City Trustees reported having 2,389 SIPPs and 296 SSASs with £942.5 million in assets under administration. They have not changed their investment criteria as a result of the FCA's thematic review but have imposed limits on non-standard assets. Xafinity reported having 1,400 SIPPs and 1,500 SSASs with £1.5 billion in assets, and have tightened controls on investments compared to two years ago without increasing fees. Standard Life did not disclose numbers but said they reviewed processes following the FCA review and will not accept unregulated investments.
May 12 lecture by Keith Townsend, King & Spalding, covering Special Purpose Acquisition Company (SPAC) dynamics, for the mHealth Israel community. The lecture incluces public company considerations, SPAC Targets, SPAC Execution and Process, sample term sheet, securities law, considerations / differences for SPACs, etc.
The document discusses the purpose and key areas of focus for due diligence in mergers and acquisitions. It defines due diligence as ensuring a buyer understands what they are paying for in a potential acquisition. The major purpose of due diligence is to understand all legal and financial obligations of the target company. It then outlines 10 key areas that due diligence should examine, including financials, intellectual property, customers, strategic fit, material contracts, employees, litigation, taxes, regulations, and insurance. Understanding these areas helps buyers identify synergies, risks, and properly value the acquisition.
Principal Financial Group reported first quarter 2015 earnings. Operating earnings were up 3% year-over-year to $1.09 per share. Several business segments performed well. Retirement and Investor Services accumulation net revenue was up 7% over the past 12 months. Principal Global Investors revenue was up 1% over 12 months with record unaffiliated assets under management. Individual Life returned to expected claims experience. Specialty Benefits premiums and fees were up 9% over 12 months. Principal expects to deploy $800 million to $1 billion in capital in 2015 through dividends, share repurchases, and acquisitions.
Principal Financial Group reported earnings results for the fourth quarter of 2017. While 2017 was a strong year overall with record non-GAAP operating earnings of $1.5 billion, fourth quarter results declined from the prior year quarter. The tax cuts and Jobs Act resulted in a $568 million benefit to net income. For 2018, the company expects to deploy $900 million to $1.3 billion of capital and announced an increase to the first quarter common stock dividend.
The document provides talking points for Ameriprise Financial's first quarter 2007 earnings call. Key points include:
- Revenues grew 6% and adjusted earnings grew 16% over the previous year. Adjusted return on equity reached 12.2%.
- Total number of mass affluent and affluent clients grew 8% year-over-year and advisor productivity increased 18%.
- The company is focused on improving profitability by being more selective in hiring, enhancing advisor productivity, and retaining top advisors. Asset growth was strong across the business.
This document provides an overview of tax strategies for angel investors and early stage companies in Canada. It discusses key terms like Canadian-controlled private corporations and small business corporations. It outlines the advantages of being a CCPC, including tax credits and capital gains exemptions. The document also discusses structuring investments as debt versus equity, considerations for US investors, and maximizing benefits from Canada's Scientific Research & Experimental Development program.
As an entrepreneur, your goal is to build a business that will grow for years to come. Review our presenters' slides with notes to show you how you can increase the value of your business, retain employees and evaluate growth options to achieve maximum success. Also learn about increasing the value of your business, leasing, franchising, and purchase & sale agreements.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
This document provides a summary of Principal Financial Group's fourth quarter 2016 earnings call. It discusses strong financial results including record quarterly and annual after-tax operating earnings. Several business segments saw growth in assets under management, net cash flows, sales, and pre-tax operating earnings. The company also deployed capital through dividends, share repurchases, and debt restructuring to enhance financial flexibility and shareholder value. Non-GAAP reconciliations are provided in an appendix.
May 12 lecture by Keith Townsend, King & Spalding, covering Special Purpose Acquisition Company (SPAC) dynamics, for the mHealth Israel community. The lecture incluces public company considerations, SPAC Targets, SPAC Execution and Process, sample term sheet, securities law, considerations / differences for SPACs, etc.
The document discusses the purpose and key areas of focus for due diligence in mergers and acquisitions. It defines due diligence as ensuring a buyer understands what they are paying for in a potential acquisition. The major purpose of due diligence is to understand all legal and financial obligations of the target company. It then outlines 10 key areas that due diligence should examine, including financials, intellectual property, customers, strategic fit, material contracts, employees, litigation, taxes, regulations, and insurance. Understanding these areas helps buyers identify synergies, risks, and properly value the acquisition.
Principal Financial Group reported first quarter 2015 earnings. Operating earnings were up 3% year-over-year to $1.09 per share. Several business segments performed well. Retirement and Investor Services accumulation net revenue was up 7% over the past 12 months. Principal Global Investors revenue was up 1% over 12 months with record unaffiliated assets under management. Individual Life returned to expected claims experience. Specialty Benefits premiums and fees were up 9% over 12 months. Principal expects to deploy $800 million to $1 billion in capital in 2015 through dividends, share repurchases, and acquisitions.
Principal Financial Group reported earnings results for the fourth quarter of 2017. While 2017 was a strong year overall with record non-GAAP operating earnings of $1.5 billion, fourth quarter results declined from the prior year quarter. The tax cuts and Jobs Act resulted in a $568 million benefit to net income. For 2018, the company expects to deploy $900 million to $1.3 billion of capital and announced an increase to the first quarter common stock dividend.
The document provides talking points for Ameriprise Financial's first quarter 2007 earnings call. Key points include:
- Revenues grew 6% and adjusted earnings grew 16% over the previous year. Adjusted return on equity reached 12.2%.
- Total number of mass affluent and affluent clients grew 8% year-over-year and advisor productivity increased 18%.
- The company is focused on improving profitability by being more selective in hiring, enhancing advisor productivity, and retaining top advisors. Asset growth was strong across the business.
This document provides an overview of tax strategies for angel investors and early stage companies in Canada. It discusses key terms like Canadian-controlled private corporations and small business corporations. It outlines the advantages of being a CCPC, including tax credits and capital gains exemptions. The document also discusses structuring investments as debt versus equity, considerations for US investors, and maximizing benefits from Canada's Scientific Research & Experimental Development program.
As an entrepreneur, your goal is to build a business that will grow for years to come. Review our presenters' slides with notes to show you how you can increase the value of your business, retain employees and evaluate growth options to achieve maximum success. Also learn about increasing the value of your business, leasing, franchising, and purchase & sale agreements.
To view our video coverage of the event, visit: http://www.welchllp.com/resource-centre/videos/events/
This document provides a summary of Principal Financial Group's fourth quarter 2016 earnings call. It discusses strong financial results including record quarterly and annual after-tax operating earnings. Several business segments saw growth in assets under management, net cash flows, sales, and pre-tax operating earnings. The company also deployed capital through dividends, share repurchases, and debt restructuring to enhance financial flexibility and shareholder value. Non-GAAP reconciliations are provided in an appendix.
The document provides an earnings summary for Principal Financial Group for the first quarter of 2018. Some key highlights include:
- Record quarterly non-GAAP operating earnings of $409 million and earnings per share of $1.40.
