OPPORTUNITIES OR THREATS TO THE UNIT TRUST INDUSTRY?
|
|
- Patrick Fletcher
- 5 years ago
- Views:
Transcription
1 BY DINESH VIRIK, Executive Director & PRETTA MEHROTRA, Head of Research, Perkasa Mormandy Advisers Sdn Bhd THE PROLIFERATION OF ALTERNATIVE INVESTMENT PRODUCTS - Dinesh Virik Pretta Mehrotra OPPORTUNITIES OR THREATS TO THE UNIT TRUST INDUSTRY? Alternative investments are generally hybrids of existing asset classes, but include physical assets specifically created to meet basic investor needs for high returns with an appreciation in value over time. Hedge funds are among the first Alternative Investment Products (AIPs) to tie fund manager fees with return levels - a major sweetener allowing fund managers to be rewarded for specialised risk-taking. Subsequent AIP development led to the emergence of privately negotiated investments in private equity; e.g. corporate buyouts and venture capital not usually found in publiclytraded markets requiring high outlays that excluded a wide spectrum of the investment community. Financial derivatives with embedded hedging 2008 Issue No.1 UT TODAY 31
2 strategies, including structured products targeted at the mid-to high-net-worth investor, were also formed to fill the needs of a growing investor spectrum. AIPs are not limited to market instruments. Among the latest AIPs establishing footholds in the investment realm are real estate (and its investment trusts) and commodities (including precious metals), collectibles such as art and antiques, fine wines, rare stamps and coins. The global product leader Globally, hedge funds have become a significant force in investing and wealth management. Today, there are over 9,000 hedge funds with approximately $1.4 trillion in assets under management. A recent report from the Hedge Fund Research Inc. shows that hedge funds gained $45.2 billion in assets during the third quarter of One major reason for this phenomenal growth is a recent study by the Institute for Private Investors showing that the ultra-wealthy are increasingly allocating more of their portfolios to hedge funds. Ultra-wealthy investors are those who are typically defined as having over $50.0 million in investible assets. Whilst generally classified as an AIP, hedge funds are technically skill-based investment strategies and offer the opportunity to participate in a wide variety of new financial products and markets not available in traditional investor products. Skill-based strategies obtain returns from the unique skill or strategy of the trader. As a result, hedge funds have also been described as absolute return strategies, as these returns do not depend on the long-term return in underlying traditional stock and bond markets. Aside from choice, AIPs offer wider diversification benefits compared to conventional investment products (CIPs), which fall into two major asset classes: equities and fixed income instruments (predominantly bonds). Put simply, portfolio management that includes AIPs offer greater diversification value to investors owing to a low correlation with CIPs and returns independent of market conditions. Hedge funds reduce portfolio volatility risk and enhance portfolio returns in economic environments in which traditional stock and bonds. Similarly, real estate investment trusts (REITS) are exemplary portfolio diversifiers, providing the added benefit of insurance against inflation/deflation. In determining appropriate investment portfolios and combinations of CIPs and AIPs, risk profiles are key. CIPs, while market dependent, are able to generate returns on a specific short-term basis offering consistent albeit range- Figure 1: Evidence of Low Correlation between AIPs and Equities 100% 80% 60% 40% 20% 0% -20% 32 UT TODAY 2008 Issue No.1 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 MSCI World NAREIT RICI Bursa Malaysia Gold May-07 Jul-07 Sep-07 Nov-07
3 bound yields. In contrast, AIPs are long-term, some potentially high-risk high-return products better outfitted to the aggressive industry participant. Consequently, the rebalancing of portfolios to include both CIPs and AIPs must involve a consideration of risk profiles; the higher the propensity to undertake risk, the higher the allocation of funds to equity and alternative investment instruments. The question is, are AIPs available to everyone or are they limited to a select few? When first introduced, retail investors found the high entry-level costs of AIPs out of their purview, preferring the flexibility offered by CIPs. Hence, AIPs investments were confined to institutional investors and a few highnet-worth individuals. This changed with the advent of REITs, ETFs and lower costs - in Malaysia, entry-level Education of the different types of asset classes in AIPs, its investment strategies, benefits and disadvantages as compared to other asset classes and more importantly, its risk characteristics and how it fits into an investment portfolio for one s client are the core competencies to be developed in the goal of being a good adviser. costs for AIPs such as structured products have been lowered from RM1.0 million to RM250,000 broadening target market segments to include retail investors. Statistics indicate that an average of 8% of investments in the Asia-Pacific region is in AIPs - but the Malaysian market is still a long way from a globally comparable level of development. Experts attribute a small market cap to risk-averse domestic investors beleaguered by a lack of adequate technical expertise and market knowledge. This, however, does not mean alternative investing is at a standstill; it is merely that the local market is restricted to the few with necessary capital and regulative understanding of the characteristics and complexities of AIPs. AIPs: Regional Preferences and Local Flavour Figure 2: Asia Pacific REITs statistics Listed REITs - Regional Concentration Malaysia Australia Singapore Hong Kong Value (in US$bil) No. of REITs 2008 Issue No.1 UT TODAY 33
