DOCSLIB.ORG

Discussion Guide Town of Wilton September 9, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Discussion Guide Town of Wilton September 9, 2020 Discussion Guide Town of Wilton September 9, 2020 Inv estment advice and consulting services provided by Aon Investments USA Inc. Contents Executive Summary Pension Plan Performance Summary OPEB Performance Summary Aon Medium Term Views Manager Searches Legal Consulting & Compliance Update Appendix Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 2 Executive Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 3 Market Highlights SHORT TERM RETURNS Second Quarter 2020 One-Year AS OF 06/30/2020 30.0% 25.4% 25.1% 25.0% 20.5% 18.1% 20.0% 14.9% 13.2% 15.0% 11.1% 10.2% 7.5% 8.7% 10.0% 5.1% 2.9% 5.0% 0.3% 0.0% 0.0% -5.0% -3.4% -10.0% -6.6% -5.1% -15.0% -20.0% -17.4% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Markets Barclays U.S. Barclays U.S. Barclays U.S. Barclays U.S. Commodity Index Source: Russell, MSCI, Bloomberg Barclays, Bloomberg Aggregate Long Gov't Long Credit High Yield MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. LONG TERM ANNUALIZED RETURNS Five-Year Ten-Year AS OF 06/30/2020 20.0% 14.0% 15.0% 10.7% 10.5% 9.2% 10.0% 7.7% 8.5% 7.8% 5.7% 6.7% 4.3% 4.3% 4.8% 3.3% 3.8% 5.0% 2.1% 2.9% 0.0% -5.0% -5.8% -10.0% -7.7% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Markets Barclays U.S. Barclays U.S. Barclays U.S. Barclays U.S. Commodity Index Source: Russell, MSCI, Bloomberg Barclays, Bloomberg Aggregate Long Gov't Long Credit High Yield Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 4 Market Highlights Returns of the Major Capital Markets Period Ending 06/30/2020 1 1 1 Second Quarter YTD 1-Year 3-Year 5-Year 10-Year Equity MSCI All Country World IMI 19.83% -7.06% 1.17% 5.55% 6.11% 9.10% MSCI All Country World 19.22% -6.25% 2.11% 6.14% 6.46% 9.16% Dow Jones U.S. Total Stock Market 22.09% -3.50% 6.41% 9.97% 9.97% 13.68% Russell 3000 22.03% -3.48% 6.53% 10.04% 10.03% 13.72% S&P 500 20.54% -3.08% 7.51% 10.73% 10.73% 13.99% Russell 2000 25.42% -12.98% -6.63% 2.01% 4.29% 10.50% MSCI All Country World ex-U.S. IMI 16.96% -11.24% -4.74% 0.96% 2.30% 5.11% MSCI All Country World ex-U.S. 16.12% -11.00% -4.80% 1.13% 2.26% 4.97% MSCI EAFE 14.88% -11.34% -5.13% 0.81% 2.05% 5.73% MSCI EAFE (Local Currency) 12.60% -10.53% -4.24% 1.26% 2.63% 6.86% MSCI Emerging Markets 18.08% -9.78% -3.39% 1.90% 2.86% 3.27% Fixed Income Bloomberg Barclays Global Aggregate 3.32% 2.98% 4.22% 3.79% 3.56% 2.81% Bloomberg Barclays U.S. Aggregate 2.90% 6.14% 8.74% 5.32% 4.30% 3.82% Bloomberg Barclays U.S. Long Gov't 0.28% 20.97% 25.14% 11.96% 9.21% 7.71% Bloomberg Barclays U.S. Long Credit 11.08% 5.92% 13.19% 8.70% 8.51% 7.77% Bloomberg Barclays U.S. Long Gov't/Credit 6.23% 12.82% 18.91% 10.32% 8.98% 7.84% Bloomberg Barclays U.S. TIPS 4.24% 6.01% 8.28% 5.05% 3.75% 3.52% Bloomberg Barclays U.S. High Yield 10.18% -3.80% 0.03% 3.33% 4.79% 6.68% Bloomberg Barclays Global Treasury ex U.S. 2.39% 0.82% 0.87% 2.82% 3.23% 1.85% JP Morgan EMBI Global (Emerging Markets) 11.21% -1.87% 1.52% 3.31% 5.12% 5.82% Commodities Bloomberg Commodity Index 5.08% -19.40% -17.38% -6.14% -7.69% -5.82% Goldman Sachs Commodity Index 10.47% -36.31% -33.90% -8.71% -12.54% -8.53% Hedge Funds 2 HFRI Fund-Weighted Composite 9.08% -3.43% -0.54% 2.13% 2.33% 3.72% 2 HFRI Fund of Funds 7.48% -1.97% 0.09% 2.12% 1.41% 2.75% Real Estate NAREIT U.S. Equity REITS 11.82% -18.71% -13.04% 0.03% 4.06% 9.05% NCREIF NFI - ODCE -1.55% 2.23% 5.66% 7.31% 10.80% FTSE Global Core Infrastructure Index 8.89% -10.59% -4.61% 5.49% 7.01% 9.75% Private