The document discusses different investment structures available to Australian investors, including managed funds, listed investment companies (LICs), exchange traded funds (ETFs), separately managed accounts (SMAs), and individually managed accounts (IMAs). It provides an overview of the key characteristics, advantages, and challenges of each structure. Managed funds are the most popular but have tax and liquidity disadvantages. LICs provide income benefits but limited liquidity. ETFs offer low costs but limited customization. The appropriate structure depends on an investor's objectives, tax situation, and liquidity needs.
MFA's new educational presentation explains the fees associated with hedge funds and how they are used by hedge fund managers. Generally, hedge fund structures incur management fees and performance fees. Other terms explored in the presentation include high-water marks and hurdle rates. Of course, all hedge fund fees charged to any particular investor are based on contractual terms agreed to by the fund manager and the investor. While there is no such thing as a “standard” fee, there are a number of general terms that apply to hedge fund fees.
For decades, hedge fund managers have supplied investors and regulators with information measuring Assets Under Management (AUM) painting a clear picture of net investor capital at risk. RAUM is a new and separate measurement developed by the SEC. It is not intended to replace AUM and does not illustrate net investor capital at risk. The Commodity Futures Trading Commission (CFTC) does not use RAUM, rather, it relies upon the traditional calculation which is consistent with U.S. GAAP. RAUM will represent a manager’s gross assets under management, rather than net assets under management, and it will be available through managers’ public filings on Form ADV beginning in March 2012.
Distressed Debt Investing: Resources to Help Investors Better Understand The...ManagedFunds
"Distressed Debt Investing: Resources to Help Investors Better Understand Their Investment Options in this Asset Class" is aimed at helping investors better understand their investment options in the distressed debt space. The presentation gives an overview of distressed debt investment and the role these investors play in the bankruptcy process by creating liquidity in the credit markets, lowering the cost of lending, and helping companies that may be close to bankruptcy or in bankruptcy with additional capital.
This educational resource details the traditional calculation method that hedge funds use for their assets under management. It also explains the new method of calculation used by the Securities and Exchange Commission, called Regulatory Assets Under Management (RAUM).
MFA's new educational presentation explains the fees associated with hedge funds and how they are used by hedge fund managers. Generally, hedge fund structures incur management fees and performance fees. Other terms explored in the presentation include high-water marks and hurdle rates. Of course, all hedge fund fees charged to any particular investor are based on contractual terms agreed to by the fund manager and the investor. While there is no such thing as a “standard” fee, there are a number of general terms that apply to hedge fund fees.
For decades, hedge fund managers have supplied investors and regulators with information measuring Assets Under Management (AUM) painting a clear picture of net investor capital at risk. RAUM is a new and separate measurement developed by the SEC. It is not intended to replace AUM and does not illustrate net investor capital at risk. The Commodity Futures Trading Commission (CFTC) does not use RAUM, rather, it relies upon the traditional calculation which is consistent with U.S. GAAP. RAUM will represent a manager’s gross assets under management, rather than net assets under management, and it will be available through managers’ public filings on Form ADV beginning in March 2012.
Distressed Debt Investing: Resources to Help Investors Better Understand The...ManagedFunds
"Distressed Debt Investing: Resources to Help Investors Better Understand Their Investment Options in this Asset Class" is aimed at helping investors better understand their investment options in the distressed debt space. The presentation gives an overview of distressed debt investment and the role these investors play in the bankruptcy process by creating liquidity in the credit markets, lowering the cost of lending, and helping companies that may be close to bankruptcy or in bankruptcy with additional capital.
This educational resource details the traditional calculation method that hedge funds use for their assets under management. It also explains the new method of calculation used by the Securities and Exchange Commission, called Regulatory Assets Under Management (RAUM).
Delivered this presentation in my office with an objective to disseminate the domain knowledge of Hedge Funds to our India as well as US team and higher management. It helped them in gearing up better as consultants to better deal with our clients hailing from Hedge Funds Industry.
I hope it helps you too.
A presentation that Andreas and my self (Jacques) presented on behalf of the Financial Services Board both in Cape Town and Pretoria as well as the University of Stellenbosch
Hedge Fund Due Diligence: Resources to Help Investors Better Understand Their...HedgeFundFundamentals
In light of recent changes brought forth by the new rules adopted by the Securities and Exchange Commission (SEC) implementing the Jumpstart our Business Startups (JOBS) Act, this presentation is designed as an educational tool with basic information about who can invest in hedge funds as well as some potential red flags regarding investment fraud.
This is the presentation deck from Real Estate Investing 101: Financing, PeerRealty's fourth in a series of on-demand educational videos. In this series, PeerRealty Head of Investments Jeff Rothbart takes viewers through the fundamentals of real estate investing, and discusses some of the key metrics that real estate investors should consider. This Financing course analyzes the different types of debt instruments that investors can expect to find in real estate deals. It also discusses common loan agreement provisions, and explains how they can affect your real estate investment.
