Gibraltar Asset Management Limited (GAM) is an independent asset management firm regulated by the Financial Services Commission and a member of the London Stock Exchange. GAM offers execution-only, advisory, and discretionary portfolio management services. For discretionary clients, GAM's Investment Committee builds model portfolios based on asset allocation across equities, fixed income, and other asset classes tailored to clients' risk tolerance and time horizon. Client assets are held with a third-party custodian and GAM provides regular reporting including online access, statements, and notifications of corporate actions.
Gibraltar Asset Management provides various investment services including execution-only dealing, advisory services, and discretionary portfolio management. For discretionary clients, GAM constructs model portfolios consisting of equities, fixed income, commodities, and special situations. Equity holdings are selected based on criteria like low debt, earnings visibility, dividends, and value. Fixed income, commodities, and special situations further diversify portfolios. Clients receive regular reporting and their assets are held securely with a third-party custodian.
Gibraltar Asset Management provides various investment services including execution-only trading, advisory services, and discretionary portfolio management. For discretionary clients, GAM's investment committee constructs model portfolios allocated across equities, special situations, commodities, and fixed income based on the client's risk profile and objectives. Equity holdings are selected from core defensive, cyclical, and thematic categories. Special situations aim to take advantage of short-term market anomalies. Commodities including gold and silver provide diversification benefits.
This document provides an overview of Gibraltar Asset Management Limited (GAM), including its history, regulation, memberships, independence, organization, security of client assets, client reporting, and services. GAM offers execution-only, advisory, and discretionary investment management services. For discretionary clients, GAM constructs model portfolios using equities, special situations, commodities, and fixed interest securities. Equities are selected based on factors like low debt, earnings visibility, dividends, value, and simplicity. Special situations seeks short-term anomalies, and commodities provide diversification benefits.
Central counterparties (CCPs) clear trades by becoming the buyer to every seller and seller to every buyer, guaranteeing contract performance. CCPs use initial and variation margin, stress testing, and oversight of clearing members to manage risk. In the event of a default, the CCP uses the defaulter's margin and guaranty fund contribution first before using its own pre-funded financial resources, which are sized to cover the default of multiple members if needed. CCPs thus help mitigate credit risk while supporting market liquidity and access.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
This document provides information about Roux Capital, a Paris-based advisor focused on private equity primary and secondary assignments in Europe. It summarizes Roux Capital's services in primary fund placements, secondary transactions, and the experience of its founder François Roux in private equity and mergers and acquisitions.
B&S provides practical risk management solutions to help clients facing financial distress. They operate confidentially to restructure finances, improve operations, and handle debt and governance issues. Their three main services are high impact dossier services to protect credibility, in-control structuring services to protect stakeholder trust, and debt restructuring services to protect business continuance. B&S was founded by Guido Schlösser and Rob Boemen to serve clients dealing with issues caused by upcoming debt maturities and increased regulatory pressures in the leveraged finance market.
The standard 3 of the CFA (Certified Financial Analyst) is described in the following order
(Duties to Clients)
1. Standard iii (A)
2. Standard iii (B)
3. Standard iii (C)
4. Standard iii (D)
5. Standard iii (E)
All the topics are described based on the key points on the standard and then after each of the standards, the way to follow for compliance is also described.
Lastly, relevant examples are given under each section to make the readings more clear and understandable.
Gibraltar Asset Management provides various investment services including execution-only dealing, advisory services, and discretionary portfolio management. For discretionary clients, GAM constructs model portfolios consisting of equities, fixed income, commodities, and special situations. Equity holdings are selected based on criteria like low debt, earnings visibility, dividends, and value. Fixed income, commodities, and special situations further diversify portfolios. Clients receive regular reporting and their assets are held securely with a third-party custodian.
Gibraltar Asset Management provides various investment services including execution-only trading, advisory services, and discretionary portfolio management. For discretionary clients, GAM's investment committee constructs model portfolios allocated across equities, special situations, commodities, and fixed income based on the client's risk profile and objectives. Equity holdings are selected from core defensive, cyclical, and thematic categories. Special situations aim to take advantage of short-term market anomalies. Commodities including gold and silver provide diversification benefits.
This document provides an overview of Gibraltar Asset Management Limited (GAM), including its history, regulation, memberships, independence, organization, security of client assets, client reporting, and services. GAM offers execution-only, advisory, and discretionary investment management services. For discretionary clients, GAM constructs model portfolios using equities, special situations, commodities, and fixed interest securities. Equities are selected based on factors like low debt, earnings visibility, dividends, value, and simplicity. Special situations seeks short-term anomalies, and commodities provide diversification benefits.
Central counterparties (CCPs) clear trades by becoming the buyer to every seller and seller to every buyer, guaranteeing contract performance. CCPs use initial and variation margin, stress testing, and oversight of clearing members to manage risk. In the event of a default, the CCP uses the defaulter's margin and guaranty fund contribution first before using its own pre-funded financial resources, which are sized to cover the default of multiple members if needed. CCPs thus help mitigate credit risk while supporting market liquidity and access.
Sprung Investment Management - Navigating Your Wealth Management Options
This presentation has been created to help you decipher your investment options
and determine if Sprung is the right advisor for you. In it we will cover...
This document provides information about Roux Capital, a Paris-based advisor focused on private equity primary and secondary assignments in Europe. It summarizes Roux Capital's services in primary fund placements, secondary transactions, and the experience of its founder François Roux in private equity and mergers and acquisitions.
B&S provides practical risk management solutions to help clients facing financial distress. They operate confidentially to restructure finances, improve operations, and handle debt and governance issues. Their three main services are high impact dossier services to protect credibility, in-control structuring services to protect stakeholder trust, and debt restructuring services to protect business continuance. B&S was founded by Guido Schlösser and Rob Boemen to serve clients dealing with issues caused by upcoming debt maturities and increased regulatory pressures in the leveraged finance market.
The standard 3 of the CFA (Certified Financial Analyst) is described in the following order
(Duties to Clients)
1. Standard iii (A)
2. Standard iii (B)
3. Standard iii (C)
4. Standard iii (D)
5. Standard iii (E)
All the topics are described based on the key points on the standard and then after each of the standards, the way to follow for compliance is also described.
Lastly, relevant examples are given under each section to make the readings more clear and understandable.
The document summarizes an All Cap Core investment strategy managed through UBS Financial Services' Portfolio Management Program (PMP). The strategy aims to achieve positive total returns across asset classes including equities, closed-end funds, and ETFs. It takes an opportunistic approach and does not focus on a single market cap, growth, or value style. The portfolio managers lead a team approach to research and use predefined criteria to make buy and sell decisions. Fees are an inclusive flat rate paid quarterly based on assets.