- Record assets under management of $674 billion despite $1.5 billion in net cash outflows.
- The company deployed $410 million in capital through share repurchases, dividends, and mergers and acquisitions.
- Business segments like Retirement and Income Solutions, Principal Global Investors, and Principal International saw increased revenues and earnings compared to the prior year quarter.
This document provides an overview of financial statement analysis and advice for startups from Ghazi Al Mahayni, a certified financial manager and analyst. It includes definitions and examples of key financial statements - the balance sheet, income statement, cash flow statement, and statement of equity. It also discusses analyzing the statements of a company versus its competitors and sector. Finally, it provides general accounting and financial advice for startups, such as building financial plans, hiring qualified professionals, focusing on cash flow, and taking a conservative approach to planning.
The practical effects of new listing rule 7.1ACaroline Raw
- New ASX Listing Rules have increased the placement limit for small- to mid-cap entities from 15% to 25% of issued capital in a 12-month period without shareholder approval.
- The new rules aim to balance protecting shareholders' interests with facilitating timely capital raisings. Conditions apply regarding eligibility for the increased limit, maximum share discounts, disclosure requirements, and shareholder approval process.
- Specific conditions include the entity seeking annual shareholder approval to use the additional 10% placement capacity, limits on discounts to market price for shares placed, and additional disclosure requirements when shares are placed.
Fixed Asset Controls and Reporting: Who's Paying Attention to Your Largest As...Duff & Phelps
Often an element of fraud and financial
misstatement, fixed assets get no
respect. Although they’re considered
low risk by auditors, fixed assets need
attention. Are the internal controls really
effective over this perceived low-risk
area? Best practices enhance proper
accounting, valuations and financial
reporting.
This document provides an overview of Ghazi Al Mahayni's credentials and services offered for financial analysis and advising for startups. It includes his education background, certifications, work experience, training, and areas of expertise. The agenda outlines topics to be covered such as understanding financial statements, analyzing financial statements, stock analysis for investment decisions, accounting advice for startups, and a Q&A session. Sample financial statements from Amazon are presented to demonstrate balance sheet, income statement, and cash flow statement formats and key metrics. Comparisons are made between Amazon and Alibaba's financial statements to analyze assets, liabilities, revenues, expenses, profits and identify strengths and weaknesses.
Bic Group - Overview of the value creation and implied expectationsGuillaume Danis
BIC has consistently delivered high returns on invested capital (ROIC) due to its resilient profitability, characteristics of a business with an economic moat. However, BIC's recent underperformance is linked to a decline in economic profit in 2016 and anticipated further pressure. Cash flow return on investment (CFROI), a comprehensive performance measure, reveals a similar picture of high returns. But the current share price implies that investors expect BIC to lose its competitive advantage and see profitability decline towards the cost of capital.
2009 New Market Tax Credits Workshop Materialsdroby
The document provides an overview of the Community Development Financial Institutions (CDFI) Fund New Markets Tax Credit Program workshop. It discusses the CDFI Fund's mission to expand access to credit and financial services in underserved communities. It then summarizes the New Markets Tax Credit Program, which provides tax credits to investors who invest in Community Development Entities. CDEs then use the capital to make investments in low-income communities. The document outlines the certification process for CDEs and application process for NMTC allocations.
Principal Financial Group reported strong second quarter 2015 earnings, with operating earnings up 11% year-over-year on a trailing twelve month basis. Key highlights included record assets under management of $540 billion, driven by $8.2 billion of net cash flows in the quarter. 87% of investment options were in the top two Morningstar quartiles over 1- and 3-year periods. The company also announced capital deployment for the year would be at the upper end of the $800 million to $1 billion range.
Virtu Financial, Inc. Agrees to Acquire KCG Holdings, Inc.virtu2017ir
Virtu Financial has agreed to acquire KCG Holdings for $1.4 billion in an all-cash deal. The acquisition will create the leading global electronic market making and agency execution firm. Virtu expects over $208 million in annual cost savings from the combination and $750 million of the acquisition will be financed through the issuance of new Virtu common stock. The acquisition is expected to be accretive to Virtu's earnings per share and provide opportunities for revenue growth through increased scale and access to new clients and order flow.
In the sixth installment of The Real Deal, “Proxy Season Recap – Trends and Lessons from 2014,” Erik Lundgren and Erin Stone looked back at key trends from the 2014 proxy season and discussed lessons learned.
This document provides key information from Principal Financial Group's second quarter 2016 earnings call:
- Principal reported its second highest quarterly after-tax operating earnings on record.
- Over 90% of Principal's investment options are in the top two Morningstar quartiles over three and five years.
- Principal continues to generate capital that it deploys to create shareholder value through dividends, share repurchases, and ownership in its boutiques.
- Principal's diversified business model positions it for long-term growth.
basic financial analysis, framework for ratio analysis, types of ratio analysis, liquidity ratios, debt ratios, equity ratios, activity ratios, profit ratio, index analysis, common size financial statements
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
The document discusses Denmark allowing small businesses called reporting class B enterprises to choose an extended review over an audit. An extended review provides less assurance than an audit since auditors perform fewer procedures. It is an alternative meant to reduce administrative burdens for small businesses. The document provides details on who qualifies for an extended review and differences between an audit and review. It also gives examples of three common types of businesses and what they typically choose.
WestRock announced Q1 FY17 results and the acquisition of Multi Packaging Solutions. For Q1 FY17, WestRock reported adjusted earnings per share of $0.47 and adjusted free cash flow of $369 million. WestRock also announced it expects to realize $85 million in synergies from acquiring Multi Packaging Solutions by the end of FY19. The acquisition is expected to close in fiscal Q3 2017.
This document discusses strategies for investing a client's money in Evolve investment plans when the client does not want to commit 60% of their investment to the ALSI Top 40. It presents an example of investing R400,000 upfront in an Evolve plan and making an additional R600,000 investment to benefit from lower ongoing costs while reducing allocation to the higher risk Capped Tracker. The document also mentions that Evolve offers investment guarantees that protect the capital invested over five years.
The document is the transcript of a conference call by Ameriprise Financial discussing their 4Q07 earnings.
- Ameriprise reported solid operating results for the quarter and full year 2007 despite tough market conditions, with revenue growth of 8% and adjusted EPS growth of 14%.
- The company's balance sheet remained strong without significant write-downs, due to their conservative risk management approach.
- Looking ahead, Ameriprise plans to manage expenses prudently while continuing to invest in long-term growth, in order to navigate the difficult market environment.
The document appears to be a multiple choice exam covering various topics in finance and accounting, including financial statements, cost behavior, capital structure, valuation, budgeting, and analysis. It contains 40 multiple choice questions testing understanding of concepts such as the balance sheet, fixed and variable costs, net present value, cash flow analysis, and accounting principles.
