Sample extract from the 2016 Glocap Hedge Fund Compensation Report
|
|
- Blaise Mason
- 6 years ago
- Views:
Transcription
1 Sample extract from the 2016 Glocap Hedge Fund Compensation Report HFR is proud to have joined Glocap Search as a partner in the publication of the 2016 Glocap Hedge Fund Compensation Report. HFR has contributed our industry-leading performance data and analysis to enhance the scope of the report. This sample extract from the 2016 Report is provided for your reference so that you might become familiar with the content and quality of the report materials. Please note that the actual 2016 Glocap Hedge Fund Compensation Report is a printed report that must be physically shipped. It is not available as an edocument Glocap Hedge Fund Compensation Report may be purchased at: For more information please contact: Todd Hartman, Director Hedge Fund Research, Inc todd@hfr.com All content 2015 Glocap Search, Inc. and Hedge Fund Research, Inc.
2 Table of Contents Publisher s Note 5 Methodology 6 How to Read the Compensation Charts 9 Overview 10 Summary 11 Industry Context 12 Compensation Structure Observations 21 Deferred Compensation 24 Hiring Trends 25 SECTION I: HEDGE FUND INVESTMENT PROFESSIONALS 27 SECTION II: ASSET MANAGEMENT INVESTMENT PROFESSIONALS 45 SECTION III: FUND OF FUNDS 51 SECTION IV: TRADERS 54 SECTION V: RISK MANAGEMENT 58 SECTION VI: FUND MARKETING 62 SECTION VII: CFOs 65 SECTION VIII: COOs 69 SECTION IX: ACCOUNTING 73 SECTION X: OPERATIONS 78 SECTION XI: INFORMATION TECHNOLOGY 81 SECTION XII: LEGAL/COMPLIANCE 87 SECTION XIII: HUMAN RESOURCES 90 SECTION XIV: ADMINISTRATIVE/EXECUTIVE ASSISTANTS 94 Glocap Search LLC 156 West 56th Street - 4th Floor New York, New York Phone: Fax: Adam D. Zoia CEO Anthony Keizner Managing Director, Head of Hedge Fund Practice Kathleen Cunningham Vice President, Hedge Fund Practice Kristin Sartorius Senior Associate, Hedge Fund Practice Rachel Kaplove Recruiting Associate, Hedge Fund Practice Reshma Ketkar Senior Vice President, Head of Asset Management Practice Brian L. Berger Senior Vice President, Generalist Practice Jennifer Whalen Managing Director, Head of Fund Marketing/ IR Practice Agustina Bartha Vice President, Accounting/Operations Practice Howard Gabler Managing Director, Accounting/ Operations Practice Tessa Deutsch Managing Director, Head of Legal/Compliance Practice Elizabeth Clark Zoia Managing Director, Head of Administrative/ Support Practice Hedge Fund Research, Inc. 10 South Riverside, Suite 700 Chicago, Illinois Phone: Fax: Inc@hfr.com Kenneth Heinz President Scott J. Esser Managing Director Todd Hartman Director 4 Aydan Savaser Layout Design
3 Publisher s Note This is the fourteenth annual edition of the Glocap Hedge Fund Compensation Report. Even in these days with so much data available online, we often hear from people in the industry that reliable data on topics of compensation and hiring is still hard to find. Even when data is available, doubts over whether the peer set is really apples to apples lead many to feel not comfortable acting upon it. This Report continually tries to address these concerns and provide a tool that can be useful, rather than just of interest, to the investment management industry. Glocap Search is in a unique position to provide insight and commentary on these trends given its position as a leading alternative asset management search firm. Glocap s specialized practices deal with their specific candidates (whether they be, for example, analysts, marketers or accountants) and work to fill roles in these practice areas day in, day out. Unlike surveys that rely solely on self-reported data, Glocap is able to make use of actual candidate and placement data and leverage its expertise to ensure the accuracy of the data provided in the various sections. Glocap is delighted to say that we have partnered again this year with Hedge Fund Research (HFR), a highly regarded data provider to the community. Thanks to HFR s data, we are able to provide commentary and analysis on aspects such as fund performance, capital inflows, fees, and high-water marks. We feel the partnership behind this Report further distinguishes it from other compensation data sources in terms of the accuracy of the data and setting the data within the wider hedge fund industry context. Every year, in response to purchaser feedback, we aim to make the Report even more useful in helping benchmark compensation decisions. Below are a few new aspects of the 2016 Report: Trends in diversity hiring Building proprietary research capabilities Use of pre-employment testing (personality, IQ, aptitude) We are again providing estimates for 2015 year-end bonuses. This effort is in response to readers ongoing requests for any guidance we might have on bonuses before the actual year-end. We have arrived at these estimates from select Glocap placements (with guaranteed bonuses), as well as from Glocap recruiters knowledge of compensation trends from prior years and from dialogue with hedge fund human resources and senior investment professionals regarding their likely intentions for year-end bonuses. While our research has lead us to believe that these estimates are close to actual levels based on validations of prior years estimates, we must point out that we do this with a certain degree of qualification as, at the time we publish this report, there are still ten weeks remaining in 2015 and (as particularly witnessed in 2008) a lot can transpire in a relatively short period of time. We trust you will find the Report useful, we appreciate your support, and we look forward to your continued feedback. Adam Zoia Anthony Keizner Ken Heinz, CFA CEO Head of Hedge Fund Practice President Glocap Search Glocap Search Hedge Fund Research the 2016 glocap hedge fund compensation report 5