4 Globally, ETFs are now one of the fastest growing global investment products. Last year saw 100 ETF launches across Europe and there are now in excess of 120 ETFs listed on the London Stock Exchange. Buoyed by projected 6% GDP growth, rapid expansion of the retail and commercial sectors, and high local and foreign demand, the market for Malaysian REITs is benefiting from keen investor interest. However, as indicated in Figure 2, the market cap of US$1.4 billion (RM4.6 billion) pales in comparison to regional figures. In other Asian countries like Japan, the market capitalisation of listed REITs rises by about US$1.0 billion per month. In fact, potential returns on Malaysian real estate are promising, ranging from 6% to 12% depending on location, demand and type. Capital gains of approximately 20% to 80% can be realised on new properties within two to three years, according to industry professionals. This industry growth provides the underlying strength for a successful REIT structure. REITs are among the best portfolio diversifiers for an investor wishing to reduce correlative risks and seek capital-protection in both bear and bullish markets. Promising returns seem likely given the positive stimuli the local market is forecasted to enjoy in coming quarters. Other AIP potentials like structured products are also gaining local recognition for their investment potential. Last year, the structured products industry exceeded $100.0 billion in total annual sales, compared with $64.0 billion in 2006 and $40.0 billion in Standard Chartered and CIMB-Principal have enjoyed a measure of success with both conventional and Syariah-compliant SPs, noting that the offer of superior returns at very attractive risk-reward ratios compared to traditional IPs provoked the unprecedented growth of the train-i and Greater China Equity/Global Income funds. At present, additional efforts are being made to overcome issues investors balk at. For instance, the asset class for structured products will be further developed with an emphasis on liquidity, enabling the investor to exit the fund at the prevailing market value. Returns are not guaranteed, however, and capital can only be recovered at the end of the fund s tenure. Conversely, with absolute return funds (ARF), investors know what to expect. ARFs are popular alternative investment options for their capacity to employ hedging strategies at lower risk and at guaranteed return levels. Investors are offered asset-protection, assured yields and the potential for substantial capital expansion when markets are on the upswing. Yet, as with all funds, failures abound in the event of off-the-mark strategies and dicey speculative techniques (e.g. Soros Quantum Fund, Amaranth, and LTCM). ETFs join the list of alternative investment innovations, tracking funds from a basket of indices with gains reliant on active trading, short-selling and options. Said to be cost-effective in terms of lower expense ratios and load fees (index funds do not require active management, eliminating high engagement costs), ETF investors also stand to benefit from specialised sectortracking - in recent years, oil, gold and other commodities have yielded strong returns. The Hong Kong Tracker Fund (HKTF), the first Asian ETF with sector allocation based on economic outlook, grew to a high of HK$20.18 in 2006 from an initial low of HK$12.02 in However, positive yields are dependent on good timing and accurate [Hedge funds are] generally classified as an AIP are technically skill-based investment strategies and offer the opportunity to participate in a wide variety of new financial products and markets not available in traditional investor products. 34 UT TODAY 2008 Issue No.1
5 AIPs are not limited to market instruments. Among the latest AIPs establishing footholds in the investment realm are real estate and commodities collectibles such as art and antiques, fine wines, rare stamps and coins. identification of potential booms, and the more specific the focus, the higher the risks. Hidden costs may also present themselves in the form of accumulating broker commissions. Globally, ETFs are now one of the fastest growing global investment products. Last year saw 100 ETF launches across Europe and there are now in excess of 120 ETFs listed on the London Stock Exchange. Whilst the US has 533 listed ETFs with a value of US$533.5 billion, Europe currently has 386 ETFs with a value of US$125.9 billion under management with more launches planned for Still in its embryonic stage, the most recent addition to the local capital market is MyETF, a government initiative tracking the Dow Jones Islamic Malaysia 25 Index, offering exposure to the top 25 companies on Bursa through a Syariahcompliant fund. Released shares held by government-linked companies will stimulate retail participation, increasing market liquidity and lending a much-needed boost to capital expansion. Apart from these instruments, art and antiques, fine wine and rare stamps - commodities that appreciate in value over time - are becoming increasingly