DOCSLIB.ORG

The Process Behind P&I's Manager Survey

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Process Behind P&I's Manager Survey Pensions & Investments May 27, 2019 | 17 Melinda Beck Inside Manager stats at a glance ........................................... 18 The largest money managers ....................................... 20 The largest managers listed alphabetically .................... 23 The process Average asset mixes .................................................. 24 How to f nd the data online .......................................... 24 The largest money managers ranked by total behind P&I’s worldwide assets ....................................................... 25 The largest money managers ranked by U.S. institutional tax-exempt assets ................................... 25 manager The largest money managers ranked by U.S. institutional tax-exempt assets managed internally ........ 25 survey Client assets by region ............................................... 25 Investment vehicle mix ............................................... 25 Prof les of the 50 largest managers .............................. 26 The largest managers of U.S.-client assets ................... 26 This issue marks the 46th year Pensions & The largest managers of institutional U.S.-client assets . 26 Minority- & women-owned managers ............................. 26 Investments has prof led the largest manag- The largest managers of: ers of U.S. institutional tax-exempt assets. Def ned benef t assets ............................................. 27 Some 528 investment management f rms Def ned contribution assets ...................................... 27 Mutual fund assets .................................................. 27 responded to an online questionnaire for this Non-aff liated insurance company assets .................... 27 annual special report. Central bank assets................................................. 28 Endowment assets .................................................. 28 All money management f rms are allowed Foundation assets ................................................... 28 to respond to the survey; to qualify for Sovereign wealth fund assets ................................... 28 inclusion in the database, however, the f rm ETFs/ETNs ............................................................. 29 Liability-driven investment strategies ......................... 29 must manage assets for U.S. institutional Assets under ESG principles ..................................... 29 tax-exempt clients such as qualif ed retire- 529 plan assets ...................................................... 29 ment plans, endowments or foundations, and Assigning assets to others ....................................... 30 Outsourcing/f duciary management mandates ............ 30 answer the Overlay assets ........................................................ 30 MORE ONLINE minimum required Subadvising assets ................................................. 30 Active international equity ........................................ 31 The entire report can questions. Active U.S. equity .................................................... 31 be found at pionline. The report Indexed U.S. equity .................................................. 31 com/managers2019. contains detailed Enhanced indexed U.S. equity ................................... 31 Active global equity .................................................. 32 For a full set of data, information on the Emerging markets equity .......................................... 32 including prof les worldwide assets of Passive global equity ............................................... 32 of all 526 non- the qualif ed Passive international equity ...................................... 32 Canadian managers, Active U.S. bonds .................................................... 33 go to pionline.com/ respondents, Indexed U.S. bonds ................................................. 33 including asset mix, Enhanced indexed U.S. bonds ................................... 33 researchcenter. Active international bonds ........................................ 33 insurance company, Passive international bonds ...................................... 34 sovereign wealth fund or central bank client Core bonds ............................................................. 34 Emerging markets debt ............................................ 34 assets and a regional breakout of clients. Stable value ........................................................... 34 Within the U.S. institutional tax-exempt Core-plus bonds ...................................................... 35 universe, P&I further breaks down the data center. The online rankings are interactive All information, except where noted, is as Covertible securities ................................................ 35 High-yield securities ................................................. 35 into asset classes and, then, into invest- and are searchable by asset class, invest- of Dec. 31. Inf ation-protected securities..................................... 35 ment style. ment strategy, region and clients. Special reports derived from this informa- Bank loans ............................................................. 36 Collateralized debt obligations .................................. 36 This year, P&I for the f rst time asked Research Center access is free to plan tion will be published throughout the year. An Factor-based strategies ............................................ 36 about assets managed for 529 plans and executives. Money managers, consultants online special report focusing on investment Mortgages (whole loans) .......................................... 