Several brokers are trying to make managed futures more accessible to retail investors by offering portfolios of multiple CTAs with lower minimum investments. This allows investors to gain exposure to managed futures through a diversified portfolio instead of investing large minimum amounts with a single CTA. Brokers are targeting emerging CTAs with minimums between $25,000-$50,000 and combining three or more of these smaller accounts into a single portfolio to provide retail investors access to managed futures normally reserved for institutional investors.
The document discusses several options for micro-investing in residential property with small amounts of money, including co-investing with friends, using the equity in a family home as security to purchase an investment property, fractional property funds that allow investment in individual properties for as little as $100, listed property stocks and ETFs on the stock market, and contributory secured first mortgages that provide high yields with low risk. It notes both benefits and risks for each option, such as lower costs and diversification benefits but also less control and liquidity than owning a whole property.
Industry balance sheet is becoming more scarce and expensive.
Funds need to take a closer look at the entire liquidity provider space - existing, new and alternatives.
This 'perspective' addresses many of the issues that prime brokers, funds and the entire industry are currently facing.
Rodger Sprouse • Titan Securities
- Swimming with the sharks by Linda Ferentchak
- Oil price decline has divergent impact on stock sectors
- Adapting business practices for the next generation of clients (Robert Kinnun, Madison Avenue Securities, Inc.)
1) The document discusses investment returns from various financial industry products and portfolios managed using the author's proprietary risk analysis methods. It finds the author's portfolios significantly outperformed typical industry returns and market benchmarks over the periods examined.
2) The author's portfolios employed stop-loss protections that helped defend capital from downturns while replacements provided further gains. Across various markets and portfolio examples, the author's methods generated returns many times higher than alternatives like mutual funds.
3) The author argues their theory and risk-analysis approach can help small investors restore portfolio performance by selecting "likeable" stocks tending to gain in value over the long run. They invite interested parties to contact them for more information.
Leverage Lending, Dividend Recaps and Solvency OpinionsMercer Capital
This document discusses leveraged lending, dividend recaps, and solvency opinions. It notes that yield-starved lenders are willing to provide capital, leading to a rise in leveraged loans and dividend recaps. Solvency opinions evaluate if a company's assets exceed its liabilities and if it has adequate capital, using valuation methods and cash flow and capital adequacy tests. Scenario analysis is used to stress test projections and compliance with debt covenants. While dividend recaps unlock value for equity holders, they increase leverage which existing bondholders view negatively.
Cambridge Alternative Investments is a private equity portfolio advisor and fund of funds manager. They develop investment policies, identify top managers, and dynamically manage risk. They take a quantitative analytical approach to alternative asset allocation, manager selection, and portfolio optimization. Their goal is to bring elements of public markets investing discipline to private equity and provide institutional investors flexible programs and access to top managers.
Useful Capital & Liquidity Options to CEO Entrepreneurs Charles Bedard
The document discusses various options for the cost of growth capital and liquidity alternatives for founders and shareholders. It describes mezzanine financing, which provides a combination of debt and minority equity investment. A minority recapitalization involves tendering 20-49% equity ownership in exchange for capital. These alternatives are best for companies with established business models, single-digit or greater revenue growth, and over $1 million in recurring EBITDA to provide liquidity while maintaining control.
- Helford Capital Partners LLP is an investment management firm based in London that was launched in 2013 and is authorized and regulated by the Financial Conduct Authority.
- The firm manages the Helford Global I Fund, a systematic trend-following strategy across equities, rates, FX and commodities using proprietary quantitative models.
- Risk management is a key part of the investment process, with trade sizing determined by volatility and a VaR-based methodology employed to measure risk.
The document discusses several options for micro-investing in residential property with small amounts of money, including co-investing with friends, using the equity in a family home as security to purchase an investment property, fractional property funds that allow investment in individual properties for as little as $100, listed property stocks and ETFs on the stock market, and contributory secured first mortgages that provide high yields with low risk. It notes both benefits and risks for each option, such as lower costs and diversification benefits but also less control and liquidity than owning a whole property.
Industry balance sheet is becoming more scarce and expensive.
Funds need to take a closer look at the entire liquidity provider space - existing, new and alternatives.
This 'perspective' addresses many of the issues that prime brokers, funds and the entire industry are currently facing.
Rodger Sprouse • Titan Securities
- Swimming with the sharks by Linda Ferentchak
- Oil price decline has divergent impact on stock sectors
- Adapting business practices for the next generation of clients (Robert Kinnun, Madison Avenue Securities, Inc.)
1) The document discusses investment returns from various financial industry products and portfolios managed using the author's proprietary risk analysis methods. It finds the author's portfolios significantly outperformed typical industry returns and market benchmarks over the periods examined.
2) The author's portfolios employed stop-loss protections that helped defend capital from downturns while replacements provided further gains. Across various markets and portfolio examples, the author's methods generated returns many times higher than alternatives like mutual funds.
3) The author argues their theory and risk-analysis approach can help small investors restore portfolio performance by selecting "likeable" stocks tending to gain in value over the long run. They invite interested parties to contact them for more information.
Leverage Lending, Dividend Recaps and Solvency OpinionsMercer Capital
This document discusses leveraged lending, dividend recaps, and solvency opinions. It notes that yield-starved lenders are willing to provide capital, leading to a rise in leveraged loans and dividend recaps. Solvency opinions evaluate if a company's assets exceed its liabilities and if it has adequate capital, using valuation methods and cash flow and capital adequacy tests. Scenario analysis is used to stress test projections and compliance with debt covenants. While dividend recaps unlock value for equity holders, they increase leverage which existing bondholders view negatively.
