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| By Jonathan Yarker 26 Mar, 2015 at 00:01 |
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| Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important, if not more so, says Creechurch Capital founding partner and chief executive John Greenwood. |
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| A COUPLE with a combined age of 200 believe the secret to a blissful marriage is to treat every day like it's Valentine's Day. |
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Harold, 101, and 99-year-old Renee Gaze have never as much as squabbled during 75 years of marriage... well, almost never.
The couple have been inseparable since they met at a holiday camp in 1938.
Harold, a keen pianist, who lives with Renee in a retirement home in Westerham, Kent, revealed the secret of their perfect relationship ahead of their 75th anniversary next month.
He said: �We�ve never really made a big fuss about Valentine�s Day. Instead, we try to make every day like Valentine�s Day.
�We just love each other. Simple as that. Always have. And we�ve never had an argument or a disagreement.�
Harold and Ren�e Gaze on their wedding day in 1940
Renee added: �Well almost never. We�ve had a wonderful, happy life together.
�We�ve been very lucky to have always been comfortably off and have been able to do the things we enjoyed doing. And of course we�ve managed to stay healthy.�
Harold, a retired shopkeeper, met Renee at a Methodist holiday camp in Sidestrand, Norfolk.
They wed in 1940 and had one child. They now have three grandchildren and seven great-grandchildren Harold keeps active by entertaining other residents at Westerham Place care home with nightly piano performances.
Renee said: �He�s got a bit of a fan club.�
Care home manager Ami Collman said: �Their unending love and devotion for each other is an inspiration to us all.� |
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Let us start by saying that for fund investors this legislation is good news. They now have access to the whole universe of asset classes via highly regulated, best practice, transparent structures.
The EU Alternative Investment Fund Managers Directive (AIFMD) reclassified the diverse fund world into a mere 2 categories:
1. Undertakings for Collective Investment in Transferable Securities (UCITS)
2. Everything else – now to be termed Alternative Investment Funds (AIFs)
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House prices rose faster than expected in May according to the latest figures from RICS |
22. January 2025 |
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| House prices rose faster than expected in May according to the latest study from The Royal Institution of Chartered Surveyors (RICS). |
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House prices rose faster than expected in May according to the latest study from The Royal Institution of Chartered Surveyors (RICS).
Despite the number of mortgage approvals falling in recent months, new buyer inquiries are still on the rise, a trend that has been evident since February last year.
RICS said its main house price balance ticked higher to +57 last month from an upwardly revised +55 in April.
However the RICS survey has also shown falling numbers of new homes coming on to the market-a trend which continued in May’s survey.
“Part of it might be the impact of the mortgage market review, part of it might be because there has been a lot of bubble talk in the media, and part of it is the Bank of England’s rhetoric recently which would have shaped expectations to some extent,” said Josh Miller, Senior Economist at RICS.
The Bank of England is expected to announce new mortgage controls later this month after its Financial Policy Committee meets on June 17.
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Work starting: Specialist care facility on the cards |
22. January 2025 |
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A MULTI-MILLION pound specialist care development in Hartlepool is set to look after vulnerable people while also creating vital new jobs.
Mariner Care is to operate four bungalows from the site of the former Bridge Youth Centre site in Burbank Street. |
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A MULTI-MILLION pound specialist care development in Hartlepool is set to look after vulnerable people while also creating vital new jobs.
Mariner Care is to operate four bungalows from the site of the former Bridge Youth Centre site in Burbank Street.
The properties will house 12 vulnerable adults with a range of challenging behaviour and learning disabilities who will receive 24 hour care.
The bungalows, which are being built on former Hartlepool Council owned-land for Mariner Care, is the first phase of an investment that is expected to total more than £4.5m.
Chris Pooley, chief executive of Mariner Care, said: “The bungalows will be designed to the highest possible standards and tailored to the specific needs of the service users living in them.
“With the development that we are to build, we will be setting industry standards and not just following them.”
Councillor Robbie Payne, chairman of the council’s regeneration services committee, added: “The scheme is set to be pioneering in terms of the quality of the accommodation and the level of care that will be provided. It has taken some time for the project to reach this stage, but we are delighted that work is now underway on site.”
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April/May Market Commentary |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| US and European stock markets were in general flat in April, but the UK FTSE was up 3.1%, while the Japan Toppix Index suffered a 3.4% loss in April and is down 9.9% year to date after an impressive 60% return in 2013. Some weakness in Japan can be attributed to the increase in the sales tax implemented in April as well as slower Asian growth due to a slowdown in China and fewer Chinese imports to support the region. As a proxy for growth in world trade and exports to China the benchmark Baltic Dry Index is down close to 59% in 2014, although still up approximately 10% year on year. Chinese growth slowed slightly to 7.4% per annum as China shifts from less investment to more private consumption to rebalance the economy. Emerging market debt returned 1.9% in April as measured in local currency terms. The Bloomberg EMEA World Index is up 4.45% year to date. Alternative investments had a good start to the year with commodities up 2.4% and real estate investment trusts up 3.2% in 2014. |
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April/May Market Commentary
US and European stock markets were in general flat in April, but the UK FTSE was up 3.1%, while the Japan Toppix Index suffered a 3.4% loss in April and is down 9.9% year to date after an impressive 60% return in 2013. Some weakness in Japan can be attributed to the increase in the sales tax implemented in April as well as slower Asian growth due to a slowdown in China and fewer Chinese imports to support the region. As a proxy for growth in world trade and exports to China the benchmark Baltic Dry Index is down close to 59% in 2014, although still up approximately 10% year on year. Chinese growth slowed slightly to 7.4% per annum as China shifts from less investment to more private consumption to rebalance the economy.
Emerging market debt returned 1.9% in April as measured in local currency terms. The Bloomberg EMEA World Index is up 4.45% year to date. Alternative investments had a good start to the year with commodities up 2.4% and real estate investment trusts up 3.2% in 2014.
Europe is experiencing a gradual economic recovery now after the financial crisis in 2008/09 and subsequent EU debt crisis laid it low. The fiscal tightening post 2008/09 is fading and private deleveraging is less acute. Bond yields in the EU periphery also declined sharply as Greece returned to the bond market for the first time in almost 5-years. Spanish 10-year yields have fallen to 3% p.a. versus 4.7% a year ago as investors return to the government bond market. However, net lending by banks has not picked up as banks repair their balance sheets and set aside more regulatory capital. Loans to the private sector are down 2% and loans to non-financial companies are down 3.1% year on year. With EU inflation up just 0.7% in 2014 over 2013 the tighter credit conditions may yet force the ECB to ease monetary policy further. That should put a cap on recent euro strength.
European corporate earnings declined 2%, while earnings in the USA climbed 5.2%. In both Europe and the US 70% of public companies beat their earnings estimates. However, first quarter GDP in the USA dropped to 0.1% from an estimate of 1.1% growth, some of which can be contributed to bad weather that held back investment and consumption. On the positive side, wages are rising (+3%) faster than inflation (+1.4%), which is good for US private consumption that is up 3% this year. As 70% of the US economy relies on consumption this can only bode well for consumer confidence and have a positive effect on business sentiment. As inflation is well below the Fed's 2% p.a. target they are under little pressure, yet, to start raising rates. There is enough slack in the labour market from high, long-term unemployment that there is little immediate threat to wage driven price inflation.