PAR Advisors is a firm that can help banks meet their Community Reinvestment Act (CRA) investment requirements. They source, underwrite, monitor and provide accounting for low-income housing tax credit investments to satisfy CRA exams. Using PAR Advisors reduces a bank's workload and ensures CRA investment goals are met. PAR Advisors was founded by R. Wayne Koehler, who has extensive experience developing and managing a large CRA investment portfolio at a previous institution.
The Risk
The risk I would like to mention from hearing music at a high level of sound is the risk of “Hearing loss”, risk that is claimed to be temporary or permanently loss of hearing capability. It can provide a short or long term effect on the brain also. Sound measurement that is admitted the risk is, the sound that would be less than or equal to 85 dB and continued for 8 hours a day and the sound that is 100 dB more or less than that continued to just 15 minutes can damage, hopefully destroy one’s hearing power.
HBS is a leading solar PV installation company that specializes in installing solar systems for new home developments. They have over 10 years of experience installing solar PV systems, with a proven track record of installing systems on over 10,000 homes. HBS can provide complete installation services for solar systems on all roof types, and works with major developers, housing associations, and local authorities to help new developments meet energy efficiency standards. Their services include design, installation, and long-term maintenance to ensure solar systems perform as predicted over their lifetime.
The document provides an earnings summary for Principal Financial Group for the first quarter of 2018. Some key highlights include:
- Record quarterly non-GAAP operating earnings of $409 million and earnings per share of $1.40.
- Record assets under management of $674 billion despite $1.5 billion in net cash outflows.
- The company deployed $410 million in capital through share repurchases, dividends, and mergers and acquisitions.
- Business segments like Retirement and Income Solutions, Principal Global Investors, and Principal International saw increased revenues and earnings compared to the prior year quarter.
This document provides an overview of financial statement analysis and advice for startups from Ghazi Al Mahayni, a certified financial manager and analyst. It includes definitions and examples of key financial statements - the balance sheet, income statement, cash flow statement, and statement of equity. It also discusses analyzing the statements of a company versus its competitors and sector. Finally, it provides general accounting and financial advice for startups, such as building financial plans, hiring qualified professionals, focusing on cash flow, and taking a conservative approach to planning.
The practical effects of new listing rule 7.1ACaroline Raw
- New ASX Listing Rules have increased the placement limit for small- to mid-cap entities from 15% to 25% of issued capital in a 12-month period without shareholder approval.
- The new rules aim to balance protecting shareholders' interests with facilitating timely capital raisings. Conditions apply regarding eligibility for the increased limit, maximum share discounts, disclosure requirements, and shareholder approval process.
- Specific conditions include the entity seeking annual shareholder approval to use the additional 10% placement capacity, limits on discounts to market price for shares placed, and additional disclosure requirements when shares are placed.
Fixed Asset Controls and Reporting: Who's Paying Attention to Your Largest As...Duff & Phelps
Often an element of fraud and financial
misstatement, fixed assets get no
respect. Although they’re considered
low risk by auditors, fixed assets need
attention. Are the internal controls really
effective over this perceived low-risk
area? Best practices enhance proper
accounting, valuations and financial
reporting.
This document provides an overview of Ghazi Al Mahayni's credentials and services offered for financial analysis and advising for startups. It includes his education background, certifications, work experience, training, and areas of expertise. The agenda outlines topics to be covered such as understanding financial statements, analyzing financial statements, stock analysis for investment decisions, accounting advice for startups, and a Q&A session. Sample financial statements from Amazon are presented to demonstrate balance sheet, income statement, and cash flow statement formats and key metrics. Comparisons are made between Amazon and Alibaba's financial statements to analyze assets, liabilities, revenues, expenses, profits and identify strengths and weaknesses.
Bic Group - Overview of the value creation and implied expectationsGuillaume Danis
BIC has consistently delivered high returns on invested capital (ROIC) due to its resilient profitability, characteristics of a business with an economic moat. However, BIC's recent underperformance is linked to a decline in economic profit in 2016 and anticipated further pressure. Cash flow return on investment (CFROI), a comprehensive performance measure, reveals a similar picture of high returns. But the current share price implies that investors expect BIC to lose its competitive advantage and see profitability decline towards the cost of capital.
2009 New Market Tax Credits Workshop Materialsdroby
The document provides an overview of the Community Development Financial Institutions (CDFI) Fund New Markets Tax Credit Program workshop. It discusses the CDFI Fund's mission to expand access to credit and financial services in underserved communities. It then summarizes the New Markets Tax Credit Program, which provides tax credits to investors who invest in Community Development Entities. CDEs then use the capital to make investments in low-income communities. The document outlines the certification process for CDEs and application process for NMTC allocations.
Principal Financial Group reported strong second quarter 2015 earnings, with operating earnings up 11% year-over-year on a trailing twelve month basis. Key highlights included record assets under management of $540 billion, driven by $8.2 billion of net cash flows in the quarter. 87% of investment options were in the top two Morningstar quartiles over 1- and 3-year periods. The company also announced capital deployment for the year would be at the upper end of the $800 million to $1 billion range.
Virtu Financial, Inc. Agrees to Acquire KCG Holdings, Inc.virtu2017ir
Virtu Financial has agreed to acquire KCG Holdings for $1.4 billion in an all-cash deal. The acquisition will create the leading global electronic market making and agency execution firm. Virtu expects over $208 million in annual cost savings from the combination and $750 million of the acquisition will be financed through the issuance of new Virtu common stock. The acquisition is expected to be accretive to Virtu's earnings per share and provide opportunities for revenue growth through increased scale and access to new clients and order flow.
In the sixth installment of The Real Deal, “Proxy Season Recap – Trends and Lessons from 2014,” Erik Lundgren and Erin Stone looked back at key trends from the 2014 proxy season and discussed lessons learned.
This document provides key information from Principal Financial Group's second quarter 2016 earnings call:
- Principal reported its second highest quarterly after-tax operating earnings on record.
- Over 90% of Principal's investment options are in the top two Morningstar quartiles over three and five years.
- Principal continues to generate capital that it deploys to create shareholder value through dividends, share repurchases, and ownership in its boutiques.
- Principal's diversified business model positions it for long-term growth.
basic financial analysis, framework for ratio analysis, types of ratio analysis, liquidity ratios, debt ratios, equity ratios, activity ratios, profit ratio, index analysis, common size financial statements
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
The document discusses Denmark allowing small businesses called reporting class B enterprises to choose an extended review over an audit. An extended review provides less assurance than an audit since auditors perform fewer procedures. It is an alternative meant to reduce administrative burdens for small businesses. The document provides details on who qualifies for an extended review and differences between an audit and review. It also gives examples of three common types of businesses and what they typically choose.
WestRock announced Q1 FY17 results and the acquisition of Multi Packaging Solutions. For Q1 FY17, WestRock reported adjusted earnings per share of $0.47 and adjusted free cash flow of $369 million. WestRock also announced it expects to realize $85 million in synergies from acquiring Multi Packaging Solutions by the end of FY19. The acquisition is expected to close in fiscal Q3 2017.