Cambridge Alternative Investments is a private equity portfolio advisor and fund of funds manager. They develop investment policies, identify top managers, and dynamically manage risk. They take a quantitative analytical approach to alternative asset allocation, manager selection, and portfolio optimization. Their goal is to bring elements of public markets investing discipline to private equity and provide institutional investors flexible programs and access to top managers.
Useful Capital & Liquidity Options to CEO Entrepreneurs Charles Bedard
The document discusses various options for the cost of growth capital and liquidity alternatives for founders and shareholders. It describes mezzanine financing, which provides a combination of debt and minority equity investment. A minority recapitalization involves tendering 20-49% equity ownership in exchange for capital. These alternatives are best for companies with established business models, single-digit or greater revenue growth, and over $1 million in recurring EBITDA to provide liquidity while maintaining control.
- Helford Capital Partners LLP is an investment management firm based in London that was launched in 2013 and is authorized and regulated by the Financial Conduct Authority.
- The firm manages the Helford Global I Fund, a systematic trend-following strategy across equities, rates, FX and commodities using proprietary quantitative models.
- Risk management is a key part of the investment process, with trade sizing determined by volatility and a VaR-based methodology employed to measure risk.
Introduction to Business Valuation & Understanding the Engagementbrienj1nacva
This document provides an overview and introduction to a five-part webinar series on business valuation fundamentals for CPAs. It discusses the disclaimer, CPE accreditation details, presenter biography, and an evolution of business valuation including key IRS pronouncements and the development of standards and bodies like FASB and NACVA. It also previews the topics that will be covered in each session of the webinar series, including understanding the engagement, financial analysis, valuation approaches, discounts and premiums, and sanity checks.
2016_08_Entrepreneur_Fund your business (1)Nadia Rawjee
This document provides information on finding funding for a business in South Africa. It discusses the following key points:
1) The first step is to understand your business needs and phase (idea, startup, growth, etc.) to identify the right sources of funding.
2) There are multiple government institutions and funds that provide loans or grants for businesses, targeting different industries, ownership criteria, and business phases.
3) The document provides a table outlining various funds from the National Empowerment Fund and Department of Trade and Industry, including their mandates, eligibility, and contacts.
4) Understanding the specific requirements and target audience of different funders is essential to successfully securing the right funding for a business
Shifting the lens_Bridges IMPACT+_FINALmargochanning
The document discusses ways to de-risk impact investments in order to attract more capital from asset owners and scale the impact investing market. It identifies five main risk factors that deter asset owners: capital risk, liquidity risk, transaction cost risk, impact risk, and unquantifiable risk. The report provides examples of each risk factor and suggests that in order to broaden the market, impact investments need to be clarified and risks mitigated when possible. It recommends examining de-risking features that could address each specific risk factor.
CapStratum is a private financing and investment firm that invests, arranges, sources and syndicates debt and equity facilities for sophisticated lower middle-market companies.
A superior new replacement to traditional discounted cash flow valuation models
In the aftermath of the financial meltdown, the models commonly used for discounted cash flow valuation have become outdated, practically overnight. To meet the demand for an authoritative guidebook to the new economy, internationally recognized expert Kenneth Hackel has written Security Valuation and Risk Analysis.
This document provides information about Confluence Investment Advisors, a fee-only advisory firm that constructs low-cost ETF portfolios for individual investors. Key points:
- Confluence charges significantly lower fees than a typical advisor, saving clients thousands per year.
- The firm's founder, Paul Fraker, has decades of experience in finance and investment management.
- Confluence takes a passive approach, constructing globally diversified ETF portfolios tailored to each client's goals, risk tolerance, and tax situation. ETFs provide broad exposure at very low costs.
- By using low-fee ETFs and charging only for portfolio management, Confluence aims to maximize investors' returns over time
The document discusses angel investor groups, which are collections of individual angel investors that review investment opportunities together. The main benefits discussed are being able to pitch to many qualified investors at once and identifying angels that may invest individually. It provides tips for submitting proposals, including using a sponsor within the group. Angel groups typically focus on regional investing and may split investments among members. Due diligence involves the group more closely examining promising opportunities. Lists of some Midwestern angel groups are also included.
East Gate Capital Ventures buys and sells performing and non-performing assets for banks, credit unions, and other financial institutions. They offer discreet transactions for asset sales of $3 million or more, including mortgages, auto loans, marine loans, credit cards, and personal portfolios. Potential clients can contact representatives Linda Cavalli, Bill Shucart, or Bill MacKay to discuss asset sales.
Mercer Capital | How to Value Your Insurance Brokerage (2018)Mercer Capital
Understanding how insurance agencies and brokerages are actually valued may help you understand how to grow the value of your business and maximize your return when it comes time to sell. The purpose of this whitepaper is to provide an informative overview regarding the valuation of insurance brokerages and agencies.
A Quick Guide to Venture Capital by Apogee Accelerator Groupsalesbuddy
Apogee Accelerator Group tells you what you need to know before seeking Venture Capital for your startup or small business.
