employee benefit trusts (EBTs) can be used for succession planning when retiring or transferring ownership of a company, incentivizing and retaining key employees, and providing flexibility in designing employee ownership and incentive packages.
Billfolda Equity Crowdfunding Presentation to Melbourne Angels Matthew Pinter
A presentation by Matthew Pinter CEO of Billfolda Equity Crowdfunding at Melbourne Angels luncheon in Richmond Victoria. The presentation highlights key aspects of the Australian Equity Crowdfunding regime as they apply to Angel Investors, touching on proprietary crowdfunding amendments and the various market participants, including Billfolda.
Global Financial Private Capital is an SEC registered investment advisory firm located in Sarasota, Florida. The document discusses the challenges retirees now face with managing their own investments through vehicles like 401Ks, as pensions have faded. Retirees are living longer than past generations, requiring their savings to last decades rather than years. The article urges conservative investors to focus on consistent, lower-risk returns rather than chasing high returns that involve taking on too much risk.
Infrastructure Investing: When 1 + 1 = TOOJeremy Deal
1) Brookfield Business Partners completed a transformative recapitalization and acquisition of Teekay Offshore in September 2017, injecting $600 million of new capital.
2) This addressed Teekay Offshore's years of misaligned incentives, poor capital allocation decisions, and bad timing that led to financial distress.
3) The deal significantly improved Teekay Offshore's leverage, cash flow, and access to capital, positioning it for growth under Brookfield's ownership.
Best\'s Reviews NFP as the 8th Top Insurance Brokergreglarge
The document summarizes the top 20 global insurance brokers ranked by total revenues in 2010. Marsh & McLennan Cos. topped the list with $10.55 billion in revenues. Aon Corp. and Willis Group Holdings Ltd. held the second and third positions respectively. CNinsure, a Chinese insurance intermediary, debuted at number 16 on the list. Most of the top brokers remained the same as in the previous year's ranking, with some changes in their positions. The rankings are based on revenues reported by the brokers or provided to Best's Review.
This document provides an outline and overview of credit risk controls under the Basel III framework. It discusses controls for both single debts and debt portfolios. For single debts, it describes controls like bilateral netting, principal amortization, collateral, margining, credit guarantees, credit default swaps, downgrade triggers, and call provisions. For debt portfolios, it discusses reducing concentration and dependency through diversification, as well as credit securitization and credit limits. The appendix provides mathematical formulas for concepts like instant LGD, hazard rate, and average LGD.
This document summarizes key legal and business issues that two founders of a startup technology company should address, including forming the proper legal entity to house their intellectual property and business deal, hiring employees and contractors, obtaining financing, and protecting their intellectual property. It highlights that the founders need to determine who their legal client is, decide on an equitable equity split and vesting terms, and put all business agreements in writing from the start.
Trimax LLC is offering a $5 million line of credit secured by coil and leaf spring manufacturing equipment. The equipment was originally purchased for 55 million euros by TES Group in Poland in 2007/2008 but was recently appraised at 30 million euros. If the line of credit is drawn down, the funds would be used to acquire the equipment from a European Union appointed receiver and cover costs associated with shipping, setup, and marketing to potential customers. The investment involves risks but could generate a projected return on investment of over 1,497% within 6 months.
SA Home Loans is a South African company that originated home loans and funded its loan book through securitization, the process of packaging individual loans into marketable securities. The company presented on the growth of securitization globally and in South Africa. It discussed its own success using securitization to access cheaper funding than banks, allowing it to offer discounted home loans. Moving forward, it aims to expand securitization activity in South Africa through greater investor education, cross-border deals, and additional asset classes.
Accounting scandals typically involve executives misusing funds, overstating revenues or assets, or underreporting expenses or liabilities. This can amount to fraud. Common causes include executives temporarily reducing stock prices to facilitate company takeovers for personal gain or feeling pressured to alter financials for personal benefit. Some of the largest corporate accounting scandals include Enron inflating assets by $11 billion, WorldCom overstating assets by $3.8 billion, and Tyco executives stealing $150 million and inflating income by $500 million. These scandals often result in bankruptcy, large fines, and executive prison sentences.
Federal and state securities laws regulate the issuance and sale of securities and are intended to protect investors. Securities are broadly defined to include traditional investments like stocks and bonds as well as interests in business opportunities. These laws typically require companies to register securities before public offerings or to comply with exemptions for private placements. Regulation D provides safe harbors for private offerings, including Rule 506 which preempts state laws for offerings only to accredited investors, defined as individuals with high net worth or income or institutional investors. Allowing sales only to accredited investors provides benefits to companies like lower transaction costs.