The document discusses the organizational setup of a bank treasury. It is typically divided into three sections: the front office which handles dealing and risk taking; the mid-office which focuses on risk management and reporting; and the back office which handles confirmations, settlements, accounting and reconciliations. While set ups may vary between banks, this three-part structure separates the primary functions and facilitates smooth workflow from dealing to accounting.
Ifrs professional update_(budapest_-_jan_07_david_chopping)aroyain
The document outlines the agenda for an IFRS/ISA training conference in January 2007. The agenda covers standards such as IAS 39, IFRS 2, IFRS 3, IFRS 4, IFRS 5, IFRS 6, IFRS 7, and IFRS 8. For each standard, there is a brief discussion of the scope, key requirements, and any proposals for changes. The document provides a high-level overview of the major accounting standards that would be covered in more depth during the training conference.
The document discusses vendor initiated management buyouts (VIMBOs), business valuations, and recent developments in finance raising. It provides an overview of VIMBOs, including key features, pros and cons, and an example structure. It also discusses considerations for business valuations, including different valuation types and factors that influence valuation. Finally, it outlines the agenda for an upcoming advisory circle meeting.
This document contains syllabus information for modules in risk management at IBS Business School in Mumbai. Module C covers treasury management, instruments in the treasury market, development of new financial products, and control and supervision of treasury management. It also discusses asset-liability management, interest rate risk, and hedging instruments. Module D covers capital adequacy, asset classification, profit planning, and measures to improve profitability. The document also provides details on money market instruments like certificates of deposit, commercial paper, treasury bills, and their features. It discusses the treasury function and integrated treasury management.
The document provides an overview of the typical divisions within a multi-divisional global banking group, including investment banking, private banking, and asset management. It discusses the key services each division provides, such as mergers and acquisitions advisory, capital raising, sales and trading, wealth management, and portfolio management across asset classes. The investment banking division in particular focuses on maintaining client relationships and providing capital raising and advisory services.
Financial services refer to products offered by financial institutions like banks, insurance companies, and mutual funds. These include loans, credit cards, investments, and stock trading. Financial services have key characteristics of intermediating funds, intangibility, and perishability. Main functions include facilitating transactions, mobilizing savings, allocating capital, and meeting financial needs. There are various types of financial services based on consumers (individual or business), fund utilization (lending or non-lending activities), geography, and other features. Mutual funds are a form of financial service that pools investor money to invest in securities under different schemes.
The document discusses challenges that investors face with current investment options and introduces Spoke Funds as a better alternative. It summarizes key limitations of mutual funds, hedge funds, and ETFs in meeting investors' needs around alignment of interests, transparency, accessibility, and liquidity. The document then introduces Spoke Funds, noting their key advantage is that the portfolio manager invests their own money alongside investors'. It provides an overview of The Mosaic Portfolio, a long-term, business-owner approach to investing run by The Free Investors. The Free Investors aims to be accessible, transparent, invest for the long-term, have no conflicts of interest, be low cost, and independent.
The document provides an overview of recent developments in pensions investment law and practice. It discusses legal issues trustees should consider when making investments, including ensuring proper investment advice and delegating decisions appropriately. It also summarizes new European regulations on securities financing transactions that will require reporting, record-keeping and risk warnings. Finally, it provides updates on the longevity market and an upcoming seminar hosted by Linklaters on pensions investment issues.
Loofbourrow Associates is a private investment banking firm that provides corporate finance services including mergers and acquisitions, private placements of debt and equity, and financial advisory services. It focuses on middle-market companies and transactions ranging from $5 million to $500 million. The firm has deep experience in structuring and executing various types of transactions, including leveraged buyouts, management buyouts, and raising capital for growth, acquisitions, and other purposes. It maintains relationships with various financing sources to meet clients' capital needs.
Kingdom Ridge Capital's Hedge Fund Overviewingdomyuiot6
Basic & very brief talking point overview of hedge funds (created by Kingdom Ridge Capital) for a somewhat advanced audience (say college students) that are interested in a quick primer on hedge funds.
The document summarizes various topics related to company investment and cash management, including:
1. Capital structure and how companies finance assets through equity, debt, or hybrid securities.
2. Sales analysis including growth, product segmentation, and materials.
3. Cash management and the cash conversion cycle involving inventory, sales, and cash flow.
4. Differences between stocks, bonds, and bank loans for funding a company.
5. Advantages of leasing including cash flow, fixed pricing, off-balance sheet treatment, lower risk, and tax benefits.
Financial engineering involves the design and implementation of innovative financial products and processes. It deals with creating new financial instruments or repackaging existing ones. Some examples of financial engineering in India include debt-oriented mutual funds, interest rate futures, and floating rate bonds. Financial engineering can be applied to equity, debt, hybrid instruments, and derivatives. It is used by investment banks and for purposes like risk management, valuation, and portfolio management. The field needs further development to provide more choices for investors and corporations to improve financial efficiency and solutions.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
This document outlines the course content for BA FINC 46 TREASURY MANAGEMENT taught by KLIEF T. AMORES in 2014. The course covers topics related to treasury management including cash management, financing, investment management, risk management, and operational considerations. It also describes the roles and responsibilities of the treasury department in overseeing an organization's financial assets and cash flow, as well as treasury best practices around compensation, systems, outsourcing, and metrics.
The document discusses various topics related to financial services including bill discounting, asset liability management, factoring, forfaiting, Basel accords, and the SARFAESI Act. It defines each topic and provides key details about them in 1-3 paragraphs. Bill discounting involves trading bills of exchange prior to maturity for a discounted value. Asset liability management matches a company's assets and cash flows with its obligations. Factoring involves a business selling its accounts receivables to a third party for cash. Forfaiting enables exporters to receive immediate cash by selling medium-long term receivables. The Basel accords provide international banking regulations on capital adequacy. The SARFAESI Act allows banks to
Gibraltar Asset Management provides various investment services including execution-only trading, advisory services, and discretionary portfolio management. For discretionary clients, GAM constructs model portfolios allocated across equities, fixed income, commodities, and other assets based on the client's risk profile and objectives. Equity holdings are selected from defensive, cyclical, and thematic categories. Special situations and options/CFDs may also be utilized depending on a client's risk tolerance. Assets are held with an external custodian for security. Regular reporting includes statements, corporate action notifications, and periodic valuations. Fees are based on a transparent pricing structure.