Visit our page: http://partner.salesbuddy.io/apogee
Madison Street Capital Investment Bank alternative lending white paper kdcunha
Alternative lending sources provide capital options for lower to middle market companies that are often deemed "unbankable" by commercial banks. These alternative lenders include specialty finance companies, credit hedge funds, business development companies, mezzanine lenders, private equity funds, and special situation funds. While alternative lending can fill capital gaps, the costs are typically higher, including high interest rates in the teens to low 20s, restrictive covenants, equity components, high fees, and personal guarantees. However, for some businesses, the rewards of accessing capital to pursue opportunities outweigh the costs of doing nothing or the inability to access traditional bank loans.
This survey collected data from 194 commercial real estate owners and managers regarding investments in secondary and tertiary markets. Key findings include:
- 44% of respondents expect to make additional investments in non-core markets in 2011, seeing them as offering the best development opportunities.
- Nearly half of respondents plan to upgrade existing properties in these markets, while 40% plan to increase rents in 2011.
- Average cap rates seen in non-core markets range from 8-12.5%, offering higher yields than core markets.
- The strength of the local economy and availability of financing were the most important factors for considering investments in secondary/tertierary markets.
An Introduction to the World of Venture CapitalScott Tominaga
When startups need funding, venture capital is one option they might consider. Getting funding from a VC firm can offer certain advantages to new businesses that may not be able to get approved for traditional loans. Thanks to the rise of crowdfunding, it’s now becoming decidedly more mainstream.
Charles Schwab is rated Outperform with a target price of $38 per share, representing 27.6% implied upside. It has the strongest franchise among peers and is best positioned to capitalize on secular tailwinds and benefit from higher interest rates. Consensus price target is $32, while RBC's price target and valuation see more upside for Charles Schwab given its business model and ability to leverage industry trends.
Globalscope newsletter 2016 h2 – na xel ipartnersFadjar Sutandi
The Globalscope newsletter reported on the latest semi-annual conference held in Dallas, which highlighted new developments in global M&A activity and business valuation multiples. Six leading M&A firms recently joined the Globalscope network, expanding it to over 500 professionals across 41 countries. Discussions at the conference focused on deal opportunities and insights from local industry experts. More than 65 delegates attended and participated in discussions, guest speaker presentations, and social events.
EIα All Weather Alpha Fund I L.P. is a Quantitative Long/Short Global Equity fund managed by EIα All Weather Alpha Partners, LLC. The Fund’s objective is to seek attractive absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets.
The document discusses lending opportunities for borrowing against shares and share portfolios. Due to difficult lending conditions from banks, hedge funds have entered the market and are providing loans secured against shares, with loan-to-value ratios of up to 80%. The loans can be used for any purpose and range from £100,000 to £1 billion with fast approval and funding. Borrowers must pledge qualifying shares listed on a major exchange and held free of restrictions in a separate custodial account.
EIα All Weather Alpha Fund I L.P. is a Quantitative Long/Short Global Equity fund managed by EIα All Weather Alpha Partners, LLC. The Fund’s objective is to seek attractive absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. The only requirements are the minimum investment is $10k per unit and they are a good Limited Partner. At EIA I have created an environment, structure, and set of routines that enable us to be patient, disciplined, and to exercise good judgment.
▪ Discipline means a willingness to keep one’s standards incredibly high across an organization, whether that is making investments or other
business decisions.
▪ Patience is a willingness to forgo activity today in order to end up with better results over the long term.
▪ Judgment is the ability to conquer the behavioral side of investing, think clearly in terms of probabilities, identify the key variables, and
weigh difficult tradeoffs.
The Fund’s strategy is based on utilizing a proprietary intellectual framework (GLM Analytics) of forecasting, research, portfolio simulation and valuation models to evaluate when to buy or sell stocks using over 100 factors. This intellectual framework allows the Portfolio Manager to manage the Fund unencumbered by emotions or inherent bias.
GLM Analytics is Eiα’s proprietary systematic research process using quantitative techniques to capitalize on opportunities from mis-priced fundamentals. It is an approach built upon depth, breadth and diversification. GLM Analytics is an adaptive and repetitive process brings together the latest in portfolio management techniques and technology with the traditional fundamental, technical and qualitative analysis to navigate the ever-changing market environments to achieve the highest returns for investors.
EIα All Weather Alpha Fund I L.P. strategy pursues four primary objectives:
1. Long-term capital appreciation in excess of market indices (S&P 500)
2. Generating income from dividend or interest on securities
3. Capital preservation
4. Limitation of downside risk.
Respectfully,
Andrew M. Middlebrooks
CEO/CIO & General Partner
EIα Alpha Partners Fund Management, LLC
EIα All Weather Alpha Partners, LLC.
EIα All Weather Alpha Partners Fund I, L.P.
C- 248.990.1938
E- andrew.middlebrooks@eiaalphapartners.com
A secondary buy-out occurs when one private equity firm acquires a business from another private equity firm, rather than from the original owner. The document discusses how secondary buy-outs have become more common, accounting for 25-30% of all buy-outs. It presents perspectives on why secondary buy-outs are occurring more frequently, such as pressure for existing private equity funds to exit investments. The document also outlines key issues that can arise for management teams during a secondary buy-out, such as conflicts of interest, signaling to new investors, changes to equity structure and incentives, and tax implications. It provides tips and lessons learned from an executive who led a company through a secondary buy-out process.
TRI-L Precision Tooling & Trading Corp. was established in 2008 by experts in tool and die making to service semiconductor companies. It started with 3 machines and has grown significantly, acquiring more sophisticated machines. The company designs, fabricates, and assembles precision tools and dies for processing semiconductor chips. It has an active list of customers in the shipbuilding and semiconductor industries.