Emerging and Frontier Markets
Politics again dominated emerging markets in April. According to the Euromoney Country Risk Survey, global risk perceptions rose in emerging markets even as perceptions of risk dropped in developed markets in 2014. However, since 2010 risk perceptions in general have declined. In the G10 risk perceptions are down 7.5%, in the Eurozone down 10.8%, in CIS countries down 5.8% and in BRICS 3.7% lower. In India, Indonesia, S. Africa and Turkey investors are worried about fiscal and/or external balances as debt investors withdraw capital and the Fed tapers its quantitative easing. Russia and the Ukraine saw their perception of risk rise the most, but it has also affected their neighbours and trade partners such as Belarus, the Baltic nations, Bulgaria and Croatia. Elsewhere, unrelated political and economic problems are plaguing Argentina and Venezuela in Latam, and a political crisis has damaged Thailand's risk profile. Other Asian countries where perception of risk has increased are Bangladesh, India, Macau, Malaysia, Mongolia, Pakistan, Sri Lanka and Taiwan.
On the other hand, S. Korea, Mexico and Uruguay saw their risk profile improve. The G10 including Canada, EU and the USA improved as did individual nations in the EU such as Italy, Ireland, Portugal and Spain that have returned to normal since their bailouts post 2008/09. Spain was given a credit upgrade, while Italy's yield on its debt fell to historic lows. It is hoped that political reform under Prime Minister Mateo Renzi will result in constitutional change, electoral reform and a clean-up of Italy's fiscal mess. Although the peripheral countries are still suffering from high levels of debt, Greece was able to return to debt markets after almost 5-years absence to borrow new money despite its debt to GDP hitting 177% in 2014. Even Cyprus, which is still perceived as risky, is in less dire shape than a year ago.
S. Korea has an improving risk profile due to a stronger economy, fiscal stimulus, a stable budget, low inflation (0.7%) and a large current account surplus. Although the market worries about high household debt, tensions with N. Korea and problematic Chaebol conglomerates they are quite happy as Korean banks are in good shape, GDP growth is forecast to rise to 3.8% in 2015 from 3.6% in 2014, external FX reserves are up and the current account surplus is 6% of GDP.
Due to domestic, political, economic and structural problems sub-Sahara countries such as Dijbouti, Lesotho, Malawi and Sierra Leone are deemed as most at risk, while those considered safer are Botswana, Namibia and S. Africa. The outlook for Gabon, Ghana and Nigeria is seen as stable, whereas the outlook for Egypt, Morroco and Tunisia is improving. In N. Africa though, risk perceptions in Algeria, Bahrain, Iran, Jordan, Lebanon, Libya, Syria and Yemen all deteriorated. Qatar is considered the least risky country in MENA, although labour problems, poor working conditions and rising tensions with its Gulf partners over their support for the Muslim Brotherhood are holding Qatar back despite its enormous gas wealth.
Elections in India
In the world's largest democracy, India is in its 4th week of elections. The popular Narendo Modi, who is seen as investor friendly, is tipped to win. India needs to revitalize its economy through concerted economic and business reform. It is hoped that a decisive electoral victory will result in a rebound in capital investment and a pick-up in private consumption. Asia's 3rd largest economy is forecast to grow 4.9% in 2014 versus 4.5% in 2013 and increase to 5.9% in 2015. India is seeing rising prosperity and greater participation in the global economy, but structural and institutional road blocks still remain.
The OECD sees rising bad loans in the country's state-run banks as a threat to overall economic growth. It sees a need to shift lending from corporate loans to consumer credit as necessary. After the elections India needs labour, fiscal and tax reforms to improve business sentiment and consumer confidence. Already the Prime Minister's Cabinet Committee on Investment has approved projects worth 6% of the economy. India in particular is growing quickly due to its growth in services. Knowledge intensive growth is outpacing labour or capital intensive growth. Globally, knowledge intensive growth in such sectors as aircraft, automobiles, semi-conductors, pharmaceuticals and micro-electronics are worth approximately $12 to $13 trillion annually.
India is benefiting from the spread of internet and digital technologies that reduce the cost of production and distribution. Global online traffic increased 18-times between 2005-2012, and may further increase by another 800% by 2025. The era of outsourcing low-cost production is slowly coming to an end with a rise in knowledge intensive production for India. The Bombay Stock Exchange SENSEX hit an all-time high in April +6.17% YTD and +16.88% year on year.
Global Trade
According to McKinsey & Co. the flow of goods and services across borders now exceeds $26 trillion, which is 36% of the global economy. That is up 150% since 1990 as large developing countries like China, India and others join the global economy. They predict that over the next ten years that these trade flows could increase another 300%, and could be anywhere from $54 to $85 trillion by 2025. For nations open to trade and investment this can add up to 40% to national receipts. It is estimated that trade adds $250 to $450 billion annually to global GDP. One third of all flows of goods and financial transactions are now cross-border. Germany, Hong Kong and the USA are the most connected economies followed by Singapore. However, developing economies such as Morocco, Mauritius and Saudi Arabia are also growing in connectedness.
Rising incomes in the developing world are also helping to create new consumer demand. Emerging markets now account for 38% of global flows, which is up 300% since 1990. So-called South-South trade flows between developing countries increased to $4.2 trillion from just $200 billion in 1990. These countries are also enjoying more cross-border business and leisure travel. One-half of the world's $90.6 trillion GDP (2011) came from low-middle income countries according to the World Bank, and that middle income countries are expanding their share of the world economy at a faster rate than either low or high income countries.
According to a World Bank survey, Switzerland and Norway are the world's most expensive economies followed by Bermuda, Australia and Denmark. On the purchasing power parity basis the lowest cost economies are Egypt, Pakistan, Myanmar, Ethiopia and Laos. The richest countries by GDP per person are Qatar, Macao, Luxembourg, Kuwait and Brunei, while the poorest countries include Malawi, Mozambique and Liberia.
Investment Trends
Index-based investing and investing in exchange traded funds is increasing faster than traditional fund investing due to a combination of cheaper fees and superior performance versus stock picking, value-based or arbitrage funds run by active managers. According to Deutsche Bank, ETF assets have grown 200% since 2011 to reach $2.3 trillion under management. That compares to $2.2 trillion in private equity and $2.6 trillion in hedge funds. Assets in US ETFs grew by $150 billion in 2013, while emerging market ETFs grew 300% to $300 billion over the past 6-years. Due to EM political turmoil and better growth prospects in developed markets assets in EM ETFs have suffered withdrawals in 2014 YTD.
There is some concern, perhaps misplaced, that high frequency trading is leading to excessive stock turnover and the withdrawal of conservative long-term investors. And that arbitrage activity between ETFs and the underlying stocks is driving volatility. It is feared that this could lead to non-fundamentally driven demand shocks. However, the reality is that ETFs currently only account for 10% of all mutual fund assets, and that HFT at the margins actually has very little effect on real investors who have never seen tighter bid-offer spreads ever. The share of US stocks owned by individuals and households has been steadily declining from 48% in 1980 to 20% today. Whereas almost all equity fund assets were actively managed in 1980 that number is now around 83% today. There is certainly a place for index-based and low cost ETFs alongside traditional funds for investors looking for the right balance between diversity, performance and fees.
Commodity Returns
As an alternative investment class, commodities are quite different than an equity or bond portfolio over the long run. Unfortunately though, over the past 5-years the returns and correlations of commodities have failed to meet expectations. Commodity returns have under-performed equity and bonds, while displaying a strong correlation due to the risk-on, risk-off nature of the broader market since the contraction and recovery phase of the business cycle since 2008/09. However, as Goldman Sachs argue, commodities should continue to pay equity like returns to investors over the coming exploitation phase of the commodity supply cycle. They see the 20-30 year cycle as having an investment and an exploitation phase.
