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Combined Capabilities of GCM Grosvenor and the Chief Investment Office (“CIO”) January 1, 2021
Hedge fund GPS Hedge Fund Guided Portfolio Solution – Advisory (Class I Shares) 1,2 The combined capabilities of GCM Grosvenor and the Chief Investment Office (“CIO”) January 1, 2021 $25k 65 bps Available in Investment 1099 Tax Reporting minimum Advisory/servicing fee3 Advisory Program (IAP) Retirement accounts Portfolio details About the fund Strategy Hedge Fund Guided Portfolio Solution (Hedge Fund GPS) is a single ticket allocation Multi-strategy to an actively managed hedge fund portfolio created by GCM Grosvenor, aligned with CIO guidance. Underlying managers4 12-20 Access to lower fees obtained Seeks to provide Registered under the Investment by GCM Grosvenor from its differentiated returns and Company Act of 1940 network of hedge funds asset class outperformance Quarterly liquidity5 Dynamically invested across Seeks to complement and Upon 65 days’ notice limited number of hedge fund diversify exposure within Favorable fee terms managers4 total portfolio Sought with underlying funds Asset allocation by strategy4,6,7 Cash and other Event Driven Canyon Capital Advisors LLC Relative Value Diversified Multi-Strategy Manager ExodusPoint Capital Management 8.0% Pentwater Capital Management LP Magnetar Capital 26.0% Redmile Group, LLC 16.6% Point72 Asset Management Renaissance Technologies Corp. Equity Hedge Macro 15.3% BlackRock, Inc. Alphadyne Asset Management LLC Coatue Management 34.1% Element Capital Management LLC Steadfast Capital Management LP Pharo Management, Inc. Tiger Global Management, LLC TPG Global A full discussion of fees is included in the Fund’s prospectus. 1 Combined capabilities refers to Merrill Lynch involvement in establishing investment guidelines with GCM Grosvenor pre-Fund launch. The ongoing role of Merrill Lynch is limited to that of selling agent. -
Asia-Pacific Hedge Funds
Content Includes: Preqin Special Report: Asia-Pacific Hedge Funds Overview of Asia-Pacifi c March 2015 Hedge Funds New regions for investment are emerging amid a changing economic and regulatory landscape. Overview of Asia- Pacifi c Hedge Fund Performance Performing better than hedge funds globally following economic growth in region. Institutional Investors in Asia-Pacifi c A look at the region’s diverse range of active investors in hedge funds. Asia-Pacifi c-Based Investors’ Outlook on Hedge Funds What do investors look for in fund managers in 2015? Did hedge funds meet their expectations in 2014? alternative assets. intelligent data. Download the data pack: Preqin Special Report: Asia-Pacific Hedge Funds www.preqin.com/HFAsia15 The Asia-Pacific Opportunity Asia-Pacifi c as a destination for hedge fund management has been expanding rapidly over the past few years; over 2014 alone industry assets in the region grew by almost 30%. Much of this growth has been driven by the growing base of institutional investors in the region, from large sovereign wealth funds through to small local pension schemes, that have increasingly begun to turn to hedge funds to help meet portfolio liabilities and long-term investment objectives. Recent regulatory reforms that have swept across the region have enabled both fund managers and investors alike to ramp up their activity in the hedge fund space, and this rapid growth is expected to continue over the next few years as more regions for hedge fund activity emerge within Asia-Pacifi c. In this report we look at the state of the hedge fund industry in Asia-Pacifi c by examining both local funds and those from beyond its shores investing in the region. -
Assets Under Management and Administration
amounts. Amounts are net of benefit payments recovered or expected to be recovered under reinsurance contracts. Benefits under variable annuity guarantees include the changes in fair value of GMWB and GMAB embedded derivatives and the derivatives hedging these benefits, as well as the changes in fair value of derivatives hedging GMDB provisions. Benefits, claims, losses and settlement expenses also include amortization of DSIC. Amortization of DAC Direct sales commissions and other costs capitalized as DAC are amortized over time. For annuity and UL contracts, DAC are amortized based on projections of estimated gross profits over amortization periods equal to the approximate life of the business. For other insurance products, DAC are generally amortized as a percentage of premiums over amortization periods equal to the premium-paying period. For certain mutual fund products, DAC are generally amortized over fixed periods on a straight-line basis adjusted for redemptions. See ‘‘Deferred Acquisition Costs and Deferred Sales Inducement Costs’’ under ‘‘Critical Accounting Policies’’ for further information on DAC. Interest and Debt Expense Interest and debt expense primarily includes interest on corporate debt and debt of consolidated investment entities, the impact of interest rate hedging activities and amortization of debt issuance costs. General and Administrative Expense General and administrative expense includes compensation, share-based awards and other benefits for employees (other than employees directly related to distribution, -