Equity 3 Burgiss Private iQ Global Private Equity 15.31% 14.78% 12.30% 13.19% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at Dec 31, 2019 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 5 Pension Plan Performance Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 6 Total Plan Asset Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 7 Total Plan Performance Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 8 Asset Allocation as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 9 Pension Total Fund Attribution: 1 Quarter as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 10 Plan Sponsor Peer Group Analysis As of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 11 Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 12 Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 13 Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 14 OPEB Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 15 Total Plan Asset Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 16 Total Plan Performance Summary Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 17 Asset Allocation as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 18 OPEB Total Fund Attribution: 1 Quarter as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 19 Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 20 Performance as of June 30, 2020 Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 21 Aon Medium Term Views Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 22 One page summary Cross Asset Class Views The opportunity from cheaper We still favor uncorrelated sources of valuations has been fleeting and returns from a risk-mitigation view, but we are not wholesale buyers of the real-estate opportunity has risk diminished Coronavirus risks We prefer better quality in dominate leaving us credit but managers will neutral on the find good opportunities in Equity Regions Credit regions this arena Equity Styles Style views have become Core Fixed Income more defensive Potential returns are less Alternatives attractive and our medium- term outlook has softened Currencies versus USD Non-correlated alternatives Safe haven flows expected generally preferred to keep the USD supported in the near-term Please refer to the end of the document for interpretation guidelines Proprietary & Confidential Inv estment advice and consulting services provided by Aon Investments USA Inc. 23 Equities: Medium-term outlook for value stocks is not compelling Value versus growth valuation spread at multi-decade high ▪ We think the prospects for value stock outperformance look limited. The Price to sales ratio of MSCI World Value divided by Growth conditions that we see needing to be met for better returns are a strong economic recovery, a steeper yield curve and/or a fall-back in technology 0.80 stocks. Given the risk of further virus waves and the mounting economic 0.75 costs, we are not optimistic for economic strength, tighter monetary policy or 0.70 substantially higher interest rates in the coming months. 0.65 ▪ Our w ork reveals that the cheapest stocks by price to book value have 0.60 historically had much more cyclical profit margins than the most expensive 0.55 stocks, which tend to be classified as growth stocks. Much of this stems from 0.50 the sectors that dominate value (mainly financials) and those that dominate 0.45 grow th (mainly technology). 0.40 ▪ By contrast, it is clear that the valuation gap betw een growth and value stocks 0.35 Value cheaper than Growth is especially large. This is not enough to trigger a reversal on its own, of 0.30 course.