This document discusses strategies for investing a client's money in Evolve investment plans when the client does not want to commit 60% of their investment to the ALSI Top 40. It presents an example of investing R400,000 upfront in an Evolve plan and making an additional R600,000 investment to benefit from lower ongoing costs while reducing allocation to the higher risk Capped Tracker. The document also mentions that Evolve offers investment guarantees that protect the capital invested over five years.
The document is the transcript of a conference call by Ameriprise Financial discussing their 4Q07 earnings.
- Ameriprise reported solid operating results for the quarter and full year 2007 despite tough market conditions, with revenue growth of 8% and adjusted EPS growth of 14%.
- The company's balance sheet remained strong without significant write-downs, due to their conservative risk management approach.
- Looking ahead, Ameriprise plans to manage expenses prudently while continuing to invest in long-term growth, in order to navigate the difficult market environment.
The document appears to be a multiple choice exam covering various topics in finance and accounting, including financial statements, cost behavior, capital structure, valuation, budgeting, and analysis. It contains 40 multiple choice questions testing understanding of concepts such as the balance sheet, fixed and variable costs, net present value, cash flow analysis, and accounting principles.
PAR Advisors is a firm that can help banks meet their Community Reinvestment Act (CRA) investment requirements. They source, underwrite, monitor and provide accounting for low-income housing tax credit investments to satisfy CRA exams. Using PAR Advisors reduces a bank's workload and ensures CRA investment goals are met. PAR Advisors was founded by R. Wayne Koehler, who has extensive experience developing and managing a large CRA investment portfolio at a previous institution.
The Risk
The risk I would like to mention from hearing music at a high level of sound is the risk of “Hearing loss”, risk that is claimed to be temporary or permanently loss of hearing capability. It can provide a short or long term effect on the brain also. Sound measurement that is admitted the risk is, the sound that would be less than or equal to 85 dB and continued for 8 hours a day and the sound that is 100 dB more or less than that continued to just 15 minutes can damage, hopefully destroy one’s hearing power.
HBS is a leading solar PV installation company that specializes in installing solar systems for new home developments. They have over 10 years of experience installing solar PV systems, with a proven track record of installing systems on over 10,000 homes. HBS can provide complete installation services for solar systems on all roof types, and works with major developers, housing associations, and local authorities to help new developments meet energy efficiency standards. Their services include design, installation, and long-term maintenance to ensure solar systems perform as predicted over their lifetime.
Ian Kiarie presented on Zotero, an open source reference management software. The presentation covered the definition of Zotero, its benefits for organizing research sources and automatically formatting citations. It also explained how to install Zotero through the Firefox browser, create an account to save work across devices, and set up a library with sections for collections, items, and item details. The presentation demonstrated how to insert citations and bibliographies in documents and concluded with some challenges of using Zotero.
This document discusses the limitations of using serum creatinine as a biomarker for detecting acute graft dysfunction and rejection after kidney transplantation. It notes that serum creatinine rises late, after kidney damage has occurred. Novel biomarkers like NGAL, KIM-1, cystatin C, and IL-18 can potentially increase the sensitivity of diagnosing injury earlier. While these biomarkers show promise in detecting acute kidney injury before other markers, more research is still needed to validate their use in humans for diagnosing graft dysfunction and rejection after transplantation.
The document discusses women's political participation in Bangladesh. It notes that while women make up half the population, their status is lower than men's in all aspects of life. It outlines Bangladesh's efforts to increase women's participation, including establishing a Ministry of Women's Affairs and reserving seats for women in local elections. However, it finds that women still face many obstacles to equal participation in politics and decision-making roles due to social, economic and ideological barriers.
Adults are at risk of hearing loss from exposure to loud noise, brain tumors, and aging. Some ways to prevent hearing loss include using earplugs when exposed to loud noises, buying quieter products, keeping an eye on your hearing by paying attention to any changes, and seeing a hearing health professional routinely for checkups.
This document summarizes a report on successful energy efficiency strategies in other jurisdictions and recommendations for Canada. It finds that the most effective programs have common elements: leadership in prioritizing energy efficiency, legally binding efficiency targets, long-term funding and responsible agencies, comprehensive programs including market transformation, and establishing measurement protocols. The report recommends Canadian governments and utilities adopt these elements to better realize the economic and environmental benefits of energy efficiency.
This document summarizes Principal Financial Group's earnings results for the first quarter of 2017. It discusses strong investment performance across funds, with over 80% in the top two Morningstar quartiles. It also discusses positive results in key business segments like Retirement and Income Solutions and Principal Global Investors, with revenue growth, strong cash flows, and continued strong investment returns. The document emphasizes that Principal is executing on its strategy to deliver sustainable, profitable growth through its diversified businesses.
Insight into the changes in financial reporting requirements
Highlighting current hot topics
Providing you with practical application of these changes
Showing you how to address these issues holistically in the “real-world” context
Discuss the issues in the context of implementation issues and hurdles
Keep up to date & improve your reporting skills
2014 Annual Accounting Update for Private EnterprisesWelch LLP
On Wednesday, Nov. 12, 2014, our experts will be hosted an annual update for Private Enterprises event where they covered a variety of topics important to your business - including accounting standards updates, tax updates, and operational updates.
Welch LLP invites you to join us for this complimentary breakfast presentation to help you better prepare for next year.
Topics Discussed:
- IFRS update
- ASPE update & improvements
- U.S. updates
- Tax updates
- Programs if you are exporting
- SR/ED (new enforcement measures, experiences in dealing with CRA)
- How to Prevent Fraud
Speakers:
- Shawn Kelso, CPA, CA - Director of Professional Standards
- Ken Brownlee, CPA, CA - Senior Manager
- Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
- Terry Lavineway, CA - Senior Manager, Director of Business Incentives
- Andre Auger, CGA, CFE - Government Services Advisor
Principal Financial Group reported first quarter 2015 earnings. While operating earnings grew 16% over the last twelve months, the company faced macroeconomic pressures. Several metrics demonstrated strong performance, including return on equity of 14.0% and 85% of investment options in the top half of Morningstar rankings. Total assets under management reached a record $530 billion, up from $173 billion a year ago. The earnings call highlighted continued strong investment performance, operational excellence in areas like client satisfaction, and new product innovations. Normalized earnings per share grew 5% compared to the first quarter of 2014.
This document summarizes Principal Financial Group's first quarter 2016 earnings call. Some key points:
- Outstanding investment performance with over 90% of investment options in the top two Morningstar quartiles.
- Record assets under management of $548 billion with $3.3 billion in net cash flows for the quarter.
- Deployed $196 million in capital through share repurchases and dividends. Announced an increase in the second quarter dividend.
- Underlying fundamentals remain strong despite macroeconomic headwinds.
Bentleys is proud to present this Critical Financial Reporting Update for all financial statement preparers, designed specifically to address the current hot issues & new developments facing our profession.
The update will provide you with practical solutions, tools and skills that will make the preparation of your financial statements easier.
The document describes a Professional Alliance program between an independent financial advisor's firm and Morgan Stanley Smith Barney that allows advisors to refer clients to Morgan Stanley in exchange for ongoing referral fees. Key details include:
- Advisors can enhance their business through the value, competitive advantage, and additional revenue source provided by referrals.