Capital Market Consultants is an investment consulting firm located in Milwaukee, Wisconsin that was founded in 2002. They provide a range of investment program expertise including manager research, economic consulting, portfolio modeling, and unified managed accounts. Their mission is to advance the financial well-being of investors by being the investment provider of choice for intermediaries like banks, trust companies, and wealth managers. They employ nine associates with over 100 years of combined investment experience.
The document summarizes an All Cap Core investment strategy managed through UBS Financial Services' Portfolio Management Program (PMP). The strategy aims to achieve positive total returns across asset classes including equities, closed-end funds, and ETFs. It takes an opportunistic approach and does not focus on a single market cap, growth, or value style. The portfolio managers lead a team approach to research and use predefined criteria to make buy and sell decisions. Fees are an inclusive flat rate paid quarterly based on assets.
The document discusses the organizational setup of a bank treasury. It is typically divided into three sections: the front office which handles dealing and risk taking; the mid-office which focuses on risk management and reporting; and the back office which handles confirmations, settlements, accounting and reconciliations. While set ups may vary between banks, this three-part structure separates the primary functions and facilitates smooth workflow from dealing to accounting.
Ifrs professional update_(budapest_-_jan_07_david_chopping)aroyain
The document outlines the agenda for an IFRS/ISA training conference in January 2007. The agenda covers standards such as IAS 39, IFRS 2, IFRS 3, IFRS 4, IFRS 5, IFRS 6, IFRS 7, and IFRS 8. For each standard, there is a brief discussion of the scope, key requirements, and any proposals for changes. The document provides a high-level overview of the major accounting standards that would be covered in more depth during the training conference.
The document discusses vendor initiated management buyouts (VIMBOs), business valuations, and recent developments in finance raising. It provides an overview of VIMBOs, including key features, pros and cons, and an example structure. It also discusses considerations for business valuations, including different valuation types and factors that influence valuation. Finally, it outlines the agenda for an upcoming advisory circle meeting.
This document contains syllabus information for modules in risk management at IBS Business School in Mumbai. Module C covers treasury management, instruments in the treasury market, development of new financial products, and control and supervision of treasury management. It also discusses asset-liability management, interest rate risk, and hedging instruments. Module D covers capital adequacy, asset classification, profit planning, and measures to improve profitability. The document also provides details on money market instruments like certificates of deposit, commercial paper, treasury bills, and their features. It discusses the treasury function and integrated treasury management.
The document provides an overview of the typical divisions within a multi-divisional global banking group, including investment banking, private banking, and asset management. It discusses the key services each division provides, such as mergers and acquisitions advisory, capital raising, sales and trading, wealth management, and portfolio management across asset classes. The investment banking division in particular focuses on maintaining client relationships and providing capital raising and advisory services.
Financial services refer to products offered by financial institutions like banks, insurance companies, and mutual funds. These include loans, credit cards, investments, and stock trading. Financial services have key characteristics of intermediating funds, intangibility, and perishability. Main functions include facilitating transactions, mobilizing savings, allocating capital, and meeting financial needs. There are various types of financial services based on consumers (individual or business), fund utilization (lending or non-lending activities), geography, and other features. Mutual funds are a form of financial service that pools investor money to invest in securities under different schemes.
The document discusses challenges that investors face with current investment options and introduces Spoke Funds as a better alternative. It summarizes key limitations of mutual funds, hedge funds, and ETFs in meeting investors' needs around alignment of interests, transparency, accessibility, and liquidity. The document then introduces Spoke Funds, noting their key advantage is that the portfolio manager invests their own money alongside investors'. It provides an overview of The Mosaic Portfolio, a long-term, business-owner approach to investing run by The Free Investors. The Free Investors aims to be accessible, transparent, invest for the long-term, have no conflicts of interest, be low cost, and independent.
The document provides an overview of recent developments in pensions investment law and practice. It discusses legal issues trustees should consider when making investments, including ensuring proper investment advice and delegating decisions appropriately. It also summarizes new European regulations on securities financing transactions that will require reporting, record-keeping and risk warnings. Finally, it provides updates on the longevity market and an upcoming seminar hosted by Linklaters on pensions investment issues.
Loofbourrow Associates is a private investment banking firm that provides corporate finance services including mergers and acquisitions, private placements of debt and equity, and financial advisory services. It focuses on middle-market companies and transactions ranging from $5 million to $500 million. The firm has deep experience in structuring and executing various types of transactions, including leveraged buyouts, management buyouts, and raising capital for growth, acquisitions, and other purposes. It maintains relationships with various financing sources to meet clients' capital needs.
Kingdom Ridge Capital's Hedge Fund Overviewingdomyuiot6
Basic & very brief talking point overview of hedge funds (created by Kingdom Ridge Capital) for a somewhat advanced audience (say college students) that are interested in a quick primer on hedge funds.
The document summarizes various topics related to company investment and cash management, including:
1. Capital structure and how companies finance assets through equity, debt, or hybrid securities.
2. Sales analysis including growth, product segmentation, and materials.
3. Cash management and the cash conversion cycle involving inventory, sales, and cash flow.
4. Differences between stocks, bonds, and bank loans for funding a company.
5. Advantages of leasing including cash flow, fixed pricing, off-balance sheet treatment, lower risk, and tax benefits.
Financial engineering involves the design and implementation of innovative financial products and processes. It deals with creating new financial instruments or repackaging existing ones. Some examples of financial engineering in India include debt-oriented mutual funds, interest rate futures, and floating rate bonds. Financial engineering can be applied to equity, debt, hybrid instruments, and derivatives. It is used by investment banks and for purposes like risk management, valuation, and portfolio management. The field needs further development to provide more choices for investors and corporations to improve financial efficiency and solutions.
Company X is seeking funding to commercialize and market a patented widget process that increases effectiveness by 60% and decreases costs by 40% compared to existing solutions. The technology platform utilizes a patented process that drives faster, better, and cheaper products and services while being backward compatible with legacy systems. An analysis of the target market identified approximately 120 potential customer companies with annual widget purchases between $1-12 million per company, representing a billion dollar market opportunity for growth.
This document outlines the course content for BA FINC 46 TREASURY MANAGEMENT taught by KLIEF T. AMORES in 2014. The course covers topics related to treasury management including cash management, financing, investment management, risk management, and operational considerations. It also describes the roles and responsibilities of the treasury department in overseeing an organization's financial assets and cash flow, as well as treasury best practices around compensation, systems, outsourcing, and metrics.