Load more

Recommended publications
  • Mcera Investment Retirement Board Agenda Thursday, March 28, 2019 Merced County Employees’ Retirement Association 3199 M Street, Merced, Ca 95348
    MCERA INVESTMENT RETIREMENT BOARD AGENDA THURSDAY, MARCH 28, 2019 MERCED COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION 3199 M STREET, MERCED, CA 95348 Please turn your cell phone or other electronic device to non audible mode and please refrain from using them during the Board meeting. CALL TO ORDER: 8:15 A.M. ● ROLL CALL. ● APPROVAL OF MINUTES – March 14, 2019. PUBLIC COMMENT Members of the public may comment on any item under the Board’s jurisdiction. Matters presented under this item will not be discussed or acted upon by the Board at this time. For agenda items, the public may make comments at the time the item comes up for Board consideration. Persons addressing the Board will be limited to a maximum of five (5) minutes in total. Please state your name for the record. CLOSED SESSION As provided in the Ralph M. Brown Act, Government Code sections 54950 et seq., the Board may meet in closed session with members of its staff, county employees and its attorneys. These sessions are not open to the public and may not be attended by members of the public. The matters the Board will meet on in closed session are identified below. Any public reports of action taken in the closed session will be made in accordance with Government Code sections 54957.1. (1) DISCUSSION AND POSSIBLE ACTION REGARDING INVESTMENTS IN RECOMMENDED FUNDS, ROLL CALL VOTE REQUIRED. (Govt. Code § 54956.81) 1. Discussion and possible adoption of private equity recommendations – Cliffwater. (2) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION (Govt Code § 54956.9(a)) Alameda County Deputy Sheriff’s Assn.
    [Show full text]
  • PRIT Fund Managers Domestic Equity INTECH Investment Management
    PRIT Fund Managers Private Equity 1818 Fund II, LP (The) Domestic Equity Advent International INTECH Investment Management, LLC Alchemy Partners Pacific Investment Management Company (PIMCO) Alta Communications State Street Global Advisors American Securities International Equities APA German European Ventures Baillie Gifford APAX Partners & Co. Marathon Asset Management, Ltd Apollo Investments Management Mondrian Investment Partners Asia Pacific Trust State Street Global Advisors Austin Ventures Core Fixed Income Bain Capital Access Capital Strategies, LLC Battery Ventures Partners AFL-CIO Housing Investment Trust Belmont Capital Partners BlackRock, Inc. Berkshire Partners, LLC Community Capital Management Blackstone Group Loomis Sayles & Company, LP Boston Ventures Pacific Investment Management Company (PIMCO) Bridgepoint Capital Limited Value-Added Fixed Income Brown Brothers Ashmore Investment Management Ltd Candover Eaton Vance Institutional Funds Capital Resource Partners Fidelity Mnagement Trust Company Carlyle Partners ING Investment Management Castile Ventures Loomis, Sayles & Company, L.P. Centerbridge Capital Partners Pacific Investment Management Company (PIMCO) Charles River Ventures Shenkman Capital Management Charlesbank Capital Partners Distressed Debt Managers Charterhouse Capital Partners Angelo, Gordon & Co. Chesquers Capital Avenue Capital Group Code Hennessey & Simmons Crescent Capital Group Commonwealth Capital Ventures GSO Capital Partners Crossroads Capital Oaktree Capital Management Crossroads Group Trust Company of the West CVC European Equity Partners Wayzata Investment Partners Cypress Group LLC Emerging Markets Equity Managers Cypress Merchant Banking Ashmore EMM, L.L.C. DLJ Merchant Banking GMO LLC El Dorado Ventures State Street Global Advisors Equitable Capital Management T. Rowe Price Essex Woodlands Natural Resources Ethos Private Equity Denham Capital Management Exponent Partners Jennison Associates First Reserve Corporation Quantum Energy Partners Flagship Ventures T. Rowe Price Forstmann, Little & Co.