- Referral fees are paid on ongoing fee-based accounts of referred clients.
- Referrals must comply with registration requirements in the advisor's state.
- Morgan Stanley provides resources like investment products and research to advisors.
Google 2016 annual report-target corporate to get all the necessary .pdfRITU1ARORA
Google 2016 annual report-target corporate to get all the necessary information
Analysis fo year 2017
Balance Sheet (values in 000\'s)
period ending
1/28/2017
current assets
cash and cash equivalents
2,512,000
short-term investments
0
net receivables
0
inventory
8,039,000
Other Current Assets
1,169,000
Total Current Assets
11,990,000
Long-Term Assets
Long-Term Investments
0
Fixed Assets
24,658,000
Goodwill
0
Intangible Assets
0
Other Assets
783,000
Deferred Asset Charges
0
Total Assets
37,431,000
Current Liabilities
Accounts Payable
10,989,000
Short-Term Debt / Current Portion of Long-Term Debt
1,718,000
Other Current Liabilities
1,000
Total Current Liabilities
12,708,000
Long-Term Debt
11,031,000
11,945,000
Other Liabilities
1,878,000
Deferred Liability Charges
861,000
Misc. Stocks
0
Minority Interest
0
Total Liabilities
26,478,000
Stock Holders Equity
Common Stocks
46,000
Capital Surplus
5,661,000
Retained Earnings
5,884,000
Treasury Stock
0
Other Equity
($638,000)
Total Equity
10,953,000
Total Liabilities & Equity
37,431,000
Cash flow (values in000\'s)
period ending
1/28/2017
Net Income
2,737,000
Cash Flows-Operating Activities
Depreciation
2,298,000
Net Income Adjustments
508,000
Changes in Operating Activities
Accounts Receivable
0
Changes in Inventories
293,000
Other Operating Activities
36,000
Liabilities
($543,000)
Net Cash Flow-Operating
5,436,000
Cash Flows-Investing Activities
Capital Expenditures
($1,547,000)
Investments
28,000
Other Investing Activities
46,000
Net Cash Flows-Investing
$1,473,000)
Cash Flows-Financing Activities
Sale and Purchase of Stock
($3,485,000)
Net Borrowings
($664,000)
Other Financing Activities
0
Net Cash Flows-Financing
($5,497,000)
Effect of Exchange Rate
0
Net Cash Flow
($1,534,000)
IV. Adjusting Entries:
A. Explain the type of depreciation method Target Corporation uses and why they use this
method.
B. Identify an example of an adjusting entry (other than depreciation), such as prepaid expenses,
supplies, or unearned revenue, and whether or not Target Corporation has this account listed on
the balance sheet. You could consider why this might not be listed.
VI. Communication: For this part of the assessment, you will prepare memorandums to upper
management addressing certain scenarios or situations.
A. As the controller of Target Corporation, compose a memo to the CEO addressing the
advantages and disadvantages of transitioning from GAAP to IFRS.
B. As the controller of Target Corporation, compose a memo to the CEO addressing the
following scenario: Your biggest customer has just gone bankrupt, and you must inform the CEO
how this will affect your accounts receivable. Assume that the accounts receivable balance is at
least $100,000.
When writing your paper considers the following:
A company may use several different depreciation methods or just one. This information will be
disclosed in the notes. If the company has not explained why they use the method, you will want
to consider the pros and cons of t.
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This document provides a summary of Principal Financial Group's fourth quarter 2015 earnings call. It discusses Principal's use of non-GAAP financial measures to evaluate performance alongside GAAP measures. The document also highlights themes from the earnings call, including strong investment performance, work on the Department of Labor regulation, and segment results for Retirement and Income Solutions and Principal Global Investors. Forward-looking statements are presented along with risks that may affect future performance.
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Kingdom of Saudi ArabiaMinistry of EducationUniversity of Ha.docxDIPESH30
Kingdom of Saudi Arabia
Ministry of Education
University of Hail
College of Nursing
المملكة العربية السعودية
وزارة التعليم
جامـعـة حـائل
كلية التمريض
Master of Science in Nursing (MSN) - Emergency Nursing
Exam Begins: Saturday 09/05/2020 -10:00 pm
Exam Ends: Monday 11/05/2020 - 10:00 pm
Exam Duration: 48 hours
Section: Male &Female side
Final Exam of Theoretical Foundation for Nursing (NURS 501)
Semester :2nd semester 2019-2020
Answer Sheet
Answer Sheet
Student Name: ------------------- ID: ---------------------------
Page 1 of 1
Introduction
Financial statement analysis is the way toward breaking down an organization's fiscal reports for dynamic purposes. Outside partners use it to comprehend the general soundness of an association just as to assess budgetary execution and business esteem. Interior constituents use it as an observing apparatus for dealing with the accounts (KENTON, 2019).
Investigating Financial Statements
The fiscal reports of an organization record significant monetary information on each part of a business' exercises. Accordingly they can be assessed based on past, current and anticipated execution.
Task 1
1) The board of the company: The administration of the organization is the above all else client of the fiscal reports. In spite of the fact that, they are the ones who set up the fiscal reports the board and the administration all in all need to allude to them while thinking about the advancement and development of the organization. The administration of the organization takes a gander at the budget report from the point of view of liquidity, benefit, incomes, resources and liabilities, money adjusts, support necessities, obligation to be paid, venture financing and different days to day operational action. Basically, the executives of the organization needs budget summaries to settle on choices about the business.
2) Speculators: are the proprietors of the organization, they might want to comprehend keep update with the money related execution of the organization. They might want to settle on the choice dependent on the fiscal report whether they have to keep contributed or move out of the organization dependent on its presentation.
3) Clients: Clients need to see the budget summaries of the organization from which they are acquiring merchandise or administrations. Enormous customers might want to have a long haul organization or agreement with the organization along these lines they might want to work with an organization that is monetarily steady. Further, a monetarily solid organization can give its clients credit deals and can convey items and administrations at a rebate than the market.
4) Contenders: might want to know the monetary status of the contending organization. They might want to keep up a serious edge on their rivals and henceforth, might want to know the monetary wellbeing of the other organizatio ...
This document discusses LPL Financial's business model and opportunities for growth. It notes that LPL Financial is the leading independent broker-dealer and provides services to independent advisors, institutions, and retirement plans. It also highlights trends in the financial industry that are favorable for independent advisors and the growth opportunities these trends present for LPL Financial. Additionally, the document summarizes LPL Financial's financial performance and discusses the potential for increased earnings from a recovery in interest rates that would boost its cash sweep revenue.
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Money Marketing Sipp survey - Feb 2015
1. Respondents:
City Trustees (Mattioli Woods)
Xafinity
Standard Life
James Hay
LV=
AJ Bell
Talbot & Muir
Hornbuckle
Suffolk Life
Dentons
Barnet Waddingham
Rowanmoor
Fidelity
Liberty Sipp
City Trustees (part of Mattioli Woods)
Number of Sipps – 2389 as at 30/11/2014
Number of Ssas – 296 as at 30/11/2014
Assets under administration - £942.5m
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria? No, City Trustees are
committed to provide advisers/clients access to a range of investments.