popular among discerning investors. Blue-chip wine investors are seeing returns of between 12% - 30% p.a. in a market that hasn t seen depreciation in 25 years and is purportedly susceptible only to global depression. Investors are able to enjoy increments in value of between 50% - 200% within a 5-10 year period, an appreciation that can be attributed to finite production, high worldwide demand and an improvement in quality over time. Wine investing is also tax-free. According to Premium Liquid Assets Ltd., the Malaysian market is still in its infancy and is limited to a small number of high-net-worth individuals, but a new wine brokerage is in the works in response to budding interest. While returns are largely guaranteed, the long holding period (as with other AIPs) could prove to be a disincentive; also, the purchasing of wine is still reliant on demand, which is affected by market conditions and inflation and the whims of wine collectors. But challenges remain, and while AIPs provide the potential for economic expansion and for wealth to be unlocked, the employment of speculative investment techniques, including leverage, short sales, and derivatives, involves substantial risks. Investing in these products can also result in the loss of capital. It is therefore necessary to undertake comprehensive due diligence processes prior to investing in AIPs. Investors will need to consider external auditing reports and historical performances of investment managers/general partners, obtain information on procedures, strategies and policies (as one would when getting background info for a traditional portfolio), and identify exit strategies and hidden fee structures. AIPs and Unit trusts advisers How do unit trust advisers benefit from the proliferation of AIPs available in both local and global arenas? As it stands, not very much. Most of the AIPs are not readily accessible to unit trust advisers in Malaysia save for structured funds, structured treasury and derivative linked products which are sold by banks or treasury related entities as well as REITs and ETFs which are transacted via Bursa Malaysia as listed entities. Will this change? Normandy believes that it will be a matter of time before regulatory liberalisation, market demand and product expertise make AIPs part of a unit trust fund offering. Derivative-linked strategies in structured products and property management models are not part of a typical equity/bond fund manager s skill hence the need to either develop local skill or import foreign expertise. The former requires a longer term to maturity, whilst the latter may prove inefficient in a local environment or unfeasibly costly. In any case, market forces and investor demand will be the major push factors for the growth of AIPs as a unit trust offering. Local investors are increasingly aware of the benefits of alternative investments in the wake of slower global growth and cost-push inflation where income and value portfolios appear more attractive than fixed deposits and CIPs. Industry professionals report that an increasing number of Malaysians are channelling funds overseas to meet their needs for diversification and enhancement of gains. Recent government initiatives and fund launches are equally strong indications of upcoming trends hence managers will have to raise their core competency aside from just expanding product knowledge to respond to the growing demand. In a bid to prepare for the inevitable, unit trust advisers should equip themselves with the most important advisory based principle - understand the product that you are advising on. Education of the different types of asset classes in AIPs, its investment strategies, benefits and disadvantages as compared to other asset classes and more importantly, its risk characteristics and how it fits into an investment portfolio for one s client are the core competencies to be developed in the goal of being a good adviser. With a plethora of investment products in economic markets today, advisers business differentiation lies in the specific areas of competency, trust and service. Remember, your best salespeople are happy clients! 2008 Issue No.1 UT TODAY 35
Exchange Traded Fund as an Investment Tool. 11 June 2011
Exchange Traded Fund as an Investment Tool 11 June 2011 Contents Brief History about ETF ETF Basics ETF Features ETF Structure ETF Industry Shariah ETF Features of Shariah ETF Application of ETF Why ETF
More informationFinancial Institutions Topical Research Series. Alternative Investments: The Broad Set of Investments Beyond Public Securities. (Table of Contents)
Financial Institutions Topical Research Series Alternative Investments: The Broad Set of Investments Beyond Public Securities (Table of Contents) April 26, 2017 TABLE OF CONTENTS Evolution of the Alternative
More informationAsset & Wealth Management Market Intelligence Digest South Korea. Asset & Wealth Management Market Research Centre Asia Pacific
Asset & Wealth Management Market Intelligence Digest South Korea Asset & Wealth Management Market Research Centre Asia Pacific Summary table of contents Executive Summary 1.1 1.2 Market Landscape 2.1 2.2
More information2013 CFA Exam. LOS 31.a SS 13
LOS 31.a 2013 CFA Exam SS 13 Describe common features of alternative investments and their markets and how alternative investments may be grouped by the role they typically play in a portfolio. Card 1
More informationDynamic Real Return Series