Jersey is likely to see a raft of pension changes come into force in 2016, but that shouldn't stop people investing in a Self Invested Personal Pension (SIPP).
In fact, any changes that do occur in Jersey's pension marketplace are only likely to be more advantageous for SIPPs.
We originally published this report in Jan-13 (see below). In this update, we note that GS now plans to list the unit on NYSE, as Goldman Sachs BDC Inc (ticker: GSBD). At the end of 2013, GSBDC had net asset value of $575m; GS owns just under 20% of the firm.
GS appears to have made the right and early call when it established GS Liberty Harbour: the sector boomed over the past two years, and other banks have taken note. In Feb-15, Credit Suisse launched its own specialty finance operation, Credit Suisse Park View BDC Inc.; reporting within CSAM, the unit is seeking to raise $500m by selling shares. Morgan Stanley is also considering a launch of its own unit, and we expect others will follow, too.
EXTRACT FROM THE ORIGINAL NOTE (attached):
GSAM Liberty Harbour’s new credit fund may commingle $600m from outside investors with $150m of GS’ own funds. The bank is adapting to the evolving risk regulations very effectively…
… reminding us in turn that the risk cannot be ‘macromanaged’ from outside.
We expect regulators will adjust Volcker and similar rules to reflect the active market realities.
Captive insurance companies (CICs) allow businesses to retain insurance risk and profits to build wealth in a tax-advantaged manner. CICs are owned by their policyholders, typically a single company or business owner. By establishing a CIC, businesses can deduct insurance premiums paid to the CIC to reduce taxes, while the CIC receives the premiums tax-free and invests the funds to grow further. A CIC can be an effective estate planning tool by shifting wealth out of an owner's estate to heirs through the use of an irrevocable trust.
The document discusses tips for improving English skills, including reading publications and practicing new vocabulary words, learning related terms, and communicating with others to advance one's career. It also recommends selecting the right words when speaking, listening to oneself, and replacing words with synonyms.
The NEXT project aims to create a collaborative platform to support innovation and technology transfer across countries in the Adriatic area. The platform will be created by 11 partners from Italy, Croatia, Albania, Bosnia and Herzegovina, Serbia, and Montenegro. It will map research activities, create an online platform to facilitate exchanges, provide support services, promote investment opportunities, and provide guidelines to support coordinated innovation policies across the region. The project addresses challenges like fragmented innovation systems and a lack of cooperation, and will capitalize on opportunities for synergies across borders to strengthen competitiveness.
The document discusses the packaging of single bananas in styrofoam trays sealed with plastic wrap. It notes that bananas already have a thick peel that protects and keeps the fruit fresh, so the additional styrofoam packaging is a waste of resources and defines the product as poorly packaged.
The Pizza Hut Dinner Box is a rectangular cardboard box used to hold pizza, breadsticks, and cinnamon sticks together. It is different than the standard square pizza box due to its shape which accommodates multiple food items. The packaging is considered good because it is simple with minimal text on the outside and the perfect size to fit its contents.
This document discusses the packaging of general purpose light bulbs sold in packages of two. The thin cardboard box they are packaged in provides no protection for the fragile bulbs inside. Additionally, the packaging does little to indicate what the product is from a distance, with only a small picture of a light bulb as a hint.
The document provides data on land, climate, and weather stations in Ethiopia. It includes tables with information such as the lengths of major rivers, sizes of major lakes, heights of major mountains, and locations of national parks. It also includes tables with monthly average maximum and minimum temperatures and rainfall for 10 selected weather stations from 2011-2012. The stations represented different climatological regions in Ethiopia and included data from the National Meteorological Services Agency.
Structured investments are financial products that provide returns linked to the performance of underlying assets but may offer some degree of downside protection. They can be used by investors both before and after retirement to provide market-linked returns or guaranteed income. Close to retirement, products with capital protection can ensure returns while protecting savings. In retirement, structured products can provide enhanced stable income through quarterly paying notes. Overall, structured products provide alternatives to traditional investments and annuities that balance growth, income and risk management over the long term.
Slides that accompanied the Q3 2019 Quarterly Investment Briefing for West of England on 28th November. The event saw presentations from Paul Jones (British Business Bank), Simon Tutton & Fuschia Curry (Deepbridge Capital), Rosie Bennett (SETsquared) and Harry Destecroix (UnitDX/Carbometrics/Ziylo)
Slides 61-63 include information about those 26 companies that are actively raising investment in Q4 2019. Check out the disclaimer - these aren't recommendations, just information.