4 Methodology The 2016 Glocap Hedge Fund Compensation Report is published by Glocap Search (Glocap) and Hedge Fund Research, Inc. (HFR). The Report analyzes compensation for investment and non-investment professionals at U.S.-based hedge funds and asset managers. The 2016 Report contains data and analysis on annual compensation and relates that data to each professional s functional role as well as to the firm s size and absolute and relative performance. The Report focuses on base salaries and cash bonuses and, for the most part, does not take into account compensation earned from profit share or firm ownership. While the data in the tables excludes compensation from P&L deals, we do cover the typical structure and rates of such compensation structures in a dedicated section at the start of this Report. Each section examines base salaries separately from bonus information, and also reports on total cash compensation. This Report is not a traditional survey. Unlike some industry compensation surveys, the statistics herein are not the result of a questionnaire sent to hedge fund professionals, as we believe that using only self-reported data may not accurately reflect the true market, and it may display selection bias. Instead, the compensation data in our Report is based on the following: Placement data from searches executed by Glocap Candidate data maintained by Glocap in the course of its search business, including self-reported candidate data Input from Glocap recruiters who are familiar with compensation in their specific fields of expertise Interviews with hedge fund managers and human resources personnel Given that the compensation data is collected confidentially by Glocap and not from responses to surveys sent to hedge fund firms, we do not publish a list of participating firms whose employees are represented. Nonetheless, we are confident that the data in the report is a representative sampling of the major hedge funds in each of the fund size and performance categories. In the few categories where we cannot gather sufficient data (e.g., for some specialized back office roles), we combine categories or exclude them altogether. The data on hedge funds, which includes a firm s assets under management and yearly investment performance, is derived from proprietary databases. In terms of fund data, fund assets were derived by adding the most recent asset estimate for all funds linked to a particular management firm. The performance data was supplied by HFR. BACKGROUND ON PUBLISHERS Glocap Search is a leading retained executive search firm focused on alternative asset management recruiting and has a global practice placing investment professionals and business (back office) professionals at all levels and across all functions into hedge funds, private equity firms, asset management firms, and funds of funds. Hedge Fund Research, Inc. (HFR) specializes in the areas of indexation and analysis of hedge funds. HFR Database, one of the most comprehensive resources available for hedge fund investors, includes fund-level detail on historical performance and assets, as well as firm characteristics on hedge fund managers. HFR produces over 100 indices of hedge fund performance ranging from industry-aggregate levels to specific niche areas of sub-strategy and regional investment focus BONUS & TOTAL ESTIMATES This year s Report includes estimates for 2015 bonuses which, in turn, have allowed us to provide estimates for 2015 total compensation. We have included estimates for average bonus and total compensation as well as for top and lower tier estimates, based on consistent requests from readers of past reports for this information. We believe that these distinctions provide a useful range to help benchmark compensation. The estimates we provide are based on select placements that Glocap has made (cases in which the base salaries and general ranges for bonuses were verified) as well as Glocap recruiters knowledge of compensation trends. It is important to note that at the time we published this report, there were still ten weeks left in 2015, and much can change in this short period of time. Nevertheless, we are confident that these estimates will help hedge funds benchmark their 2015 compensation packages. Once again, the 2015 bonus and total compensation numbers we present are estimates as year-end 2015 bonuses have clearly not yet been awarded. However, we believe that these estimates will be close to actual levels and, in combination with the 2015 base salary data, make the Report comprehensive and indicative of expected compensation for FUND CLASSIFICATION Hedge funds were categorized by their size (AUM) and performance through the first nine months of the year. Within the Investment Professionals, Trading, CFO and COO categories, there are different fund groupings as we noticed more of a stratification of salaries by fund sizes, and additionally for Investment Professionals by performance (i.e., top performing funds, middle performing funds, and bottom performing funds). These performance numbers are not absolute return numbers but, instead, are relative performance data points for a given year, allowing for a more robust cross-year analysis. Funds were categorized into bottom, middle, and top Methodology the 2016 glocap hedge fund compensation report 7
5 Methodology performing based on how they compared to overall hedge fund industry performance and not according to their specific investment strategy. Funds were not classified by asset class or by investment style/philosophy. While a clear relationship does exist between a fund s performance and the firm s asset class and investment style/philosophy, we found that our performance classifications best captured the drivers of compensation. In other words, for the most part, absolute returns drive compensation rather than relative returns, as hedge fund variable compensation largely comes from incentive fee and not management fee earnings. JOB FUNCTION CLASSIFICATIONS This report evaluates hedge fund professionals by job function and relevant experience, as follows: Investment Professionals Hedge Fund Investment Professionals Asset Management Fund of Funds Traders Risk Management Professionals Marketers (including Investor Relations, Client Services and Fundraising Professionals) CFOs COOs Accounting Professionals Operations Professionals Information Technology & Software Development Professionals Legal/Compliance Professionals Human Resources Professionals Administrative and Executive Assistants Functional Roles Investment professionals are not categorized by position or title, as the meanings of each title varies too significantly from firm to firm. An Analyst, for example, in one firm is often a Senior or Junior Analyst at another and vice-versa. Additionally, we do not focus on MBA versus non-mba professionals. MBA degrees, along with position titles, are not a material distinction at the vast majority of funds and have little bearing on compensation relative to their impact in other areas of finance (e.g., private equity and investment banking). Instead, we categorize investment professionals and traders by their functional roles. Accordingly, for each job function, there are three categories of professionals. For investment professionals, there are Modelers/Research (Level I), Idea Generators (Level II) and Portfolio Managers (Level III). For traders, there are Junior Execution Traders (Level I), Execution Plus Traders (i.e., traders with some discretion) (Level II) and Senior Traders (Level III). The Investment Professionals and Traders sections have more complete descriptions of these roles. 