    [Show full text]
  • Double Exposure
    Double Exposure Retail workers nationwide hammered by the combo crisis of pandemic and private equity December 2020 Double Exposure: Retail workers hammered by combo crisis of pandemic and private equity Table of Contents Executive Summary ........................................................................................................................ 1 Introduction ..................................................................................................................................... 4 Predatory private equity practices shattered retail chains ............................................................. 5 Leveraged buyouts burden retailers with unsustainable debt loads: ......................................... 6 Extracting debt-funded dividends enrich private equity firms but imperil retailers: ................... 6 Requiring retailers to pay exorbitant fees: .................................................................................. 7 Siphoning away valuable retail real estate: ................................................................................ 7 Stripping out other valuable assets: ........................................................................................... 8 Private equity takeovers led to widespread retail bankruptcies ..................................................... 8 Before the pandemic, private equity-owned retailers cut over 540,000 jobs ............................... 10 Over 215,000 jobs at private equity-owned retailers vulnerable during pandemic ....................
    [Show full text]
  • Financial Services Agency Kanto Local Finance Bureau(FIBO) No.16 AXA INVESTMENT MANAGERS JAPAN LTD
    Financial Instruments Business Operators As of August 31, 2021 Type I Type II Investment Investment Securities- Financial Financial Advisory and Jurisdiction Registration numbers Name JCN Address Telephone Management Related Instruments Instruments Agency Business Business Business Business Business Financial Services Agency Kanto Local Finance Bureau(FIBO) No.16 AXA INVESTMENT MANAGERS JAPAN LTD. 4010401061149 1-17-3, Shirokane, Minato-ku, Tokyo 03-5447-3100 ○ ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.18 Ichigo Estate Co., Ltd. 1010001125620 1-1-1,Uchisaiwai-cho,Chiyoda-ku,Tokyo 03-3502-5625 ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.44 SBI Securities CO., LTD. 3010401049814 1-6-1, Roppongi, Minato-ku, Tokyo 03-5562-7210 ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.45 Japannext Co.,Ltd. 2010001139289 3-1-1, Roppongi, Minato-ku, Tokyo 03-4577-4040 ○ ○ Kanto Local Finance Bureau(FIBO) No.51 Yensai.com Co., Ltd. 8010001082954 1-16-1, Kanda-Nishikicho, Chiyoda-ku, Tokyo 03-3518-8011 ○ ○ Kanto Local Finance Bureau(FIBO) No.52 Okasan Online Securities Co.,Ltd 2010001097479 3-9-7, Ginza, Chuo-ku, Tokyo 03-3547-0100 ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.53 OKASAN SECURITIES CO.,LTD. 5010001082560 1-17-6,Nihonbashi,Chuo-ku,Tokyo 03-3272-2211 ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.57 Janus Henderson Investors (Japan) Limited 3010001012362 1-6-5,Marunouchi, Chiyoda-ku, Tokyo 03-5219-8000 ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.61 au Kabucom Securities Co., Ltd. 5010001066670 1-3-2, Otemachi, Chiyoda-ku, Tokyo 03-4221-3551 ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.66 Credit Suisse Securities (Japan) Limited 2010401059260 1-6-1,Roppongi Minato-ku,Tokyo 03-4550-9000 ○ ○ ○ ○ ○ Kanto Local Finance Bureau(FIBO) No.69 Goldman Sachs Japan Co.,Ltd.