During 2002-12 we were in an investment phase with rising prices, good returns, and investment in new capacity that eventually overwhelmed growth in commodity demand. Now, markets are over¬supplied and it is time to exploit existing capacity. They estimate that nearly $2 trillion was invested over that 10-year period with the increase in capital stock up $1.4 trillion in the 6-biggest producing nations, including China and the USA, alone. That rapid increase in capital spending resulted in an estimated 45% decline in capital and labour productivity. Now the market outlook is deteriorating and, as the market moves into surplus, margins are likely to compress. As producers become less profitable they will need to concentrate on reducing costs. Improving operating performance will be key to reversing the decline in productivity, and producers will have to emphasize discipline and strict risk management to deliver shareholder value.
However, for commodity-equity investors those cost reductions through improved productivity can be passed along to investors to maintain returns. And for direct commodity investors, the over¬supply versus demand should create a backwardated forward curve that will yield a positive carry and pay a commodity dividend to buy and hold. This should keep commodity returns relatively constant even if prices are declining slightly, so commodity investors should be paid an equity-like return for providing risk capital to producers.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
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Recent English Housing Survey
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22. January 2025 |
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| In a recent survey conducted by English Housing it showed that in 2012 – 2013, four million or 18% of the population accounted for the private UK Rental market. This is a significant increase from the 1990s when only 10% of households accounted for the rental market. |
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Recent English Housing Survey
April 11, 2014
In a recent survey conducted by English Housing it showed that in 2012 – 2013, four million or 18% of the population accounted for the private UK Rental market. This is a significant increase from the 1990s when only 10% of households accounted for the rental market.
The report also highlighted that home ownerships fell to its lowest level in 25 years with the most significant fall since 2011 seen among those under the age of 44.
This fall in homeownership is on the back of rigid bank lending policies and also an increase in UK residential house prices. The Nationwide House Price Index have today reported that UK House prices increased by 0.40% in March and were up 9.50% on the previous year.
This news coincides with the Castel Property Fund undertaking its revaluation process on its property portfolio. The properties are re-valued on each 12-month anniversary and this coincides with the rental increase in line with CPI. The first four properties have been re-valued and this has been reflected in the increase in this month’s Net Asset Value.
With property prices on the increase throughout the UK and in some locations now only being 3% below their 2007 peak, this makes the Castel Property Portfolio very attractive. The fund has been very selective in the purchase price of its properties and has taken into account the advantages across the country of making purchases in desirable post code locations. This is all positive news for investors as the revaluation will grow year-on-year and the compounding effect provides excellent investor returns against the current backdrop.
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US Fund Manager with Cayman Fund Registered in Germany |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| During the transition period between 2013-2015 a non-EU alternative investment fund manager (AIFM) managing an AIF has access to EU for professional investors (under MiFID) subject to domestic private placement rules that vary from country to country with some countries such as Bulgaria, Croatia, Latvia and Malta providing no transition period after July 22, 2014, while countries such as France, Germany and the Netherlands are abolishing or severely restricting private placements of AIFs to investors. |
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US Fund Manager with Cayman Fund Registered in Germany
During the transition period between 2013-2015 a non-EU alternative investment fund manager (AIFM) managing an AIF has access to EU for professional investors (under MiFID) subject to domestic private placement rules that vary from country to country with some countries such as Bulgaria, Croatia, Latvia and Malta providing no transition period after July 22, 2014, while countries such as France, Germany and the Netherlands are abolishing or severely restricting private placements of AIFs to investors.
Article 42 of the AIFMD permits non-EU managers to market to professional investors, if the manager complies with certain disclosure requirements for both investors and the regulatory authorities of the countries into which the fund is marketed. However, Certain EU countries have chosen to impose additional requirements to those set out in Article 42. Marketing requirements in addition to Article 42 for Germany by the German Financial Supervisory Authority (BaFin), which are set out in detail in the KAGB (Capital Investment Act or ‘Kapitalanlagegesetzbuch’), are appointment of a German depositary.
The AIFM Directive provides a one-year transitional period for ‘existing managers’, but only for ‘existing funds’ as of July 22, 2013. The deadline for phasing out or changing national private placement regimes (NPPRs) at the EU level is 2018. Foreign funds managed by an EU AIFM will not be eligible for EU passporting until after July 22, 2015 at the earliest. However, regardless of marketing activities, the foreign AIFM will need to be fully compliant with the Directive as it manages an AIF distributed to EU investors from July 22, 2014 onwards.
In this case, the US fund manager with the Cayman Islands fund has chosen Germany as its Member State of Reference (MSR). It must also appoint a legal representative in the MSR to interact with the BaFin. And the AIFM will need to adhere to AIFMD Minimum Requirements with regards to disclosure, reporting, and regulatory filing, both before and after placement of the fund. From a practical perspective the foreign fund manager is essentially availing themselves to European regulatory oversight by the BaFin, in addition to whatever regulatory reporting requirements they may have to their own competent authority at home.
Effective from July 22, 2013, Germany’s private placement regime no longer exists and the placement method (publicly placed or privately offered) will no longer be a relevant criterion in determining the regulatory obligations of AIFMs. Since July 2013, any placement of an AIF, whether public or private, requires prior notification of and authorization by the German authority. The BaFin requires an information package, the contents of which are set out in detail in the KAGB. And upon receipt of a complete information package the BaFin decides whether to authorize placement of an AIF. Registration of a fund with BaFin is required two months in advance for professional only funds. Until July 22, 2015, the AIF managed by the non-EU AIFM is not eligible for an EU-wide passport for marketing and it must ‘cherry-pick’ individual markets for distribution under NPPRs where they exist. Then, as of July 22, 2015, the EU Passport Regime will be the sole authorisation recognised by the KAGB for all AIFMs and AIFs, regardless of where they are domiciled.
Alternatively, the US Investment Firm could have appointed an EU AIFM for their non-EU fund, and been AIFMD compliant immediately, although the EU-wide marketing restrictions for new funds created after June 22, 2013, would have been the same. For a fund manager from a third country that is FATF-compliant, and that has signed an memorandum with regards to cooperation and tax agreements between the MSR where the fund is domiciled and the country where the fund manager is licensed, regulated or otherwise authorized, it then becomes possible for the EU AIFM to delegate back the duties of portfolio management to the fund manager, while fulfilling the regulatory requirements of risk management, reporting and compliance with the EU regulator. For many foreign fund managers looking for access to the EU market without having a physical presence in Europe this may be a more efficient and less costly option. It also has the advantage that the EU AIFM will already be known to and have a working relationship with their home regulator.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
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AIFMD Compliance Deadline Looms |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| The deadline for compliance with the new Alternative Investment Fund Management Directive (AIFMD) that has been transposed into national law is July 22, 2014. That is only a few months away, but already many fund service providers, depositaries and industry insiders are predicting last minute bottlenecks as the implementation deadline approaches. By now, all financial firms in the EU, or marketing in the EU, that manage collective investment schemes should have self-assessed to find out whether they come under the scope of AIFMD and reported this to their home regulator or competent authority in the EU where their funds are marketed. |
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AIFMD Compliance Deadline Looms
The deadline for compliance with the new Alternative Investment Fund Management Directive (AIFMD) that has been transposed into national law is July 22, 2014. That is only a few months away, but already many fund service providers, depositaries and industry insiders are predicting last minute bottlenecks as the implementation deadline approaches. By now, all financial firms in the EU, or marketing in the EU, that manage collective investment schemes should have self-assessed to find out whether they come under the scope of AIFMD and reported this to their home regulator or competent authority in the EU where their funds are marketed.