8 TIERS The compensation data has been labeled into categories: Average, Top Tier and Low Tier. The Average data point is the compensation paid to the typical person in the role and represents performance that is expected and normal. The Top Tier data points are for top performers top of the class performance and represents above-average compensation. It also relates to what an average employee might be paid at a fund that wants to pay its people at the higher end of the range typically seen at peer firms. The Low Tier data points represent compensation that is still in the typical range for the job but on the lower end of it, whether because of the fund s compensation philosophy or because the individual s performance was fine but not above expected. Neither high tier or low tier numbers represent the maximum or minimum compensation numbers we have seen for that role, as the idea is not to include potential outliers but rather a generally accepted high and low range for the role. SAMPLE BIAS AND DATA LIMITATIONS As with any statistical study, sample bias must be evaluated. In this case, the data is not a sample but instead a census of the activities done by Glocap. We believe that the placements made by Glocap, in conjunction with the candidate data and the information gleaned from hiring funds and recruiters, make the data presented in this report indicative of compensation levels in the market. Given the variance of results across the factors measured, there seems not to be any consistent observable bias based on Glocap s sphere of activities. This study does not include compensation of the most senior-level investment professionals -- that is, those professionals who essentially are not looking to leave their current fund/firm which they either have founded and/or which they head. The focus is on professionals who are paid largely by discretion rather than on formula, or through a percentage of firm profits. These points are discussed in the report, however. In addition, data points of these professionals create large outliers that tend to disrupt the significance of many common statistical calculations. CONFIDENTIALITY Glocap and HFR worked in full observation of Glocap s standard client and candidate confidentiality policies. To that end, Glocap provided the information necessary for analysis without disclosing any names of firms or professionals. Only members of Glocap s Hedge Fund Recruiting Practice have had access to the underlying identities of hedge fund professionals; HFR was not given access to their individual identities. the 2016 glocap hedge fund compensation report
6 How to Read the Compensation Charts in this Report Investment Professionals Level 1 Level I - Modelers/Researchers Medium Hedge Funds ($500M - $4B) 300k 250k 200k 150k Middle Performing Funds Avg. ROR = +0.85% 236k 131k 245k 140k 255k 140k Fund size is an important element in compensation, particularly for investment professionals and traders. In general, larger funds pay higher compensation for a given level of candidate and for a given level of fund performance. In the investment professional and trader sections of the Report, data is therefore provided by 3 fund sizes (small, medium and large), which is indicated in the label at the top of each chart. Knowing your own fund's AUM, you can go to the appropriate table based on your role and fund performance to find the data relevant for your analysis. 100k 50k 0k Base Salary 105k 105k 115k Base Bonus Change Average 105k 105k 115k 9.5% Top Tier 175k 175k 175k Low Tier 80k 80k 90k Bonus Change Average 131k 140k 140k 0.0% Top Tier 163k 171k 163k Low Tier 89k 94k 89k Total Cash Comp Change Average 236k 245k 255k 4.1% Top Tier 338k 346k 338k Low Tier 169k 174k 179k Fund performance is a key variable in investment professional compensation. Therefore, in the investment professional section of this Report, we divide compensation into bottom, middle and top performing funds and indicate what those actual average peformance numbers are for each category of performance as of 9/30/15. Knowing your own fund's performance as of the end of September, you can then look at data in the applicable graph and associated table below it for your size fund to determine the applicable range for your fund for an investment professional role. Within a given role, fund size and fund peformance, there is further variability in compensation based on the individual's actual job performance. This variability is reflected in the Average, Low Tier and Top Tier data that is provided. Average compensation is for individuals who performed the job well and as expected and is the typical (not necessarily the mathematical "mean" of the Top and Low Tier numbers) compensation for the role. Low Tier is for individuals who performed satisfactorily - well enough to remain employed but not exceptional in any way. Top Tier is for individuals who are stars and exceeded expectations and were "top of their class." Depending upon the class size this may apply to multiple individuals. THE 2016 GLoCAp HEDGE FunD CompEnSATIon REpoRT 9
2010 Professional Compensation Survey Asset Management
Executive Summary Return to Bonus Growth for Risk Professionals in The 2010 Risk Talent Associates Professional Compensation Survey reveals that total compensation for risk professionals in asset management
More information2016 In-House Counsel Compensation Report
2016 In-House Counsel Compensation Report Building World-Class Legal & Compliance Departments Table of Contents Introduction 2 Key Compensation Trends 3 Survey Design 4 Data Methods & Analysis 5 Survey
More information2005 Professional Compensation Survey Asset Management. 1. Executive Summary
1. Executive Summary The 2005 Risk Talent Associates Professional Compensation Survey reveals that total compensation for risk professionals in asset management grew an average of 15% in 2005 over 2004.