Asset Class Spring/Summer Collection 2013Redington
This document discusses how pension funds and insurance companies need to access innovative investment ideas in order to meet their funding goals in the current challenging financial environment. The author's investment consultants identify the best ideas in the market, help develop them for clients' needs, and deliver them to clients. The publication, called Asset Class, aims to provide clients with the latest cutting-edge investment strategies and ideas being used or considered by other pension funds and insurance companies. It is organized according to the "7 Steps to Full Funding" framework to help clients make intelligent investment decisions and achieve strong results.
What will European and UK Pension Funds do next?Redington
This document summarizes a presentation given at BNP Paribas' 4th Annual Inflation Conference on September 20, 2012 about strategies and challenges for European and UK pension funds. The presentation discusses trends in gilt yields and real yields that impact liabilities, the benefits of liability-driven investing and maximizing fixed income opportunities, and the need for pension funds to transition from a "set and forget" approach to actively anticipating market conditions and adjusting strategies accordingly through clear goals, governance, and ongoing monitoring.
This document summarizes a presentation given by Robert Gardner of Redington on key themes for pensions in 2012. The presentation covers market updates on gilt and swap rates, key investment themes like liability driven investments and governance, and the use of social media in communicating about pensions. It includes slides on LDI, a pensions risk management framework, dynamic de-risking strategies, infrastructure investments, and using platforms like Facebook, Twitter, LinkedIn and Redington's blog.
Conduit Finance is a financial services firm established in 2007 in Edinburgh that provides property finance, SME funding, and restructuring services. The firm has a team with experience in corporate and retail banking, property development, and restructuring. Conduit Finance works with clients across the UK from small family businesses to larger corporations, assisting them in obtaining competitive financing. While the funding market remains challenging, the firm maintains a large database of over 2,000 active lenders to source financing options for clients.
MMC Ventures Europas Slide Deck - 17.04.14MMCventures
MMC Ventures is an experienced venture capital firm that has raised over £130 million for investment in fast-growing UK companies, especially in technology and business services. They take an active role in supporting their portfolio of 28 companies. The firm has a strong track record, with their portfolio companies achieving average 5x revenue growth and creating over 2,000 jobs.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
Conduit Finance is a financial services firm established in 2007 in Edinburgh that provides property finance, SME funding, and restructuring services. The firm has a team with experience in corporate and retail banking, property development, and restructuring. Conduit Finance works with clients across the UK from small businesses to larger corporations, and has relationships with over 2,000 lenders including banks, private investors, and alternative lenders. While funding markets have improved, lenders remain cautious, so the firm stresses presenting opportunities to less obvious sources that can offer unique terms.
Gilt market volatility webinar slides.pdfHenry Tapper
The document discusses recent volatility in the gilt (UK government bond) market and actions pension schemes should consider for their investment strategies. It summarizes that gilt yields have risen sharply this year due to inflation fears and monetary tightening. Leveraged liability-driven investment (LDI) strategies, used by many pension schemes, came under pressure due to falling bond prices. The document recommends schemes using LDI decide whether to prioritize returns or hedging risks, and may need to rebalance portfolios or modify LDI strategies. Other strategic issues for schemes to address are also discussed.
Conduit Finance is a financial services advisor established in 2007 in Edinburgh. They serve clients across the UK, focusing on property finance, SME funding, and restructuring services. Their team has experience in corporate and retail banking, property development, and structuring complex financial solutions. They work with a range of clients from small businesses to large corporations and investment funds. While funding markets have improved, lenders' criteria remains unpredictable, making it important to have multiple options. Conduit Finance has access to over 2000 active lenders and can help clients secure competitive financing.
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
Conduit Finance is a financial services advisor established in 2007 in Edinburgh. They serve clients across the UK, focusing on property finance, SME funding, and restructuring services. Their team has experience in corporate and retail banking, property development, and SME lending. They work with clients ranging from sole traders to large corporations. While funding markets remain challenging, Conduit Finance sources financing from over 2,000 lenders, including retail banks, challenger banks, and specialist lenders. They secure competitive financing through creative structuring and by approaching less obvious funding sources.
2015 Finance in the South West Segment 2 - Equity, Grants and Investment read...PKF Francis Clark
The document provides details about a morning event on finance in the South West of England in 2015. The structure of the event is outlined, with sessions on different topics ranging from background on debt and investment to sessions on equity, grants, and an SME perspective. Specific presenters and topics are listed for various sessions throughout the morning, including sessions on equity investment sources and structures, as well as a presentation on angel investment. Contact details are provided for some of the presenters.