However, the maximum amount that we allow into a non-standard asset class is
50% of the value of the SIPP/SSAS and also require investors to be either a
sophisticated investor or a high net worth individual.
If so, have you made advisers aware of the changes? N/A
Have your refined your acceptance criteria for any assets you continue to
accept? The only amendment that we have implemented relates to our non-
standard investments requirements as per the comments under point 4.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter? No
Do you intend to do so within the next 6 months? Currently, there are no plans.
How are you treating property for capital adequacy calculations, as standard or
non-standard? Standard investment
Have you had any external assessment or accreditation of your service standards
in the last 3 years? We have achieved the maximum 5 star rating with
independent agency Defaqto for the last three consecutive years.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
Primary asset classes:
Equity portfolio - 26%
Direct equity - 20%
Cash - 18%
Direct property - 14%
2. Xafinity
Number of Sipps 1,400
Number of SSASs 1,500
Assets under administration £1.5bn
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
No, but we have even tighter controls now compared to 2 years ago. It is worth
noting that our controls were already much tighter than our competitors’ and we
do not have large numbers of non-standard investments on our books.
If so, have you made advisers aware of the changes?
Ongoing communication with advisers
Have your refined your acceptance criteria for any assets you continue to
accept?
Yes, as above, our controls are now tighter and under constant review
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No, in fact our SIPP fees have not increased since September 2013
Do you intend to do so within the next 6 months?
No
How are you treating property for capital adequacy calculations, as standard or
non-standard?
Standard
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
No
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
45% insured assets, unit trusts and OEICS and platform held investments
29% property
Standard Life
Number of Sipp
Not disclosed.
Number of Ssas
Not disclosed.
Assets under administration
Not disclosed.
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
3. Standard Life conducts regular reviews of its control frameworks to identify
opportunities to strengthen processes, systems and risk management. We have
undertaken a review of our existing due diligence processes following the FCA’s
thematic review. We have not changed investment criteria but we have taken the
decision not to accept instructions for unregulated collective investment
schemes and similar investments.
If so, have you made advisers aware of the changes?
Advisers are aware of our position.
Have your refined your acceptance criteria for any assets you continue to accept?
No, other than to take the opportunity following the last thematic review to
undertake a review of existing control frameworks.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No.
Do you intend to do so within the next 6 months?
No.
How are you treating property for capital adequacy calculations, as standard or
non-standard?
Standard Life is subject to separate insurance company rules and regulations and
not the FCA capital adequacy calculations for SIPP operators.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
No.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
This information is not available.
James Hay
Number of Sipps – over 44,500
Number of SSASs – over 1,500
Assets under administration - £16bn
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria? We are undertaking a
review in terms of our investment criteria in light of these FCA requirements. We
have made the following changes to date:
Introduced a max % for non standard investments for direct clients.
Placed a requirement for NMPIs to only be accepted with financial advice.
Put in place a more robust governance structure for review and acceptance of
investments, particularly non standard investments via an Investment
Committee.
If so, have you made advisers aware of the changes? Yes.
Have your refined your acceptance criteria for any assets you continue to accept?
See above, however the Investment Committee reviews the acceptance criteria
regularly in line with regulatory developments and our own experience and risk
appetite, which may lead to further changes in the future.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter? No
4. Do you intend to do so within the next 6 months? We are reviewing all
investment types in light of the FCA developments which are likely to result in
some price increases.
How are you treating property for capital adequacy calculations, as standard or
non-standard? Standard, currently. But even with a change of approach we are
strongly capitalised enough to include commercial property in the calculations.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they? Based on MiPlan,
which was launched in Feb 2014, the most popular investment into SIPPs set up
in the last 12 months was into IM/DFM (over 39% of MiPlan SIPP AUA).
LV=
Number of Sipps 28,000 (12,000 SIPPs 16,000 insured plans / deferred SIPPs)
Number of Ssas 0
Assets under administration £3.2Bn
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria? No. We have always
maintained strict criteria, based around the old SIPP Permitted Investment list
(Joint Office Memorandum 101)
If so, have you made advisers aware of the changes? N/A
Have your refined your acceptance criteria for any assets you continue to accept?
See 4 above.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter? No
Do you intend to do so within the next 6 months? No
How are you treating property for capital adequacy calculations, as standard or
non-standard? We are still in the process of reviewing this
Have you had any external assessment or accreditation of your service standards
in the last 3 years? Nothing specific, but we have won a number of industry
awards over recent years based on our capabilities
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they? Cash 4%, Insured
Funds 56%, Unit Trusts / OEICs 26%, Investment Trusts 3%, Fixed Interest 2%,
Quoted equities 5%, UK commercial property 1%, other standard assets 3%.
AJ Bell
Please find Q&As below for your SIPP survey.
Number of Sipps
82,500 as at 30 September 2014
Number of Ssas
714 as at 30 September 2014
5. Assets under administration
Across the AJ Bell Group currently £23.7 billion
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
Yes, we have adapted our investment criteria to more closely fit that of the FCA’s
standard investment list.
If so, have you made advisers aware of the changes?
Yes.
Have your refined your acceptance criteria for any assets you continue to accept?
No. We already had a stringent process for accepting new assets onto the AJ Bell
Investcentre platform. Our investment remit sits within the standard list of
assets for capital adequacy requirements.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No.
Do you intend to do so within the next 6 months?
Nothing planned.
How are you treating property for capital adequacy calculations, as standard or
non-standard?
Standard asset.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
Although we haven’t received any service standard accreditation, we have over
the years won many awards voted for by Advisers, customers and industry
experts based on our business service and product offering.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
Breakdown of SIPP assets is not something we generally disclose.
Talbot & Muir
Number of SIPPs
2186
Number of SSAS
703
Assets under administration
£1223 Million (£603M SSAS, £620M SIPP)
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
Numerous thematic reviews brought to light greater focus on Sipp providers
when checking suitability of assets invested within their schemes, which means
we constantly review our allowable investment criteria, for instance we ceased
to accept UCIS in August 2013 because of concerns we held regarding the time it
takes to gain all the information to be able to judge if it was a SIPP suitable
investment.
If so, have you made advisers aware of the changes?
Advisers are made aware of the changes in stance by our consultants who work
closely with them on all aspects of new business. We request full details of
6. investment intentions before accepting business so there are no surprises for
either side during or after establishment of the SIPP or SSAS
Have your refined your acceptance criteria for any assets you continue to accept?
We have not refined acceptance criteria on any assets we continue to accept, we
like to try and take a clean approach, which states what we do and don’t accept
without the need for hidden criteria.