El documento describe la evolución de los teléfonos celulares a través de las generaciones. Comenzó como un teléfono grande solo para uso en vehículos (1G), luego se hizo más pequeño y portátil (2G), agregando SMS. La 3G permitió acceso a Internet móvil y videoconferencia. La 4G promete mayor ancho de banda para aplicaciones como televisión HD.
Introduction to Business Valuation & Understanding the Engagementbrienj1nacva
This document provides an overview and introduction to a five-part webinar series on business valuation fundamentals for CPAs. It discusses the disclaimer, CPE accreditation details, presenter biography, and an evolution of business valuation including key IRS pronouncements and the development of standards and bodies like FASB and NACVA. It also previews the topics that will be covered in each session of the webinar series, including understanding the engagement, financial analysis, valuation approaches, discounts and premiums, and sanity checks.
2016_08_Entrepreneur_Fund your business (1)Nadia Rawjee
This document provides information on finding funding for a business in South Africa. It discusses the following key points:
1) The first step is to understand your business needs and phase (idea, startup, growth, etc.) to identify the right sources of funding.
2) There are multiple government institutions and funds that provide loans or grants for businesses, targeting different industries, ownership criteria, and business phases.
3) The document provides a table outlining various funds from the National Empowerment Fund and Department of Trade and Industry, including their mandates, eligibility, and contacts.
4) Understanding the specific requirements and target audience of different funders is essential to successfully securing the right funding for a business
Shifting the lens_Bridges IMPACT+_FINALmargochanning
The document discusses ways to de-risk impact investments in order to attract more capital from asset owners and scale the impact investing market. It identifies five main risk factors that deter asset owners: capital risk, liquidity risk, transaction cost risk, impact risk, and unquantifiable risk. The report provides examples of each risk factor and suggests that in order to broaden the market, impact investments need to be clarified and risks mitigated when possible. It recommends examining de-risking features that could address each specific risk factor.
CapStratum is a private financing and investment firm that invests, arranges, sources and syndicates debt and equity facilities for sophisticated lower middle-market companies.
A superior new replacement to traditional discounted cash flow valuation models
In the aftermath of the financial meltdown, the models commonly used for discounted cash flow valuation have become outdated, practically overnight. To meet the demand for an authoritative guidebook to the new economy, internationally recognized expert Kenneth Hackel has written Security Valuation and Risk Analysis.
This document provides information about Confluence Investment Advisors, a fee-only advisory firm that constructs low-cost ETF portfolios for individual investors. Key points:
- Confluence charges significantly lower fees than a typical advisor, saving clients thousands per year.
- The firm's founder, Paul Fraker, has decades of experience in finance and investment management.
- Confluence takes a passive approach, constructing globally diversified ETF portfolios tailored to each client's goals, risk tolerance, and tax situation. ETFs provide broad exposure at very low costs.
- By using low-fee ETFs and charging only for portfolio management, Confluence aims to maximize investors' returns over time
The document discusses angel investor groups, which are collections of individual angel investors that review investment opportunities together. The main benefits discussed are being able to pitch to many qualified investors at once and identifying angels that may invest individually. It provides tips for submitting proposals, including using a sponsor within the group. Angel groups typically focus on regional investing and may split investments among members. Due diligence involves the group more closely examining promising opportunities. Lists of some Midwestern angel groups are also included.
East Gate Capital Ventures buys and sells performing and non-performing assets for banks, credit unions, and other financial institutions. They offer discreet transactions for asset sales of $3 million or more, including mortgages, auto loans, marine loans, credit cards, and personal portfolios. Potential clients can contact representatives Linda Cavalli, Bill Shucart, or Bill MacKay to discuss asset sales.
Mercer Capital | How to Value Your Insurance Brokerage (2018)Mercer Capital
Understanding how insurance agencies and brokerages are actually valued may help you understand how to grow the value of your business and maximize your return when it comes time to sell. The purpose of this whitepaper is to provide an informative overview regarding the valuation of insurance brokerages and agencies.
A Quick Guide to Venture Capital by Apogee Accelerator Groupsalesbuddy
Apogee Accelerator Group tells you what you need to know before seeking Venture Capital for your startup or small business.
Visit our page: http://partner.salesbuddy.io/apogee
Madison Street Capital Investment Bank alternative lending white paper kdcunha
Alternative lending sources provide capital options for lower to middle market companies that are often deemed "unbankable" by commercial banks. These alternative lenders include specialty finance companies, credit hedge funds, business development companies, mezzanine lenders, private equity funds, and special situation funds. While alternative lending can fill capital gaps, the costs are typically higher, including high interest rates in the teens to low 20s, restrictive covenants, equity components, high fees, and personal guarantees. However, for some businesses, the rewards of accessing capital to pursue opportunities outweigh the costs of doing nothing or the inability to access traditional bank loans.
This survey collected data from 194 commercial real estate owners and managers regarding investments in secondary and tertiary markets. Key findings include:
- 44% of respondents expect to make additional investments in non-core markets in 2011, seeing them as offering the best development opportunities.
- Nearly half of respondents plan to upgrade existing properties in these markets, while 40% plan to increase rents in 2011.
- Average cap rates seen in non-core markets range from 8-12.5%, offering higher yields than core markets.
- The strength of the local economy and availability of financing were the most important factors for considering investments in secondary/tertierary markets.
An Introduction to the World of Venture CapitalScott Tominaga
When startups need funding, venture capital is one option they might consider. Getting funding from a VC firm can offer certain advantages to new businesses that may not be able to get approved for traditional loans. Thanks to the rise of crowdfunding, it’s now becoming decidedly more mainstream.
