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Brewin Dolphin Select Managers Fund
MI Brewin Dolphin Select Managers Fund Annual Report 28 February 2019 MI Brewin Dolphin Select Managers Fund Contents Page Directory* . 1 Statement of the Authorised Corporate Director’s Responsibilities . 2 Certification of the Annual Report by the Authorised Corporate Director . 2 Statement of the Depositary’s Responsibilities . 3 Independent Auditor’s Report to the Shareholders . 4 MI Select Managers Bond Fund Investment Objective and Policy* . 6 Investment Adviser's Report* . 6 Portfolio Statement* . 8 Comparative Table* . 24 Statement of Total Return . 26 Statement of Change in Net Assets Attributable to Shareholders . 26 Balance Sheet . 27 Notes to the Financial Statements . 28 Distribution Table . 40 MI Select Managers North American Equity Fund Investment Objective and Policy* . 41 Investment Adviser's Report* . 41 Portfolio Statement* . 43 Comparative Tables* . 49 Statement of Total Return . 51 Statement of Change in Net Assets Attributable to Shareholders . 51 Balance Sheet . 52 Notes to the Financial Statements . 53 Distribution Tables . 60 MI Select Managers UK Equity Fund Investment Objective and Policy* . 61 Investment Adviser's Report* . 61 Portfolio Statement* . 63 Comparative Tables* . 72 Statement of Total Return . 74 Statement of Change in Net Assets Attributable to Shareholders . 74 Balance Sheet . 75 Notes to the Financial Statements . 76 Distribution Tables . 83 MI Select Managers UK Equity Income Fund Investment Objective and Policy* . 84 Investment Adviser's Report* . 84 Portfolio Statement* . 86 Comparative Tables* . 92 Statement of Total Return . 94 Statement of Change in Net Assets Attributable to Shareholders . 94 Balance Sheet . 95 Notes to the Financial Statements . 96 Distribution Tables . 103 General Information* . 104 *These collectively comprise the Authorised Corporate Director’s Report. -
18 February 2019 Solvency and Diversification in Insurance Remain Key Strengths Despite Change in Structure
FINANCIAL INSTITUTIONS ISSUER IN-DEPTH Lloyds Banking Group plc 18 February 2019 Solvency and diversification in insurance remain key strengths despite change in structure Summary RATINGS In 2018, Lloyds Banking Group plc (LBG) altered its structure to comply with the UK's ring- Lloyds Banking Group plc Baseline Credit a3 fencing legislation, which requires large banks to separate their retail and SME operations, Assessment (BCA) and deposit taking in the European Economic Area (EEA) from their other activities, including Senior unsecured A3 Stable the riskier capital markets and trading business. As part of the change, LBG designated Lloyds Bank plc as the“ring-fenced” entity housing its retail, SME and corporate banking operations. Lloyds Bank plc It also assumed direct ownership of insurer Scottish Widows Limited, previously a subsidiary Baseline Credit A3 Assessment (BCA) of Lloyds Bank. The changes had little impact on the creditworthiness of LBG and Lloyds Adjusted BCA A3 Bank, leading us to affirm the deposit and senior unsecured ratings of both entities. Scottish Deposits Aa3 Stable/Prime-1 Widows' ratings were unaffected. Senior unsecured Aa3 Stable » LBG's reorganisation was less complex than that of most UK peers. The Lloyds Lloyds Bank Corporate Markets plc Banking Group is predominantly focused on retail and corporate banking, and the Baseline Credit baa3 required structural changes were therefore relatively minor. The group created a small Assessment (BCA) separate legal entity, Lloyds Bank Corporate Markets plc (LBCM), to manage its limited Adjusted BCA baa1 Deposits A1 Stable/Prime-1 capital markets and trading operations, and it transferred its offshore subsidiary, Lloyds Issuer rating A1 Stable Bank International Limited (LBIL), to LBCM from Lloyds Bank. -
Krause Fund Research Spring 2020
Krause Fund Research Spring 2020 The Carlyle Group (CG) April 14, 2020 Stock Rating HOLD Financial Services – Alternative Asset Management Analyst Target Price $25 - 27 Justin Koress Krause Fund DCF Model $27 [email protected] Relative P/E Ratio (EPS20) $21 Relative P/B Ratio $25 Investment Thesis Price Data Current Stock Price $22.68 We recommend a HOLD rating for The Carlyle Group because of its diversified 52Wk RanGe $15.21 - $34.98 investments within key drivers in the Asset Management industry, such as Key Statistics corporate private equity, with an emphasis to capitalize on the ESG investment Market Cap (B) $7.90 trend. However, CG’s use of leverage will expose them to extreme risks associated Shares OutstandinG (M) 348.23 with COVID-19. Five Year Beta 1.77 Current Dividend Yield 4.17% Drivers of Thesis Price/EarninGs (TTM) 8.04x Price/EarninGs (FY1) 13.98x • With private capital dry powder at a record $2.3 trillion dollars, Profitability alternative managers will be able to create high-quality investments at Profit MarGin 35.07% distressed valuations in response to COVID-19. Return on Equity (TTM) 39.88% Return on Assets (TTM) 17.15% • CGs management team has a proven track record in locating Debt to Equity Ratio 365.01% companies that weather economic downturns, providing tremendous investment opportunities in a destabilized market. 