Institutional Real Estate, Inc. Global Investment Managers 2018 Special Report
Institutional Real Estate, Inc. Global Investment Managers 2018 Special Report Institutional Real Estate, Inc Global Investment Managers 2018 Prepared by: Property funds research 6 St Giles Court Southampton Street Reading RG1 2QL United Kingdom Phone: +44 (0)118-958 5848 Fax: +44 (0)118-958 5849 www.propertyfundsresearch.com Institutional Real Estate, Inc. 2274 Camino Ramon San Ramon, CA 94583 USA Phone: +1 925-244-0500 Fax: +1 925-244-0520 www.irei.com © 2018 Institutional Real Estate, Inc All Rights Reserved Table of Contents: Survey highlights ................................................................................................................................................................................................................................ 1 Largest investment managers by region ......................................................................................................................................................................... 3 Total assets rankings ........................................................................................................................................................................................................................ 4 Discretionary separate accounts ........................................................................................................................................................................................ 12 Advisory separate accounts ................................................................................................................................................................................................... -
H1 FY20 Press Release
Investcorp reports solid fee income and AUM growth to US $31.1 billion Driving higher fee income with strong organic growth in assets under management and robust levels of investment and fundraising activity Results impacted by lower investment returns and fair value adjustments to legacy investments Bahrain, February 5, 2020 – Investcorp (the “Firm”), a leading global provider and manager of alternative investment products, today announced its semi-annual fiscal year (H1 FY20) results for the six months ended December 31st, 2019. This press release and Investcorp’s full set of financial statements are available on Bahrain Bourse’s website (Symbol: INVCORP). Despite a challenging macroeconomic backdrop and continuous trade and geopolitical tensions, the Firm delivered solid results with net income of $48 million for the period, down 17% compared to $58 million for the six months ended December 31, 2018 (H1 FY19). Net income for the period, excluding fair value change of legacy investments, of $59 million is 2% higher than $58 million for the six months ended December 31, 2018. On a fully diluted basis, earnings per ordinary share were $0.65 for H1 FY20, down 12% from $0.74 for H1 FY19. Total comprehensive income for H1 FY20 was $46 million, down 18% compared to $56 million in H1 FY19. The Firm’s assets under management (AUM) increased by $3.0 billion to $31.1 billion during the period. Investcorp believes its continued progress on its strategic and financial objectives, including reaching AUM of $50 billion over the medium term, are increasingly translating into a more resilient business and financial model. -
Business Review
BUSINESS REVIEW BUSINESS REVIEW Fiscal Year 2021 For the period July 1, 2020 to December 31, 2020 BUSINESS REVIEW Message from the Executive Chairman “The progress we have delivered on our growth and diversification strategy, coupled with our robust investment and distribution platform, has not only helped Investcorp absorb the shock from the COVID-19 pandemic, but we believe that it will drive our continued success and resilience amidst this uncertain market environment. Our first half fiscal year 2021 results were marked by solid performance across all business lines as economies partially reopened. The robust 9% AUM growth also demonstrates strong demand for our offerings as well as our ability to identify and originate products that meet the sophisticated needs of our expanding client base.” “We remain focused on executing on our plans to drive sustainable growth and value creation and we are confident in our ability to achieve our ambitious long-term objectives. As we grow, we are committed to continuing our prudent and disciplined approach to capital and liquidity management given the overall market uncertainties while advancing our evolution as a firm. During the period, we delivered important progress on our Environmental, Social and Governance and Diversity & Inclusion initiatives, from appointing new leaders to implementing new policies and practices. We look forward to building upon these areas as we move forward on behalf of our stakeholders and communities, and in pursuit of our corporate purpose to enrich the lives of future -