36 health savings accounts; added China as a and other service providers have access by outsourcing will be published June 24, and Hedge funds ........................................................... 37 Internally managed hedge funds ................................ 37 stand-alone region; asked about specif c ESG subscription. managers of def ned contribution assets will Low-volatility equity .................................................. 37 mandates; and added a question on impact P&I targeted more than 900 banks, trust be highlighted July 22. An in-depth report on Private equity .......................................................... 37 Infrastructure .......................................................... 38 reporting. companies, insurance companies and real estate managers will appear in the Sept. Privately placed debt ................................................ 38 All qualif ed f rms are included for the independent investment management f rms 30 issue. Data from this special report also Real estate equity ................................................... 38 charts and tables that are published, but only in North America and abroad. The data will be used in a ranking of the largest REITs ..................................................................... 38 Buyout funds .......................................................... 40 the largest 50 f rms — ranked by worldwide contained in the stories, prof les, charts and managers in the world, done in conjunction Commodities .......................................................... 40 institutional assets — are prof led in print. tables in this issue and in the Research with Willis Towers Watson PLC’s Thinking Mezzanine debt ....................................................... 40 Venture capital ........................................................ 40 Full prof les of all ranked money managers Center were developed by P&I staff from the Ahead Institute, to be published Oct. 28. Distressed debt ...................................................... 41 and complete listings by asset class and f rms’ answers to the detailed, online All data in this special report are ©2019 Energy.................................................................... 41 investment strategy can be found in P&I’s questionnaire and through follow-up emails Crain Communications Inc. Reproduction MLPs ..................................................................... 41 Research Center at pionline.com/research and phone calls. without permission is prohibited. Growth of manager assets Assets are in trillions as of Dec. 31. Total worldwide assets Worldwide institutional assets U.S. institutional, tax-exempt assets U.S. inst’l, tax-exempt assets internally managed by the 500 largest frms managed by the 500 largest frms managed by the 100 largest frms $70 $70 $70 $70 $65 $65 $65 $65 $60 $60 $60 $60 $55 $55 $55 $55 $50 $50 $50 $50 $45 $45 $45 $45 $40 $40 $40 $40 $35 $35 $35 $35 $30 $30 $30 $30 $25 $25 $25 $25 $20 $20 $20 $20 $15 $15 $15 $15 $10 $10 $10 $10 $5 $5 $5 $5 $0 $0 $0 $0 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 18 | May 27, 2019 Pensions & Investments Daniel Burke DEFINED CONTRIBUTION Fourth-quarter market plunge pulls most f rms down for year Assets decline 5.4%; largest U.S. institutional MORE ON DC set mix of def ned con- money managers. MANAGERS tribution plans,” said only 3 frms in top 25 Among the top 25 Michael Volo, senior For a listing of the managers, all but three partner at Cammack fnish with an increase largest managers — Vanguard Group of DC assets, go to Retirement Group Inc. By MARGARIDA CORREIA Inc., T. Rowe Price As- Page 27 in Wellesley, Mass. sociates Inc. and Mer- Jason Shapiro, direc- For most money managers of cer Investments LLC tor of investments
Load more

Recommended publications
  • 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.
    [Show full text]
  • Disruptive Regulation: a Secular Investment Opportunity
    FEATURED SOLUTION PIMCO Alternatives Disruptive Regulation: A Secular Investment Opportunity AUTHORS It’s been nearly a decade since the global financial crisis Christian Stracke prompted an onslaught of regulations intended to Managing Director Global Head, Credit Research abolish excessive risk-taking and make the financial Tom Collier system safer. Yet the implementation of reforms – and Executive Vice President their disruptive effect on financial business models – Product Manager will peak only over the next few years. As Dodd-Frank and Basel regulations come into force and a further wave of regulatory reform is announced, we believe banks will exit more non-core businesses, specific funding gaps will become more acute and dislocations between public and private markets will become more frequent. Each will create investment opportunities for less constrained and patient capital to capture economic profits being ceded by banks. The lengthy process of financial sector reform is not a surprise given its complexity. Passed in July 2010, for instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act runs to more than 350,000 words. Many details were left to administrators to define – and at the end of 2015, fewer than 60% had been implemented. Basel III regulations, intended to increase liquidity and decrease leverage at banks, were published in late 2009, but will not be fully implemented until 2019. Bankers are already fretting over “Basel IV,” a collection of rules being contemplated that would tighten the screws even further. 2 Featured Solution August 2016 For banks, the cost of Although most banks have increased their capital significantly, they face intense shareholder new regulations is high pressure to improve returns on capital.