You can view this webinar at http://resources.peerrealty.com/real-estate-investing-101-financing
Managing Defined Contribution Plan Investments: A Fiduciary HandbookCallan
Employee Retirement Income Security Act (ERISA) fiduciaries face a challenging task: They must familiarize themselves with ERISA's complicated rules of fiduciary conduct. They must understand and evaluate the performance of plan investments, and in doing so, they are subject to ERISA's prudent expert and exclusive purpose standards. In this handbook we focus on defined contribution (DC) plan investment fiduciaries and some of the key issues they face.
This helpful presentation takes an in depth look into the many issues surrounding this important topic in the hedge fund industry, clearing up misconceptions and offering a thorough explanation of the reasons behind offshore investing.
Included in this presentation among other topics, users will find information regarding:
How hedge funds are structured
The composition of hedge fund investors
Reasons why investors choose offshore hedge funds
The various domiciles in which hedge funds operate
How hedge funds accommodate the needs of various investors
Learn more about the global hedge fund industry at: www.hedgefundfundamentals.com.
Corporate Structuring and Fundraising for Single Purpose VehiclesRiveles Wahab LLP
What do securities syndications and fundraising for real estate, restaurant ventures, film ventures, theme parks and a variety other project finance opportunities have in common?
The answer is simply the often overlooked and misunderstood “SPV.” Essentially, the SPV or “Single Purpose Vehicle” is an entity that is structured to take in investor monies towards funding a singular dedicated project or opportunity. Indeed, a great majority of real estate finance projects, and a variety of other project finance opportunities essential to the U.S. economy, are at least partly funded by SPVs. Furthermore, with the advent of crowdfunding and “general solicitation” under the JOBS Act, the SPV’s role in financing a variety of projects and operating companies cannot be overstated.
The Toroso Target Income Series uses exchange-traded products (ETPs) to create three distinct fixed
income portfolios intended to behave more like traditional bonds. The goal is to target a specific yield
while returning principal at a target date. While it is impossible to guarantee the receipt of income or
the return of principal, the proliferation of ETPs has created the opportunity to build synthetic bond
portfolios that simulate traditional bond characteristics, but reduce risk through greater diversification.
Delivered this presentation in my office with an objective to disseminate the domain knowledge of Hedge Funds to our India as well as US team and higher management. It helped them in gearing up better as consultants to better deal with our clients hailing from Hedge Funds Industry.
I hope it helps you too.
A presentation that Andreas and my self (Jacques) presented on behalf of the Financial Services Board both in Cape Town and Pretoria as well as the University of Stellenbosch
Hedge Fund Due Diligence: Resources to Help Investors Better Understand Their...HedgeFundFundamentals
In light of recent changes brought forth by the new rules adopted by the Securities and Exchange Commission (SEC) implementing the Jumpstart our Business Startups (JOBS) Act, this presentation is designed as an educational tool with basic information about who can invest in hedge funds as well as some potential red flags regarding investment fraud.
This is the presentation deck from Real Estate Investing 101: Financing, PeerRealty's fourth in a series of on-demand educational videos. In this series, PeerRealty Head of Investments Jeff Rothbart takes viewers through the fundamentals of real estate investing, and discusses some of the key metrics that real estate investors should consider. This Financing course analyzes the different types of debt instruments that investors can expect to find in real estate deals. It also discusses common loan agreement provisions, and explains how they can affect your real estate investment.
You can view this webinar at http://resources.peerrealty.com/real-estate-investing-101-financing
Managing Defined Contribution Plan Investments: A Fiduciary HandbookCallan
Employee Retirement Income Security Act (ERISA) fiduciaries face a challenging task: They must familiarize themselves with ERISA's complicated rules of fiduciary conduct. They must understand and evaluate the performance of plan investments, and in doing so, they are subject to ERISA's prudent expert and exclusive purpose standards. In this handbook we focus on defined contribution (DC) plan investment fiduciaries and some of the key issues they face.
This helpful presentation takes an in depth look into the many issues surrounding this important topic in the hedge fund industry, clearing up misconceptions and offering a thorough explanation of the reasons behind offshore investing.
Included in this presentation among other topics, users will find information regarding:
How hedge funds are structured
The composition of hedge fund investors
Reasons why investors choose offshore hedge funds
The various domiciles in which hedge funds operate
How hedge funds accommodate the needs of various investors
Learn more about the global hedge fund industry at: www.hedgefundfundamentals.com.
Corporate Structuring and Fundraising for Single Purpose VehiclesRiveles Wahab LLP
What do securities syndications and fundraising for real estate, restaurant ventures, film ventures, theme parks and a variety other project finance opportunities have in common?