Now that AIFMD has become inevitable many self-managed or formerly lightly-regulated investment managers will have to make tough decisions with regards to the costs of regulatory compliance, increased reporting requirements, the demands of remuneration transparency, restrictions on distribution through national private placement regimes (NPPRs), and new rules on client classification under MiFID, as well as the prospect of smaller funds having to hire additional staff for risk management, compliance and internal audit roles required by the new law.
Foreign-based funds, including those managed in nearby Switzerland under CISA, wanting access to investors under a single EU-wide passport will also be a motivation to become AIFMD compliant before NPPR schemes are phased-out by 2018 or severely curtailed by national regulators as early as 2015 in some EU countries.
For asset managers, banks, family offices, investment firms, trust companies and private wealth managers wanting to manage a collective investment scheme or start their own fund it will be important to set it up in a cost efficient manner that is AIFMD compliant whether it is domiciled in the EU or not. Investment managers may also prefer to focus their attention on fund management, investment performance and client acquisition rather than risk management and compliance.
KMG Capital Markets (KMG) can help new or existing EU and non-EU AIFs become AIFMD compliant in one of several ways. The existing non-EU fund can migrate to an EU domicile with the help of KMG. An existing under-threshold AIF can appoint KMG as its external AIFM and opt-in under AIFMD. KMG can help open a new EU or non-EU based fund with KMG as its external AIFM. KMG can set-up an EU-based fund to mirror the performance of the non-EU AIF. A non-EU fund can act as a feeder fund for an EU-AIF with KMG as the AIFM. Or an EU or non-EU asset manager can establish their own segregated sub-fund on the KMG SICAV SIF platform in Luxembourg.
KMG can help new or existing UCITS/AIFs, as well as investment firms covered by MiFID, with their risk management, reporting and compliance functions. The UCITS/AIF can appoint KMG as its external UCITS/AIFM. A self-managed AIF can outsource their risk management to KMG. An investment firm wanting to manage collective investments can appoint KMG as its AIFM. For licensed, regulated or authorized asset managers or investment firms KMG can then delegate back the portfolio management as either the fund’s investment manager or advisor. KMG can offer family offices, trust companies and private wealth mangers discretionary portfolio management as well as investment advisory services. Registered investment advisors can also market investment products to their clients as an agent of KMG.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
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Reasons for Outsourcing Investment Management Functions |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| Alternative Investment Funds (AIF), UCITS, Collective Investment Schemes (CIS), Asset Managers, Registered Investment Advisors, Private Wealth Managers, Investment Firms, Trust Companies and Family Offices all have their own core-competencies centred around their clients and main markets that need to be performed in-house, which are the basis of the firm’s sustainable competitive advantage. However, good strategy is also knowing what not to do. |
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Reasons for Outsourcing Investment Management Functions
Alternative Investment Funds (AIF), UCITS, Collective Investment Schemes (CIS), Asset Managers, Registered Investment Advisors, Private Wealth Managers, Investment Firms, Trust Companies and Family Offices all have their own core-competencies centred around their clients and main markets that need to be performed in-house, which are the basis of the firm’s sustainable competitive advantage. However, good strategy is also knowing what not to do.
For the small to medium sized fund, or the new fund just starting up, it is important from a strategic point of view which investment management services to develop and which non-strategic functions to outsource for cost and efficiency reasons. It is important that the fund’s cost base is proportional to the size, complexity and nature of the fund as well as having a variable cost structure that is scalable as the fund grows and expands into new markets, asset classes and attracts more investors.
For the Asset or Private Wealth Manager who wants to manage a collective investment scheme on behalf of clients it may be a matter of concentrating on what they do best – asset selection, managing clients and gathering assets under management that are creating value and growing revenue – while outsourcing such functions as risk management, reporting and regulatory compliance, which, although important, add to a fund’s fixed costs.
Investment Firms may possess the necessary investment management skills such as portfolio and risk management in-house, but for regulatory reasons be prevented from managing collective investment schemes. It may be more cost effective for these investment firms to appoint an external investment manager (AIFM) to run those funds rather than to set-up a separate legal entity as an UCITS or AIF manager. The AIFM can then delegate portfolio or risk management back to the licensed, regulated or otherwise authorized investment firm.
Trust Companies and Family Offices may look outside for specialist discretionary portfolio management and investment advisory services to offer more breadth in terms of the markets, asset classes and investment styles that they can bring to their clients. Outsourcing that discretionary portfolio management and investment advice may not only be a more cost effective solution, but necessary if the firm lacks those skills and knowledge locally.
Smaller offices may also need access to advanced technology, software and IT-specialists that are expensive to buy or develop in-house, but that are available from a third party service provider as part of the package of investment management services that they can offer. In turn, automation of routine tasks can help prevent human errors and make fund administration and accounting more secure. This helps reduce the need to recruit, train and manage staff for non-strategic functions. It also helps minimize human resource issues as well as the risk that key employees leave taking proprietary knowledge or the firm’s clients with them.
Outsourcing can also enable firms to better manage their business expenses such as disaster recovery, document management and physical infrastructure costs. More importantly, by deciding which tasks are strategically important, and which tasks are not part of the firm’s core-competencies, key employees can then concentrate on increasing revenue by finding new clients, servicing the client’s needs better, achieving better client retention, and increasing the share of the client’s asset under management. While investment and fund managers can focus on performance.
KMG Capital Markets (KMG) can help new or existing UCITS/AIFs, as well as investment firms covered by MiFID, with their risk management, reporting and compliance functions. The UCITS/AIF can appoint KMG as its external UCITS/AIFM. A self-managed AIF can outsource their risk management to KMG. An investment firm wanting to manage collective investments can appoint KMG as its AIFM. Or an EU or non-EU asset manager can establish their own segregated sub-fund on the KMG SICAV SIF platform in Luxembourg. KMG can offer family offices, trust companies and private wealth mangers discretionary portfolio management as well as investment advisory services. Registered investment advisors can also market investment products to their clients as an agent of KMG.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
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Risk Management More Expensive Than You Think |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| Risk management, reporting requirements and regulatory compliance are not only becoming more important for licensing and on-going supervision of UCITS/AIF Managers, as well as investment firms covered by MiFID, but also much more costly in terms of time, money, systems and extra personnel. |
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Risk Management More Expensive Than You Think
Risk management, reporting requirements and regulatory compliance are not only becoming more important for licensing and on-going supervision of UCITS/AIF Managers, as well as investment firms covered by MiFID, but also much more costly in terms of time, money, systems and extra personnel.
The decision for small and medium sized funds and portfolio managers is how much risk management to develop in-house, or whether to outsource that function to an external AIFM, while retaining the portfolio management or investment advisor�s role. That is a decision that needs to be made on a case by case basis depending on the fund's size, complexity and internal resources. Delegation of portfolio management from the AIFM to the asset manager or investment firm also depends on whether they are authorized, licensed or regulated by their home regulator or competent authority.
For funds that are less than �100 million in assets under management (AUM) it may be worthwhile appointing an external UCITS/AIFM, or setting up a sub-fund on a segregated fund platform where the costs of risk management, reporting and compliance are significantly reduced due to economies of scale as they are shared across a number of funds with more AUM than a stand-alone fund.
In many popular financial centres just one extra full-time risk manager, one compliance officer and an internal auditor can add up to �450-600k in extra salary, benefits and work place related costs to the fund, which drags down performance as well as creates HR issues and personnel risks for the fund manager. 1
One survey done in Switzerland in 2012 put the cost-benefit break-even point for their funds at �500m AUM to implement CISA (the AIFMD equivalent) in-house.2 Certainly, new resistance to immigration and visa restrictions on foreign workers will drive up the costs there to recruit, train and retain mid-level, experienced risk management and compliance officers in some centres where the demand for their services will be the highest. Outsourcing non-strategic functions of the fund then becomes an attractive alternative.