The document discusses investing in infrastructure as a strategic approach for pension funds to achieve full funding in difficult markets. It notes falling yields, risky assets underperforming, and declining real rates as challenging conditions. Infrastructure can provide long-term, inflation-linked cash flows from assets like secured leases, ground rents, social housing, and private finance initiatives to better match long-dated pension liabilities. Specific examples mentioned include taking advantage of yields on long-term property leases and investments in public sector projects.
The document discusses Slater and Gordon, a leading law firm that floated on the stock market in 2007. It analyzes the firm's financial performance and accounting policies related to revenue recognition under IAS 18 and the newly adopted IFRS 15. Key points:
1) Slater and Gordon saw rapid growth and high shareholder expectations through an acquisition strategy. However, profits and share prices declined sharply in late 2015 when the firm adopted stricter IFRS 15 revenue recognition rules.
2) Under IAS 18, revenue was recognized based on work completed. But IFRS 15 requires revenue to be "highly probable" and contractually agreed to be recognized. This led to large write-downs of
The document provides an overview of the Samuel Terry Absolute Return Group fund, including:
- Fund details such as size, fees, and performance showing strong long-term returns.
- The investment approach which focuses on "one way bets" and "irrational odds" across a wide opportunity set globally.
- Several current portfolio holdings are discussed in more detail, including Diamond Offshore Drilling, Yellow Holdings NZ, Horizon Oil, and Kiland.
- A valuation summary is provided for AMP estimating a per share value range of $1.45 to $2.17.
Netwealth portfolio construction series - 2018 economic outlook with Roger Mo...netwealthInvest
- The document provides observations and reflections on markets from February 2018 by the Chief Investment Officer of Montgomery Global Equities Fund.
- It notes that many asset prices are at elevated levels compared to historical valuations while prospective returns are low. Several legendary investors are worried about the risk of a correction.
- Specific concerns are mentioned regarding high valuations of certain companies, the concentration risk in major US indices, and the large amount of margin debt fueling further rises in the US stock market.
- Downsides of the extended period of low interest rates are discussed, including rising asset bubbles across many classes.
- The outlook for commodity prices is uncertain given signs of slowing growth in China.
- However, the document
The document provides an overview of Deloitte, a leading global accounting and consulting firm. It discusses Deloitte's presence in Israel, including its 80 partners and over 1,000 employees serving clients across various industries. Deloitte in Israel has eight offices and provides a wide range of audit, tax, consulting, and financial advisory services. The document also introduces some of Deloitte Israel's leadership team.
This document announces a webinar about IRA and CFP topics including selling RONDA. The webinar will provide information on IRAs, CFP designations, and using Excel.
This document discusses reliable income investments in the current market environment. It summarizes LM Investment's Australian income funds, which have historically achieved returns of 6-10% annually through investments in high-quality Australian debt securities. LM believes Australia offers a resilient economy and highly diversified market, with strong population growth, affordable housing, and supportive economic conditions that could support continued property price increases. However, LM focuses on investing in specific local markets rather than national averages to access reliable income from Australian investments.
1) Australia has experienced the longest period of continuous economic growth of any developed country, averaging 3.3% annual GDP growth for 21 years without a recession.
2) Australia is well positioned to benefit from Asia's economic rise given its proximity and exports of commodities and other goods/services to the region.
3) Despite its dependence on mining and commodities, Australia has a highly developed services sector accounting for over 80% of its GDP, and has a very business friendly climate according to various indices.
1. Alternative Income Solutions in Retirement
January 2013
Andrew Savill
Professional Advisor use ONLY – Not for distribution to Retail Clients.
Gilliat Financial Solutions is a trading name of Arbuthnot Latham & Co., Limited who are authorised and regulated by the Financial Services Authority No. 143336.
2. Gilliat Financial Solutions
• Part of the Arbuthnot Banking Group plc., which
can trace its name back to 1833
• Authorised/regulated in the UK
• Gilliat is a leading provider of Structured
Investment Solutions
• Fully independent from but works in partnership
with leading Investment Banks
• Global Business reach servicing the financial
advisory community
• Award winning Research and Development
• Directors have background in
trading, risk management and
investment design
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4. Retirement – not what it used to be?