The answer is simply the often overlooked and misunderstood “SPV.” Essentially, the SPV or “Single Purpose Vehicle” is an entity that is structured to take in investor monies towards funding a singular dedicated project or opportunity. Indeed, a great majority of real estate finance projects, and a variety of other project finance opportunities essential to the U.S. economy, are at least partly funded by SPVs. Furthermore, with the advent of crowdfunding and “general solicitation” under the JOBS Act, the SPV’s role in financing a variety of projects and operating companies cannot be overstated.
The Toroso Target Income Series uses exchange-traded products (ETPs) to create three distinct fixed
income portfolios intended to behave more like traditional bonds. The goal is to target a specific yield
while returning principal at a target date. While it is impossible to guarantee the receipt of income or
the return of principal, the proliferation of ETPs has created the opportunity to build synthetic bond
portfolios that simulate traditional bond characteristics, but reduce risk through greater diversification.
Таможенный Индекс EBA представляет собой набор из следующих 4-х показателей оценки таможенных процедур среди компаний, которые взаимодействовали с таможенной системой:
Среднее число дней, которые были потрачены на таможенное оформление одной партии товара
Процент физических проверок товаров (%);
Общее количество отказов по применению первого метода определения таможенной стоимости (доля от общего числа таможенных деклараций,%);
Среднее количество документов на одну партию.
Также добавлено динамику упрощения таможенных процедур согласно результатам опроса среди руководителей компаний в рамках индекса инвестиционной привлекательности ЕБА.
Исследование было проведено EBA, аналитическая поддержка оказана исследовательской компанией InMind.
http://www.eba.com.ua/ua/about/projects/customs-index
What Are The Benefits Of A Self-Managed Super Fund.pdforangeiq
Get Efficient and Expert Bookkeeping Services in Australia with TheallianceIQ. We Streamline your financial records with our professional bookkeeping team.
Study on Mutual Fund is the Better Investment PlanProjects Kart
Mutual funds have become a hot favorite of millions of people all over the world. The driving force of mutual fund is the ‘safety of the principal’ guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. People prefer Mutual Funds to bank deposits, life insurance and even bond because with a little money, they can get into the investment game. One can own string blue chips like ITC, TISCO, Reliance etc., through mutual funds. Thus, mutual funds act as a gateway to enter into big companies hitherto inaccessible to an ordinary investor with his small investment.
Regulation changes in the South African hedge fund industry has created a liquid, well-regulated environment in which all investors can gain access to the diversification benefits that comes with including an alternative component to a traditional portfolio.
How Wealthy People Use Professional Money Managementfreddysaamy
http://ekinsurance.com/financial/money-management/
Just as surgeons don't operate on themselves, wealthy people usually do not invest their own money. They have investment professionals manage their money for them.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
2. Background
This paper outlines the key characteristics of different structures used to
provide investment management to investors. The paper d
a foundation for discussion of these structures; it is not intended to be an
exhaustive analysis of each structure.
While there has been considerable industry comment and analysis on
each of these structures individually, we are not aware of any holistic
treatment that provides investors and their advisers with insights on the
most appropriate structures to deliver investment management services
that best deliver on an investor s objectives.
Specifically, the paper covers the principal investment management
structures available to investors and their advisers in Australia, namely
managed funds, Listed Investment Companies (LICs), Exchange Traded
Funds (ETFs), Separately Managed Accounts (SMAs), and Individually
Managed Accounts (IMAs).
Traditionally, discussion and analysis around how to best fulfil investment
objectives has focused on asset allocation, investment style, manager
selection, and legal structure. We believe the structure used to deliver an
investment management service is an important consideration and
deserves further examination.
It is worth noting that this paper has been prepared by Private Portfolio
Managers (PPM). Although we believe the information and commentary
provided in this document is soundly constructed and does not carry
undue bias, readers are advised of the nature of our business:
PPM is an independent boutique investment manager offering IMA
services to high net worth individuals and families. In addition to IMA
management, PPM provides investment management services to a public
offer superannuation fund and charitable organisations. Our offering is
singularly a funds management service, rather than a holistic advisory
service. We work with other organisations including financial advisers,
accountants, attorneys, private banks, and family offices in serving
investors needs.
2
3. The Importance of Investment Structures
The a significant impact on the
real returns of all investors. This impact of tax is most evident at the
highest marginal rate of 46.5%, but even tax advantaged and tax free
investors are significantly affected by the imputation system as they are
entitled to recoup franking credits, which can have a meaningful impact
on real returns.
In the Australian climate, taxation issues alone warrant a close
investigation of investment structures, as they have a direct impact on
taxation. However, there are other reasons to consider structures.
An important structural consideration is the ability of the actions of some
investors to affect other investors within the same investment program.
Recent redemption suspensions on certain managed funds are a classic
example.
Additionally, the approach the investment manager adopts can be
influenced by the investment structure both in terms of investment
process and portfolio management practices.
Investment structures also play an important role in relation to
transparency, fees, and governance. And, the structure may impact the
practical ability to terminate the services of the investment
manager.