The document discusses various topics related to financial services including bill discounting, asset liability management, factoring, forfaiting, Basel accords, and the SARFAESI Act. It defines each topic and provides key details about them in 1-3 paragraphs. Bill discounting involves trading bills of exchange prior to maturity for a discounted value. Asset liability management matches a company's assets and cash flows with its obligations. Factoring involves a business selling its accounts receivables to a third party for cash. Forfaiting enables exporters to receive immediate cash by selling medium-long term receivables. The Basel accords provide international banking regulations on capital adequacy. The SARFAESI Act allows banks to
Gibraltar Asset Management provides various investment services including execution-only trading, advisory services, and discretionary portfolio management. For discretionary clients, GAM constructs model portfolios allocated across equities, fixed income, commodities, and other assets based on the client's risk profile and objectives. Equity holdings are selected from defensive, cyclical, and thematic categories. Special situations and options/CFDs may also be utilized depending on a client's risk tolerance. Assets are held with an external custodian for security. Regular reporting includes statements, corporate action notifications, and periodic valuations. Fees are based on a transparent pricing structure.
Capital Market Consultants is an investment consulting firm located in Milwaukee, Wisconsin that was founded in 2002. They provide a range of investment program expertise including manager research, economic consulting, portfolio modeling, and unified managed accounts. Their mission is to advance the financial well-being of investors by being the investment provider of choice for intermediaries like banks, trust companies, and wealth managers. They employ nine associates with over 100 years of combined investment experience.
Mora Wealth Management is an independent global wealth management firm that provides a full range of wealth management services through multiple custodian relationships. It has a global presence with offices in Switzerland, the US, and Uruguay. The firm aims to place clients' interests first and provide unbiased advice through a risk-based investment approach focused on capital preservation, appreciation, and income generation based on each client's profile and goals. Mora manages over $7.6 billion in assets for individuals and families worldwide.
AAM Property Group is a commercial property investment specialist that focuses on acquiring income-producing properties. It manages investments for a range of clients through various structures, including individual mandates for large investments of $10m-$100m+ and collective investment funds for smaller investors. AAM has a team of experienced commercial property experts who conduct thorough due diligence and asset management. The company aims to identify well-located properties that will deliver positive returns through capital appreciation and rental income.
- Nirmal Bang Securities Pvt. Ltd is a leading Indian broking firm established in 1986 that has transformed from a small local player to a diverse financial group.
- The Private Client Group aims to provide investment solutions and portfolio management services to high net-worth individuals and corporates regarding their equity investments.
- The research team, headed by Vishal Jajoo, provides investment recommendations based solely on fundamental analysis of companies and evaluates businesses, industries, management, and financials.
The document discusses the various service providers that assist hedge funds like Global Credit Advisers. It outlines prime brokers that provide lending, financing, and trade clearing services. It also discusses Global Credit Advisers' specific prime brokers, fund administrator, custodian bank, legal services, accountant and auditor, and information technology provider. Each of these services plays an important role in helping hedge funds operate efficiently and successfully.
Shartru Wealth is the financial advice division of Shartru Capital, an independently owned Australian financial advisory firm. Shartru Dealer Services seeks to provide advisers access to an Australian financial services license, professional indemnity insurance, compliance support, and integrated technology platforms. This allows advisers to offer clients a suite of financial services through Shartru, including advice, portfolio management, superannuation administration, insurance, and banking. The costs for advisers start at $25,000 per year for the first adviser.
This presentation presents and compares the managed account investment vehicle against alternatives such as the 401K, IRA, and several others. The presentation then goes on to present the uniqe service proposition offered by CMG, LLC as an investment manager and managed account provider.
This document describes the Morgan Stanley Advisory non-discretionary advisory account program. It allows clients to benefit from investment guidance and advice from a Morgan Stanley financial advisor while retaining discretion over account transactions. Key features include developing an investment strategy based on goals and risk tolerance, selecting from investment options like equities and funds, and periodic reviews to maintain the strategy. The financial advisor will work with clients through an assessment and portfolio building process to develop a customized solution.
Agency Treasury Services (ATS) is a treasury management outsourcing provider that has been in business for 10 years. ATS offers a range of treasury services including cash management, liquidity management, interest rate management, and reporting. Clients can select individually which services they need. ATS works with clients to tailor solutions and manage risks. It seeks to provide transparent pricing and best execution of deals using multiple online dealing platforms and telephone. ATS monitors counterparty credit quality and adheres to client-mandated restrictions on counterparties and investments.
DealPoint Merrill provides concise summaries of investment opportunities in 3 sentences or less:
DealPoint Merrill specializes in acquiring undervalued real estate assets and implementing value-added strategies like redevelopment and adaptive reuse to generate returns. They focus on multi-tenant retail properties, apartments, and self-storage facilities that can be purchased below replacement cost and stabilized within 3 to 5 years. DealPoint Merrill aims to protect investor capital through conservative investment strategies while also achieving strong risk-adjusted returns.
Management of risk in financial services involves various strategies. The three main strategies used to manage bond portfolios are:
1) Passive or "buy and hold" strategy which involves minimal trading of bonds held to maturity.
2) Index matching or "quasi-passive" strategy which aims to replicate the performance of a bond market index.
3) Immunization or "quasi-active" strategy which aims to minimize risk from interest rate fluctuations by matching the duration of bonds held to the duration of liabilities.
TMI4081_TMI Corporate Brochure AW V3 FOR WEB SinglesMichelle Rennie
Thomas Miller Investment is an independent investment and wealth management firm that provides services to both private clients and institutions. It has teams located in London, Southampton, Birmingham, and the Isle of Man that offer both onshore and offshore investment solutions. The firm uses a disciplined investment process focused on understanding client objectives and employing economic research, asset allocation, stock selection, and portfolio construction to achieve real returns. It provides services such as discretionary portfolio management, wealth management, and collective investment funds.
Eric Fleury is an investment advisor who aims to provide optimal wealth management solutions and help clients achieve financial independence through personalized services. His team takes time to understand each client's unique financial situation and provides recommendations to help clients grow and protect their wealth over the long term. The team applies a rigorous investment process that focuses on maximizing tax-efficient returns while managing risk.
KMPG Bank is an international banking group that provides corporate and private banking services. It aims to protect and manage client assets through a full range of independent products and services tailored to client needs. The bank operates through offices in several countries and offers services such as asset management, investment advice, trust and estate planning, corporate finance, and project financing. KMPG Bank targets both individual and institutional investors seeking personalized financial services and investment solutions.