RUSSELL INVESTMENTS Dynamic Real Return Series Outcome-oriented Dynamic asset allocation Limited downside risk February 2017 A new approach for challenging times Financial markets are experiencing unusually
More informationFINANCIAL AND INVESTMENT INSTRUMENTS. Lecture 8: Alternative Investments
FINANCIAL AND INVESTMENT INSTRUMENTS Lecture 8: Alternative Investments AIMS After this session you should Know the characteristics & properties of mutual funds/unit trusts Know the characteristics & properties
More informationG L O B A L R E A L E S T A T E I N V E S T I N G
Insights on... G L O B A L R E A L E S T A T E I N V E S T I N G T H E A D V A N T A G E S O F G O I N G G L O B A L Research Series Volume 1 June 2008 Philip S. DeSantis Senior Investment Product Manager
More informationHSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund
Important information: The Fund invests mainly in Asia Pacific ex Japan Equity. The Fund is subject to the risks of investing in emerging markets. The Fund may invest in financial derivative instruments
More informationIntroduction to Alternate Investments CHAPTER 1
Introduction to Alternate Investments CHAPTER 1 Concept of Alternative Investments Alternative Investment Types Contrast Alternative and Traditional Investments Role of Alternative Investment in Strategic
More informationMacquarie Asia New Stars No.1 Fund
Product Disclosure Statement 2 July 208 of 8 Macquarie Asia New Stars No. Fund Product Disclosure Statement 2 July 208 Contents. About Macquarie Investment Management Australia Limited 2. How the Macquarie
More informationPower your way to higher yields
Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will
More informationPublic Islamic Asia Leaders Equity Fund (PIALEF)
Fund Information Fund Name (PIALEF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long term period by investing mainly in stocks of companies
More informationMalaysia s Islamic Capital Market (ICM) An Overview
Islamic Finance News Roadshow Sheraton Towers, Singapore 2 April 2008 Malaysia s Islamic Capital Market (ICM) An Overview Nik Ramlah Mahmood Securities Commission Malaysia 1 Malaysia s ICM offers a comprehensive
More informationA Guide to ALTERNATIVE INVESTMENTS
A Guide to ALTERNATIVE INVESTMENTS W W W. E N T E R P R I S E U K. C O. U K 2 CONTENTS I. What is an alternative investment?... 3 II. Why do we need them?... 5 III. Types of Alternatives Institutional
More informationAsset & Wealth Management Market Intelligence Digest Taiwan. Asset & Wealth Management Market Research Centre Asia Pacific
Asset & Wealth Management Market Intelligence Digest Taiwan Asset & Wealth Management Market Research Centre Asia Pacific Summary table of contents Executive Summary 1.1 1.2 Introduction: Macroeconomic
More informationInvestment-linked Product. Evolution and the Way Forward - The Malaysia Experience
Investment-linked Product Evolution and the Way Forward - The Malaysia Experience Contents Page/Agenda Industry overview Etiqa experience What are Investment-linked products? Regulatory guidelines Processes
More informationYour gateway to Asia s strong growth potential. Schroder Asian Income
Your gateway to Asia s strong growth potential Asian economies rank amongst the fastest-growing and most dynamic globally. The region is set to remain as the world s growth engine for years to come. (the
More information2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT. Financial Services Council and Perpetual
2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT Financial Services Council and Perpetual 2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT INTRODUCTIONS FROM THE FINANCIAL SERVICES
More informationFirst Quarter 2017 Results Presentation 09 May 2017
First Quarter 2017 Results Presentation 09 May 2017 Disclaimer: This material should be read as an overview of OCBC s current business activities and operating environment. It should not be solely relied
More informationMutual Fund MUTUAL FUND MEANING
MUTUAL FUND MEANING means a fund established in the form of a trust to raise monies through the sale of units to the public or a section of the public under one or more schemes for investing in securities
More informationPower. Schroder Asian Income. your way to higher yields. p.a.
Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions
More informationThe next 15 years Is there a New Normal ahead? Delaware Investments Presentation. Richard C Marston Wharton School, University of Pennsylvania
The next 15 years Is there a New Normal ahead? Delaware Investments Presentation Richard C Marston Wharton School, University of Pennsylvania Outline 1. Is there a New Normal ahead for stocks? 2. Is the
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name Public China Access Equity Fund (PCASEF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio
More informationETFs for private investors
ETFs for private investors Simple products. Sophisticated strategies. Contents ETFs What are ETFs 2 How ETFs differ from other funds 3 Comparing product costs 4 Pricing and liquidity 5 Combining active
More informationA GUIDE TO EXCHANGE TRADED FUNDS
A GUIDE TO EXCHANGE TRADED FUNDS Contents Introduction Page 3 Introduction Page 4 Cost Effectiveness & Diversification Page 5 Liquidity & Dividends Page 6 Additional Considerations Page 7 Risk Warning
More informationFund Background Range and Information
Fund Background Range and Information November 2017 generali-worldwide.com INDEX GUARANTEED RETURN FUNDS... 4 US DOLLAR DEPOSIT ADMINISTRATION... 5 EURO DEPOSIT ADMINISTRATION... 6 STERLING DEPOSIT ADMINISTRATION...