For advisers, fiduciary duty is also an important concern, as an
appreciation for the characteristics of different structures will ultimately
assist the adviser in providing quality, informed advice and fulfilling their
role as fiduciary.
The following pages discuss the characteristics of various investment
structures, highlighting their relative suitability for different kinds of
investors.
3
4. Managed Funds
Managed funds are by far the most popular structure for delivering
investment management services to Australians and currently contain
approximately $1 trillion in assets. Held by both retail and wholesale
investors; managed funds offer a comprehensive range of asset classes,
investment styles and investment managers.
Structure
Managed funds, are a simple collective investment vehicle pooling money
together from investors in order to buy an asset or portfolio of assets,
which are managed by an external fund manager. The trust owns the
underlying assets and investors receive units in the trust proportional to
the amount they have invested. All investors and units are treated
equally.
Operations
Investment managers manage the funds contained in the trust as a single
pool; buying and selling the underlying assets to
stated objectives.
Managed funds generally issue or cancel units in the trust as funds flow
into or out of the fund; with the corresponding transactions in the portfolio
made as flows necessitate. These transactions are based on what is
judged most prudent for the portfolio.
If tax management is employed it incorporates minimising short term
capital gains, limiting portfolio turnover, and capturing franking credits.
Taxation is on a pass-through basis with each unit holder receiving a
proportional allocation based on the underlying portfolio and transactions
through the tax year. Any capital gains are distributed to investors each
year, while capital losses are retained within the fund.
Expenses are extracted from the value of the portfolio and can vary
widely depending on the product. Most funds apply a management fee of
between 0.75% and 1.75% Entry and exit fees are now rare but still exist
in some products. There is generally a difference between the prices
offered to buy
transactional costs associated with executing the corresponding
transactions within the fund.
4
5. Key Structural Advantages
The simple pooled nature of managed funds provides an
economical means of providing a diversified and professionally
managed portfolio to investors of any size.
Administration, transactions and reporting are straightforward as
each fund is a single entity.
Pooling together the funds of many investors offers access to a
variety of assets that would not otherwise be accessible to most
investors, such as infrastructure and real estate.
The popularity and ubiquitous nature of managed funds means
nearly any investment exposure is available, across a range of
categories including asset classes and investment styles.
Managed funds can be accessed through multiple means including
directly and through investment platforms and third party research
is readily available.
Key Structural Challenges
As all investors are treated equally from a taxation perspective,
new investors in a fund may inherit an imbedded tax liability on
gains they did not participate in. This liability is unknown upon
entry into the fund and may occur over the lifetime of the holding.
Unlike in the US, where Morningstar and other research houses
publish these tax liabilities, there is no disclosure of this potential
tax liability so it is impossible for investors to assess. This liability is
likely to be greatest in the best performing funds with low portfolio
turnover, creating a material and unknown element for even
seasoned investors and advisers.
Conversely managed funds may contain an embedded tax loss
after a period of poor performance. If new investors enter the fund,
they will dilute this capital loss and those investors who incurred the
loss will not fully participate in the offset the loss creates against
future gains.
A continuous issue and redemption of units to facilitate investor
movements creates transactions in the underlying portfolio, as the
investment manager rebalances to accommodate increases or
decreases in the portfolio size. Each of these transactions creates
tax consequences for all unit holders, not just those buying and
selling units.
A large withdrawal or addition to the fund will have consequences
for all unit holders. This not only includes tax consequences but
also the underlying exposures of the fund may require adaptation to
accommodate the transaction. For example, a redemption may
necessitate or an addition
may dilute investors exposure to a unique asset. In extreme cases
unit redemptions may be suspended, as was the case for many
property, hedge, and fixed income related funds during the GFC.
5
6. There is no ability to roll managed fund holdings into other funds or
holdings without incurring a tax event. For example, where there
has been a change in either the operations or investment
management of the trust, investors who have a substantial
unrealised gain on the trust must face the decision of maintaining
the holding or incurring a possible tax event such as a large
realised gain.
Investment managers have little ability to utilise tax effective
strategies such as cherry picking tax lots or buyback participation
as the trust investors include a variety of tax circumstances, and
these strategies may disadvantage some investors while benefiting
others.
Operational transparency is limited, constricting the ability of
investors to examine the tax
efficiency, fees & expenses, and sources of return.
Capital losses in the fund can not be distributed to unit holders to
offset capital gains in other investments
The perpetual nature of trusts when combined with an open-ended
structure can be problematic for investors looking for certainty of
income through a debenture portfolio. Predicting future income in a
trust is difficult because portfolio reweighting through different
interest rate cycles will alter the payouts over time and investors
have no certainty of receiving their principal back as the investment
manager may be forced so sell positions at below par in order to
meet redemption requests.
Applications for Investors
Given the relative merits of managed funds, the following applications are
potentially the most applicable:
Small to medium size investors looking for professional
management and diversification who may be at lower marginal tax
rates.
Diversification into specialist asset classes and investment
management expertise.