    [Show full text]
  • PIMCO Total Return Fund Institutional Class
    PIMCO Total Return Fund Institutional Class AS OF MARCH 31, 2012 TICKER: PTTRX FUND INVESTMENT OBJECTIVE ASSET CLASS The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund normally invests at Taxable Bond least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of MORNINGSTAR CATEGORY total assets in high-yield securities ("junk bonds"). The fund may invest up to 15% of its total assets in securities and instruments that are economically Intermediate-Term Bond tied to emerging market countries. FUND VOLATILITY (RISK) Beta (3-Yr.): 0.84* Standard Deviation (3-Yr.): 3.72% PORTFOLIO COMPOSITION *Calculated against BarCap US Agg Bond TR USD. Beta is a means of measuring the volatility of a TOP HOLDINGS (12/31/11) ASSET TYPES (12/31/11) security in comparison with the market as a whole. FNMA 4.5% TBA 8.41% Stocks 0.45% | Bonds 153.93% | Cash -52.71% | Other -1.67% A beta of 1 indicates that the security’s price has moved with the market. A beta of more or less than 1 FNMA 4% TBA 7.70% indicates that the security’s price will be more or less PIMCO Short-Term Floating NAV Fund 7.06% CREDIT QUALITY BREAKDOWN (03/31/12) volatile, respectively, than the market. Fin Fut Us 5yr Cbt 03/30/12 6.63% Breakdown is not available for this fund.
    [Show full text]
  • Form ADV Part 2A – Disclosure Brochure
    Prosperity Advisory Group LLC Form ADV Part 2A – Disclosure Brochure Effective: October 12, 2020 This Form ADV Part 2A (“Disclosure Brochure”) provides information about the qualifications and business practices of Prosperity Advisory Group LLC (“PAG” or the “Advisor”). If you have any questions about the content of this Disclosure Brochure, please contact the Advisor at (585) 381-5900. PAG is a Registered Investment Advisor with the U.S. Securities and Exchange Commission (“SEC”). The information in this Disclosure Brochure has not been approved or verified by the SEC or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. This Disclosure Brochure provides information about PAG to assist you in determining whether to retain the Advisor. Additional information about PAG and its Advisory Persons is available on the SEC’s website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 310720. Prosperity Advisory Group LLC 50 Square Drive, Suite 220, Victor, NY 14564 Phone: (585) 381-5900 * Fax: (585) 381-0478 https://prosperityadv.com Item 2 – Material Changes Form ADV 2 is divided into two parts: Part 2A (the "Disclosure Brochure") and Part 2B (the "Brochure Supplement"). The Disclosure Brochure provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. The Brochure Supplement provides information about the Advisory Persons of PAG. PAG believes that communication and transparency are the foundation of its relationship with Clients and will continually strive to provide you with complete and accurate information at all times.
    [Show full text]
  • Equitable Thro Equitable Through the Ages Ugh the Ages
    Equitable through the ages 1932 Babe Ruth endorses Equitable in a print advertisement, a big step in the field of sports marketing. 1896 1969 2000 Ray Wilner Sundelson becomes Equitable has a long history of Alliance Capital acquires 2001 the first woman agency investing in infrastructure across Sanford C. Bernstein, manager in the United States. the country. This includes the forming AllianceBernstein. AXA Equitable pledges over $10 million construction of the Gateway for 9/11 disaster relief as a founding Center in Pittsburgh, which donor of the Families of Freedom was recognized as a visionary Scholarship Fund. commitment that helped restore 1927 downtown Pittsburgh as a central 1870 hub in the region. Equitable Managers co-found the 1992 Equitable’s home office American College of Life Underwriters building in New York City. and establish the Chartered Life 1976 AXA makes initial Underwriter (CLU) designation. investment in The 2010 Equitable introduces variable Equitable following life insurance and markets its demutualization. AXA Equitable launches the first variable annuity product. first-ever buffered annuity, Structured Capital Strategies®. 1859 2020 Henry B. Hyde founds 1985 2003 We are Equitable. The Equitable Life Assurance The Equitable acquires Our Foundation launches Society of the United States. Alliance Capital. Equitable ExcellenceSM, which has awarded nearly $30 million to more than 6,500 students and 1,800 schools since inception. 2004 1940s AXA Equitable acquires the Equitable supports the war MONY Group. 2018 effort, waiving the prohibition 1912 of payments of death benefits Equitable Holdings is listed on Equitable’s home office building at for policyholders in battle, the New York Stock Exchange.