Wellington Management Company
WELLINGTON FUNDS DISTRIBUTORS INC. Form CRS Customer Relationship Summary Introduction Wellington Funds Distributors Inc. (WFD) is a broker-dealer affiliate of Wellington Management Company LLP, a Securities and Exchange Commission (SEC) registered investment adviser (together with its global investment advisory affiliates, Wellington Management). WFD is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investor Protection Corporation (SIPC). Investment advisory and brokerage services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. What investment services and advice can you provide me? WFD provides brokerage services for the limited purpose of offering and recommending investment funds managed and sponsored by Wellington Management or Wellington Trust Company, NA (collectively, Sponsored Funds), and externally sponsored vehicles (e.g., mutual funds) managed by Wellington Management (Mutual Funds, and with the Sponsored Funds, Wellington Funds) to certain retail investors. WFD offers such services on behalf of its affiliates, Wellington Management and WTC. WFD does not enter into any contractual or other brokerage arrangement with retail investors. You should be aware of the following information about our services: • We offer and recommend only proprietary Sponsored Funds and the Mutual Funds. Furthermore, our Sponsored Funds generally have minimum investment amounts, which may limit your eligibility to invest in certain Sponsored Funds. Other firms may be able to offer you a broader array of investment options. -
The Bank of New York Mellon Annual Report 2019
For more than 235 years, BNY Mellon has been a trusted steward of our clients’ business and a respected corporate citizen. With each decade comes a new era of change and, as we enter 2020, I am excited for what the future holds for our organization. In my 30-plus years with the company, we have undergone an incredible transformation. Not long ago, we were the largest retail bank in the greater New York suburban area, a large credit card player and an active participant in capital markets, leveraged loans and emerging markets. Today, we are a globally significant, broad-based services company with a low-risk balance sheet – a considerable evolution from the traditional commercial bank we once were. This spirit of transformation and innovation has been part of our DNA for more than two centuries and, now more than ever, we must continue to drive an aggressive agenda. While our growth as an organization has been noteworthy, we know there is more we need to do to continuously deliver on our promise to our shareholders. Annual Report 2019 I We feel good about our business model and portfolio of client services, and are confident in our ability to provide consistent returns to our shareholders. We take pride in our strong risk management culture, and in our digital- and technology-enabled capabilities – all of which have us well situated to provide scalable and efficient solutions to investors worldwide. As we move forward, we want to accelerate our evolution and innovation as this will ensure we are well positioned for the future and able to meet the ever-changing needs of our clients. -
CAIA Member Contribution Long Term Investors, Tail Risk Hedging, And
CAIA Member Contribution Long Term Investors, Tail Risk Hedging, and the Role of Global Macro in Institutional Andrew Rozanov, CAIA Portfolios Managing Director, Head of Permal Sovereign Advisory 24 Alternative Investment Analyst Review Long Term Investors 1. Introduction This paper focuses on two related topics: the tension between the fundamental premise of long-term investing and the post-crisis pressure to mitigate tail risks; and new approaches to asset allocation and the potential role of global macro strategies in institutional portfolios. To really understand why these issues are increasingly coming to the fore, it is important to recall the sheer magnitude of losses suffered by sovereign wealth funds and other long-term investors at the peak of the recent financial crisis and to appreciate how shocked they were to see large double-digit percentage drops, not only in their own portfolios, but also in portfolios of institutions that many of them were looking to as potential role models, namely the likes of Yale and Harvard university endowments. Losses for many broadly diversified, multi-asset class portfolios ranged anywhere from 20% to 30% in the course of just a few months. In one of the better publicized cases, Norway’s sovereign fund lost more than 23%, or in dollar equivalent more than $96 billion, an amount that at the time constituted their entire accumulated investment returns since inception in 1996. Some of the longer standing sovereign wealth funds in Asia and the Middle East, which had long invested in a wide range of alternative asset classes such as private equity, real estate and hedge funds, are rumoured to have done even worse in that infamous year. -
Fund Searches and Mandates Download Data