We are aware of providers that state that they offer assets and then have such
detailed criteria that they effectively make it impossible to find something that
would meet this detail.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No we have not increased our fees in excess of inflationary levels, we do not
believe that there is a case for this because we are an efficient, profitable
company who charges according to the work we do. We do not operate any loss
leaders which could lead to an imbalance in the fees received if the type of
business we receive changes.
Do you intend to do so within the next 6 months?
We have no intention of increasing our headline fees in the next 6 months,
although changes to the options for clients such as the introduction of additional
retirement benefits (UFPLS) will mean additional reviews of add on charges.
This does not necessarily mean an increase and where some processes can be
streamlined with the new options then this saving will be taken into account.
How are you treating property for capital adequacy calculations, as standard or
non-standard?
We do not believe that it is as simple as is it or isn’t all commercial property a
standard or non-standard asset. We believe there is scope for some to fall into
either category and we will be reviewing our book accordingly and all new
properties we take on to ensure we are accounting for them correctly. The
likelihood is that the more complex cases will be deemed non-standard, such as
those which are owned with a third party. Simple, freehold and leasehold
properties held by a single member is as standard as possible for a SIPP to hold.
We hope that there will be a consensus amongst the industry which means we
are all working from a single a set of guidelines, by reviewing all our property,
how they are held and who is involved in each purchase will mean we will be
fully informed as and when we need to apply the set criteria.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
As a bespoke SIPP provider, our relationship with introducers and clients alike is
top of our agenda, and we pride ourselves on the service we offer to them.
Although, we have recently been highly commended by Money Observer for our
bespoke SIPP, however we have not commissioned any external research on our
service standards. We rely on advisers to tell us if we don’t meet their
expectations so we can rectify any issues as soon as we become aware. We work
closely with all our introducers who have a dedicated administrator who deals
with all their cases as well as a consultant. This cradle to grave approach means
that issues don’t get lost in ‘the system’ and everyone at Talbot and Muir is
7. accountable. We also offer direct access to our board for those that want to
discuss business processes.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
Our total book of SIPP
Investment portfolio (3rd party, eg
DFM) 56.01%
Property 21.83%
Cash deposits 14.97%
Collectives 6.55%
Quoted equities 1.52%
Unquoted equities 0.74%
Borrowing -1.81%
Other (including outstanding rent etc) 0.03%
Loans 0.16%
However, the largest asset class purchased in the last year has been commercial
property through our bespoke SIPP and SSAS offerings, which is nearly 50% of
the new assets purchases within those products This is closely followed by DFM
or platform assets, our Simple Retirement Account is entirely DFM and cash,
with only minimal amounts of cash remaining in the cash account.
Hornbuckle
Number of SIPPs c12,500
Number of SSASs c600
Assets under administration c£4bn
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
We have had no need to change our investment criteria as a result of the FCA
reviews. As a full service SIPP provider we support the majority of HMRC
permissible investments. Where we don’t support a particular investment we
will have observed poor customer outcomes and made a decision not to permit
based on quality, liquidity. We will also have specific counterparty restrictions in
place.
Our web-based Investment Selector tool is publicly available on our website. It
was launched in Sept 2014 and is widely used by our adviser network and
internal teams. In addition to the Investment Selector we publish our permitted
investment schedule which also sets out our liquidity requirements. All
investment due diligence, policies and processes are actively monitored and
managed by a group of technical pension and investment specialists.
8. Have your refined your acceptance criteria for any assets you continue to accept?
Where a SIPP plan or SSAS scheme holds any non-standard investments we will
require that 10% of the fund value should be held in standard investments
(including cash deposits).
There are also limits on how much of the fund value we will permit to be
invested in a select number of asset classes. They are as follows:
Unlisted securities 50%
Authorised employer loans (SSAS loanbacks) 50%
Other non-standard investments 75%
Have you increased your fees in excess of inflationary levels since the FCA
thematic review letter?
We made the last changes to our pricing across all pension wrappers in February
2014. The pricing revisions included a range of structural changes to our fee
structure to match it more directly to the complexity of our client activities. The
changes made reflect the market costs for delivering specialist pension products
and services, with appropriate risk controls. As a result, some fees decreased
and some increased.
Do you intend to do so within the next 6 months?
In the coming months we will bring to market a series of new services and
products driven by our investment in our new technology platform and
offering. This will allow us to further differentiate fee levels to activity risk and
complexity into a genuine “pay-as-you-go” structure for clients. The investment
we have made and the technology we are implementing will also ensure we can
continue to offer a range of specialist retirement products and services.
How are you treating property for capital adequacy calculations, as standard or
non-standard?
Ahead of the new regulatory framework coming into place, we will continue to
treat property as a non-standard. Our innovation efforts are focused on
designing different streamlined processes for different property types
and transactions. This will allow us to differentiate more clearly between any
standard and non-standard classification conditions in 2016.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
9. We are investing heavily in a complete digitisation and automation of our back
and middle office activities, and we were pleased that Nutmeg chose Hornbuckle
as their strategic partner on the basis of these new capabilities. In addition to
launching this new service platform to our existing clients in 2015, we are
in active negotiation with a number of further product and distribution partners,
each recognising the unique service capabilities our new technology offers.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
Cash 70%
Portfolio services 19%
Specialist 3%
Property 7%
UCIS 1%
Data relates to new investments for all new SIPPs established in 2014 and
reflects numbers today so clear bias towards cash for new plans and schemes
established in 2014
Key points:
This does not include investments made in existing plans/schemes
It reflects the value of investments – not volume (i.e. doesn’t reflect number of
properties).
Suffolk Life
1. Number of Sipps
23,712
2. Number of Ssas
0
3. Assets under administration
£7.6 billion
4. As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
10. Yes, as a result of the thematic review and also of EMIR (European Market
Infrastructure Regulation). The forthcoming capital requirements have not
impacted the investments we allow
5. If so, have you made advisers aware of the changes?
Yes, and we’re writing to all advisers and investors shortly as part of a wider
exercise to introduce new pension access options as originally outlined in the
2014 March Budget
6. Have your refined your acceptance criteria for any assets you continue to
accept?
Yes
7. Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No
8. Do you intend to do so within the next 6 months?
We keep our fees under regular review and continue to review them in light of
heightened regulatory expectations and the introduction of the pension access
options
9. How are you treating property for capital adequacy calculations, as
standard or non-standard?
Directly held UK commercial property cannot be proven to be realised or
transferred under normal conditions within 30 days, therefore the regulator’s
expectation is that it should be treated as a non-standard asset
10. Have you had any external assessment or accreditation of your service
standards in the last 3 years?
We have undertaken Investor in Customers assessments and regularly win
industry awards for our service and proposition
11. Can you breakdown into asset classes as a percentage, the primary asset
class of new SIPP established in the last 12 months? What are they?
TBA
Liberty Sipp
Number of Sipps 4,000
Number of Ssas 0
11. Assets under administration £380,000,000
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria? Yes. Since November
2013 we have only accepted standard assets from clients in line with the FCA’s
definition
If so, have you made advisers aware of the changes? Yes
Have your refined your acceptance criteria for any assets you continue to accept?