KMG Capital Markets (KMG) can help new or existing UCITS/AIFs, as well as investment firms covered by MiFID, with their risk management, reporting and compliance functions in one of several ways. The UCITS/AIF can appoint KMG as its external UCITS/AIFM. A self-managed AIF can outsource their risk management to KMG. An investment firm wanting to manage collective investments can appoint KMG as its AIFM. Or an EU or non-EU asset manager can establish their own segregated sub-fund on the KMG SICAV SIF platform in Luxembourg.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
1. Opening up to the idea of outsourcing, Hedge Week, May 2012
2. Switzerland Hedge Fund Services, Special Report, Hedge Week, May 2012
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UK property demand drives house price increase |
22. January 2025 |
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| UK house prices are on the rise following a surge in demand for property according to figures from the RICS January Residential Market Survey. |
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UK house prices are on the rise following a surge in demand for property according to figures from the RICS January Residential Market Survey.
The number of potential buyers is continuing to rise, despite the number of houses coming up for sale in January hitting its lowest point since July 2012. Despite the gap between listless supply and rising demand not seeing any considerable change, prices continued to grow in every part of the UK last month.
The number of homes sold per chartered surveyor reached 21.1* over the previous three months. Although low, this figure represents a considerable increase when compared with last year, when respondents were selling just 16.
Some surveyors are expecting supply to increase as we enter the traditional ‘spring bounce’. The cost of a home in the UK has now been rising for just under a year. The biggest increase in activity has been seen in the South West and Yorkshire and Humberside, where sales numbers have increased by 50% and 40% respectively since last January.
Looking ahead, 32% more chartered surveyors are predicting transaction numbers to increase over the coming three months, while expectations for future prices are also strongly positive.
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EU AIFMD and the Cyprus Fund Industry |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A. |
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| The Alternative Investment Fund Management Directive (AIFMD) is the EU Level II Regulation transposed into the AIFM Law that regulates every Cyprus based legal person that manages one or more Alternate Investment Firms (AIF) whether these AIFs are Cyprus, EU or non-EU based. From 2015 on the AIFM Law shall also apply to non-EU AIFMs having designated Cyprus as their Member State of Reference for their management and/or marketing activities in the EU. |
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EU AIFMD and the Cyprus Fund Industry
Q. What is AIFMD and what does it mean for Cypriot firms?
A. The Alternative Investment Fund Management Directive (AIFMD) is the EU Level II Regulation transposed into the AIFM Law that regulates every Cyprus based legal person that manages one or more Alternate Investment Firms (AIF) whether these AIFs are Cyprus, EU or non-EU based. From 2015 on the AIFM Law shall also apply to non-EU AIFMs having designated Cyprus as their Member State of Reference for their management and/or marketing activities in the EU.
Q. When does AIFMD take effect in Cyprus?
A. Cyprus transposed the AIFMD by means of legislation, the Law 56 I/2013 ("AIFM Law") on July 5, 2013. The EU AIFMD provisions are directly and uniformly applicable in all EU Member States including Cyprus.
Q. Can a Cyprus Investment Firm (CIF) who is licensed by the CySEC to do Portfolio Management also manage a Cypriot International Collective Investment Scheme (ICIS)?
A. No. CIFs shall be excluded from directly managing ICIS under the scope of the AIFMD since the management of such an ICIS will be subject to a collective portfolio management license.
Q. Is an AIFM the same as a UCITS manager for an ICIS?
A. No. In addition to managing an ICIS in Cyprus AIFMs authorized under the AIFMD will be allowed to manage any type of non-UCITS (AIF) throughout the EU subject to passporting rights, i.e. EU wide distribution.
Q. What about the UCITS IV Directive in Cyprus?
A. An investment manager authorized under the AIFMD will also be able to obtain authorization under the UCITS IV Directive, in order to also manage UCITS investment schemes, but a CIF or UCITS only management company cannot manage an AIF.
Q. Will a CIF still be able to provide investment management services under AIFMD?
A. Yes. A CIF will be able to provide investment management services, either to UCITS or non-UCITS, but only as a delegate of the collective portfolio manager.
Q. What about a CIF that is already acting as the principal manager of an ICIS?
A. If the CIF is effectively managing the AIF, and intends to continue managing it, then it will have to renounce on its CIF status and apply to be authorised as an AIFM.
Q. What other choices does a CIF have other than to renounce its CIF status?
A. A CIF can appoint an AIFM to run the ICIS or AIF who can then delegate portfolio management back to the licensed CIF.
Q. How can KMG Capital Markets help a CIF comply with the new AIFM Law?
A. KMG Capital Markets (KMG) can help a new or existing CIF become AIFMD compliant in one of several ways.
An existing CIF managing an ICIS can appoint KMG as its external AIFM and opt-in under AIFMD whereby KMG then delegates portfolio management of the ICIS back to the CySEC licensed CIF.
The CIF can establish their own segregated sub-fund on the KMG SICAV SIF platform in Luxembourg to benefit from an EU-wide passport for marketing.
KMG can help the CIF set up its own EU AIF in Cyprus and then be the AIF’s external AIFM. The EU AIF can then be marketed through the EU using the AIFM passport.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +357 25 817 488 or visit our website at www.kmgcapitalmarkets.com
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The High Costs of AIFMD Compliance |
22. January 2025 |
William Dahmer
Director Business Development
KMG Capital Markets Luxembourg S.A.
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| The AIFM Law of 2013 hopes to do for alternative investment funds (AIFs) what the UCITS Law of 2010 achieved for undertakings for collective investments (UCITS), which is namely the creation of a pan-EU, uniform market that is well-regulated, protects investor rights and sets a global best in its class standard for the management and distribution of AIFs. Rather than supervise individual funds the new law seeks to authorise and regulate investment managers (AIFMs) to hold them to a higher standard in terms of transparency, disclosure, good governance, risk management and accountability. |
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The High Costs of AIFMD Compliance
The AIFM Law of 2013 hopes to do for alternative investment funds (AIFs) what the UCITS Law of 2010 achieved for undertakings for collective investments (UCITS), which is namely the creation of a pan-EU, uniform market that is well-regulated, protects investor rights and sets a global best in its class standard for the management and distribution of AIFs. Rather than supervise individual funds the new law seeks to authorise and regulate investment managers (AIFMs) to hold them to a higher standard in terms of transparency, disclosure, good governance, risk management and accountability.
Under the EU AIFM Directive (AIFMD) transposed into national laws in 2013 authorized EU AIFMs will be able to offer EU and non-EU AIFs to professional or well-informed investors throughout the EU with a single EU-wide passport as opposed to the old rules of national private placement regimes (NPPR) that differed by country and national regulator.
This will immediately affect all regulated and non-regulated collective investment schemes in the EU that are not UCITS, including private equity, real estate and hedge funds as well as fund of funds regardless of their size, number of investors or assets under management. It may also impact banks, investment firms and asset managers that manage discretionary portfolios on behalf of investors. Under AIFMD all such firms are required to do a self-assessment to determine whether they need to be registered or authorized by their national regulator by July 22, 2014.
Now that AIFMD has been transposed into national law, some EU countries are restricting or banning private placements, or planning to before the planned phase out of NPPRs in 2018. Some like Germany as early as July 2014. Especially for non-EU AIFs that do not fully comply with AIFMD, such as is the case in France that has basically closed the door on open-ended investment funds by private placement. More nations are expected to follow suit as regulators tighten up investor protection rules and seek to better supervise what gets sold to who by whom. Whereas EU and non-EU AIFs managed by an authorized EU AIFM will enjoy EU-wide access through a single home regulator.