View the full edition of Spotlight at: https://www.preqin.com/docs/newsletters/hf/Preqin-Hedge-Fund-Spotlight-September-2014.pdf The Facts Fund Searches and Mandates Download Data Fund Searches and Mandates We look at the strategies and regions hedge fund investors plan to target in the year ahead, as well as which investors are planning new investments. Fig. 1: Breakdown of Hedge Fund Searches Issued by Fig. 2: Breakdown of Hedge Fund Searches Issued by Investor Location, August 2014 Investor Type, August 2014 Fund of Hedge Funds Manager 3% 3% Public Pension Fund 3%3% 3% 3% 22% Asset Manager North America 6% Endowment 44% Europe 6% Foundation Asia-Pacific Investment Company 8% 58% Insurance Company Rest of World 8% Wealth Manager 31% Private Pension Fund Sovereign Wealth Fund Source: Preqin Hedge Fund Investor Profi les Source: Preqin Hedge Fund Investor Profi les Fig. 3: Hedge Fund Searches Issued by Strategy, August 2014 60% 54% Subscriber Quicklink 50% Subscribers can click here to view detailed profi les of 387 40% institutional investors in hedge funds searching for new 31% investments via the Fund Searches and Mandates feature 30% 27% on Preqin’s Hedge Fund Investor Profi les. 23% 19% 20% 15% 15% Preqin tracks the future investment plans of investors in 12% 12% 10% hedge funds, allowing subscribers to source investors actively 4% Proportion of Fund Searches seeking to invest capital in new hedge fund investments. 0% Not yet a subscriber? For more information, or to register for a Macro demo, please visit: Equity Credit Distressed Diversified Neutral Long/Short Managed Arbitrage Long/Short Event Driven Futures/CTA Equity Market Multi-Strategy www.preqin.com/hfip Relative Value Source: Preqin Hedge Fund Investor Profi les Fig. -
Legg Mason Funds
March 4, 2016 - Legg Mason Funds Legg Mason Product Updates As part of our ongoing commitment to keep you informed about our product line-up, included below are updates to existing products offered by Legg Mason. Combination of The Permal Group and EnTrust Capital Permal Alternative Core Fund Permal Alternative Select Fund On January 22, 2016, Legg Mason announced that it had entered into an agreement to combine the businesses of The Permal Group (“Permal”), Legg Mason’s existing hedge fund platform, with EnTrust Capital (‘’Entrust”). Permal Asset Management LLC, the investment manager to Permal Alternative Select Fund and the subadviser to Permal Alternative Core Fund, is a member of Permal. EnTrust is a leading independent hedge fund investor and alternative asset manager headquartered in New York with approximately $12 billion in total assets and complementary investment strategies, investor base and business mix to Permal. The Combination of EnTrust and Permal will create a new global alternatives firm with over $26 billion in pro-forma assets under management and total assets of $29 billion. The firm will have a diverse offering of proprietary investment products with a significant number of institutional and high net worth investors. As a result of the Combination, a new combined entity, EnTrustPermal LLC, will be formed with Legg Mason owning 65% of the new entity and Gregg S. Hymowitz, EnTrust’s Co-founder and Managing Partner, and entities controlled by him owning 35%. EnTrustPermal will have the global infrastructure, resources, investment professionals and underlying investment managers to source, research and structure investment opportunities worldwide on behalf of its international client base. -
Speaker Bios
Speaker Bios Ken Akoundi For the last 18 years, Ken has been publishing Investor DNA (www.investordna.net), a daily newsletter for Long Term Investors, providing insightful readings at the interface of Investment, risk, technology, and well-being. He also helps many Long Term Investors discern their functional needs, and identify and implement solutions that remedy them. Prior to this Ken was the President of ASPN Solutions (Spin-off from Protégé Partners), a financial technology company that challenged how Long Term Investors managed their processes. ASPN Solution’s first product was a comprehensive solution designed to empower Long Term Investors across all their quantitative and qualitative needs. Before Protégé, he was the Head of Sales for Global Markets at Opera Solutions (a McKinsey Spinoff). His mandate included building relationships with Long Term Investors, by developing new Big Data products. At Deutsche Bank, he created Global Markets’ Pension Strategies and Solutions. The group focused on providing Long Term Investors access to competitive and practical Capital Markets solutions that addressed many aspects of their business, ranging from Risk Parity to liability Immunization. Prior to joining Deutsche Bank, he headed risk management at Optima Fund Management (a $6 Billion peak-assets Fund of Hedge Funds). In 1998, he co-founded RiskMetrics Group, where he last held the position of Chief Knowledge Officer. He started his career at J.P. Morgan as a software developer. He has lectured and published on topics ranging from risk management, to strategy, and meditation. Ken holds a Doctorate in Civil Engineering from NYU’s Tendon School of Engineering.