More information3A Alternative Funds. 3A Multi Strategy Fund (USD, EUR, CHF, GBP)
3A Alternative Funds is a SICAV (Société d'investissement à Capital Variable) established under of the Luxembourg Law of 20 December 2002 and authorised for public distribution in Switzerland as a fund
More informationDevelopment of the Exchange-traded Fund Market in Hong Kong
Articles and Speeches 7 Development of the Exchange-traded Fund Market in Hong Kong Supervision of Markets Division 1 Executive Summary The first exchange-traded fund ("ETF") was launched in the US in
More informationAllianceBernstein: Tradition and Change Citigroup Financial Services Conference
March 10, 2011 AllianceBernstein: Tradition and Change Citigroup Financial Services Conference David A. Steyn Chief Operating Officer Cautions Regarding Forward-Looking Statements Certain statements provided
More informationSingapore IPO market 2018 mid-year report
Singapore IPO market 2018 mid-year report Key observations 03 Overview of Singapore IPOs in H1 2018 04 IPOs on the SGX in H1 2018 05 Upcoming IPOs on the SGX 06 Overview of Singapore IPOs: geographical
More informationProducts and Services
Products and Services Everyday Banking Citigold Private Client Centres The Citigold Private Client Centre is an exclusive, cultured and professional environment presenting our valued clients with personalised
More informationUnderstanding RQFII The Great Door Opener for China Access
Markets and Securities Services Investor Services Understanding RQFII The Great Door Opener for China Access By: Stewart Aldcroft, Citi Investor Services Since China first started opening up its capital
More informationBreakdown of Unitholdings of PGF as at 31 January 2018
Fund Information Fund Name Public Growth Fund () Fund Category Equity Fund Investment Objective To achieve long-term capital appreciation with income considered incidental. Fund Performance Benchmark The
More informationMorningstar Category Definitions
Morningstar Category Definitions Morningstar Malaysia Disclaimer: 2015 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription
More informationGlobal Islamic wealth. management: trends and opportunities
Global Islamic wealth management: trends and opportunities Sohail Jaffer says there are several reasons why the Islamic niche of the industry is expected to outgrow conventional wealth management over
More informationUOB is rated among the world s top banks: Aa1 by Moody s and AA- by Standard and Poor s and Fitch Ratings respectively.
UOB, your partner in Asia United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and
More informationEmerging wealth Capturing the long-term growth dynamics of the emerging markets
Emerging wealth Capturing the long-term growth dynamics of the emerging markets Originally published by Watson Wyatt Worldwide Emerging wealth Capturing the long-term growth dynamics of the emerging markets
More informationMalaysia : Wealth Management Opportunities
Malaysia : Wealth Management Opportunities Najmuddin Mohd Lutfi Deputy Director, MIFC Promotions Unit, Bank Negara Malaysia Islamic Finance News Forum Riyadh, Saudi Arabia 11 November 2012 www.mifc.com
More informationPrincipal Asia Pacific High Dividend Equity Fund Grasp the Chance for Yielding Growth and Income! August 2018
Principal Prosperity Series Principal Asia Pacific High Dividend Equity Fund Grasp the Chance for Yielding Growth and Income! August 218 Important Notes 1. The Principal Asia Pacific High Dividend Equity
More informationBMO Global Asset Management (Asia) Limited 20 April 2018
Product Key Facts BMO MSCI ASIA PACIFIC REAL ESTATE ETF BMO Global Asset Management (Asia) Limited 20 April 2018 This is an exchange traded fund. This statement provides you with key information about
More informationMost Popular Funds - Quarter 4, 2017
generali-worldwide.com Please see below the GW Top 5 Funds as at 31.12.2017. To find out more information about each of these funds, simply click on the fund name. GW TOP 5 OVERALL FUNDS AS AT 31.12.2017*
More informationWhite Paper Alternative Asset Classes: An Introduction
White Paper Alternative Asset Classes: An Introduction www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA,
More informationProtecting Your Portfolio From Inflation Keith Black, PhD, CFA, CAIA
Protecting Your Portfolio From Inflation Keith Black, PhD, CFA, CAIA Showcase your Knowledge @CAIA_Keith Black @CAIAAssociation About CAIA Association The Global Leader in Alternative Investment Education
More informationBricks & mortar and property securities in a single fund
HSBC Open Global Property Fund Bricks & mortar and property securities in a single fund FE ALPHA MANAGER 2016 DR. GUY MORRELL (HSBC) FE ALPHA MANAGER OF THE YEAR For professional clients only HSBC Open