N/A
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter? No
Do you intend to do so within the next 6 months? No but we are reviewing
drawdown fees for post April 2015
How are you treating property for capital adequacy calculations, as standard or
non-standard? We, like most of the SIPP industry, hope for clarification on this
point from the FCA. We are currently counting it as standard.
Have you had any external assessment or accreditation of your service standards
in the last 3 years? Defaqto 5 stars since 2012
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
FSA Regulated CIS 23.96%
Bank Account 2.19%
Quoted Shares 62.54%
Property 3.46%
Rowanmoor
1. Number of Sipps
4219 and 746 Family Sipps as at 31 December 2014
2. Number of Ssas
Figures will be available in Money Management’s February SSAS survey
http://www.ftadviser.com/r/FT%20Publications/FTA/Money%20Management
/Assets/Pdf/MON_0215_p055Tab1.pdf
3. Assets under administration
£3.7bn (as at 1/10/14)
4. As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
Our investment criteria are under constant review and all investments undergo
rigorous due diligence. Due diligence is a crucial part of our administration and
operating processes.
5. If so, have you made advisers aware of the changes?
See Q4. All investment options are readily available at
http://www.rowanmoor.co.uk/sipp/investments-options/
6. Have your refined your acceptance criteria for any assets you continue to
accept?
See Q4. Investments are continually monitored. We aim to give the most
comprehensive range of investment choice available under current legislation,
subject to strict criteria.
12. 7. Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
No
8. Do you intend to do so within the next 6 months?
Our fees are under review but we don’t anticipate any significant material
changes and not necessarily as a result of the thematic review.
9. How are you treating property for capital adequacy calculations, as standard
or non-standard?
We are still awaiting clarification from the FCA regarding the 30 day transfer
requirement.
10. Have you had any external assessment or accreditation of your service
standards in the last 3 years?
No, we do not; we are not convinced of the value of external service
accreditations as our own service standards are strictly monitored each
month. Our administration services are monitored against demanding
processing timescales. http://www.rowanmoor.co.uk/service-charter/service-
standards/
11. Can you breakdown into asset classes as a percentage, the primary asset
class of new SIPP established in the last 12 months? What are they?
We are unable to provide a response to this within the timescale we were asked
to respond.
Barnett Waddingham
Number of Sipps – Approx 3,000
Number of Ssas – Approx 2,400
Assets under administration – SIPP c.£1.2bn | SSAS c.£4.1bn
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria? – No. However, we
have launched a new SIPP, the Barnett Waddingham Flexible SIPP, and closed
the Barnett Waddingham SIPP to new business. The Flexible SIPP does not allow
certain investments which, in practice were either rare or unused in the Barnett
Waddingham SIPP.
If so, have you made advisers aware of the changes? – N/A
Have your refined your acceptance criteria for any assets you continue to accept?
– We keep our due diligence process under review to try to keep up with
developments in investments and scams to ensure it remains thorough and
effective.
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter? – No
Do you intend to do so within the next 6 months? – No
How are you treating property for capital adequacy calculations, as standard or
non-standard? – Until the FCA provide further clarification on the requirements,
we cannot give a definitive answer. If we decide that we need to classify it as
non-standard, it will significantly increase our capital adequacy requirement but
13. we will nonetheless be able to meet this from the existing resources of our
parent, Barnett Waddingham LLP.
Have you had any external assessment or accreditation of your service standards
in the last 3 years? – Yes. Our SIPP and SSAS businesses jointly submitted to an
assessment conducted by independent experts Investor in Customers in April /
May 2014. As a result of this, we obtained a two star (out of three) accreditation,
which is deemed as ‘Outstanding’.
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they? – Most are direct UK
commercial property or investments via DFMs - Flexible SIPP is DFM portfolios
at 55.01%
Fidelity – launched Sep 2013, too soon to comment
Dentons
As a result of the FCA’s thematic review and the new capital adequacy
requirements, have you changed your investment criteria?
No, we are still able to accept all the asset classes that we have always offered
If so, have you made advisers aware of the changes?
No changes made but see below
Have your refined your acceptance criteria for any assets you continue to accept?
We have refined some acceptance criteria for example in respect of loans to
unconnected parties: What we have tried to do provide intermediaries with
proformas of the information we would need to assess the acceptance of a given
investment: As an example the attached form relates to unconnected loans and
sets out the percentage of a fund we would permit to be loaned depending on
whether the loan is secured or unsecured: We also set out the need to see
company accounts etc so if accounts are not available, it won’t meet our criteria:
Have you increased you fees in excess of inflationary levels since the FCA
thematic review letter?
We had not increased our standard annual fees for three years (which we
reserve the right to do) so this year the increase was marginally in excess of the
last years inflation but still lower than the cumulative inflation since it was last
previously set. We have introduced only one new fee relating to the need to
include certain assets on our annual return to HMRC of £50per scheme that
includes certain reportable (but not all) non standard assets
Do you intend to do so within the next 6 months?
We envisage no fee increases until they are next due for renewal on 1st January
2016
14. How are you treating property for capital adequacy calculations, as standard or
non-standard?
If the property is held freehold or leasehold without mortgage or where the
mortgage is covered by other liquid assets of the SIPP, we intend to treat the
property as a Standard Asset. If a mortgage exceeds scheme liquid assets or if the
property is held jointly with an external party we are intending to treat the
property as non Standard. We are hoping that we will get some form of industry
consensus so that all operators are taking a common approach. We have already
undergone a data cleansing operation so we have accurate management
information on our properties so whatever the criteria actually is used we
should be able to accurately identify which of our properties fall into each
category.
Have you had any external assessment or accreditation of your service standards
in the last 3 years?
Yes, we were awarded 5 star service providers by another publication through
voting by IFA’s but more appropriately we periodically commission Investors In
Customers to survey our clients and who provide feedback. This is a hugely
valuable exercise for any firm that is customer focussed as it reports on not only
what you are doing well but on what your customers think you can do better. We
originally undertook the process in 2009 and learned from it which meant that
when we subsequently recommisioned IIC in 2014 we received their highest 3
star “Exceptional Award”
See further details of service awards on the attached due diligence document
that also sets out assets we won’t accept:
Can you breakdown into asset classes as a percentage, the primary asset class of
new SIPP established in the last 12 months? What are they?
Yes, our database can provide a wealth of creative management information
reports: The list below sets out the primary asset stated as being the reason for
creation of the new SIPPs established:
Directly held commercial property 48%
Equity/regulated collective portfolios 39%
Other collectives 3%
Cash 6%
Other non standard assets 4%
The latter category consists of unquoted UK equity, unconnected loans and
intellectual property
We firmly believe in providing as much information as we can to enable the
intermediary to make an informed choice about the proposition we are offering:
The due diligence document attached is updated regularly to reflect any changes
in the proposition as well as new numbers of SIPPs/assets etc. I’d be interested
to know how open your responses are from other SIPP providers to the degree
that if there is anything else IFA’s would like to know, we’re happy to try and put
it out there.