More information2017 Investment Management Fee Survey
CALLAN INSTITUTE Survey 2017 Investment Management Fee Survey U.S. Institutional Fund Sponsors and Investment Managers Table of Contents Executive Summary 1 Key Findings 2 Respondent Group Profile 4 Total
More informationRequest for Proposal
Request for Proposal City of Annapolis Police and Fire Retirement Plan Emerging Investment Manager PROPOSAL DEADLINE: DECEMBER 30, 2014 TIME: 5:00 PM TABLE OF CONTENTS INTRODUCTION... 1 GOALS FOR UTILIZATION
More information2007 Professional Compensation Survey Asset Management
1. Executive Summary Alternative Investment Firms Continue to Lead Compensation The 2007 Risk Talent Associates Professional Compensation Survey reports that compensation for risk professionals in asset
More informationSelecting the Managers: Research and Due Diligence
Selecting the Managers: Research and Due Diligence January 2014 Scott Lavelle, CFA, FRM, CAIA Director of Investment Advisor Research Introduction Having choices can be good. Having too many choices can
More informationAnalyzing Operational Due Diligence Frameworks. In Fund of Hedge Funds
Analyzing Operational Due Diligence Frameworks In Fund of Hedge Funds Jason Scharfman 1, Managing Partner, Corgentum Consulting LLC Abstract An analysis was conducted using a sample of over 275 global
More information2011 Private Equity. Compensation Report PRESS VERSION
2011 Private Equity 2009 JobSearchDigest Compensation Report 2010 JobSearchDigest.com PRESS VERSION TERMS OF USEljldjlkjljlj NOTE FOR PRESS VERSION: This version of the report is a subset of the data available
More informationBeyond Traditional Infrastructure Investing: Listed Infrastructure Equities as an Income Solution
October 2018 Beyond Traditional Infrastructure Investing: Listed Infrastructure Equities as an Income Solution James A. Lydotes, CFA, Brock A. Campbell, CFA & William J. Adams Standish, Mellon Capital
More informationStrong Bonuses Drive Compensation Growth for Risk Professionals in Capital Markets
1. Executive Summary Strong Bonuses Drive Compensation Growth for Risk Professionals in The 2006 Risk Talent Associates Professional Compensation Survey reveals that total compensation for risk professionals
More informationMorningstar Investment Management Manager Selection
Morningstar Investment Management Manager Selection The Morningstar Difference: Manager Selection Investment manager quality is a critical component of a portfolio s investment success. Poor choice of
More information2009 Professional Compensation Survey Asset Management
Executive Summary Total Compensation for Risk Professionals in Dips Below 2004 Levels After a challenging year in the financial services industry, the 2009 Risk Talent Associates Professional Compensation
More information3 rd QUARTER FISCAL 2017 REPORT
3 rd QUARTER FISCAL 2017 REPORT TECSYS Inc. Management s Discussion and Analysis of Financial Condition and Results of Operations dated February 28, 2017 The following discussion and analysis should be
More informationThe Fund is governed by Illinois Compiled Statutes, which can be viewed at:
REQUEST FOR PROPOSAL POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO, ILLINOIS Income Generating Investment Management Services The Retirement Board ( the Board ) of the Policemen s Annuity and Benefit
More information2014 COMPENSATION REPORT FOR FINANCIAL PROFESSIONS
2014 COMPENSATION REPORT FOR FINANCIAL PROFESSIONS WE RE CENTURY GROUP. And we execute an average of 1,500 searches a year in finance and accounting. Promptly. Precisely. Reliably. Delivering the kind
More informationFIRM ADMINISTRATION REPORT
EXCERPTED IN PART ONLINE ONLY THE INSIDE PUBLIC ACCOUNTING FIRM ADMINISTRATION REPORT 2015 i P age THE ANNUAL INSIDE PUBLIC ACCOUNTING FIRM ADMINISTRATION REPORT 2015 survey and analysis conducted by:
More information2015 Bond Dealers of America Fixed-Income Compensation Survey
www.bdamerica.org 2015 Bond Dealers of America Fixed-Income Compensation Survey Table of Contents Page Transmittal Letter from BDA 2 I. Executive Summary 7 II. Analysis of Results by Section 13 III. Compensation
More informationDIVIDEND GROWTH STRATEGY
Fundamental Investing with Quantitative Tools DIVIDEND GROWTH STRATEGY 2017 Convergence Overview Fundamental Approach, Systematically Applied Founders have worked together for more than 20 years Long-standing
More informationAmbition Market Insights
Permanent recruitment in the banking and financial services space, both for front and back office, has been very active during the last six months of 2017. For front office, demand surged for client-facing
More informationCHAPTER 13 STRUCTURE OF THE INVESTMENT INDUSTRY. by Larry Harris, PhD, CFA
CHAPTER 13 STRUCTURE OF THE INVESTMENT INDUSTRY by Larry Harris, PhD, CFA LEARNING OUTCOMES After completing this chapter, you should be able to do the following: a Describe needs served by the investment
More informationAsset Management Benchmarking - Governance
www.pwc.com/ambenchmarking Benchmarking Insights s asset management perspectives and analysis Asset Management Benchmarking - Governance Contents Section Page # 1 Introduction and Survey Demographics 3
More informationACERA EMERGING INVESTMENT MANAGER POLICY
Alameda County Employees' Retirement Association ACERA EMERGING INVESTMENT MANAGER POLICY Amended January 17, 2013-1 - ACERA EMERGING INVESTMENT MANAGER POLICY TABLE OF CONTENTS I. SCOPE 3 II. PURPOSE
More informationInsights on Single Family Office Executive Compensation
Insights on Single Family Office Executive Compensation Research Provides Peer Group Comparisons of Compensation and Benefits Practices Appropriate and competitive compensation is a key component of recruiting
More informationTransmittal Letter from BDA
www.bdamerica.org Transmittal Letter from BDA September, 2010 As the only organization representing the unique interests of securities dealers and banks focused primarily on the U.S. fixed income markets,
More informationSAN DIEGO CITY EMPLOYEES' RETIREMENT SYSTEM REQUEST FOR PROPOSAL (RFP) FOR GENERAL INVESTMENT CONSULTANT
SAN DIEGO CITY EMPLOYEES' RETIREMENT SYSTEM REQUEST FOR PROPOSAL (RFP) FOR GENERAL INVESTMENT CONSULTANT SAN DIEGO CITY EMPLOYEES RETIREMENT SYSTEM GENERAL INVESTMENT CONSULTANT RFP SEPTEMBER 2014 Table
More informationGuide to Altegris Research and Investment Process
Guide to Altegris Research and Investment Process Altegris Research and Investment Process The Bedrock of Our Investment Philosophy Any successful investment begins with a focused group of professionals
More informationTHE COLORADO TRUST REQUEST FOR PROPOSALS INVESTOR ADVISORY SERVICES 2016 THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTMENT ADVISORY SERVICES 2016
THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTOR ADVISORY SERVICES 2016 THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTMENT ADVISORY SERVICES 2016 1 THE COLORADO TRUST Request for Proposals Investment
More information6th Annual Update OCTOBER 2012
6th Annual Update OCTOBER 2012 OVERVIEW... 3 HIGHLIGHTS FOR FULL-YEAR 2011... 4 TRENDS DURING 1996-2011... 5 METHODOLOGY... 6 IMPACT OF SIZE ON HEDGE FUND PERFORMANCE... 7 Constructing the Size Universes...