More informationINVEST IN REITs BUILDING A GLOBAL PORTFOLIO OF PRIME REAL ESTATE BY PC WONG
INVEST IN REITs BUILDING A GLOBAL PORTFOLIO OF PRIME REAL ESTATE BY PC WONG DISCLAIMER The views by the author are his alone. All opinions expressed by the author are subject to change. The viewer is not
More informationFebruary The Fund Guide. Investing your money with confidence
February 2018 The Fund Guide Investing your money with confidence Allow us to introduce ourselves. We are Zurich. We are part of a global insurance group with Swiss roots. We are one of Ireland s most
More informationGold - key charts, price outlook
13 October, 2017 www.icbcstandard.com This is a marketing communication which has been prepared by a trader, sales person or analyst of ICBC Standard Bank Plc, or its affiliates ( ICBCS ) and is provided
More informationSchroder Asian Income Monthly Fund Update
Monthly Fund Update Fund Performance As at 30 April 2016, in SGD 1 month Year to date 1 Year 3 Years (p.a.) Since launch* (p.a.) Fund (Bid-Bid) (%) Fund (Offer-Bid) (%) 0.9 1.9-2.3 2.3 8.0-4.1-3.2-7.2
More informationTo us there are no foreign markets. Managed Portfolio Service. Dynamic solutions in an ever changing world
To us there are no foreign markets. Managed Portfolio Service Dynamic solutions in an ever changing world N38º41 58 W109º42 9 INVESTMENT OUTCOME NEW BEGINNINGS, USA Your world isn t confined to a single
More informationRESPONSIBILITY STATEMENT
Product Highlights Sheet dated 13 April 2018 MANULIFE INVESTMENT SHARIAH PROGRESS PLUS* FUND *The word Plus is used in the Fund s name as the Fund has a similar investment strategy as Manulife Investment
More informationInvesting in Australian Small Cap Equities There s a better way
Investing in Australian Small Cap Equities There s a better way Greg Cooper, Chief Executive Officer, Australia November 2017 Executive Summary This paper explores the small cap Australian Shares market,
More informationMan AHL Diversified (Guernsey)
Man AHL Diversified (Guernsey) January 2011 AHL a market leading quantitative investment manager Strength through size, capital position, independence and global presence One of the world s largest, independent
More informationFor professional investors and advisers only. Schroders. Liquid Alternatives
For professional investors and advisers only Schroders Liquid Alternatives Introduction What are liquid alternatives? 4 How do they work? 5 Performance characteristics 6 How to apply liquid alternatives
More informationMost Popular Funds Quarter 3, 2015
Most Popular Funds Quarter 3, 2015 Most Popular Funds Quarter 3, 2015 Please find below the Top 5 overall GW funds as at 30/09/2015. To find out more information about each of these funds, simply click
More informationEnhancement of Mutual Fund Category Classification Standards
Enhancement of Mutual Fund Category Classification Standards Morningstar (China) Research Center April 2016 1 In March 2004, Morningstar introduced the category classification methodology for Chinese mutual
More informationTurnover Behaviour of the Hong Kong Stock Market Joseph Lee and Yan Yuhong 1 October 2002
Turnover Behaviour of the Hong Kong Stock Market Joseph Lee and Yan Yuhong 1 October 2002 Summary Turnover of the Hong Kong stock market has declined recently. The purpose of the paper is to explore the
More informationPineBridge Investments Asia Limited, based in Hong Kong (internal delegation) State Street Custodial Services (Ireland) Limited
Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Asia ex Japan Small Cap Equity Fund 27 April 2018 QUICK FACTS Fund Manager (Manager) Investment Manager
More informationInvesting in MyETF-DJIM25
BURSA MALAYSIA s MARKET CHAT Investing in MyETF-DJIM25 i-vcap Management Sdn. Bhd. 20 March 2010 Contents ETF Basics Key Features of MyETF-DJIM25 Information on MyETF-DJIM25 Specific Shariah Features of
More informationHedge Funds Demystified Glen Millar Director, Asset Management Audit & Compliance SA 6 November 2014
Hedge Funds Demystified Glen Millar Director, Asset Management Audit & Compliance SA 6 November 2014 Hedge Funds Demystified 1. Background 2. What do they do? 3. How are they organised? 4. Risks & regulation
More informationMacquarie Securities Group Stevan Vrcelj Group Head
18 Macquarie Securities Group Stevan Vrcelj Group Head Macquarie Group Limited Operational Briefing 7 February 2012 Presentation to Investors and Analysts 19 Macquarie Securities Group 1. Current challenges
More informationReport of the Survey on Hedge Fund Activities of SFC-licensed Managers/Advisors. September 2009
Report of the Survey on Hedge Fund Activities of SFC-licensed Managers/Advisors September 2009 1 Table of Contents Executive Summary 1 Definition 2 Survey methodology 2 Responses 3 Scope of the Survey