Hunter Hammond Daniel Associates is an independent financial advisory firm that provides investment and pension advice. They have introduced a new core investment proposition that involves outsourcing fund selection and portfolio management to expert organizations like Ibbotson Associates and Old Broad Street Research. Their proposition involves a 6 step process: 1) Meeting with clients, 2) Risk assessment, 3) Asset allocation, 4) Portfolio construction, 5) Use of a wrap platform, and 6) Regular reviews and rebalancing. They offer three client service packages depending on portfolio size that provide varying levels of support and reviews.
DealPoint Merrill provides concise summaries of investment opportunities in 3 sentences or less:
DealPoint Merrill is a real estate investment firm that specializes in acquiring undervalued properties, adding value through redevelopment or repositioning, and selling once stabilized. They focus on niche markets and exploit mispricings to generate above-market returns while controlling risk. The firm aims to outperform in all economic conditions by preserving capital, adding value, and providing transparent reporting to investors.
This document compares registered investment advisors (RIAs) and registered representatives. It discusses that RIAs are fiduciaries legally obligated to put clients' interests first, while registered representatives ensure recommendations are suitable but may be commission-based. RIAs typically charge fees on assets managed rather than commissions. The document suggests that RIAs provide personalized long-term financial advice aligned with clients' goals, while registered representatives facilitate securities transactions. It advises readers to consider their needs and preferences to determine the best option.
This document compares registered investment advisors (RIAs) and registered representatives. It discusses that RIAs are fiduciaries legally obligated to put clients' interests first, while registered representatives ensure recommendations are suitable but may be commission-based. RIAs typically charge fees on assets managed rather than commissions. The document suggests that RIAs provide personalized long-term financial advice aligned with clients' goals, while registered representatives facilitate securities transactions. It advises readers to consider their needs and preferences to determine the best option.
1. Private Client Presentation
6th March 2012
Gibraltar Asset Management Limited is Authorised and Regulated by the Financial Services Commission
Member firm of the London Stock Exchange
2. Contents
1. About Us
2. Organisation
3. Security of Your Assets
4. Client Reporting
5. Services Execution-Only
Advisory
Discretionary
6. Summary
Appendix
2
3. About Us
• History - Gibraltar Asset Management Limited (“GAM”) was founded in 1987 and has roots
in Gibraltar going back over forty years.
• Regulation - GAM is authorised and regulated by the Financial Services Commission. Being
based in Gibraltar, we are subject to the Markets in Financial Instruments Directive (MiFID),
thus benefiting clients with the maximum amount of protection. We are also a member of the
Gibraltar Investor Compensation Scheme.
• Memberships – GAM is Gibraltar’s single local member firm of the London Stock Exchange.
GAM is also a member of GFIA (Gibraltar Funds & Investments Association) and GACO
(Gibraltar Association of Compliance Officers).
• Independence - We are totally independent of any fund managers, clearing banks or
insurance companies and as such have no conflicts of interest. As a result we provide
entirely unbiased investment advice.
3
4. Organisation
Mark Maloney James Lasry
Paul Brailey
Managing Non-Executive
Director
Director Director
Djamal Adib Isabel Duque
Investment Management, Advisory & Execution-Only dealing
Client Services & Compliance
4
5. Security of Your Assets
• Nominee arrangements - We do not hold client assets, rather they are held through an FSA-regulated custodian,
Jarvis Investment Management Plc (“Jarvis”). Jarvis is a Member firm of the London Stock Exchange and is itself
listed on the London Stock Exchange. Securities are registered in the name of Jarvis’ nominee, JIM Nominees
Limited, a non-trading company that provides for the safe, secure and effective administration of clients’
investments.
Advantages of our nominee service include:
• The enabling of market transactions to be settled for standard settlement (T+3)
• The elimination of lost share certificates which are becoming ever more costly to replace
• The reduction of paperwork as all correspondence, such as reports, is sent to the nominee company
• The automated processing of corporate actions including the collection of dividends
GAM can also arrange for settlement via the client’s own custodian.
• Investor protection - GAM places a strong emphasis on risk management encompassing legal, regulatory and reputational
risk and compliance. Treating customers fairly is an established and fundamental component of the firm’s business culture
and has been instrumental to the development of the firm’s excellent reputation amongst investors. This is evidenced by our
low client turnover. GAM does not take proprietary positions.
Transactions Settlement Custody Corporate Actions Valuations
5
6. Client Reporting
Regular reporting is an important part of our relationship with our clients. We communicate to
our clients through the following media:
• Online access - clients can access their portfolios through our online platform, which
provides daily valuations and sterling cash statements.
• Corporate actions - ongoing notification (via telephone, email or letter) of all corporate
events that occur on your holdings such as rights issues, capital reorganisations, takeovers
etc. Advice on course of action is provided on request.
• Contract notes - contract notes are issued promptly after each transaction, either
immediately via email (thus cutting down on mail and unnecessary paper) or via post the
following day.
• Hard copy valuations – dispatched semi-annually for month end June and December.
Discretionary investment management clients also receive a market report along with a
performance analysis against a suitable benchmark.
6
7. Services – Execution-Only
Our execution-only dealing service is a comprehensive and efficient method to buy and sell
securities.
• Markets - As a member firm of the London Stock Exchange we have direct access to the markets
and provide best execution and timely execution of orders. Markets covered include:
Equities Pan-European, North American, Australian and Japanese
Fixed Interest Pan-European & US government and corporate debt
Collective Investment Schemes Investment Trusts, Unit Trusts and ETFs
Structured Products Exchange-listed and OTC
Derivatives Options, CFDs & Covered Warrants
• Telephone/Online dealing - Trades may be placed via our traditional telephone-based service or
online via our robust online dealing platform.
• Value-added service - We can provide up-to-date market information, monitor stock price
movements, keep you informed of news on particular stocks and take limit as well as market
orders. Execution-only customers also receive research published by GAM’s Investment
Committee which drives our investment management offering.
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8. Services – Advisory
• Tailored advice - We make recommendations based on your investment objectives, attitude to risk, time horizon and individual requirements and will
act only once you are in agreement with our recommendations. We will advise on the merits of a particular investment upon request, as well as on its
suitability to your portfolio as a whole.
• Free of charge - There is no additional charge for the advisory service. Only a financial questionnaire need be completed.
• Quality of advice - Our advice is based on quality research and the skills, knowledge and experience of our professional brokers, all London qualified.
• Profitable opportunities - We aim to provide the advice clients need to improve the return on their investments - whether they are short-term traders or
long-term investors. We advise clients of potential opportunities, place orders once a course of action has been agreed and monitor subsequent
performance.