Charles Schwab is rated Outperform with a target price of $38 per share, representing 27.6% implied upside. It has the strongest franchise among peers and is best positioned to capitalize on secular tailwinds and benefit from higher interest rates. Consensus price target is $32, while RBC's price target and valuation see more upside for Charles Schwab given its business model and ability to leverage industry trends.
Globalscope newsletter 2016 h2 – na xel ipartnersFadjar Sutandi
The Globalscope newsletter reported on the latest semi-annual conference held in Dallas, which highlighted new developments in global M&A activity and business valuation multiples. Six leading M&A firms recently joined the Globalscope network, expanding it to over 500 professionals across 41 countries. Discussions at the conference focused on deal opportunities and insights from local industry experts. More than 65 delegates attended and participated in discussions, guest speaker presentations, and social events.
EIα All Weather Alpha Fund I L.P. is a Quantitative Long/Short Global Equity fund managed by EIα All Weather Alpha Partners, LLC. The Fund’s objective is to seek attractive absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets.
The document discusses lending opportunities for borrowing against shares and share portfolios. Due to difficult lending conditions from banks, hedge funds have entered the market and are providing loans secured against shares, with loan-to-value ratios of up to 80%. The loans can be used for any purpose and range from £100,000 to £1 billion with fast approval and funding. Borrowers must pledge qualifying shares listed on a major exchange and held free of restrictions in a separate custodial account.
EIα All Weather Alpha Fund I L.P. is a Quantitative Long/Short Global Equity fund managed by EIα All Weather Alpha Partners, LLC. The Fund’s objective is to seek attractive absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. The only requirements are the minimum investment is $10k per unit and they are a good Limited Partner. At EIA I have created an environment, structure, and set of routines that enable us to be patient, disciplined, and to exercise good judgment.
▪ Discipline means a willingness to keep one’s standards incredibly high across an organization, whether that is making investments or other
business decisions.
▪ Patience is a willingness to forgo activity today in order to end up with better results over the long term.
▪ Judgment is the ability to conquer the behavioral side of investing, think clearly in terms of probabilities, identify the key variables, and
weigh difficult tradeoffs.
The Fund’s strategy is based on utilizing a proprietary intellectual framework (GLM Analytics) of forecasting, research, portfolio simulation and valuation models to evaluate when to buy or sell stocks using over 100 factors. This intellectual framework allows the Portfolio Manager to manage the Fund unencumbered by emotions or inherent bias.
GLM Analytics is Eiα’s proprietary systematic research process using quantitative techniques to capitalize on opportunities from mis-priced fundamentals. It is an approach built upon depth, breadth and diversification. GLM Analytics is an adaptive and repetitive process brings together the latest in portfolio management techniques and technology with the traditional fundamental, technical and qualitative analysis to navigate the ever-changing market environments to achieve the highest returns for investors.
EIα All Weather Alpha Fund I L.P. strategy pursues four primary objectives:
1. Long-term capital appreciation in excess of market indices (S&P 500)
2. Generating income from dividend or interest on securities
3. Capital preservation
4. Limitation of downside risk.
Respectfully,
Andrew M. Middlebrooks
CEO/CIO & General Partner
EIα Alpha Partners Fund Management, LLC
EIα All Weather Alpha Partners, LLC.
EIα All Weather Alpha Partners Fund I, L.P.
C- 248.990.1938
E- andrew.middlebrooks@eiaalphapartners.com
A secondary buy-out occurs when one private equity firm acquires a business from another private equity firm, rather than from the original owner. The document discusses how secondary buy-outs have become more common, accounting for 25-30% of all buy-outs. It presents perspectives on why secondary buy-outs are occurring more frequently, such as pressure for existing private equity funds to exit investments. The document also outlines key issues that can arise for management teams during a secondary buy-out, such as conflicts of interest, signaling to new investors, changes to equity structure and incentives, and tax implications. It provides tips and lessons learned from an executive who led a company through a secondary buy-out process.
TRI-L Precision Tooling & Trading Corp. was established in 2008 by experts in tool and die making to service semiconductor companies. It started with 3 machines and has grown significantly, acquiring more sophisticated machines. The company designs, fabricates, and assembles precision tools and dies for processing semiconductor chips. It has an active list of customers in the shipbuilding and semiconductor industries.
El documento describe la evolución de los teléfonos celulares a través de las generaciones. Comenzó como un teléfono grande solo para uso en vehículos (1G), luego se hizo más pequeño y portátil (2G), agregando SMS. La 3G permitió acceso a Internet móvil y videoconferencia. La 4G promete mayor ancho de banda para aplicaciones como televisión HD.
Wilbert Ebbers - De Duurzame WerkplaatsARXlabs B.V.
Tijdens De Duurzame Werkplaats gingen zo'n 60 leerlingen van het Graafschap College en AOC Oost aan de slag met duurzaam verbouwen van een kleine werkplaats in de tuin van ARXlabs in Zelhem. Naast een praktijkopdracht waren er diverse workshops en presentaties.
Wilbert Ebbers (ARXlabs en projectleider De Duurzame Werkplaats) trapte de week af met deze presentatie.
http://www.duurzamewerkplaats.nl
Este documento describe SlideShare, un sitio web para compartir presentaciones de diapositivas. Explica que permite subir y compartir presentaciones de PowerPoint, PDF y otros formatos. También permite insertar videos de YouTube y crear presentaciones con audio. Menciona algunas ventajas como mejorar el posicionamiento profesional y llegar a nuevas audiencias, pero también desventajas como un límite de tamaño de archivo y la falta de privacidad al publicar.