    [Show full text]
  • Mass Gaming Mohegan Sun Investigation
    MOHEGAN SUN MASSACHUSETTS, LLC APPLICANT FOR A CATEGORY 1 GAMING LICENSE PURSUANT TO M.G.L. c 23K; REPORT OF SUITABILITY OF APPLICANT ENTITIES AND INDIVIDUAL QUALIFIERS PURSUANT TO 205 CMR 101 et seq. September 23, 2013 Unauthorized disclosure, distribution or copying of this report is prohibited and is a violation of M.G.L. c 23K, the Commission’s regulations in 205 CMR, and the public records law in M.G.L. c. 66 and c. 4. 1 TABLE OF CONTENTS I. INTRODUCTION ........................................................................................................ 5 II. SCOPE AND METHODOLOGY ................................................................................ 6 III. IDENTIFICATION OF APPLICANT, PROPOSED LOCATION AND .................. 11 SHORT HISTORICAL CONTEXT OF APPLICANT’S GAMING ............................... 11 INDUSTRY PARTICIPATION ....................................................................................... 11 A. IDENTIFICATION OF APPLICANT......................................................................... 11 B. APPLICANT SITE ...................................................................................................... 12 C. DESCRIPTION AND EXPLANATION OF APPLICANT’S OWNERSHIP ............ 13 D. TRIBAL BACKGROUND INFORMATION ............................................................ 15 E. THE MOHEGAN ENTITIES ..................................................................................... 17 F. BRIGADE CAPITAL MANAGEMENT, LLC ........................................................ 35
    [Show full text]
  • Brigade Structured Credit Fund LP Form D/A Filed 2020-08-07
    SECURITIES AND EXCHANGE COMMISSION FORM D/A Official notice of an offering of securities that is made without registration under the Securities Act in reliance on an exemption provided by Regulation D and Section 4(6) under the Act. [amend] Filing Date: 2020-08-07 SEC Accession No. 0000919574-20-004859 (HTML Version on secdatabase.com) FILER Brigade Structured Credit Fund LP Mailing Address Business Address BRIGADE CAPITAL BRIGADE CAPITAL CIK:1616514| IRS No.: 000000000 | State of Incorp.:DE | Fiscal Year End: 1231 MANAGEMENT, LP MANAGEMENT, LP Type: D/A | Act: 33 | File No.: 021-222848 | Film No.: 201084387 399 PARK AVENUE, 16TH 399 PARK AVENUE, 16TH FLOOR FLOOR NEW YORK NY 10022 NEW YORK NY 10022 212-745-9700 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL OMB Number: 3235-0076 Washington, D.C. 20549 June 30, Expires: FORM D 2012 Estimated average burden hours per 4.00 Notice of Exempt Offering of Securities response: 1. Issuer's Identity CIK (Filer ID Number) Previous Name(s) ☒ None Entity Type 0001616514 ☐Corporation Name of Issuer ☒ Limited Partnership Brigade Structured Credit Fund LP ☐ Limited Liability Company Jurisdiction of Incorporation/ Organization ☐ General Partnership DELAWARE ☐ Business Trust Year of Incorporation/Organization ☐Other ☒ Over Five Years Ago ☐ Within Last Five Years (Specify Year) ☐ Yet to Be Formed 2. Principal Place of Business and Contact Information Name of Issuer Brigade Structured Credit Fund LP Street Address 1 Street Address 2 BRIGADE CAPITAL MANAGEMENT, LP 399 PARK AVENUE, 16TH FLOOR City State/Province/Country ZIP/Postal Code Phone No.
    [Show full text]
  • Ideahub’ Offi Ce Master in BUSINESS Qatar Market QLM to Focus on Digitisation
    PANDEMIC HIT | Page 3 $113bn Tata empire faces tough decisions over airlines woes Tuesday, December 8, 2020 Rabia II 23, 1442 AH PRODUCTION EFFICIENCY: Page 12 Intertec, Huawei GULF TIMES launch ‘IdeaHub’ offi ce master in BUSINESS Qatar market QLM to focus on digitisation GWC has inked a pact with Bridgestone Aircraft Tire Europe to handle all the supply chain management requirements for the latter in Qatar for fi ve years and network GWC and Bridgestone in deal for movement of aircraft tyres in Qatar Gulf Warehousing Company (GWC), the leading domestic presence of top off icials from both the companies. expansion in logistics provider, has inked a pact with Bridgestone Air- “We are very proud to sign with Bridgestone, and we thank craft Tire Europe, to handle all the supply chain manage- them for their trust and confidence in GWC to carry out this ment requirements for the latter in Qatar for five years. vital stage in the product life cycle,” said Menon. The agreement is expected to handle the movement of GWC is a leader in supply chain solutions including over 10,000 aircraft tyres a year as they work their way warehousing, freight forwarding, commercial, fine art, and through the entire supply chain, starting with freight, event logistics services, among others, and was recently customs clearance, transport, warehousing, and last mile announced as the first regional supporter and off icial logis- delivery, off ering door-to-door services. tics provider for the FIFA World Cup Qatar 2022. growth plan The signing ceremony was held virtually between Bridge- “With this agreement, we are sure to enhance the speed of stone Aircraft Tire Europe chief executive Michael Codron delivery and eff iciency of operations for both Bridgestone By Santhosh V Perumal and GWC Group chief executive Ranjeev Menon in the and our end customers in Qatar,” Codron said.