25.00 • The alternative asset management business is intensely competitive, with competition based on a variety of factors, including investment 20.00 performance, a record number of private investment funds, and lack of 19.00 20.28 investor liquidity due to COVID-19. -
The Charles Schwab Corporation (Exact Name of Registrant As Specified in Its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 22, 2019 The Charles Schwab Corporation (Exact name of registrant as specified in its charter) Commission File Number: 1-9700 Delaware 94-3025021 (State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.) 211 Main Street, San Francisco, CA 94105 (Address of principal executive offices, including zip code) (415) 667-7000 (Registrant’s telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock – $.01 par value per share SCHW New York Stock Exchange Depositary Shares, each representing a 1/40th ownership interest in a share of 6.00% Non-Cumulative Preferred Stock, Series C SCHW PrC New York Stock Exchange Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D SCHW PrD New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). -
More Than Just Looking for Profit
Analysis ROUNDTABLE SPONSORS APAX PARTNERS • ARDIAN • DECHERT • EURAZEO More than just looking for profit Four insiders tell Carmela Mendoza how the private equity industry in France has shifted amid political and fiscal changes and why sustainability has become a much bigger play n 15 April, three days year, a 13 percent jump from the previous election of Macron as president in 2017 before Private Equity year’s €16.5 billion and the highest ever has totally changed the attitude of for- International gathered since industry association France Invest eign investors toward France – from the four French private began tracking data in 1996, according to measures to attract talent into technology equity veterans to- its Activity of French Private Equity in 2018 or venture companies, to the end of the gether in Paris for a report. wealth tax.” Odiscussion on the market, a massive blaze The industry is also delivering: French Many funds did not want to touch hit the 850-year-old Notre Dame Cathe- private equity has generated a net internal France from 2010 to 2016, he says, with dral, destroying its iconic spire and a large rate of return of 10 percent-plus over 10 most London-based pan-European funds part of the roof. Thousands of Parisians years, data from France Invest show. looking almost exclusively at northern Eu- watched in horror as flames engulfed the Eddie Misrahi, president and chief exec- rope. “Brexit first happened, then Macron gothic masterpiece. utive of mid-market firm Apax Partners, says was elected nine months later and sudden- When we met on a warm spring after- the upward trajectory of French private eq- ly everybody wanted to be in France.” noon a few days later, Notre Dame and its uity is the result of the natural evolution of François Jerphagnon, managing direc- imminent restoration was on everyone’s the industry, partly helped by Brexit, which tor and head of expansion at Ardian, adds: minds. -
Natwest, Lloyds Bank and Barclays Pilot UK's First Business Banking Hubs
NatWest, Lloyds Bank and Barclays pilot UK’s first business banking hubs NatWest, Lloyds Bank and Barclays have announced that they will pilot the UK’s first shared business banking hubs. The first hub will open its door in Perry Barr, Birmingham today. The pilot will also see five other shared hubs open across the UK in the coming weeks The hubs have been specifically designed to enable businesses that manage cash and cheque transactions to pay in large volumes of coins, notes and cheques and complete cash exchange transactions. They will be available on a trial basis to pre-selected business clients in each local area and will offer extended opening times (8am to 8pm) 7 days a week, providing business and corporate customers more flexibility to manage their day-to-day finances. The hubs will be branded Business Banking Hub and they have been designed to enable business customers from Natwest, Lloyds Bank and Barclays to conduct transactions