• Scope of advice - There are a growing number of investment products available hence good selection is vital. With the ever increasing complexity of
these investments professional help has never been more essential. Every advisory client is assigned a stockbroker who is there to build a relationship
with you, as your trusted advisor, exchanging ideas and keeping you informed. You can discuss everything from risk management and the achievement
of your investment goals to how best to buy or sell specific shares.
• Investment ideas – Advisory customers receive research published by GAM’s Investment Committee which drives our investment management
offering.
• Portfolio review - GAM carries out regular reviews of all client portfolios whether advisory or discretionary to ensure that portfolio holdings are in line
with each clients investment objectives, time horizon and attitude to risk.
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9. Services – Discretionary
Investment Committee
• GAM’s Investment Committee is responsible for building model portfolios for a range of investment objectives and time
horizons. These models are used as a basis to build a portfolio for an individual client.
• Our approach to portfolio construction is to:
1) Identify the best assets to invest in
2) Combine them to minimise volatility
3) Establish the best investment route for each asset class
• Asset allocation is at the core of investment success-research has shown that 90% of returns come from the way you spread
your holdings across different asset classes, not through stock picking. The more asset classes one includes, the greater
potential there is for reduced volatility and enhanced returns.
• Our model portfolios reflect recommended asset allocations to equities, special situations, commodities & fixed interest. By
way of example, for an investor with a medium attitude to risk and a medium time horizon, GAM uses the following portfolios
as a template for subsequent investment dependent upon their investment objectives – balanced, income or capital growth.
Confirm asset
Investment Committee Security Analysis Transactions
allocations
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10. Services – Discretionary
Model Portfolios
Balanced/Capital Growth
Equities 50%
Special Situations 10%
Commodities 10%
Fixed Interest 30%
Income
Equities 50%
Fixed Interest 50%
Capital Growth (Zero Fixed Interest)
Equities 80%
Special Situations 10%
Commodities 10%
Now we discuss these individual asset classes in turn.
As an independent stockbroker, we select the best investment route for each asset class based on value. As our income is derived from our transparent
pricing structure we tend to prefer direct investments and low cost exchange traded funds to expensive unit trusts and structured products. Costs chip away
at performance year after year and their impact compounds over time. There are few factors as predictive of future success as fees-they are the only
variable known at the outset. We believe our approach aligns GAM’s interests directly with those of the client.
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11. Services – Discretionary
Equities
GAM manages it’s equity allocation with the following principles in mind:
• Diversification - we invest in a total of 20 shares. This reduces company specific risk to the theoretical maximum level.
• Risk management – our investment managers are restricted to investing no more than 5% of the equity allocation in any one stock and 15% in any one sector.
Regarding the selection of stocks, GAM considers both technical and fundamental factors. Our criteria include:
• Low debt levels – particularly important post credit crunch.
• Good earnings visibility – good forward visibility of earnings ensures a company has the ability to survive an economic downturn.
• Dividend yield - We invest predominantly in good dividend-paying companies whose dividends are well covered. Stocks with good dividends are less affected by market
volatility and over the long term, studies have found that dividend yield accounts for a greater proportion of total returns than capital gains.
• Value – We focus on companies that are inexpensive as measured by either price earnings multiples, price earnings growth or price to book value.
• Simplicity – We only invest in companies we understand.
The categories of shares we purchase come under the following broad headings – core defensive, cyclical and thematic.
Client Requirements Asset Allocation Stock Selection Trading
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12. Services – Discretionary
• Core Defensive
10 defensive sectors form the core of the equity allocation where the best in class companies are selected that are expected to perform
well irrespective of economic conditions. Our past stock selection has included:
Company Sector
Astrazeneca Pharmaceuticals & Biotechnology
BP Oil & Gas Producers
BAE Systems Aerospace & Defence
British American Tobacco Tobacco
Diageo Beverages
Scottish & Southern Energy Electricity
Tesco Food & Drug Retailers
Unilever Food Producers
United Utilities Gas, Water & Multiutilities
Vodafone Mobile Telecommunications
These shares are bought to be held for the long term and are generally held for the long term unless an adverse situation happens with
the company or a more attractive proposition appears.
Over time these core defensive shares have tended to outperform the FTSE 100, whilst exhibiting lower levels of volatility. Thus this
selection provides the investor with a solid core from which to build a diversified portfolio & seek more adventurous returns.
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13. Services – Discretionary
• Cyclical
A further 5 companies are selected from sectors that are in the current (or soon to be expected) economic cycle, such as:
Early Cycle = Automobiles & Parts, General Retailers, Household Goods, Leisure Goods, Life Insurance, Media and Travel & Leisure
Mid Cycle = Industrial Transportation, Mining, Oil & Gas Producers, Oil Equipment & Services, Real Estate, Software & Computer
Services and Technology Hardware & Equipment
Late Cycle = Banks, Chemicals, Construction & Materials, Electronic & Electrical Engineering, Equity Investment Instruments, Forestry
& Paper, General Industrials, General Financial, Industrial Engineering, Industrial Metals and Support Services
Our past stock selection has included:
Company Sector
Balfour Beatty Construction & Materials
BHP Biliton Mining
Clarkson Industrial Transportation
Royal Dutch Shell B Oil & Gas Producers
Standard Chartered Banks
These shares are generally bought for the short term.
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14. Services – Discretionary
• Thematic
The final 5 investments are selected from themes that we believe will benefit from some underlying trend or catalyst.
Our past stock selection has included:
Company Sector Rationale
Chesnara Life Insurance High yielding, low-risk company yielding 8%
Halfords General Retailers Will benefit from consumer belt tightening
iShares Emg Mkts Equity Investment Instruments Higher GDP growth vs. developed markets
LVMH Personal goods Exposed to the high growth emerging markets
Syngenta Chemicals Will benefit from global shortage of food
These investments are generally bought for the medium term.
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15. Services – Discretionary
Special Situations
Special situations is an asset class where we attempt to take advantage of short-term anomalies in the market and seek absolute returns that are
uncorrelated with the wider equity market.
For example, market anomalies occasionally present themselves in takeovers where the price of the target company does not rise to the bid price
(less the time cost of money). Bid arbitrage occurs in times of high market volatility and presents very attractive risk/return profiles.
Alternatively there may be a specific event that will trigger a rise in the share price.
Our past stock selection has included:
Company Sector Rationale
Amlin Non-life Insurance Share price should rise on the back of a benign hurricane season and low valuation
BG Group Oil & Gas Producers Potential takeover target for the likes of ExxonMobil
Carillion Support Services Will benefit from government cost cutting
Centamin Egypt Mining Potential takeover target, the AIM markets largest gold producer
These shares are bought with a very short term time horizon.