Foreign investors for whom Australian tax is not a consideration.
Access to investments where scale is required such as real estate
or private equity.
6
7. Listed Investment Companies (LICs)
Listed Investment Companies (LICs) are also pooled investment vehicles
offering investment management to investors, although as listed vehicles
they retain different characteristics to managed funds. LICs were first
established in the 1 some $20 billion in
assets.
Structure
LICs operate in a similar manner to other listed companies, issuing
shares to investors who buy and sell on the stock exchange. Unlike other
companies, investors in LICs buy their shares for exposure to the
underlying assets held in their investment portfolio and the ongoing
investment management provided. Investment management may be by
an external fund manager or internally managed by employees or
directors of the company.
Operations
The closed-end nature of LICs means the portfolio management of LICs
is quite different to an open-ended managed fund. Investment managers
are managing a fixed pool of assets rather than a variable pool that
requires regular rebalancing. Although LICs can increase or reduce the
size of their capital they do so at the discretion of management rather
than the investor, and the mechanisms they utilise are the same as other
listed companies (rights offerings, placements, buybacks, etc.)
income and realised gains are distributed to investors through payment of
dividends or held within the company as retained earnings. This ability to
retain returns provides the opportunity to offer predictable income
streams to investors that is comprised of both income from the portfolio
and realised gains.
The component of dividends which is attributable to long-term capital
gains is identified and generally qualifies for the 50% concession1.
Like managed funds, LICs may contain an embedded capital gain which
is reflected in the Net Tangible Assets (NTA). Unlike
managed funds, there is an obligation to disclose the size of the
embedded gain to the market on a monthly basis, and in theory this
information is factored into the market price of the company.
Costs can vary widely among LICs and range from 0.15% to in excess of
1.5%. In some instances, costs quoted may only be for investment
1
Not all LICs are eligible to offer capital gains concessional dividends. Those that can pass through the
component of gains made on holdings of more than 12 months, do so at the 50% concessional tax rate.
7
8. management services and may not include operational expenses such as
share registry, Board remuneration, etc. Stockbrokerage also applies
when buying or selling LICs.
Key Structural Advantages
The closed-end nature of LICs and certainty of the capital managed
provide the ability to invest for the long term and eliminates the
need for rebalancing transactions within the portfolio. It also means
purchases and sales by investors do not affect the underlying
portfolio (although these actions may affect the LIC s traded price).
The ability to provide some certainty in dividend payments and the
efficient transfer of capital gains into income (via franked dividends)
can provide unique investment characteristics, particularly when
derived from an equity based portfolio, where returns are normally
tilted toward capital growth.
There is potential for tax deferral of both capital gains and income
through retained earnings, although this increases the embedded
tax liability contained within the LIC; while the tax deferral may be a
benefit to existing shareholders, it could reduce the after tax returns
of new investors.
The characteristic of on-market pricing disparity to the value of the
(NTA) is both an opportunity and risk. This
opportunity and risk is based on the changes in market sentiment
that affect LIC market prices. Although an important feature of
LICs, it has been examined in other forums and will not be covered
further here.
Key Structural Challenges
Like managed funds, LIC investors can have a variety of tax
treatments, therefore it is impossible to manage for a particular tax
outcome. This characteristic may be offset to some degree where
the LIC is managed to maximise franked dividends as an
investment objective.
Investors who can not make use of franking credits (notably foreign
investors) may not participate in the full returns of the company.
Where there has been a change in either the operations or
investment management of the company, investors must face the
decision of maintaining the holding or incurring a tax event, such as
a large capital gain. There is no ability to roll over holdings without
incurring a tax event.
Capital losses in the portfolio can not be distributed to shareholders
to offset capital gains in other investments.
Operational transparency is limited, constricting the ability of
investors to examine
efficiency, fees & expenses, and sources of return.
8
9. On-market liquidity varies by individual LIC and warrants
consideration as it can effect transaction prices and the ability to
buy or sell the LIC.
Applications for Investors
Given the relative merits of LICs, the following applications are potentially
the most applicable:
Investors looking for a managed exposure to investment markets,
who are patient enough to ride out changes in sentiment that can
affect on-market prices.
Investors with the appropriate skill or advice to identify undervalued
LICs.
Investors who value a consistent income stream and/or a high
component of their returns through franked dividends.
Diversification into international equities, specialist asset classes,
and unique investment styles that some LICs offer.
9
10. Exchange Traded Funds (ETFs)
ETFs are open-ended unit trusts listed on the stock exchange providing
exposure to an underlying investment portfolio. While they may share
components of both managed funds and LICs, they have a number of
characteristics unique to the structure. Very popular in North America
and Europe, profile is growing in Australia with more than 50
offerings traded on the ASX and additional offerings being planned.
Often synonymous with equity index management, ETFs are developing
into new areas such as active management and other asset classes.
Exchange Traded Commodities (ETCs), which utilise an ETF structure to
provide exposure to physical commodities, are one example.