The cost of compliance with the AIFMD is expected to be high in terms of time, money and manpower. A survey of some of the largest investment fund managers puts the cost of compliance at close 250.000 euros per firm in terms of project and one-off costs of fulfilling AIFMD risk and compliance needs, plus ongoing costs associated with enhanced reporting requirements. These fixed costs will fall more heavily on small and medium sized firms, AIFs that choose to self-manage, and firms that choose to build this capacity in-house as opposed to appointing an external AIFM.
It will also cost more for non-EU AIFs that lack a physical presence in the EU that must then be licensed or registered with their home regulator and apply for a Member State of Reference (MSR) to be their EU regulator for distribution to EU investors. Being regulated and compliant both at home and abroad may cost up to 500.000 euros including license and approval costs, appointing additional external board members and organizational changes to delineate portfolio and risk management. For small or medium sized asset managers it may be less-expensive and time consuming to appoint an external EU AIFM who is already AIFMD compliant who can then delegate back portfolio or risk management to the asset management company.
The EU AIFM can then perform portfolio and/or risk management for the non-EU AIF, as well as provide other ancillary services such as administration and other investment services as needed on behalf of the AIF, while also offering EU-wide distribution to qualified investors.
KMG Capital Markets (KMG) can help new or existing EU and non-EU AIFs become AIFMD compliant in one of several ways. The existing non-EU fund can migrate to an EU domicile with the help of KMG. An existing under-threshold AIF can appoint KMG as its external AIFM and opt-in under AIFMD. KMG can help open a new EU or non-EU based fund with KMG as its external AIFM. KMG can set-up an EU-based fund to mirror the performance of the non-EU AIF. Or an EU or non-EU asset manager can establish their own segregated sub-fund on the KMG SICAV SIF platform in Luxembourg.
For more information please contact William Dahmer at william@kmgcapitalmarkets.com or call him at +352 26 302 423 or visit our website at www.kmgcapitalmarkets.com
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More investment needed in the UK for retirement properties, it is claimed |
22. January 2025 |
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Demand for specialist retirement properties is outstripping supply in the UK and developers need to invest in building more for this specialist sector, it is claimed.
According to Peter Girling, chairman of Girlings Retirement Rentals, the situation which will worsen unless more is done. |
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More investment needed in the UK for retirement properties, it is claimed
Demand for specialist retirement properties is outstripping supply in the UK and developers need to invest in building more for this specialist sector, it is claimed.
According to Peter Girling, chairman of Girlings Retirement Rentals, the situation which will worsen unless more is done.
The firm’s research indicates that demand is particularly high in London and in coastal towns in the south of England that have always been retirement hotspots such Bournemouth, Eastbourne, Poole and Brighton.
‘We have thousands of new enquiries each year from people attracted by the affordability of renting and the availability of assured lifetime tenancies. However, there are simply not enough retirement properties to meet this demand, particularly in popular locations like London,’ said Girling.
He supports the Campaign for Housing in Later Life launched last year by the Home Builders Federation’s, (HBF). As part of the campaign, think tank Demos published a report called Top of the Ladder which highlighted the issue and showed that 3.5 million people over 60 in the UK are interested in retirement housing.
But it is estimated that there are only 506,000 retirement units of which 106,000 are available for home ownership and 400,000 available for rent and just 1% of the population lives in retirement housing.
The campaign calls for commitment from local councils to respond to demographic changes and recognise the needs of older people when deciding future housing policy. It seeks to raise the profile of the benefits people can gain by living in appropriate retirement accommodation in later life, including having a better standard of living and a friendly community which can help combat loneliness.
‘More needs to be done by the government this year to help to rectify this problem and make building retirement properties attractive for developers and local councils, said Girling.
One pensioner who has benefitted is 67 year old David Hughes who recently moved into a Girlings property having decided to rent after being priced out of the property market in Bromley.
He explained that renting a retirement property proved an attractive and viable financial option for him as his monthly rent covers the property maintenance there are no additional service charges to pay.
‘I have stayed in my home town where I couldn’t afford to buy and I have peace of mind I can remain here for a long time. I have the best of all worlds, I am close to family and friends and I don’t have all the stress that comes with owning a property,’ he added. |
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UK house prices set to rise again |
22. January 2025 |
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| The housing market appears to have gained further traction in recent months, with rises in prices and mortgage lending. |
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UK house prices set to rise again
January 3, 2014
The housing market appears to have gained further traction in recent months, with rises in prices and mortgage lending.
Figures from Nationwide show growth remains much stronger in London than elsewhere in the UK with values reaching a 14.9% year-on-year increase in the final quarter of 2013.
Outside of the capital, Rightmove – the real estate website – expects a predicted rise in asking prices of 6-8% in northern cities, such as Manchester, Leeds and York.
With more than 3,500 applications to Halifax for a Help to Buy mortgage since the launch of the scheme, the strong house price figures are a sign that this is boosting the market.
Today’s Bank of England statistics show that mortgage approvals for new house purchases rose by 2,729 in November, from 68,029 in October to 70,758. Capital Economics have responded to this and are not yet convinced that this steady rise in activity will translate into a house priceboom.
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No bubble to burst |
22. January 2025 |
| According to industry experts, house prices are predicted to rise by even more than expected in 2014, yet the market will avoid reaching a housing bubble. |
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No bubble to burst
November 12, 2013
According to industry experts, house prices are predicted to rise by even more than expected in 2014, yet the market will avoid reaching a housing bubble.
Mortgage provider, Halifax, said that the demand for homes has led to the ninth consecutive increase in house prices, which were up 0.7% in October.
Despite worries that the Government’s Help to Buy scheme could push the market back into the same conditions that led to the financial crisis, experts remain confident that the rate of growth is stable.
Property agent, Jones Lang LaSalle, has predicted a 5% increase in house prices in 2014. This is a significant increase from the business’ initial predictions of 3.5% in July.
The estate agent also calculates that house prices in London will rise by 8% next year, after taking into account the increasing momentum in the country’s economic recovery, and growing interest from foreign investors. |
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Castel Commercial strikes 1.5m deal for Kiln House |
22. January 2025 |
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| The Castel Commercial Property Fund has acquired Norwich-based Kiln House in its second deal in three months. |
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Castel Commercial strikes 1.5m deal for Kiln House
October 22, 2013
The Castel Commercial Property Fund has acquired Norwich-based Kiln House in its second deal in three months.
Located within the Pottergate region of the town centre, Aston Property Ventures identified the 76,908 sq ft property on behalf of the fund because of its secure income stream and future potential. At the time of sale, the property was part-let to British Telecom plc and Trillium with an additional 31,500 sq ft of voids.
During the transaction process, Aston Property Ventures identified Optima Offices (a serviced office provider) as a tenant for the empty space within the building.
Tim Keig at Aston Property Ventures, said: Kiln House is the ideal addition to the fund's portfolio. The main benefit to this purchase is the asset management opportunity to improve the income profile, which has been achieved in the short-term through securing a new lease on all existing voids. We have an extensive refurbishment programme planned over the coming months which will further enhance the appeal of the asset both to investors and tenants.
John Greenwood who is CEO at Creechurch Capital the master distributor of the fund through its specialist offering, Creechurch Advisory Services said: The current market sentiment towards commercial property is positive. Office leasing activity in the main regional cities outside London is at its highest for five years, according to CBRE research this week. Against a backdrop of low interest rates, investors are looking to incorporate this asset class into their portfolios.