    [Show full text]
  • Private Debt in Asia: the Next Frontier?
    PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? We take a look at the fund managers and investors turning to opportunities in Asia, analyzing funds closed and currently in market, as well as the investors targeting the region. nstitutional investors in 2018 are have seen increased fundraising success in higher than in 2016. While still dwarfed Iincreasing their exposure to private recent years. by the North America and Europe, Asia- debt strategies at a higher rate than focused fundraising has carved out a ever before, with many looking to both 2017 was a strong year for Asia-focused significant niche in the global private debt diversify their private debt portfolios and private debt fundraising, with 15 funds market. find less competed opportunities. Beyond reaching a final close, raising an aggregate the mature and competitive private debt $6.4bn in capital. This is the second highest Sixty percent of Asia-focused funds closed markets in North America and Europe, amount of capital raised targeting the in 2017 met or exceeded their initial target credit markets in Asia offer a relatively region to date and resulted in an average size including SSG Capital Partners IV, the untapped reserve of opportunity, and with fund size of $427mn. Asia-focused funds second largest Asia-focused fund to close the recent increase in investor interest accounted for 9% of all private debt funds last year, securing an aggregate $1.7bn, in this area, private debt fund managers closed in 2017, three-percentage points 26% more than its initial target.
    [Show full text]
  • Investment in PAG Growth II LP
    Report and Recommendation of the President to the Board of Directors Project Number: 55076-001 May 2021 Proposed Equity Investment PAG Growth Capital Limited Investment in PAG Growth II L.P. (Regional) This is a redacted version of the document approved by ADB's Board of Directors, which excludes information that is subject to exceptions to disclosure set forth in ADB's Access to Information Policy. ABBREVIATIONS ADB – Asian Development Bank ESG – environmental, social, and governance ESMS – environmental and social management system GDP – gross domestic product IRC – investment review committee IRR – internal rate of return IT – information technology MOIC – multiple on invested capital PAGAC – PAG Asia Capital Limited PAGG I – PAG Growth I L.P. PAGG II – PAG Growth II L.P. PAGGC – PAG Growth Capital Limited PAGPE – PAG Private Equity PRC – People’s Republic of China SPS – Safeguard Policy Statement NOTE In this report, “$” refers to United States dollars. Vice-President Ashok Lavasa, Private Sector Operations and Public–Private Partnerships Director General Suzanne Gaboury, Private Sector Operations Department (PSOD) Deputy Director General Christopher Thieme, PSOD Director Janette Hall, Private Sector Investment Funds and Special Initiatives Division (PSIS), PSOD Team leader Davide Conti, Investment Specialist, PSIS, PSOD Team members Elizabeth Alpe, Senior Transaction Support Specialist (Integrity), Private Sector Transaction Support Division (PSTS), PSOD Ian Bryson, Senior Safeguards Specialist, PSTS, PSOD Ka Seen Gabrielle Chan, Safeguards Specialist, PSTS, PSOD Karlo Alberto De Asis, Social Development Officer (Safeguards), PSTS, PSOD Laurence Genee, Senior Safeguards Specialist, PSTS, PSOD Manfred Kiefer, Senior Economist, PSTS, PSOD Farshed Mahmud, Senior Investment Specialist, PSIS, PSOD Catherine Marsh, Assistant General Counsel, Office of the General Counsel a Yee Hean Teo, Principal Investment Specialist, PSIS, PSOD F Anne Valko, Social Development Specialist (Gender and Development), PSTS, PSOD a Outposted to the ADB Singapore Office.