Structure
ETFs are essentially managed funds that trade like shares. They are
priced continually and can be bought and sold throughout the day. ETFs
are designed to trade on market
valuations. To do this, they facilitate a unit creation and redemption
facility, effectively adding or reducing capital as demand changes, thereby
removing disparities between
backing.
ASX quoted ETFs currently consist of both Australian domiciled ETFs and
US domiciled ETFs, with the US based products offered as CHESS
Depository Interests (CDIs) over the US listed ETFs. All ASX quoted
ETFs trade in Australian dollars and settle through normal CHESS
mechanisms.
Operations
Purchases, sales, and asset holding are done in the same manner as
listed shares, and listed strategies such as limit orders and margin loans
can be employed. ETFs also have special trading rules to facilitate their
ability to be sold short, making them a potential hedging instrument.
Taxation for Australian domiciled ETFs is on a pass-through basis, in the
same manner as other unit trusts. US domiciled ETFs have a special
accounting treatment that means they rarely distribute capital gains 2.
Often marketed as low cost alternatives to managed funds, management
fees for ETFs begin at less than 0.30% for Australian equity index
products, as low as 0.07% for US equities, and can exceed 1% for other
types of offerings. Stockbrokerage will apply to ETF transactions.
2
The accounting treatments on US ETFs mean in-specie issuance and redemptions are not a taxable
event.
10
11. Key Structural Advantages
The cost effective and simple nature of the products can provide a
diversified market exposure for wholesale or retail investors.
The performance of the underlying assets can be efficiently
captured without the influence of external factors.
For index based products, portfolio turnover is low, reducing tax
events such as realised capital gains and losses.
The netting of buy and sell trades on-market, potentially reducing
transaction costs and unit issuance & redemption, resulting in less
tax events within the fund.
Embedded capital gains do not build up to the same extent as in
managed funds, as the in-specie issue and redemption
mechanism, removes low-cost tax lots from the fund3. US
domiciled ETFs very rarely distribute any capital gains.
Key Structural Challenges
Like other forms of pooled investment, ETFs may have an
embedded capital gain, which is not easily assessable.
Index based ETFs may not appeal to all investors.
Capital losses in the fund can not be distributed to unit holders to
offset capital gains in other investments.
The institutional nature of ETFs could result in large issuances and
redemptions and resulting tax events for ETFs holders (more
applicable to Australian domiciled products than US products2).
Applications for Investors
Given the relative merits of ETFs, the following applications are
potentially the most applicable:
Investors looking for low cost exposure to investment markets,
either as a long term core holding or as a tactical strategy.
Traders looking for an alternative to futures or options contracts.
A diversification tool for investors with limited holdings or those who
could benefit from access to additional investment markets.
Investors valuing a more tax efficient vehicle than mainstream
managed funds.
Accessing exposures which may be otherwise difficult capture
(international equity markets, specific sectors, emerging markets,
commodities, etc.) and the investment strategies available through
these exposures.
A tax deferred international investment strategy.24
3
The extent will depend on the individual product
4
The Foreign Investment Fund (FIF) tax regime does not appear to apply to US domiciled ETFs.
11
12. Separately Managed Accounts (SMAs)
Separately Managed Accounts (SMAs) are investment portfolios where
the investor maintains direct ownership of an investment portfolio,
managed by a fund manager in accordance with a set investment
strategy. Each investor in a SMA program receives the same investment
management based on a model portfolio that is applied to their account.
There are currently more than 200 investment strategies available in
Australia from a variety of large and boutique managers across a number
of administration platforms. Some financial planning organisations have
developed their own SMAs offerings as a mechanism to deliver their
funds management service to their client base.
Structure
The investment implementation and administration platform used in
implementing SMAs is generally separate to the investment management
and each operates in a somewhat different manner. It is therefore
important to understand both the investment management and the
investment administration.
Unified Managed Accounts (UMAs) are another form of SMAs and allow
investors to hold multiple investment types in a single account (equities,
property, precious metals, etc.)
Operations
The following practices are general in nature and may differ among
different SMA programs.
SMA fund managers build a model portfolio comprising their investment
selections and relative weightings, this model portfolio is provided to the
investment administration platform where the individual investor portfolios
are implemented and maintained to mirror the model portfolio.
Any change in the model portfolio will result in corresponding changes in
each of the SMAs that are assigned to the strategy. Model portfolios are
based on market valuations so each account regardless of its age
maintains the same proportion of each holding. Additions or withdrawals
generally result in proportional purchases or sales across the securities in
the model portfolio, maintaining the model weightings.
Investors may have the option of blocking certain securities from
purchases or sales, should they choose (cash will commonly be held in
lieu of excluded securities). As investors maintain beneficial ownership,
their tax positions reflect their actual purchases and sales and are not
influenced by the actions of other investors. Similarly, investors may
12
13. transfer their holding to another investment manager or custodian without
incurring a tax event.