The Castel Commercial Property Fund purchased the property from Darter Limited. Shoosmiths LLP acted as advisors on the purchase. Jones Lang LaSalle and Addleshaw Goddard advised the vendor.
Castel Global launched its specialist fund earlier this year, Castel Commercial, to provide investors with accessible exposure to this asset class. The minimum investment from institutional, professional and/or well-informed investors for Castel Commercial is 10,000 with a targeted net return of 10-12% per annum.
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Looking at the property market
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22. January 2025 |
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| Savills Plc, the global real estate service provider have reported that the private rented sector in the UK is growing dramatically. Between 2001 and 2011 the number of households renting privately rose by 2million to 4.3million. Though still the tenure of choice, homeownership is shrinking. |
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Looking at the property market
October 17, 2013
Savills Plc, the global real estate service provider have reported that the private rented sector in the UK is growing dramatically. Between 2001 and 2011 the number of households renting privately rose by 2million to 4.3million. Though still the tenure of choice, homeownership is shrinking.
This structural shift in the housing market, which pre-dates the credit crunch, is set to remain. Savills expects the private rented sector to swell by about 200,000 households a year over the medium term. They estimate that by 2018, one in five households, a total of 5.7 million in England, will be renting in the private sector, despite recent Government measures to boost homeownership.
The new government Help to Buy scheme may encourage more buyers onto and up the property ladder in the short-term but it will not change the direction of the market. Key drivers point to continued demand for private renting in the long-term.
Affordability
Homes are expensive relative to average earnings as incomes have not kept pace with house price inflation. Back in 2001, median house prices in England and Wales were 4.5 times median earnings. Today prices are 6.7 times earnings.
Despite the effects of Funding for Lending, which has helped increase the availability of mortgages at higher loan-to-values, buyers still need large deposits. The average first time buyer requires a deposit of £27,000 equivalent to 77% of their income. In London, the average first-time buyers must save £63,000.
The cost of monthly mortgage payments is another barrier. Banks’ more cautious approach to lending means interest-only loans are now rare. Paying off the capital as well as the interest, makes the average mortgage more expensive to service than paying rent. This cost can only rise.
According to the Governor of the Bank of England’s forward guidance policy, base rates are unlikely to rise before late 2016. But even a small rise in rates will make a substantial difference to stretched borrowers.
Demographic pressure
Despite the weak economy, the laws of supply and demand have driven strong rental growth over the last few years. Population growth adds pressure to the shortage. Projections by the Town and Country Planning Association (TCPA ) predicts that the number of households in England is set to rise by a fifth in the next 20 years to 27 million, creating a demand for some 245,000 homes a year.
Of these, nearly two-thirds will be needed in the south and nearly a quarter of all housing need will be in London. Given the demographics of these new households, most are unlikely to become homeowners.
There is also a long-term growth trend in the numbers of 20 to 34 year-olds living in major cities. In Birmingham, Leeds, Manchester, Liverpool and Bristol, the number of houses in the private rented sector has risen by 77% in the last decade.
Renting may be largely an urban phenomenon, but it no longer applies solely to young people. High prices mean people rent for longer. 23% of all households renting are headed by someone aged 50 and above. |
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Help-to-buy Scheme will not solve Britain’s housing crisis alone
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22. January 2025 |
According to figures from the National Housing Federation, more than 240,000 extra homes per year are needed in England alone over the next 20 years.
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Help-to-buy Scheme will not solve Britain’s housing crisis alone
October 15, 2013
According to figures from the National Housing Federation, more than 240,000 extra homes per year are needed in England alone over the next 20 years.
The UK Government’s Help to Buy scheme will make 95% mortgages more readily available and increase the appetite for house buying, but will fail to tackle the supply deficit.
Some buyers are finding their own solutions to the supply crisis with innovative solutions, including flatpack homes, housing co-ops and micro-flats.
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Comments left on NHS Choices Web site in regard to Wren House |
22. January 2025 |
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| After much hunting, we came across Wren House for my relative and were immediately drawn to its particular qualities in terms of its elegance and welcoming appearance, but mainly to the care and interest of the management staff. |
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Comments left on NHS Choices Web site in regard to Wren House
24/7/13
After much hunting, we came across Wren House for my relative and were immediately drawn to its particular qualities in terms of its elegance and welcoming appearance, but mainly to the care and interest of the management staff. It has none of the feeling of an institution at all and is run more like a family-style private hotel but with the highest quality care. The carers are smartly -dressed, professional, and respectful and my relative regards them as his family now. They treat him, and all their residents, as individuals and he is fully able to choose his own routine regarding sleep and getting up and so on. The food is excellent and lunch is served in a panelled dining-room with "proper linen' and silverware, after a drink in the drawing room together. The building is set in a beautiful garden where the residents can wander or sit out under shady umbrellas when fine. The residents are nearly always able to stay on for the extent of their lives and care is adjusted according to their needs, which is very reassuring all round. The staff are excellent at keeping in touch with residents' families and seem able to remember all our names when we visit. I can only say that since we have known Wren House, I have been able to stop any worry about my relative and know that he is happy and in the best possible care he could have.
31/7/13
Wren House is simply excellent. I am a doctor and so have seen inside many care homes and was delighted to have found Wren House for my relative when he became in need of long term care. The standards of care are amazing- wonderful staff without exception and well managed. The atmosphere, decoration and arrangement all make it feel really like a home, rather than an institution. Couldn't recommend it highly enough.
04/8/13
My parent moved to Wren House some years ago. All the staff are very caring and treat the residents with dignity and respect. There are only 13 rooms and my relative is on the ground floor with French doors out to the lovely gardens and she is taken outside in her wheelchair as often as possible. Although Wren House is a residential home, they do their best to keep residents to the end. It is very much their home. The food is excellent and they cater for all dietary needs. When Wren House was sold last year to a small group from private ownership, i was very worried that standards would not be maintained but the new owners assured us nothing would change, and to date, that has been the case. I would recommend Wren House to any family. The staff keep us fully informed of all care needs and are always available for a chat when we visit. I cannot speak highly enough of Wren House and its staff. |
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Castel Commercial launches with Livingston acquisition |
22. January 2025 |
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Castel Global has launched a specialist fund, Castel Commercial, with a £3 million acquisition of a 30,000 sq ft government-occupied office building.
The Castel Commercial Property Fund was launched to provide investors with accessible exposure to this asset class. Barbara Ritchie House is on Almondvale Business Park in Livingston and is fully occupied by HM Revenue and Customs. |
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Castel Commercial launches with Livingston acquisition
August 2, 2013
Castel Global has launched a specialist fund, Castel Commercial, with a £3 million acquisition of a 30,000 sq ft government-occupied office building.
The Castel Commercial Property Fund was launched to provide investors with accessible exposure to this asset class. Barbara Ritchie House is on Almondvale Business Park in Livingston and is fully occupied by HM Revenue and Customs.
Isle of Man-based Creechurch Capital will act as the master distributor of the fund through its specialist offering, Creechurch Advisory Services.
John Greenwood at Creechurch Capital said: “Property is moving up the agenda for investors and the market presents niche opportunities for good returns when incorporated into a well-diversified, long-term portfolio.
“The fund’s investment strategy is a completely new approach and will be highly selective to ensure it addresses the usual issue of illiquidity of this asset class.”
The minimum investment for Castel Commercial is £10,000 with a targeted net return of 10-12% per annum.
Aston Property Ventures is the property advisor to the fund and identified this property because of its prime location and secure government rental income.
Tim Keig at Aston Property Ventures, said: “On behalf of the fund, we’re identifying investment opportunities across the whole spectrum of commercial properties and will manage the property to help it realise its true potential.