This document is a resume for Michael F. Fragello. It summarizes his professional experience including positions in executive administration, customer relations, church administration, accounting, and tax preparation. It also lists his education as a B.A. in Business Administration from Washington & Jefferson College. Contact information is provided at the top including address, phone numbers, and email.
CloudCart presentation - Strategies for e-commerce successPeter Iliev
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Jan Willem van de Groep - De Duurzame WerkplaatsARXlabs B.V.
Tijdens De Duurzame Werkplaats gingen zo'n 60 leerlingen van het Graafschap College en AOC Oost aan de slag met duurzaam verbouwen van een kleine werkplaats in de tuin van ARXlabs in Zelhem. Naast een praktijkopdracht waren er diverse workshops en presentaties.
Jan Willem van de Groep gaf donderdagavond een presentatie aan de leerlingen. "Rebuild the Future:
http://www.duurzamewerkplaats.nl
How emerging managers can raise capital, hire the best people, sustain profitability and organize for tax efficiency. More here: http://gt-us.co/1qG5Xlu
The document discusses a methodology from ProfitFlo for successfully implementing cost-saving programs. It involves three key elements: 1) Precisely defining different types of savings; 2) Using a rigorous savings pipeline process to track opportunities; and 3) Reporting savings regularly to stakeholders to ensure agreement on results. This approach aims to deliver sustainable EBITDA improvements of 4-8% and supplier savings of 5-50% by providing transparency and engaging stakeholders at each stage of the process.
Are You Ready for the Next Age of Crowdfunding-PCMag-05-19-16Jeffrey A. Koeppel
Regulation Crowdfunding (Reg CF) and Regulation A+ (Reg A+) allow small businesses and startups to raise capital from non-accredited investors through online crowdfunding portals. Reg CF permits companies to raise up to $1 million and allows non-accredited investors to contribute 5-10% of their annual income. Reg A+ deals in higher funding amounts, requires SEC approval and financial audits. Both regulations open new opportunities for funding local small businesses and startups that previously lacked access to traditional financing. As the crowdfunding space matures, these regulations have the potential to significantly expand access to capital and investment.
Future of Wealth Management_Cisco_Fall 2015_LowResJoseph Pagano
The document discusses disruptions in the wealth management industry driven by changing client expectations, new technologies like robo-advisors, and the need for advisors to adapt. Key points:
- Clients expect anytime, anywhere access to financial services on mobile devices and personalized advice based on life goals rather than products. Robo-advisors also offer low-cost investment options.
- Advisors face challenges like an aging workforce, increased regulation, and demands for higher productivity. New technologies may help advisors better serve clients and collaborate.
- To succeed, wealth managers must learn to "drive the new CAR" - balancing clients, advisors, and robots by meeting client expectations through new technologies while controlling costs
I rarely have a conversation these days where the topic of financing doesn’t arise as a serious concern for my clients. When the economy is robust, and the
capital markets are frothy, financing a commercial real estate transaction is a relatively simple matter. However during today’s recessionary times, the
commercial capital markets are severely constrained. Not only is the supply of capital tight, but the demand may be near all time highs as well. Depending on which industry source you quote there is between $150 and $200 billion dollars of CMBS debt maturing in...
Exchange Traded Funds allow investors to access international markets more easily through technological innovations, increasing globalization and expanded availability of securities. This has challenged the traditional view that solely investing in US securities provides the best risk-return tradeoff, as prudent investors now recognize the benefits of diversifying across industries and markets through international portfolio investments. The availability of global assets and ease of accessing international markets provides investors new opportunities to maximize returns while reducing risk through cross-country diversification.
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The questions that investors should ask there CEOs is
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This prospectus introduces a new student-run hedge fund start-up called Graff Trading. The founders are experienced traders who have shown good results over 5 years. They aim to pool $100,000 from major initial investors. The start-up has three key pillars - experienced founders, a proven trading strategy using algorithms and robots, and a business model of generating additional revenue from app development. Their goal is to reach a $20 million fund capitalization within 3 months of launching.
Lu en-10-disruptors-wealth-management-102015Thierry Raizer
The document outlines 10 disruptive trends that will change the global wealth management industry. These trends revolve around evolving investor needs, digital transformation, and an increasingly complex market environment. A key trend is the shift to a new generation of investors with different preferences who expect a simpler and more engaging experience. They are looking for holistic advisory solutions. Additionally, the industry is experiencing increased digitalization due to technologies like robo-advisors and the use of big data. The market has also become more complex with new regulations, competition from specialized players, and pressure on profit margins. These trends particularly impact Luxembourg players and those who adapt successfully will secure their position for the future.
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1. With a high regulatory bar for creating public pools, restrictions on trail
commissions and super high minimum investment levels for managed accounts,
few investors have access to managed futures. However, some brokers are
trying to bridge the gap by offering managed futures to retail.
Managed futures for all
MONEYMANAGED
M
anaged futures as an asset
class, to many, is a closely
held secret. Though the
likes of John W. Henry,
Millburn Ridgefield and Campbell and
Company have been around for several
decades with returns that hold up
against the more popular alternatives
and have offered retail access through
broker dealer networks, the vast major-
ity of managed futures programs are out
of the reach of ordinary investors.