    [Show full text]
  • BTG ― Representative Investment Management & Broker-Dealer
    BTG ― Representative Investment Management & Broker-Dealer Transactions Members of the Business Transactions Group have assisted clients with the following transactions in the investment management & broker-dealer industries: • Represented First Long Island Investors, LLC, a Jericho, N.Y.- based wealth management company, in connection with its sale of a minority stake to Kudu Investment Management, LLC, a provider of permanent capital solutions to the asset and wealth management industries. • Represented FWM Holdings, the parent company of Forbes Family Trust and LGL Partners, multi-family offices focused on ultra-high-net worth families, in connection with the acquisition of Optima Fund Management, a $2 billion AUM registered investment adviser specializing in alternative investments for institutional and high net-worth clients. • Represented Emigrant Partners, a subsidiary of New York Private Bank & Trust, in connection with its minority investment in AUTUS Asset Management, a Scottsdale, Arizona-based RIA that manages more than $950 million in assets. • Represented Kudu Investment Management, LLC, a provider of permanent capital solutions to the asset and wealth management industries, in connection with its minority equity investment in $7.6 billion AUM alternative asset manager EFJ Capital. • Represented Tocqueville Asset Management, a New York-based investment manager, in connection with the sale of its $1.9 billion AUM gold strategy asset management business to Sprott Inc. (TSE:SII). • Represented iM Global Partner, a global investment and development platform for the asset management industry, in connection with a minority stake investment in California-based $3.4 billion AUM equity value manager Scharf Investments. • Represented Cramer Rosenthal McGlynn, LLC, a New York-based $3.8 billion AUM value equity manager, in connection with the management buyout of its business from Wilmington Trust Corporation.
    [Show full text]
  • Jensen Partners Q2 2021 Newsletter: Hiring Boom Kicks Into Overdrive for Alts Firms
    Jensen Partners Q2 2021 Newsletter: Hiring Boom Kicks Into Overdrive for Alts Firms What started as a stream has turned into a torrent as the alternative investment industry kicks back into high gear. Investment firms have now posted two straight quarters of record hiring, with Q2 in particular up by more than 40% over what we tracked during this time period last year. In total, we have tracked 1,315 marketing moves in the first half of the year, easily outpacing any previous two-quarter period. These hires are buoyed by a similar record jump in fundraising and fund launches as more firms ramp up their activities. While the threat of rising inflation is in the back of many investor's minds, most firms we have spoken to are taking a longer view and planning accordingly. This is good news for the thousands of marketing and IR professionals that either recently took time off to be with family or are now looking for a new challenge. The marketing role itself has evolved significantly in recent months. While investor relationships and fundraising experience are still the two most important qualifications for a candidate, our conversations with hiring managers suggests that firms are also looking for marketers that can bring a unique set of skills to the table. The skillsets in highest demand include: Marketers with specialist knowledge about a niche investment strategy, particularly in the credit markets Marketers who have familiarity with ESG and sustainability, and are comfortable answering investor questions about a firm's alignment with industry best practices Marketers with on-the-ground experience in specific geographies, such as China, Japan and South Korea Marketers who come from a diverse background, and who are committed to building a diverse team Very few marketers are likely to be able to check all these boxes, which is part of the reason why alts firms are hiring for multiple roles simultaneously.