Most investment administration platforms will also allow existing direct
holdings to be transferred into the investment program without incurring a
tax event although this can generally only be done with holdings that
are already in the investment portfolio and to the proportion they comprise
of the model portfolio.
Management fees are withdrawn directly from the cash component of the
portfolio and generally range from 0.70% to 1.6%. Investors may also
incur transaction charges, which many administration platforms will
aggregate and/or net across the accounts on the platform.
Key Structural Advantages
There is no embedded tax liability within an SMA structure and
investors do not realise tax consequences as others enter or leave
the scheme. As assets are not pooled, the actions of other
investors do not affect all investors.
Investors can transfer in an existing portfolio without having to
liquidate all positions and potentially incur capital gains tax
consequences although only to the extent and proportions the
investments are contained in the model portfolio.
Investors may terminate the manager and leave the scheme
without being forced to liquidate the positions and incur tax events.
transactions, holdings, tax efficiency, fees & expenses, and
sources of return.
Investors may restrict or exclude transactions or holdings in
specific securities.
Realised capital losses can be utilised to offset capital gains
realised elsewhere.
Most investment administration platforms will allow investors or
their advisers to choose a tax lot strategy that suits their taxation
situation (tax loss harvesting, cherry picking, etc.).
Transaction costs may be very low due to netting and/or
consolidation at the administration platform level.
Key Structural Challenges
The model portfolio approach to portfolio construction differs in
meaningful ways to the traditional incremental approach and the
full extent of these differences is unknown. The model portfolio
approach results in the entire portfolio invested at a single point
while the traditional approach is to assemble a portfolio
incrementally over time. The model portfolio approach does not
an investment, as any
13
14. new investors will buy positions held within the model portfolio
even if the manager views the investment as a hold rather than a
buy. New investors in SMAs may purchase higher proportions of
securities that have already appreciated, because allocations are
based on market valuations of the positions in the model portfolio.
new capital and may even be sold shortly thereafter if the security
has fully appreciated. These factors are likely to have an impact on
performance, although this impact is difficult to quantify. This
dynamic also means existing management strategies can not
simply be applied to SMAs with the expectation of identical results.
Execution strategies that aim to increase performance are
prices or in the closing single price auction (for Australian equities).
Therefore, poor execution prices are possible, particularly in small
or less liquid companies.
The investment manager can not consider the investors individual
tax position when building or changing the model portfolio, as the
same portfolio is applied to investors with a variety of tax
treatments. Eg a SMSF will receive the same management as a
portfolio taxed at 46.5% etc.
portfolio may maintain a large cash position, as cash is commonly
substituted for excluded holdings.
The structure may be impractical to implement for some
investment strategies or asset classes such as private equity,
small capitalisation companies, or direct real estate.
Applications for Investors
Given the relative merits of SMAs the following applications are
potentially the most applicable:
Investors looking for tax effective managed exposure to investment
markets.
As a core position in a broader investment portfolio that may
include a variety of investment styles and asset classes.
Transition of a moderate unmanaged direct share portfolio to a
professionally managed structure.
Investors seeking a highly transparent investment management
service.
A mechanism to provide managed exposure to fixed income
without the risks inherent in open-ended pooled investment
structures.
14
15. Individually Managed Accounts (IMAs)
Individually Managed Accounts (IMAs) are investment portfolios managed
to the particular objectives and circumstances of each investor. Like
SMAs, IMAs provide investors with direct beneficial ownership of their
portfolios but they do not use a model portfolio approach to investment
management.
There are currently about 50 providers in Australia offering IMAs, ranging
from large organisations to small private operations.
Structure
Investment management, implementation and administration are
generally offered as a single service from the IMA provider, although they
may utilise the services of third party suppliers in delivering the service.
Each offering is somewhat different and there can be a blurring between
IMA and SMA offerings depending upon the services offered. The
following practices are general in nature and may differ.
Some IMA providers may also provide holistic financial advice to
investors as an integrated part of their offering, while others are simply
investment managers offering funds management services through an
IMA structure.
Operations
IMA fund managers build and manage an investment portfolio based on
the individual objectives and tax positions of each investor. Therefore,
the investment portfolio and management decisions will be somewhat
different and tailored for each investor. Generally, management is based
on optimising after tax returns.
Investors may specify particular objectives, such as dividend income,
capital growth, or risk aversion. Exclusions or limits to exposures in
certain securities or sectors are generally accommodated and substitute
positions are held in lieu.
As investors maintain beneficial ownership, their tax positions reflect their
actual purchases and sales and are not influenced by the actions of any
other investors. Similarly, investors may transfer their holding to another
investment manager or custodian without incurring a tax event.
Existing direct holdings can be transferred into IMA programs without
incurring a tax event these securities are assessed on an after tax basis
for inclusion in the portfolio. After evaluation of capital gains tax
implications, and consultation with the investor or their adviser, a specific
strategy is developed for existing holdings.