There are only a handful of open
public commodity pools available to
the retail public and the vast universe
of commodity trading advisors (CTA)
all seem to require minimums of
$500,000 or more (see “Managers want
big money, right”). Perhaps the main
problem is that the terms futures and
investment have often been thought of
as mutually exclusive.
Because futures always have been
viewed as a highly speculative field,
whether you talk to an average Joe or a
Wall Street broker, they never have
gained mainstream attraction as a viable
asset class. Retail investors can pick
from thousands of long-only equity
based mutual funds and bond mutual
funds and even real-estate investments
trusts (REIT), but they are rarely pre-
sented with the managed futures option.
The way investments are offered to
the retail community involve “securi-
tizing” larger investments and offering
them in smaller chunks. While that is
efficiently done in long-only mutual
funds, in futures the regulatory hurdles
are multiplied, making the creation of
public pools cost prohibitive.
While the Managed Funds
Association has long sought freedom
from the yoke of dual regulation, any
entity seeking to create a public pool
faces a cost ten times greater than cre-
ating a mutual fund and the close
supervision of multiple regulators.
There is a large gap between the hand-
ful of retail public commodity pools
and the universe of 600 plus CTAs
who target institutional and high net-
worth clients. However, a group of
enterprising futures commission mer-
chants (FCM) are attempting to fill the
void by finding emerging CTAs who
accept smaller minimums and offer
managed accounts at a more reasonable
investment level.
Rick Gallwas has attempted to fill
that gap, first through his firm Zap
Futures and now as president of RJO
Futures, a division of R.J. O’Brien,
which purchased Zap. “Am I trying to
give people professional money man-
agers at a lower entry level than
$500,000? Yes, I am working with peo-
ple to grab this marketplace of emerg-
ing CTAs because, obviously, the peo-
ple taking $500,000 minimums and
B Y D A N I E L P . C O L L I N S
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2. Reproduction or use of the text or pictorial content in any manner without written permission is prohibited.
Copyright 2005 by Futures Magazine Group, 833 W. Jackson Blvd., 7th Floor, Chicago, IL 60607
managing $500 million started some-
where,” Gallwas says. He sees a great
desire for professionally managed
futures from people with between
$25,000 and $100,000 to invest. “On
the individual level you are trying to
give the retailer the chance to work
with professional money managers.”
Gallwas is not alone. FCMs
Peregrine Financial Group (PFG), Man
Futures and American National
Trading Corp. and several others all
have been working and developing
relationships with emerging CTAs to
offer to their clientele.
PFG has gone a step further by hold-
ing a CTA challenge that awards the
best performing emerging CTA with a
$500,000 allocation. The award is not
the goal, but a way to attract emerging
managers. Michael Killian, SVP at
PFG, says their clientele requires them
to think small. “Given the client pro-
file that PFG has, more retail oriented,
and clients that would invest in CTAs
or funds in the $10,000 to $100,000
range, we need to find emerging CTAs,
as their minimum requirement tends to
be in that $25,000 to $50,000 range,”
Killian says.
Michael Herron, national director of
brokerage services at American
National Trading Corp. (ANTC), is
two years into a program trying to bring
managed futures to the retail investor.
“We are looking for the mom and pop
investor; the whole idea is to bring Wall
Street to Main Street. The mom and
pop investor has not been aware of man-
aged for the last 30 years,” Herron says.
Perhaps the reason he cited Wall
Street, synonymous with stock trad-
ing, instead of LaSalle Street, synony-
mous with futures trading, is because
he has mirrored his strategy from ones
used in the equity world. “I morphed
the approach Merrill Lynch imple-
mented 15 years ago. They had their
own due diligence committee and
software designed to show if I blended
a top-down blue-chip growth manager
with a bottom-up approach blue-chip
manager and an allocation to an inter-
national stock and an allocation to a
small cap manager and an allocation
to a interest rate trader, here is what
the portfolio would have done over x
amount of years,” Herron says. He has
applied that methodology to a group
of CTAs. An investor will give
ANTC its profile including invest-
ment goals and risk tolerance and it
will create a portfolio.
“We blend managers together
according to the overall account size
and create a portfolio designed to
meet and exceed their performance
expectations and risk tolerance,”
Herron says. It is taking modern port-
folio theory down another level by
diversifying alternatives. “We grab
three of our managers out of the
11 we offer and put them together in
such a way that the total account
size is $100,000, it is an actual con-
www.futuresmag.com | August 2005 57
NOT A LOT OF CHOICES
Only a small portion of CTAs offer programs with minimums of $50,000 and below.
Source: Barclay Map
MANAGERS WANT BIG MONEY
CTA minimums greater than $1 million is the norm.
Source:Barclay Map
17%
83%
$10,000 and under
$60,000 – $80,000
$200,000 – $400,000
$15,000 – $25,000
$100,000
$500,000 – $900,000
$30,000 – $50,000
$125,000 – $150,000
$1 million and higher
5%
41%
4% 8%
15%
13%
11%
2%
1%
*Note: Several programs with minimums of $50,000 or below listed on the Barclay Map database are funds, so the percentage of
managed accounts at that level is less.
$50,000 and under $ above $50,000
3. glomerate of three to four managed
accounts and we tally it up on our
equity runs and show the performance
over the course of a month on a daily
basis,” Herron says.