More informationForm ADV Part 2A: Firm Brochure March 10, 2017
Form ADV Part 2A: Firm Brochure March 10, 2017 80 Washington Street, Building E-13 Norwell, MA 02061 (781) 792-0440 www.dfmwealth.com This brochure provides information about the qualifications and business
More informationCHARTER The Charter sets out the governance arrangements of FIRST that encapsulate this collaborative arrangement.
CHARTER 1. Introduction 1.1 The International Bank for Reconstruction and Development ( IBRD ) and the International Development Association ( IDA ) (collectively, the Bank ), the International Monetary
More informationTable of Contents. Transmittal Letter from BDA 2. I. Executive Summary 7. II. Analysis of Results by Section 14
www.bdamerica.org Table of Contents Page Transmittal Letter from BDA 2 I. Executive Summary 7 II. Analysis of Results by Section 14 III. Compensation by Position: Salary, Bonus, Commission and Total Compensation
More informationMERCER SENTINEL SERVICES
HEALTH WEALTH CAREER MERCER SENTINEL GROUP MERCER SENTINEL SERVICES MERCER SENTINEL SERVICES 2 FIDUCIARY CHALLENGES In managing institutional investment programs, the primary focus is typically investment
More informationTHIRD QUARTER FISCAL Report
THIRD QUARTER FISCAL 2016 Report TECSYS Inc. Management s Discussion and Analysis of Financial Condition and Results of Operations dated March 1, 2016 The following discussion and analysis should be read
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM. Hedge Fund Due Diligence Consultant Request for Proposal
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM Hedge Fund Due Diligence Consultant Request for Proposal TIMELINE Issue RFP July 11, 2014 Question and Answer Period July 11, 2014 July 24, 2014 RFP Response Deadline
More informationU.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT
PRICE PERSPECTIVE February 2017 In-depth analysis and insights to inform your decision-making. U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT T. Rowe Price has demonstrated
More informationState Universities Retirement System Request for Proposal. Investment Consulting Services
State Universities Retirement System Request for Proposal Investment Consulting Services Table of Contents I. Request For Proposal Summary Statement 3 II. Background Information 3 III. Specific Services
More informationThe purpose of this paper is to briefly review some key tools used in the. The Basics of Performance Reporting An Investor s Guide
Briefing The Basics of Performance Reporting An Investor s Guide Performance reporting is a critical part of any investment program. Accurate, timely information can help investors better evaluate the
More informationRetirement Plan Best Practices
Arnerich Massena 2045 NE Martin Luther King Jr. Blvd. Portland, OR 97212 503.239.0475 www.arnerichmassena.com Retirement Plan Best Practices Plan Monitoring Fourth of five-part series Arnerich Massena,
More informationEMC Capital Allocation Conference Call
EMC Capital Allocation Conference Call Tony Takazawa Vice President, Global Investor Relations May 30, 2013 1 Forward-Looking Statements This presentation contains forward-looking statements as defined
More informationDecember 6, Mr. Patrick Finnegan. International Accounting Standards Board. 30 Cannon Street. London, EC4M 6XH.