15
16. IMAs tend to provide additional service to investors and their advisers.
Typically, this service consists of personal contact with the investment
manager, portfolio specific commentary, collaboration on tax
management strategies and detailed tax and performance reporting.
IMAs were initially developed for the needs of wealthier investors who
could benefit from the after tax focus and tailored mandates. Generally
minimum investments range from $500,000 to $5,000,000.
Management fees are withdrawn directly from the cash component of the
portfolio and generally range from 0.80% to 1.7%. Investors may also be
subject to transaction costs.
Key Structural Advantages
The investment mandate can be customised to suit the particular
investment objectives of the investor. This includes the individual
risk, income, return and tax characteristics of the investor.
There is no embedded tax liability within an IMA structure and
investors do not realise tax consequences as others enter or leave
the scheme.
As assets are not pooled, the actions of other investors do not
affect all investors.
IMAs are generally managed on an after tax basis to the particular
tax treatments and circumstances of each investor. This may result
in better real returns.
Investors can import an existing portfolio without liquidating
positions and potentially incurring capital gains tax consequences.
Investors may terminate the manager and leave the scheme
without being forced to liquidate the positions and incur tax events.
Investors may restrict or exclude transactions or holdings in
specific securities.
transactions, holdings, tax efficiency, fees & expenses, and
sources of return.
Realised capital losses can be utilised to offset capital gains
realised elsewhere.
Portfolio tax lot management is co-ordinated with investors or their
advisers to choose a tax strategy that suits their taxation situation
(tax loss harvesting, cherry picking, etc.).
IMAs are structured and are formally a service offering rather than
a financial product, therefore management fees may be tax
deductable.
16
17. Key Structural Challenges
As managers target after tax returns, assessing the value added
by the manager is more difficult - as often actions taken (or not
taken) to minimise tax are done at the detriment of the headline
return, making comparisons with pre-tax benchmarks such as
share market indices less meaningful.
Independent research and league tables from established
research organisations is not readily available, therefore investors
and their advisers must rely on their own assessments of manager
quality.
The spectrum of IMA offerings is limited and concentrated around
Australian equity strategies.
The structure may be impractical to implement for some
investment strategies or asset classes.
Applications for Investors
Given the relative merits of IMAs the following applications are potentially
the most applicable:
Core Australian equity exposure for wealthier investors.
Investors with a high sensitivity to tax or those seeking optimised
after-tax returns.
Investors valuing a tailored and individual approach or enhanced
service levels from a fund manager.
Tax effective transition of an unmanaged direct share portfolio to a
professionally managed structure.
Investors seeking a highly transparent investment management
service.
A mechanism to provide managed exposure to fixed income that
can effectively capture the income and return of capital
characteristics of fixed income securities.
17
18. Summary Table of Key Features
Managed
LICs ETFs SMAs IMAs
Funds
Tax
Poor Moderate Good Very Good Excellent
Efficiency
Portability None None None Good Excellent
Managed to
particular tax No Sometimes No No Yes
outcome
Transparency Limited Moderate Good Excellent Excellent
Direct
No No No Yes Yes
Ownership
Embedded
Often Often Sometimes No No
tax liability
Capital Any current Any current
Future gains Future gains Future gains
losses can be or future or future
within structure within structure within structure
applied to: gains gains
Research
Extensive Good Good Moderate None
Availability
Variety Comprehensive Good Moderate Moderate Limited
Portfolio Manager's Manager's Manager's Model Manager's
Construction Prudence Prudence Prudence Portfolio Prudence
Tailored
No No No No Yes
Management
Management
fee tax No No No No Often
deductibility
18
19. Additional Sources of Information
General US background on ETFs and Mutual Funds:
http://etfdb.com/2009/five-advantages-of-etfs-vs-mutual-funds/
Australian information on LICs and ETFs:
http://www.asx.com.au/index.htm
Tax information on managed accounts:
http://www.investopedia.com/articles/05/021405.asp
Morningstar method for calculating embedded tax on US funds:
http://corporate.morningstar.com/ca/documents/MethodologyDocuments/Metho
dologyPapers/MorningstarPotentialCapGainExp_Methodology.pdf
Australian study on tax implications within managed funds:
http://www.austlii.edu.au/au/journals/UNSWLRS/2009/37.html
S&P prepared information on managed accounts:
http://www2.standardandpoors.com/spf/pdf/funds/UnderstandingSMAs.pdf
Investment Management for Family Wealth:
http://www.ppmfunds.com
Study on the effect of after tax returns on fund inflows:
http://www.people.hbs.edu/dbergstresser/dbjp1.pdf
US Mutual Fund Tax Awareness Act of 2000:
http://frwebgate.access.gpo.gov/cgi-
bin/getdoc.cgi?dbname=106_cong_reports&docid=f:hr547.106.pdf
General information on US funds management industry:
http://www.ici.org/
19