through a shared facility. Commenting on the launch of the pilot, Deputy CEO of NatWest Holdings and CEO of NatWest Commercial and Private Banking Alison Rose said: “We have listened to what our business customers really want from our cash services. It is now more important than ever that we continue to offer innovative services, and we are creating an infrastructure that allows small business owners and entrepreneurs to do what they do best - run their business. I look forward to continued working with fellow banks to ensure the UK's businesses are getting the support they deserve." Commenting on the support this will provide businesses, Paul Gordon, Managing Director of SME and Mid Corporates at Lloyds Bank Commercial Banking said: “SMEs are the lifeblood of the UK economy. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
Brookfield Asset Management 2017 Year End Conference Call & Webcast Thursday, February 15, 2018 – 11:00 AM ET
Brookfield Asset Management 2017 Year End Conference Call & Webcast Thursday, February 15, 2018 – 11:00 AM ET CORPORATE PARTICIPANTS Suzanne Fleming Managing Partner, Branding & Communications Brian Lawson Chief Financial Officer Bruce Flatt Chief Executive Officer CONFERENCE CALL PARTICIPANTS Cherilyn Radbourne TD Securities Ann Dai KBW Mario Saric Scotiabank Andrew Kuske Credit Suisse PRESENTATION Operator Thank you for standing by. This is the conference operator. Welcome to the Brookfield Asset Management 2017 Year End Conference Call and Webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call you may signal an operator by pressing star and zero. I would like to turn the conference call over to Suzanne Fleming, Managing Partner, Branding and Communications. Please go ahead, Ms. Fleming. Suzanne Fleming, Managing Partner, Branding & Communications Thank you, operator, and good morning. Welcome to Brookfield’s 2017 year-end conference call. On the call today are Bruce Flatt, our Chief Executive Officer, and Brian Lawson, our Chief Financial Officer. Brian will start off by discussing the highlights of our financial and operating results for the quarter and the year and Bruce will then give a business update. After our formal comments we’ll turn the call over to the operator and take your questions. In order to accommodate all those who would like to ask questions, we ask that you refrain from asking multiple questions at one time in order to provide an opportunity for others in the queue. -
Instructions for Using This Powerpoint Template
2018 Interim Results For the six months ended 31 March 2018 Presentation and Investor Discussion Pack Westpac Banking Corporation | ABN 33 007 457 141 Westpac 2018 Interim Results index 2018 Interim Result Presentation 3 Image on front Investor Discussion Pack of 2018 Interim Result 28 The Westpac Rescue Helicopter Service in action Strategy 29 Image on right Overview 35 Performance discipline 38 Westpac head office, 275 Kent Street, Service leadership 40 Sydney Workforce revolution 42 Digital transformation 43 Sustainable futures 50 Earnings drivers 53 Revenue 54 Expenses 59 Impairment charges 61 Credit quality 62 Capital, Funding and Liquidity 84 Divisional results 95 Consumer Bank 96 Business Bank 99 BT Financial Group 102 Westpac Institutional Bank 106 Westpac New Zealand 109 Economics 115 Appendix and Disclaimer 130 Contact us 138 139 Disclaimer Brian Hartzer Chief Executive Officer WestpacFinancial results Banking based on Corporation cash earnings unless| ABN otherwise 33 007 stated 457 141 Refer page 36 for definition. Results principally cover the 1H18, 2H17 and 1H17 periods Comparison of 1H18 versus 2H17 (unless otherwise stated) 4 Consistency delivers • Cash earnings up 5% on 2H17 and 6% on 1H17 • Operating divisions performing well – all increased core earnings • Maintained discipline – prioritised return over growth • Increasing traction on efficiency • Continuing to build long-term franchise value • Well positioned for the changing landscape • Remain positive on the economic outlook Westpac Group 2018 Interim Results Presentation & Investor Discussion Pack 5 Headline results Change Change 1H18 1H18 – 2H17 1H18 – 1H17 Reported net profit after tax $4,198m 3% 7% Cash earnings $4,251m 5% 6% Cash EPS1 125.0c 4% 4% Common equity Tier 1 capital ratio2 10.5% (6bps) 53bps 3 Return on equity (ROE) 14.0% 37bps 1bp Net tangible assets per share $15.00 2% 5% 4 Margin (excl. -
TRS Contracted Investment Managers
TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates -
Commission Approves Deutsche Bank Takeover of Bankers Trust
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LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.