    [Show full text]
  • 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.
    [Show full text]
  • DWS Equity 500 Index VIP Semiannual Report
    June 30, 2021 Semiannual Report Deutsche DWS Investments VIT Funds DWS Equity 500 Index VIP Contents 3 Performance Summary 4 Portfolio Summary 4 Portfolio Manager 5 Investment Portfolio 13 Statement of Assets and Liabilities 13 Statement of Operations 14 Statements of Changes in Net Assets 16 Financial Highlights 19 Notes to Financial Statements 25 Information About Your Fund’s Expenses 26 Liquidity Risk Management 26 Proxy Voting 27 Advisory Agreement Board Considerations and Fee Evaluation This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus or summary prospectus, if available, call (800) 728-3337 or your financial representative. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest. Stocks may decline in value. Various factors, including costs, cash flows and security selection, may cause the Fund’s performance to differ from that of the index. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The Fund may lend securities to approved institutions. Please read the prospectus for details. War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc.
    [Show full text]
  • Notifications to FIN-FSA of the Application of Exemptions from the Disclosure Obligation
    1 (8) 8 July 2021 Notifications to FIN-FSA of the application of exemptions from the disclosure obligation The FIN-FSA has received notifications of application for exemptions from the disclosure obligation from the companies listed below. The exemptions are based on chapter 9, section 8 a of the Securities Markets Act (746/212, as amended) and earlier provisions. The exemptions concern fund management companies, collective investment undertakings and investment firms authorised within the European Economic Area. Parent companies of such companies do not have to sum up their holdings with the shareholdings of mutual funds managed by fund management companies, the shareholdings of collective investment under-takings, or the shareholdings managed by investment firms by virtue of asset management agreements, provided that the shares are managed independently of the parent company. Parent company Fund management company, collective investment Date of Journal Number undertaking or investment firms notification Acciona, S.A Bestinver Gestión S.A. SGIIC 19.12.2019 FIVA 2/02.05.11/2021 Fidentiis Gestión, SGIIC, S.A. Affiliated Managers Group, Inc Genesis lnvestment Management, LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp. AMG Atlantic Holdings Ltd. AMG Genesis, LLC Genesis Asset Managers, LLP Affiliated Managers Group, Inc Veritas Asset Management LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp. AMG UK Holdings Ltd. VAM Bidco Limited Affiliated Managers Group, Inc Artemis lnvestment Management LLP, United Kingdom 22.10.2018 FIVA 11/02.05.11/2018 AMG New York Holdings Corp.
    [Show full text]
  • 2015 Insurance Asset Management Analytic a Bridge to Corporate Profitability
    2015 Insurance Asset Management Analytic A Bridge to Corporate Profitability An in-depth guide to the forces shaping general account portfolio management practices, and a look at the future of the industry Meredyth Sneed Amelia Lanfrankie Spring 2015 Insurance Asset Management Series Responsible for more than $200 billion in assets under management and voted “Best Global Manager” for six years in a row. Deutsche Asset & Wealth Management— the global leader in insurance asset management. For more information visit us at insuranceam.db.com or contact Bart Holl, Head of Insurance, at +1 212 250 9471 or [email protected] Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. © 2015 Deutsche Bank AG. All rights reserved. I-032672-1.0 Assets under management as of December 31, 2014. Voted “Best Global Manager“ by the readers of Reactions magazine 2008-2013. Insurance Asset Management – A Bridge to Corporate Profitability Spring 2015 Meredyth Sneed Amelia Lanfrankie Copyright 2015 by Patpatia & Associates. All rights reserved. Published by Patpatia & Associates. No part of this publication may be copied, photocopied, or duplicated in any form or by any means without Patpatia & Associates’ prior written consent. Copying of this publication is in violation of the Federal Copyright Law 17 USC 101 et seq.). Violators may be subject to criminal penalties as well as liability for substantial monetary damages up to $100,000 per infringement, costs, and attorney’s fees.
    [Show full text]
  • 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,
    [Show full text]