FAMILY OF MANAGED ACCOUNTS
Offering diversification is a major
problem for these programs. Most sys-
tems, even if robust, work best when
applied to a diverse group of sectors
and futures contracts. Having higher
minimum investment levels is not just
a residue of success and attracting high
net worth investors’, it is a necessity if
a manager is applying his methodology
to a diverse group of markets in
a managed account format. Each
account must receive an allocation for
each market traded so the more mar-
kets traded necessitates a higher mini-
mum investment level.
That is why the group of managers
offering managed accounts at lower
minimums tend to be the niche manag-
er who are applying their methodology
to only one market or one market
sector. While many of these managers
are successful, the program is not diver-
sified and a prudent investor needs to
spread his alternative investment dollar
to several of these managers.
“What an investor says is ‘I want to
put in $100,000 but I don’t think I
want to put it with just one CTA,
can I invest in two or three CTAs?’
We present to them a portfolio that
shows [a $100,000 allocation to]
three CTAs; here would have been
their performance over the last year
or so if you had given a third to
each,” Killian says. “We also would
have shown you, hopefully, that
these three CTAs are not correlated
to each other. That gives additional
comfort. We think that gives extra
value to a client’s investment.”
This is important because diversi-
fied managers, those trading between
25 and 75 markets, necessarily have
higher minimums. The vast majority
of CTAs in the $25,000 to $50,000
range are niche managers. But one can
combine an equity index program, a
forex program and an agricultural pro-
gram together and get a pretty well-
diversified strategy.
That is precisely what many FCM
programs are attempting. While not as
efficient as creating a public pool, it has
the benefit of not adding a layer of fees
and keeping the added transparency
and liquidity of managed accounts.
This is what Gallwas set out for
Managed Money continued
58 FUTURES | August 2005
PORTFOLIO BUILDER
Brokers can hook you up with a stable of managers by matching your investment needs
and risk tolerance with the appropriate CTAs.
Source:
4. when developing his portfolio optimiz-
er strategy for Zap with a group of Uni-
versity of Chicago graduate stu-dents
and is now utilizing it with RJO Fu-
tures. “Click on it, answer a few ques-
tions and you will have a portfolio de-
veloped for you and you will be able to
call and talk to one of our represen-
tatives who will tell you which prod-uct
we recommend for you,” Gallwas says,
(see “Portfolio builder,” left).
You input your risk parameters and
the equity you have to risk and it gives
recommendations for managers with
the proper allocation to each.
The problem is accessing the man-
agers. The vast majority of managers
require higher minimums than the retail
investor can afford (see, “Not a lot of
choices,” page 59). Once you parse
through the small number of CTAs with
smaller minimums and eliminate man-
agers with undesirable performance and
risk characteristics, you have a very
small number. “The weakest part of the
equation is [the number of] products to
support it. I would really like to have
12 to 18 solid across-the-board differ-
ent market CTAs on my Web site,”
Gallwas says, adding there is a partic-
ular need for energy sector managers.
“I can’t tell you how many people have
come in and said ‘do you have anyone
who is heavy in the energies? ’” Gall-
was adds.
Most of these programs operate with-
out adding any additional cost than if
the investor accessed the CTA directly.
They can do that because they are reap-
ing the brokerage benefits. Even those
that allow their introducing bro-ker
networks to participate says the end
user typically is charged no more that a
$15 roundturn fee, along with the CTAs
typical 2% management fee and 20%
incentive fee.
Herron was an introducing broker
(IB) for FCM Vision prior to develop-
ing ANTC’s program. Vision, to some
degree, pioneered this approach but
employs a structure that allows their
affiliated IBs to charge high front load
and management fees (see “How much
are you paying?” January 2005). While
Vision offers several CTAs with im-
pressive performance, the added fees on
the front-end create a large hurdle for a
manager’s performance to overcome.
“IBs ask ‘why should I sell yours
when other FCMs are going to pay me
out three times the amount?’ The real-
ity is all those payments get taken out
of the client’s performance and at the
end of the day you have an unhappy
client and you have done nothing more
than move money from one side of the
ledger to the next without [looking at]
the client’s best interest,” Herron says.
ANTC has adopted the use of a load
fee, which is rare for CTA programs
but common in securities. Herron con-
tends the overall fee structure of the
securities side is lower. “My focus has
been more intended for a securities bro-
ker and or financial planner who is used
to getting paid 1% a year and if you are
going to pay them out 2% or 3%, they
are thrilled,” Herron says. That is de-
batable. Gallwas says, “The fees on the
securities side make us look good, we
make our money when the product
makes money.”
The cost of offering products with
lower minimums may justify an addi-
tional fee, especially if a broker is cre-
ating a diversified portfolio, but man-
aged accounts can and should be ac-
cessed with either no or very little addi-
tional cost to the CTA management and
incentive fee.
If there is a question about fees it is
prudent to ask for a breakeven analysis
telling you how well a manager needs
to do in order for your investment to
break even. Anything above 10% is
very high. Some managers who do not
charge management fees and utilize
strong cash management achieve a zero
breakeven. When it comes to fees it is
encouraging for managers and the bro-
kers who market them to have the con-
fidence and patience to wait to be paid
through incentive fees.
FM
There is a substantial risk of loss trading commodity futures and options. Before investing, please under-
stand that changes in the cash and commodity futures price do not typically correlate on a one to one ratio
with the corresponding commodity option price. Moreover, past trends in cash and futures prices on spe-
cific commodities do not necessarily forecast current profitability of options on those commodity futures.
All known market news will not necessarily affect option prices since the news is usually already factored
into the underlying futures price, as well as option value.