Ever more people approaching retirement are having to
contend with:-
•Low savings rates
•Low annuity rates
•Inflation
•Sovereign bonds at record highs
•Longer life expectancy
•Uncertain financial markets
6. Fixed Rate Bonds in the UK – Current offers…
A scan of the UK Market – w/c 21st January
2013 - best rates from the ‘big 5’ UK banks
•Barclays Bank – 2.15% for 18 months
•RBS – 2.1% for 2 years
•HSBC – 3% for 5 years (£100k +)
•Santander – 2.5% for 18 months
•Lloyds TSB – 2.25% for 3 years
In 2007 rates of 6% + were available
Source: Bank Websites 21 January 2013
7. Annuity Rates have also fallen around the world
In the UK and US especially, QE has driven down
annuity rates which has pushed yields lower around the globe.
Source: ThisisMoney.com 21 January 2013
8. Where else does one look for income?
Bond Funds?
• Very popular in Q3 and 4 2012 but has the ‘great
rotation’ started? Is the sector ‘overbought’?
• Yields can be unpredictable and are presently low.
• Higher yield bond funds possibly a better bet with
risk environment improving.
Equity Income Funds?
• Yields and/or distributions still in the 3 to 5% range
• Capital is not protected – market cap can rise and
fall.
Property?
• Liquidity a concern, speculative developments?
• Physical property can deliver good returns but is not
without risks – cyclical/tenants/maintenance/legal
risk
9. Alternative Solution
What Gilliat were asked for in 2009:-
• A known level of predictable income
• A covenant from a reputable financial institution
• A very transparent level of market risk with a robust
capital protection feature
• Daily liquidity in the event of clients requiring exit
• Constantly available solution
10. Example Structured Note - Income Builder PLUS
Gilliat Income Builder Series
•Has been provided by Morgan Stanley, RBS
and Commerzbank since the series began in
early 2010.
•Produces Quarterly Income
•Capital protected if FTSE100 is above 3500
points (currently 6200)
•Rates (fixed for each deal) have been
between 6% and 9.7% p.a.
•6yr Investment Term
12. The FTSE100 Index since 1984
02/06/13 Gilliat Financial Solutions is a trading name of Arbuthnot Latham & Co., Limited who are authorised and regulated by the Financial Services Authority No. 143336. 12
13. Perhaps an Israeli Market Solution too?
Over the last 5 years the Israeli Stock Market has exhibited similar
trends to the UK.
Source: Bloomberg 21 January 2013
02/06/13 Gilliat Financial Solutions is a trading name of Arbuthnot Latham & Co., Limited who are authorised and regulated by the Financial Services Authority No. 143336. 13
14. Perhaps an Israeli Market Solution too?
Harnesses the bond AND equity markets
to produce a product that fills a gap in
the market.
Has transparent risk / return
characteristics and a robust capital
protection feature.
02/06/13 Gilliat Financial Solutions is a trading name of Arbuthnot Latham & Co., Limited who are authorised and regulated by the Financial Services Authority No. 143336. 14
15. Important Notes
This material is for professional financial advisers only and persons of any other description should
not rely or act upon it. Any investment in Gilliat Financial Solutions products should be made only
after the investor has read and understood the product Guide including the Terms & Conditions,
and the Termsheet.
Issued by: Gilliat Financial Solutions a trading name of Arbuthnot Latham & Co., Limited.
Arbuthnot Latham & Co., Limited is registered in England No. 819519. Registered office:
Arbuthnot House, 20 Ropemaker Street, London EC2Y 9AR.
Gilliat Financial Solutions a trading name of Arbuthnot Latham & Co., Limited. who are authorised
and regulated by the Financial Services Authority, 25 North Colonnade, Canary Wharf,
London E14 5HS. Registered under the Financial Services Authority number 143336.
Gilliat Financial Solutions does not offer investment advice or make any recommendation
regarding investments.
Returns from the structured products are at risk in the event of any of the institutions who
provide securities for these products default on their financial obligations.
02/06/13 Gilliat Financial Solutions is a trading name of Arbuthnot Latham & Co., Limited who are authorised and regulated by the Financial Services Authority No. 143336. 15
16. Andrew Savill Adrian Neave
Business Development Director Managing Director
Gilliat Financial Solutions Gilliat Financial Solutions
Arbuthnot House Arbuthnot House
20 Ropemaker Street 20 Ropemaker Street
London EC2Y 9AR London EC2Y 9AR
Office: +44(0)20 7012 2803 Office: +44(0)20 7012 2801
Mobile: +44(0)7785 470 030 Email: adrianneave@gilliat.co.uk
Email: andrewsavill@gilliat.co.uk