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16. Services – Discretionary
Special Situations (cont)
For investors with a higher risk tolerance, we can manage between 25% and 100% of the special situations allocation in either options or CFDs.
Options
Options are derivative contracts which can be used by investors in a diverse set of contexts - to insure their portfolios, purchase shares at a lower level
than the prevailing market price, enhance the yield of their equity portfolios or take leveraged positions whilst carrying a limited amount of risk. GAM
has successfully traded the options market for its clients over many years and has been able to consistently make money in all types of markets. GAM
utilises the following trading strategies:
Covered calls
Selling out-of-the-money covered calls (where the option writer owns the obligated quantity of the underlying security and is obligated to
deliver the shares should they reach a certain level) is a popular strategy that enables the stockowner to generate additional income which
is similar to receiving an additional dividend.
Naked Puts
GAM recommends writing puts(where the option writer is obligated to purchase shares should it fall below a certain level) on key stocks it
recommends, selecting strike prices based upon a combination of fundamental and technical analysis, which fall into the core defensive and
cyclical categories
FTSE 100 Strangle
This strategy allows investors to trade the range of the FTSE 100 rather than the direction using options contracts by selling high strike price
call options whilst simultaneously selling low strike price put options. If the market stays within the range, the entire option premium is
retained
CFDs
Contracts for Difference are agreements to exchange the difference in value of a particular security, from when you enter into the contract to when you
close it, without the requirement to own the physical asset. CFDs are traded on margin, so you can take a position without having to pay the full value
of the transaction. The margin requirements are commonly just 10% for major shares. CFDs benefit from low commission rates, low margin and zero
stamp duty plus the facility to go short as well as long - thus profiting from falling as well as rising markets.
Our CFD offering covers over 7,000 shares worldwide, FX, indices, commodities and bonds. FX, indices and commodities can be traded 24-hours a
day online.
Disclaimer: Trading options & CFDs is a high risk strategy which can result in losses than exceed your initial deposit. Trading derivatives may not be suitable for everyone, so ensure
that your fully understand the risks involved.
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17. Services – Discretionary
Commodities
Commodities add further diversification benefits to a portfolio. Gold, for example has a correlation of just 0.09 with the FTSE 100. Over long periods of
time the CFA Institute has found that portfolio’s containing a significant exposure to precious metals experience higher average annual returns whilst
exhibiting lower levels of volatility.
Our current investment selection includes:
Commodity Rationale
Gold Protects portfolio against inflation, particularly topical given the current debt levels and QE programmes. Gold is regarded
as a ‘safe haven’. The high reached in the 1980s equates to $2,200 today in inflation-adjusted terms.
Silver Similar to gold in that it is a store of value – the words for silver and money are in fact the same in 14 different languages.
Is trading at a historic low vs. the gold price. Unlike gold, silver is “consumed” in industrial processes which will support
the spot price.
Platinum Will benefit for increasing Chinese demand for cars, rising inflows into ETFs and its reputation as a store of value.
Palladium Will benefit for increasing Chinese demand for cars, tight supply and its reputation as a store of value.
Exposure is obtained by purchasing exchange traded funds that are listed on the London Stock Exchange, which hold physical allocated gold or silver
under trust in a vault at HSBC and have very low management fees.
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18. Services – Discretionary
Fixed Interest
Fixed interest forms an important part of a diversified portfolio that is often overlooked by private investors. You can get approximately the same return with lower risk by
adding corporate bonds to your portfolio. GAM manages it’s fixed interest allocation with the following principles in mind:
• Diversification - We invest in a total of 10 different bonds. This reduces company specific risk to a comfortable level. In the unlikely event of liquidation, corporate
bondholders have traditionally received 50 pence in the pound. If the bond allocation yielded 5%, that equates to a year’s worth of interest lost – not pleasant but not a
disaster neither.
• Risk management – Our investment managers are restricted to investing no more than 10% of the fixed interest allocation with any one company and 15% in any one
sector.
• Investment grade bonds - We only seek investment grade bonds from stable, defensive companies which boast a high level of interest cover. High yield bonds, or junk
bonds as they are known, are precisely that and are avoided.
• Bond Ladder – GAM specialises in investing in a bond strategy known as a bond ladder – where 10 bonds are purchased, each one maturing every year out to ten
years. When the first bond matures, it is reinvested back out at the end of the ladder. This strategy attempts to minimise risks associated with fixed-income securities
while managing cash flows for the individual investor.
Buying a bond ladder has the following advantages:
1) Interest rate forecasting is made redundant. If interest rates remain low, the majority of the portfolio is already invested in longer dated issues. If interest rates start to
rise, there is always a bond coming up for maturity which can be reinvested at the higher prevailing interest rate. Such a strategy obtains greater returns than from
holding only short-dated bonds, but with lower risk than holding only long-dated bonds. In any case, economists only have a 35% success of correctly forecasting
interest rates so why even try?
2) It provides investors with a constant stream of liquidity in two ways. First through interest payments which occur throughout the year (corporate bonds generally pay
interest payments once a year) and second by having steadily maturing bonds, investors also have a major source of liquidity through redemptions.
3) It reduces the reinvestment risk associated with rolling over maturing bonds into similar fixed-interest securities all at once.
4) It replaces the need to buy a diversified bond fund, which is similar to a share in that you are reliant upon the future price to get your money back. With a bond ladder
the investor knows what he will receive at the outset if the bonds are held to maturity no matter what the underlying movement in interest rates. Bond fund managers
have a poor record of achieving prudent outperformance and their high fees negate the pick-up in yield obtained from investing in investment grade corporate bonds.
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19. Services – Discretionary
Bond Ladder Example
A typical bond ladder constructed to give 10 rolling holdings maturing over the next decade may be composed as follows:
S&P Security Maturity
BBB+ Compass Group 6.375% 29/05/2012
BBB- British American Tobacco 5.75% 09/12/2013
BBB+ Pearson 7% 27/10/2014
AA- Nationwide 7.971% PIB 13/03/2015
A- Rolls Royce 7.375% 14/06/2016
A- National Grid 6% 07/06/2017
AAA European Investment Bank 4.75% 15/10/2018
A- Tesco 5.5% 13/12/2019
BBB+ Axa 7.125% 15/12/2020
Baa1 National Grid 1.25% I/L 06/10/2021
The bottom line is that by adopting this approach you should not get stuck one way or the other and can instead focus on the factors that are most important to the
fixed income investor - safety, high current income, predictability of future income and adaptability to changing conditions.