December 6, 2011 Mr. Patrick Finnegan International Accounting Standards Board 30 Cannon Street London, EC4M 6XH Dear Patrick, The American Academy of Actuaries 1 International Accounting Standards Task
More informationP2.T8. Risk Management & Investment Management
P2.T8. Risk Management & Investment Management Mirabile, Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance Bionic Turtle FRM Study Notes
More information2015 AFP. Compensation Report. Key Highlights
2015 AFP Compensation Report Key Highlights 2015 AFP Compensation Report Key Highlights Introduction Methodology Key Highlights About the Survey 2015 AFP Compensation Report A more detailed version of
More informationSALARY GUIDE INSURANCE EXPERTISE
2016 SALARY GUIDE INSURANCE EXPERTISE Contents Introduction... 3 City & Lloyd s Market... 4-9 Home Counties... 10-13 West Midlands... 14-17 East Midlands... 18-21 South West... 22-25 The North... 26-29
More information2013 Hedge Fund. Compensation Report SAMPLE REPORT
2013 Hedge Fund Hedge Fund Compensation Report Compensation Report JobSearchDigest.com SAMPLE REPORT HedgeFundCompensationReport.com Introduction It is our pleasure to share with you, for the sixth time,
More informationState Universities Retirement System of Illinois (SURS) Request for Proposal. Diversified Multi-Strategy Fund of Hedge Funds
State Universities Retirement System of Illinois (SURS) Request for Proposal Diversified Multi-Strategy Fund of Hedge Funds 2015 Table of Contents I. Request For Proposal Summary Statement 3 II. Background
More informationFund Analyst Compensation Report 2015 Edition
Fund Analyst Compensation Report 2015 Edition Contents Introduction.... 3 About SumZero.. 3 About the SumZero Compensation Database... 3 Disclaimers.. 4 Career Cash Compensation Growth.. 5 Fund Attributes
More informationCAP 100 Company Research
Industry Report // 2016-2017 CAP 100 Company Research The CAP 100 Company Research consists of 100 companies from 9 industries, selected to provide a broad representation of market practice among large
More informationW H I T E P A P E R. Sabrient Multi-cap Insider/Analyst Quant-Weighted Index DAVID BROWN CHIEF MARKET STRATEGIST
W H I T E P A P E R Sabrient Multi-cap Insider/Analyst Quant-Weighted Index DAVID BROWN CHIEF MARKET STRATEGIST DANIEL TIERNEY SENIOR MARKET STRATEGIST SABRIENT SYSTEMS, LLC DECEMBER 2011 UPDATED JANUARY
More informationJ ENNISON SMALL/MID CAP CORE
J ENNISON SMALL/MID CAP CORE MANAGED BY JENNISON ASSOCIATES MULTIPLE STRATEGIES, ONE MANAGED ACCOUNT The JENNISON SMALL/MID CAP CORE PORTFOLIO invests in both small and mid cap securities and also encompasses
More informationMUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO
MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO I. OVERVIEW Request for Proposal: Full-Service Investment Consulting January 19, 2018 The Municipal Employees Annuity and Benefit Fund of Chicago
More informationFund Scorecards FAQ Morningstar's Due Diligence Reports
? FAQ Morningstar's Due Diligence Reports Due Diligence Reports 1 January 2017 Contents 1 Description 2 Frequently Asked Questions Michael Laske Manager Research & Due Diligence Reports Product Manager
More informationChanging the Face of the Investment Management Industry sm Transition Management Questionnaire
Changing the Face of the Investment Management Industry sm 2009 Transition Management Questionnaire Progress Investment Management Company, LLC 33 New Montgomery Street, 19th Floor San Francisco, CA 94105
More informationPeering into 2017: A Survey of the Private Credit Markets
Peering into 2017: A Survey of the Private Credit Markets Welcome to Peering into 2017: A Survey of the Private Credit Markets. This survey is part of our ongoing effort to help our clients understand
More informationMongolia: Development of State Audit Capacity
Technical Assistance Report Project Number: 47198-001 Capacity Development Technical Assistance (CDTA) November 2013 Mongolia: Development of State Audit Capacity The views expressed herein are those of
More informationCAMBRIDGE RETIREMENT BOARD REQUEST FOR PROPOSAL CORE FIXED INCOME INVESTMENT MANAGEMENT SERVICES
CAMBRIDGE RETIREMENT BOARD REQUEST FOR PROPOSAL CORE FIXED INCOME INVESTMENT MANAGEMENT SERVICES I. INTRODUCTION The Cambridge Retirement Board ( Board ) is considering an allocation to a core fixed income
More informationIntroduction. The Assessment consists of: A checklist of best, good and leading practices A rating system to rank your company s current practices.
ESG / CSR / Sustainability Governance and Management Assessment By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com September 2017 Introduction This ESG / CSR / Sustainability Governance
More informationNuance Concentrated Value Composite Perspectives
Nuance Concentrated Value Composite Perspectives March 31, 2018 Description of the Product The Nuance Concentrated Value Composite is a classic value investment product investing primarily in the equity
More informationRetractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement (Proposed amendments to Sections 1591, 3251 and 3856)
Exposure Draft Proposed Accounting Standards for Private Enterprises Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement (Proposed amendments to Sections 1591, 3251 and 3856)
More informationBrochure/Form ADV Part 2A. Ameliora Wealth Management Ltd. Gutenbergstrasse 10 CH Zurich Switzerland
Brochure/Form ADV Part 2A Ameliora Wealth Management Ltd. Gutenbergstrasse 10 CH- 8002 Zurich Switzerland E- Mail: office@ameliorawealth.com www.ameliorawealth.com Phone: +41 43 336 10 90 Fax: +41 43 336
More informationHOW TO MAXIMIZE COMPANY VALUE
HOW TO MAXIMIZE COMPANY VALUE In M&A Transactions Bryan Browning, Managing Director Paul Hultgren, Vice President of Business Development Today s Agenda Valuation Methodologies Value Drivers and Process
More informationINVESTOR PRESENTATION. September 2018
INVESTOR PRESENTATION September 2018 Cautionary Note on New Accounting Standard and Information on Forward-Looking Statements Cautionary Note Regarding New Revenue Recognition Accounting Standard The financial
More informationFIRM OVERVIEW PRESENTATION
FIRM OVERVIEW PRESENTATION AS OF MARCH 31 Q1 2016 Portfolio Managers: Robert Stein, John Eckstein, & Bryan Novak ABOUT WHO WE ARE Astor Investment Management LLC ( Astor ) is a Chicago-based, registered
More informationLaunching a New Line of Business to Serve Plan Sponsors and Their Participants
PROFILES IN EVOLVING BUSINESS MODELS Launching a New Line of Business to Serve Plan Sponsors and Their Participants An advisory firm formalizes its support for retirement plans to diversify its revenue
More informationTHE NEW WEALTH MANAGEMENT
THE NEW WEALTH MANAGEMENT CFA Institute is the premier association for investment professionals around the world, with over 101,000 members in 134 countries. Since 1963 the organization has developed and
More informationOch-Ziff Capital Management Group LLC Reports 2016 First Quarter Results
Och-Ziff Capital Management Group LLC Reports 2016 First Quarter Results NEW YORK, May 3, 2016 Och-Ziff Capital Management Group LLC (NYSE: OZM) (the Company or Och-Ziff ) today reported GAAP net loss
More informationThe Value of GIPS Compliance
The Value of GIPS Compliance An Industry Survey Summary Report December 16, 2009 Conducted by: Introduction What impact have the Global Investment Performance Standards (GIPS ) had on the investment industry?