More information2017 Investor Pulse. Switzerland MKTG0817E
2017 Investor Pulse Switzerland What s on the mind of Switzerland s wealthy investors? Welcome to the latest edition of Investor Pulse, the world s most extensive survey of behaviour among investors. In
More informationSUPPLEMENTARY PROSPECTUS. 1 February 2012
SUPPLEMENTARY PROSPECTUS 1 February 2012 GAA US$ GLOBAL Q FUND a Class Fund of GAA INVESTMENT FUNDS LIMITED A Bermuda Mutual Fund Company Incorporated with Limited Liability Offer for Subscription of up
More informationBMO Short Federal Bond Index ETF (ZFS/ZFS.L)
ANNUAL FINANCIAL STATEMENTS BMO Short Federal Bond Index ETF (ZFS/ZFS.L) Independent Auditor s Report To the Unitholders of: BMO Equal Weight Global Gold Index ETF BMO Mid Federal Bond Index ETF (formerly
More informationKey Statistics of Global Islamic Finance Industry
Treasury Markets Association Workshop on Islamic Finance 18 August 2008 Perspectives on Development of Islamic Finance in Hong Kong Mr. Edmond Lau Executive Director (Monetary Management) Hong Kong Monetary
More informationETFs for private investors
ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PCIF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of Shariah-compliant
More informationDiversified Managed Allocations
Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to
More informationAIA Acorns of Asia Fund
AIA Acorns of Asia Fund (the ILP Sub-Fund ) Fund Summary (IFPS) Prepared on March 2018 AIA ACORNS OF ASIA FUND (the ILP Sub-Fund ) FUND FACTS Manager of ILP Sub-Fund AIA Investment Management Private Limited
More informationPublic Islamic Asia Tactical Allocation Fund (PIATAF) Breakdown of Unitholdings of PIATAF as at 30 April 2018
Fund Information Fund Name Public Islamic Asia Tactical Allocation Fund () Fund Category Mixed Asset (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term
More informationReport of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006)
Report of the Survey on Hedge Funds Managed by SFC Licensed Managers (for the Period 31 March 2004 31 March 2006) The Securities and Futures Commission Hong Kong October 2006 Table of contents Page 1.
More informationIPD Global Quarterly Property Fund Index 4Q 2013 results report March 2014
IPD Global Quarterly Property Fund Index 4Q 2013 results report March 2014 Sponsored by RESEARCH Introduction The IPD Global Quarterly Property Fund Index results improved in the fourth quarter of 2013
More informationAIA MPF Happy Retirement Savings Program
AIA MPF Happy Retirement Savings Program Make additional voluntary contributions to further grow your retirement reserve Please note: Happy Retirement Savings Program (the HRSP ) is not a savings plan.
More informationJIM MCCAUGHAN PRINCIPAL GLOBAL INVESTORS
JIM MCCAUGHAN at a glance Principal Global Investors Assets Under Management $271B By Asset Class Equity $90 Real Estate $47 Fixed Income $134 Serve clients in over 60 countries, including several major
More informationFund Performance Average Total Return for the Following Years Ended 28 February 2018
Fund Information Fund Name PB Asia Emerging Growth Fund () Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by primarily investing in the securities
More informationWhatever the case may be, it is time to look for alternative income strategies to add to this part of the investment portfolios.
Wealthy families build their wealth as entrepreneurs. However, when it comes to preserving their wealth, they somehow fail to tap into these entrepreneurial skills and often invest primarily in equities
More informationTHE EFFECTIVENESS OF A-REIT FUTURES AS A RISK MANAGEMENT STRATEGY IN THE GLOBAL FINANCIAL CRISIS
THE EFFECTIVENESS OF A-REIT FUTURES AS A RISK MANAGEMENT STRATEGY IN THE GLOBAL FINANCIAL CRISIS ABSTRACT GRAEME NEWELL University of Western Sydney A-REITs have been highly successful indirect property
More informationFor professional investors only. Understanding Exchange Traded Funds (ETFs)
For professional investors only Understanding Exchange Traded Funds (ETFs) What are Exchange Traded Funds (ETFs)? 3 Contents Get selective 4 Evaluating ETFs 4 Building portfolios with ETFs 4 Fixed income
More informationMonthly Mutual Fund Report
February, 199 Monthly Mutual Fund Report Statistics for December 1997 Year - End Report Sales and Redemptions Total assets for all funds increased $.7 billion, or 1.3, to $. trillion in December. Net new
More informationMan OM-IP AHL Limited
Important Dates Issue Opens 2 February 2009 Close Date 27 March 2009 Maturity Date / Investment Term Key Information 30 April 2019 / 10 years Product Type Capital guaranteed investment providing exposure
More informationMonthly Review June 2018
Manulife Investment Growth high 8.5 Growth / Equity 15 To provide Unit Holders with medium- to long-term capital growth through investments in a diversified portfolio of equities. 10 5 5 The is designed