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20. Summary
• GAM is able to provide you with a dedicated and local service
– Local dealing desk covering equities, bonds, commodities, options and CFDs
– Value added advice free of charge
– Competitive commission rates
– Low custody fees for a premier custodial service
– No minimum account size
– Simple and fast account opening process
– Online dealing/online access
– Access to complimentary research
– Efficient and local operational support
Access to
Local dealing Efficient Simple account research &
Competitive rates
desk operations opening advice
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21. Appendix
i-Key Contacts
ii-Summary of Rate Card
iii-Team Biographies
iv-Sample Research Notes
21
22. Key Contacts
Managing Director:
Mark Maloney mark.maloney@gam.gi
Execution-Only:
Dealing team dealers@gam.gi
Advisory & Discretionary:
Djamal Adib djamal.adib@gam.gi
Paul Brailey paul.brailey@gam.gi
Mark Maloney mark.maloney@gam.gi
Client Services:
Client Services clientservices@gam.gi
Isabel Duque isabel.duque@gam.gi
Account Opening:
Mark Maloney mark.maloney@gam.gi
Telephone +350 200 75181
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23. Summary of Rate Card
Equities and
Funds Fixed Interest CFDs
Execution-Only and Advisory Accounts First £10,000 1.65%* 1.25% 0.25%**
Thereafter 0.50% 0.25% 0.25%
Discretionary Accounts First £10,000 1.00% 0.50%
Thereafter 0.50% 0.25%
Minimum Commission (Crest settled) £45*** £45*** £25
Investment Management Fee 0.75% of portfolio value p.a.
Portfolio Review 0.25% (subject to minimum of £500)
Custody £120 p.a. (£60 additional annual charge per ccy)
BACS Payments £15
* Reduced to 1% for online dealing
** Subject to LIBOR + 3% financing fee for long positions
*** Reduced to £40 for discretionary accounts and £25 for online dealing
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24. Biographies - Directors
Mark Maloney BA (Hons) Chartered MCSI – Managing Director
Mark joined GAM in October 2001 and was appointed Managing Director in 2008. He graduated from Liverpool J.M. University with an honours
degree in Accounting & Finance and subsequently spent several years in London working for State Street and Merrill Lynch Investment Managers. A
former member of 4th Battalion The Parachute Regiment, Mark is a holder of the Investment Administration Qualification, the CFA’s Investment
Management Certificate, the CISI Diploma in Investment Compliance and is a Chartered Member of the Chartered Institute for Securities &
Investment. Mark is a member of the executive committee of GFIA (Gibraltar Funds & Investments Association), the Chairman of the GFIA Training
Sub-Committee, charged with bringing training to local professionals in the finance industry, and is the President of the Gibraltar Branch of the
Chartered Institute for Securities and Investments.
Paul Brailey BEng (Hons) ACSI – Director
Prior to joining GAM in April 2008, Paul spent three years as an engineer in the medical industry. Paul holds a mechanical engineering degree from
Birmingham University, the CISI Certificate in Investments – Retail and the CFA’s Investment Management Certificate. Paul is an Associate of the
Chartered Institute for Securities & Investment.
James Lasry – Non-Executive Director
James is a Partner and Head of the Funds Team at Hassans, where he deals with funds and financial services law as well as tax.
James is a highly regarded practitioner who has been instrumental in setting up the majority of Gibraltar's funds, including the first experienced
investor fund and the first protected cell company fund. He is a former Chairman of the Gibraltar Funds and Investments Association.
James advised the Government of Gibraltar on its funds legislation and he was involved in the drafting of the Financial Services (Experienced Investor
Funds) Regulations 2005. He is a former member of the Gibraltar Finance Centre Council and an alternate member of the Gibraltar Investor
Compensation Scheme.
He is fluent in English, French, Spanish and Hebrew and he read literature, music and law at Johns Hopkins and Bar-Ilan Universities. James is a
member of the Israel Bar Association, the Law Society of England & Wales and the Gibraltar Bar. In his spare time, he serves as Chairman of the
Gibraltar Philharmonic Society.
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25. Biographies - Operations
Djamal Adib BSc MSc – Stockbroker & Investment Manager
Djamal Marcel Adib holds a BSc in Economics and an MSc in Finance. He studied at Maastricht University, Whitworth College, EDHEC
Business School and Harvard University. Before joining GAM, Djamal completed internships at Sal. Oppenheim, Goldman Sachs and
Merrill Lynch.
Isabel Duque BSc MSc – Client Services & Compliance
Isabel Duque joined GAM in December 2008 after eight years in Dublin where she worked in the hedge fund and stockbroking industry.
She holds a Masters degree in Business Administration from Granada University, diplomas in stockbroking investment and portfolio
management from Dublin Business School as well as the CISI International Certificate in Financial Advice. She is responsible for the
daily administrative aspects of the office including investment operations, finance and compliance. Isabel is fluent in Spanish and an
Associate of the Chartered Institute for Securities & Investment.
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27. Disclaimer
Gibraltar Asset Management Limited is a member firm of the London Stock Exchange and is authorised and regulated by the Gibraltar
Financial Services Commission. Research: Neither the information nor the expressed opinions in this document constitute or intend to be an
offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or
interests in any such securities). The information and opinions contained in this document have been compiled from, and based upon
generally available information and independent research undertaken by ourselves, which has been qualified and reviewed by our portfolio
managers for suitability. However, the accuracy or completeness of the analysis cannot be guaranteed. Confidentiality: The information in this
document and any attachments may contain proprietary information some or all of which may be legally privileged. It must not be disclosed to
or used by persons other than the intended recipient. If received in error, please notify us immediately and then delete this document.
Content: Please note that the content of this document may be e-mailed and may be intercepted, monitored or recorded for compliance
purposes. Copyright: Copyright in this document and any attachments created by Gibraltar Asset Management Limited belongs to Gibraltar
Asset Management Limited unless otherwise stated. Care: Gibraltar Asset Management Limited shall not be liable to the recipient or any third
party for any loss or damage howsoever arising from this document and / or its content, including if e-mailed, loss or damage caused by virus.
It is the responsibility of the recipient to ensure that the opening or use of this document and any attachments shall not adversely affect
systems or data.
Contact Details
Address: One Irish Place, Gibraltar
Registered address: 57/63 Line Wall Road, Gibraltar
Telephone: +350 200 75181
Email: gam@gam.gi
Website: www.gam.gi
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