    [Show full text]
  • The Board of Retirement
    Notice of Special Meeting SamCERA\~~ The Board of Retirement of the San Mateo County Employees' Retirement Association will meet in SamCERA's Board Room, 100 Marine Parkway, Suite 160, Redwood Shores Tuesday, September 25, 2012, at 10:00 a.m. Please take notice that the Chair of the Board of Retirement, acting pursuant to the authority of Government Code §54956, hereby calls a special meeting of the Board of Retirement to take place on Tuesday September 25, 2012, at 10 a.m. in the Board Room. The Board will also hold its regular board meeting commencing at 1 p.m. on September 25, 2012. The special meeting is for the purpose of discussing and transacting the following business: A. Call to order B. Roll Call C. Public Comment D. Investment Services {Numbering for this section's agenda items is consistent with the regular meeting numbering system.} 6.1 Preliminary Monthly Portfolio Performance Report 6.2 Review of SamCERA's Securities Lending Program 6.3 Report on the Annual Review of SamCERA's Bond Strategy Managers (Angelo Gordon, Brown Brothers Harriman, Brigade Capital Management) 6.4 Approval of Change to Management Structure in the Large Cap Allocation 6.5 Approval of Change to Management Structure in the Core Bond Portfolio 6.6 Approval of Topics for Investment Consultant Review - Strategic Investment Solutions 6.7 Discussion Regarding Investment Objectives Section of SamCERA's Investment Policy E. Adjournment Pursuant to Government Code §54954.3, members of the public, to the extent required by law, will have the opportunity to directly address the Board concerning the above-mentioned business.
    [Show full text]
  • Seward & Kissel
    BUSINESS TRANSACTIONS GROUP REPRESENTATIVE INVESTMENT MANAGEMENT AND BROKER-DEALER TRANSACTIONS • Represented Alger Associates, Inc., a New York-based registered investment adviser in connection with its acquisition of Boston-based Weatherbie Capital, LLC, a growth equity investment manager that focuses on investing in U.S. small and mid-cap growth equities and has over $800 million in assets under management. • Represented Emerging Global Advisors, a New York-based registered investment adviser and a leading provider of smart beta portfolios focused on emerging markets, in connection with its merger agreement with Columbia Threadneedle Investments, the global asset management group of Ameriprise Financial, Inc. (NYSE: AMP). • Represented iM Square, a London-based global investment and development platform for the asset management industry, in connection with its acquisition of a 45% equity stake in Dolan McEniry Capital Management LLC, a Chicago-based investment manager specializing in investment grade and high yield U.S. corporate bonds with more than $5.8 billion of assets under management. • Represented registered investment adviser Emerging Sovereign Group, a New York-based emerging markets equities and macroeconomic strategies investment manager, in connection with its repurchase of the 55% stake it previously sold to global alternative asset manager The Carlyle Group. • Represented middle-market M&A investment bank C.W. Downer & Co. in connection with its merger with Spain-based investment banking, asset management and investment firm Nmas1 Dinamia, S.A. • Represented Harvest Volatility Management, LLC, an SEC registered investment adviser with approximately $6 billion in assets under management, in connection with the sale of a minority equity stake to Lincoln Peak Capital.
    [Show full text]
  • Jefferies Financial Group Inc
    Jefferies Financial Group Inc. 2020 Investor Meeting Thursday, October 15, 2020 Important Disclosures Forward Looking Statements. Certain statements contained herein may constitute “forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, regarding Jefferies Financial Group Inc., Jefferies Group LLC and their respective subsidiaries. These forward-looking statements reflect the respective issuer’s current views relating to, among other things, future revenues, earnings, operations, and other financial results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to an issuer’s strategies for the future development of its business and products. These forward-looking statements are not historical facts and are based on the respective issuer’s management expectations, estimates, projections, beliefs and certain other assumptions, many of which, by their nature, are inherently uncertain and beyond management’s control. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward- looking statements. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, the cautionary statements and risks set forth in the respective issuer’s Annual and Quarterly Reports and other reports or documents filed with, or furnished to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with each respective issuer’s Consolidated Financial Statements and the Notes thereto contained in the Annual, Quarterly and Periodic Reports filed by such issuer that are also accessible on the SEC website at sec.gov.
    [Show full text]