More information4. MACQUARIE SECURITIES GROUP
4. MACQUARIE SECURITIES GROUP Roy Laidlaw Group Head Macquarie Group Limited Operational Briefing 5 February 2009 Presentation to Investors and Analysts 49 Three Divisions Macquarie Securities Group Sales
More informationPortfolio Management Services
2017 / Q1 Portfolio Management Services 1 单击此处添加文字内容 ABF Absolute Return Focus Portfolio 2 单击此处添加文字内容 ABF Systematic Trading Portfolio 3 单击此处添加文字内容 ABF Dynamic Portfolio 单击此处添加文字内容 4 Gold Portfolio 5 单击此处添加文字内容
More informationChina capital markets Be prepared to seize the investment opportunities INVESTOR GUIDE
China capital markets Be prepared to seize the investment opportunities INVESTOR GUIDE China capital markets Be prepared to seize the investment opportunities 2 China is opening up new doors to investment
More informationZeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
More informationChapter 23: Mutual Fund Operations
Chapter 23: Mutual Fund Operations A mutual fund is an investment company that sells shares and uses the proceeds to manage a portfolio of securities. Mutual funds have grown substantially in recent years,
More informationANZ ASIA INVESTOR TOUR 2014
ANZ ASIA INVESTOR TOUR 214 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 23 JULY 214 STEVE BELLOTTI MANAGING DIRECTOR Global Markets & Loans Global Markets and Global Loans are two of the three product
More informationIslamic Capital Market: Shariah Investing on Bursa Malaysia-i. Section A: Overview Islamic Capital Market
Islamic Capital Market: Shariah Investing on Bursa Malaysia-i Section A: Overview Islamic Capital Market 2 How Bursa Malaysia Plays Its Role in ICM OTHERS Main Market: 782 cos ACE Market: 121 cos LEAP
More informationBMO Mutual Funds 2014
BMO Mutual Funds 2014 Annual Financial Statements BMO Canadian Tactical ETF Class Independent Auditor's Report To the Unitholders and Trustee of: BMO Canadian Equity Fund (formerly BMO Equity Fund) BMO
More informationHUSSMAN STRATEGIC GROWTH FUND
HUSSMAN STRATEGIC GROWTH FUND TICKER SYMBOL: HSGFX The Fund seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. It pursues
More informationmandatory provident fund
mandatory provident fund Principal MPF product brochure Exclusive Distributor IMPORTANT INFORMATION 1. The Principal Guaranteed Fund in Principal MPF Smart Plan (the Smart Plan ) invests solely in a single
More informationALTERNATIVE INVESTMENT SOLUTIONS SERVE INVESTOR NEEDS AND UNCOVER A GROWTH OPPORTUNITY
ALTERNATIVE INVESTMENT SOLUTIONS SERVE INVESTOR NEEDS AND UNCOVER A GROWTH OPPORTUNITY DIVERSIFY CLIENT ASSETS AND DIFFERENTIATE YOUR BUSINESS COMPREHENSIVE AND FLEXIBLE ALTERNATIVE INVESTMENT SOLUTIONS
More informationBMO Mutual Funds 2014
BMO Mutual Funds 2014 Annual Financial Statements BMO Tactical Dividend ETF Fund Independent Auditor's Report To the Unitholders and Trustee of: BMO Canadian Equity Fund (formerly BMO Equity Fund) BMO
More informationKey Trends in Asian. Hedge Funds. Hedge Funds
Key Trends in Asian Hedge Funds Alexander Mearns from Eurekahedge, the hedge fund research and advisory group, reviews the Asian hedge funds universe. Based on comprehensive data, he looks back on a phenomenal
More informationHedge funds in emerging markets
Hedge funds in emerging markets WILLIAM A. RYBACK Deputy Chief Executive Hong Kong Monetary Authority The paper outlines hedge fund activities in Asia and Hong Kong based on data from the Securities and
More informationProduct Key Facts PineBridge Global Funds PineBridge Asia Dynamic Asset Allocation Fund
Product Key Facts PineBridge Global Funds PineBridge Asia Dynamic Asset Allocation Fund Issuer: PineBridge Investments Ireland Limited September 2018 This statement provides you with key information about
More informationAlternative Asset Classes: An Introduction
Van Pearcy, MBA, RFC Branch Manager & Financial Advisor 2020 West Cuthbert Avenue Midland, TX 79701-5728 432-683-0000 800-575-9220 van.pearcy@raymondjames.com www.vanpearcy.com Alternative Asset Classes:
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PIOEF) Fund Category Equity (Shariah-compliant) Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a diversified portfolio
More informationHedge funds shift gears on commodities
Hedge funds shift gears on commodities Investors have flocked back to commodities. And while analysts believe this will continue, hedge fund managers see traditional investor profiles changing Pauline
More informationBeing selective key to navigating
Link to Article on website Being selective key to navigating China s new, investorfriendly policies Rex Lo, Managing Director of Business Development at BEA Union Investment, talks to Hubbis about China
More information