More informationMSCI BLENDED INDEX FAMILY - BENCHMARK STATEMENT
MSCI BLENDED INDEX FAMILY - BENCHMARK STATEMENT [Szerző] March 2018 MARCH 2018 CONTENTS Benchmark Statement: MSCI Blended Index Family... 3 1 Objective of the Indexes in the Family... 3 2 Methodology and
More information2014 ISRAEL HEDGE FUND SURVEY. Tzur Management
2014 ISRAEL HEDGE FUND SURVEY Tzur Management May 2014 2 Tzur Management 2014 Israel Hedge Fund Survey May 2014 CONTENTS INTRODUCTION 04 ABOUT TZUR MANAGEMENT 04 METHODOLOGY 05 ACKNOWLEDGEMENTS 05 INDUSTRY
More informationMorningstar Analyst Rating TM for Funds Methodology Document
Morningstar Analyst Rating TM for Funds Methodology Document Fund Research Group January 9, 2012 2 Morningstar Analyst Rating Methodology January 2012 Overview Morningstar has conducted qualitative, analyst-driven
More informationBeta International, Inc
Beta International, Inc Business Valuation Analysis REPORT October 16, Beta International, Inc 123 Main Street Bellevue, WA 98005 its website. The estimates and data contained herein are made using the
More informationBeta International Inc.
Beta International Inc. BUSINESS VALUATOR REPORT March 13, Beta International Inc. 555 Main Street Philadelphia, PA 19115 Contents Purpose 2 Methodology 2 Your Company Description 4 BizEquity Valuation
More informationBreaking Down ROE Using the DuPont Formula. R eturn on equity. By Z. Joe Lan, CFA
Breaking Down ROE Using the DuPont Formula By Z. Joe Lan, CFA Article Highlights ROE calculates the return a company earns from shareholder s equity. The DuPont formula reveals the source of those returns:
More informationIntroduction to DJSI & RobecoSAM s Corporate Sustainability Assessment. Zurich, March 2014
Introduction to DJSI & RobecoSAM s Corporate Sustainability Assessment Zurich, March 2014 Agenda Introduction to RobecoSAM and Dow Jones Sustainability Indices (Ida Karlsson, Head Sustainability Application
More informationExecuting Effective Validations
Executing Effective Validations By Sarah Davies Senior Vice President, Analytics, Research and Product Management, VantageScore Solutions, LLC Oneof the key components to successfully utilizing risk management
More informationCHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES OF FS CREDIT INCOME FUND ADOPTED AS OF SEPTEMBER 2017
CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES OF FS CREDIT INCOME FUND ADOPTED AS OF SEPTEMBER 2017 The board of trustees (the Board ) of FS Credit Income Fund, (the Company ) has determined
More informationPart 2A of Form ADV: Firm Brochure
Part 2A of Form ADV: Firm Brochure The Concord Advisory Group, Ltd. 700 Alexander Park, Suite 203 Princeton, NJ 08540 Telephone: 609-987-9000 Fax Number: 609-987-9997 E-mail Address: ssantin@concordadvisory.com
More informationAustralia Private Equity & Venture Capital Index and Benchmark Statistics. June 30, 2017
Australia Private Equity & Venture Capital Index and Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge
More informationBeacon Plan Address to DBR Recommendations June 29, Beacon Plan to Address DBR Recommendations. June 29, 2007
Beacon Plan to Address DBR Recommendations June 29, 2007 Overview Beacon has been very proactive in improving its operations over the past 12 months since the issuance of the Guiliani Report. We have conducted
More informationMIDWEST FINANCIAL COMPENSATION SURVEY
2015 MIDWEST FINANCIAL COMPENSATION SURVEY INTRODUCTION Many key indicators, spanning economic, sentiment, and general market barometers, have suggested yet another fundamentally solid year in 2014, which
More informationConsumer Finance ABRIDGED CONTENT. Purchase to View Full Benchmarking Report! The OpsDog Consumer Finance Benchmarking Report
The OpsDog Consumer Finance Benchmarking Report Consumer Finance Benchmarks, KPI Definitions & Measurement Details ABRIDGED CONTENT Purchase to View Full Benchmarking Report! 2017 Edition www.opsdog.com
More informationReal Estate Index and Selected Benchmark Statistics. September 30, 2015
Real Estate Index and Selected Benchmark Statistics Note on Methodology Changes: Beginning this quarter, we have updated our approach for the calculation and display of select data points contained in
More informationDIVERSIFYING INVESTMENTS
DIVERSIFYING INVESTMENTS A STUDY OF OWNERSHIP DIVERSITY IN THE ASSET MANAGEMENT INDUSTRY Executive Report May 2017 Professor Josh Lerner, Harvard Business School Bella Research Group I. INTRODUCTION AND
More informationPolice Retirement System
City of Austin Police Retirement System REQUEST FOR PROPOSAL FOR INVESTMENT CONSULTANT SERVICES Issuer: AUSTIN POLICE RETIREMENT SYSTEM Pattie Featherston, Executive Director 2520 SOUTH IH-35, SUITE 100
More informationSTRATEGIC ACTIVE TAX MANAGEMENT
Fundamental Investing with Quantitative Tools STRATEGIC ACTIVE TAX MANAGEMENT Maximize Your After Tax Wealth 2017 Convergence Overview Fundamental Approach, Systematically Applied Founders have worked
More informationWe will further provide you with a new Brochure as necessary based on changes or new information, at any time, without charge.
Item 1 Cover Page Harper Asset Management, LLC (CRD 116213) 6680 Gunpark Drive, Suite 202B Boulder, CO 80301 O: 303.449.4887 C: 404.451.7432 F: 267.202.9441 info@harperasset.com www.harperasset.com 22
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: October 31, 2006 TO: CC: FROM: RE: OPERS Retirement Board Members
More informationBoard of Trustees, Fresno County Employees Retirement Association
MEMORANDUM To: From: Cc: Board of Trustees, Fresno County Employees Retirement Association Brian Rowe, CFA, Research Associate Bee G. Lim, CFA, CAIA, Associate Director of Research Jeffrey MacLean, Chief
More informationBLOOM ENERGY CORPORATION CORPORATE GOVERNANCE GUIDELINES. (As adopted on May 10, 2018)
BLOOM ENERGY CORPORATION CORPORATE GOVERNANCE GUIDELINES (As adopted on May 10, 2018) The following Corporate Governance Guidelines have been adopted by the Board of Directors (the Board ) of Bloom Energy
More informationProposal. Investment Policy Guidelines For Savannah Lakes Property Owners Association. November 2, 2012
Proposal Investment Policy Guidelines For Savannah Lakes Property Owners Association November 2, 2012 Savannah Lakes POA Investment Policy Guidelines 5812 US Hwy. 378 West McCormick, SC 29835 864.391.4116
More informationMortgage Lending ABRIDGED CONTENT. Purchase to View Full Benchmarking Report! The OpsDog Mortgage Lending Benchmarking Report
The OpsDog Mortgage Lending Benchmarking Report Mortgage Lending Benchmarks, KPI Definitions & Measurement Details ABRIDGED CONTENT Purchase to View Full Benchmarking Report! 2017 Edition www.opsdog.com
More informationAgreed-upon procedures
Agreed-upon procedures This section presents the (1.1) scope of the agreed-upon procedures (AUP) engagement and describes (1.2) the engagement letter and (1.3) the report of factual findings. 1.1 Scope
More informationThe Future of Alternatives and Their Role within Asset Allocations
NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE The Future of Alternatives and Their Role within Asset Allocations John Krieg, CFA, CAIA Director of Global Investment
More informationDiscussion Draft: Overview of Issues, Proposed Definitions, and a Conceptual Framework
Discussion Draft: Overview of Issues, Proposed Definitions, and a Conceptual Framework The Conference Board Working Group on Alternative Pay Disclosure A JOINT PROJECT WITH: Alternative Pay Disclosure
More informationPreparing for your first 401(k) plan audit
Preparing for your first 401(k) plan audit 2017 2018 CONTENTS 02 INTRODUCTION 03 04 06 08 DOCUMENT GATHERING AND ORGANIZATION FIDUCIARY RESPONSIBILITY OPERATIONAL COMPLIANCE INTERNAL CONTROLS 11 FINANCIAL
More informationTempleton Africa Fund
Franklin Templeton Investment Funds Templeton Africa Fund Core Value Fund Profile Fund Details Inception Date 4 May 2012 Investment Style Benchmark(s) Core Value Dow Jones Titans Africa 50 Index FUND OBJECTIVE
More informationFranklin European Small Mid Cap Growth Fund
Franklin Templeton Investment Funds Franklin European Small Mid Cap Growth Fund Core Growth Fund Profile Fund Details Inception Date 3 December 2001 Investment Style Benchmark(s) Core Growth MSCI Europe
More informationPage Update Info Basis and At Risk Rules for Partnerships 1
Page 379-403 Update Info 19 - Basis and At Risk Rules for Partnerships 1 Page 379 II. Understanding Basis The primary difference between partnerships and S-Corporations is DEBT: Partnership debt will be
More informationNaviPlan Standard Online/Offline. Asset Allocation Self-Study Guide. USA version EISI, Winnipeg
NaviPlan Standard Online/Offline Asset Allocation Self-Study Guide USA version 11.2 EISI, Winnipeg Disclaimer This software is designed to allow a financial planner to demonstrate and evaluate various
More informationZACKS INVESTMENT MANAGEMENT. Personalized Wealth Management INDEPENDENT. Research Thinking Results
Personalized Wealth Management INDEPENDENT Research Thinking Results HIGHLIGHTS: ZACKS INVESTMENT MANAGEMENT HAS A RESPECTED TRACK RECORD OF EXCEPTIONAL ASSET MANAGEMENT FOR OUR CLIENTS ZACKS INVESTMENT
More information