“Barbara Ritchie House is an ideal acquisition because of its desirable location and secure rental income.”
Chris Richardson at Ambassador Group provided property advice to the purchaser and will assist in the ongoing management of the asset. Sandy Gilmour at Graham & Sibbald acted as the buyer’s agent and Brodies LLP provided legal advice.
The deal was backed by Santander Corporate and Commercial Banking with Dundas and Wilson providing legal advice to the Bank.
The property was purchased from BFS Managed Properties Holdings Limited. Ryden and McClure Naismith acted for the vendors.
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Reaching retirement makes people feel they are 30 again, health figures show |
22. January 2025 |
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| Reaching retirement age makes people feel happier and healthier than at any point since their mid 30s, an official study suggests. |
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Reaching retirement makes people feel they are 30 again, health figures show
Figures released by the Office for National Statistics as part of David Cameron’s plan to measure the nation’s “happiness”, show that people in their late 60s feel like they are back in their prime, with similar levels of satisfaction with their own health to those in people 30 years younger.
At the same time the incidence of anxiety and depression drops by almost a third between people’s early 50s and late 60s.
The figures suggest that those in their late 60s are more care-free than any other age group including young people.
The report, published by the ONS as part of its ongoing “well-being” programme, shows that people’s sense of health and well-being are on a “downward trend” from their teens until late middle age before receiving a sudden bounce in their 60s.
Retirement experts said that for some the simple relief of finally retiring made people feel happier. But for many who continue to work, it could also be the satisfaction at having made plans for the next phase of their life and embarking on them, they said.
As part of a wider study of 40,000 households, people were asked to rate how satisfied they were with their overall health as well as being asked a series of questions about any conditions which limit their everyday activities.
Overall two thirds indicated that they were satisfied with their health but the responses varied with age.
Those in the youngest group, who were between 16 and 24, unsurprisingly ranked their health most highly with a 75 per cent satisfaction rate.
People in their late 20s and early 30s showed a health satisfaction rate just over 70 per cent, which drifted to 69 per cent by their late 30s.
The rates drifted lower among those in their 40s and 50s, to just over 60 per cent by the age of 59 but jumped to 67 per cent among those between 65 and 70. For men the rates continue at similar levels until their mid 70s.
Mental well-being measures also show a similar pattern. The ONS found that overall almost one in five of the population exhibited some signs of at least low level anxiety and depression, based on people’s responses to a series of questions.
It peaks at 22 per cent among those in their late 40s and 50s but drops to just 14 per cent among those in their late 60s.
There was also a clear link between depression and life circumstances. Those in good health were also most likely to feel less anxiety, for example, and the unemployed were also more anxious.
Notably married people scored more highly either than single people or even those in long-term cohabiting relationships.
Dr Ros Altman, a pensions expert and former government policy adviser on ageing, said that for those reaching retirement the realisation that they are still in good health, often unlike their parents’ generation, can itself be “life enhancing”.
“The social narrative is that you reach retirement and you are decrepit or infirm or that you are going to get ill but now most people find that that isn’t the case,” she said.
“In terms of health, there will be a strand where people would have expected that they would not have good health in their 60s and are pleasantly surprised to find that they do.
“I suspect that what is happening socially is that as people reach their mid 50s they are bound to start worrying about the next stage in their life which would normally be considered to be retirement and that can be a worrying prospect especially at the moment given what has happened with pensions.
“There will be a strand of people worrying about what they are going to and not having enough money but once they reach their 60s their are more likely to have made their plans and have some idea of what they are going to do.
“That is less worrying, once you have made a plan that can be a big reduction in stress.
“There will be some who reach their mid 60s who have decided to keep working, they will be OK they have made their decision.
“And there will be some who realise that they have not got enough pension but decide that they want to make the best of it and there will be some satisfaction.” |
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OECD: Bed blocking at highest levels since summer 2010 |
22. January 2025 |
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| Thousands of elderly patients are being left waiting in hospital for a month or more beause of a shortage of nursing home places, according to the OECD. |
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OECD: Bed blocking at highest levels since summer 2010
The Paris-based think-tank, the Organisation for Economic Cooperation and Development, found that so-called "bed blocking" rates in England had reached their highest levels since the Coalition took office.
The average number of days that a patient spent in hospital when they should have been discharged was 22 in August 2010, the earliest date in the OECD's graph. But by January this year, the average had risen to 31.5 days, the equivalent of one month spent in hospital.
Andy Burnham MP, Labour’s Shadow Health Secretary, blamed the increase in cuts to council budgets for care homes and home help services.
“On David Cameron’s watch, council social care budgets have been cut to the bone," he said.
"Older people are now getting stuck in hospital for days on end because adequate home care support isn’t available. Hospitals are under intense pressure and too many are full to bursting."
Next week's government spending review must address this crisis directly, he said.
The OECD report showed that 5,000 individual patients were delayed in hospital for a total of 110,000 days during August 2010. By January this year there were more than 4,000 patients delayed for far longer, 126,000 days.
Michelle Mitchell, Charity Director General of Age UK, said: "This is not just a real waste of resources, we know unnecessary and lengthy stays in hospital can seriously undermine an older person's recovery and be profoundly upsetting for them and their families as a result.
"These figures are an insight into the increasingly bleak reality of the social care crisis where funding has failed to keep pace with demand and the system is now on the verge of collapse.
"The steep rise in the length of time people are waiting for a care home place, home care or adaptations suggests that something has gone seriously wrong in the transition from hospital to home or residential care during the time when we know social care spending has fallen so dramatically.
"The care system urgently needs an injection of funds and a long term commitment to sufficient resources so every older person gets the care they need, when they need it." |
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Britain will use G8 to aid dementia research
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22. January 2025 |
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| Britain and the United States have agreed to launch a joint programme to develop drugs to treat the condition. |
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Britain will use G8 to aid dementia research
Britain and the United States have agreed to launch a joint programme to develop drugs to treat the condition.
During a visit to New York today, the Prime Minister will say that hundreds of thousands of elderly people live with conditions such as Alzheimer’s without receiving help to alleviate its symptoms.
Government sources said the PM was pushing to increase diagnosis rates to 67 per cent by 2015. The current rate is 45 per cent. There are estimated to be 670,000 people in England suffering dementia, of whom 350,000 remain undiagnosed, without support.
Mr Cameron will warn that the condition is fast becoming the biggest source of pressure on care systems around the world. There are thought to be 35.6 million people worldwide living with dementia, but the number is projected to soar to 65.7 million in 2030 and 115.4 million in 2050. A G8 dementia summit will be held in London in September, bringing together health and science ministers with medical and pharmaceutical experts.
Mr Cameron said last night: “Dementia is a devastating disease – not just for sufferers but for their families and friends too. And as more people live longer, it is fast becoming one of the biggest social and healthcare challenges we face. Families, communities, health systems and their budgets will increasingly be strained as the number affected increases and so we need to do all we can to improve how we research, diagnose and treat the disease.”
The Health Secretary, Jeremy Hunt, added: “For too long diagnosis rates have been shockingly low, leaving too many people living in the dark trying to cope with this terrible condition undiagnosed, unable to get the help they need.
“Dementia is a serious and growing problem so this ambitious drive to see a clear majority of people identified and supported is a major step forward.” |
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Jeremy Hunt: 50m to ease pain of dementia |
22. January 2025 |
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| Jeremy Hunt will promise today to give greater priority to improving the care of dementia sufferers during his time as Health Secretary |
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Jeremy Hunt: 50m to ease pain of dementia
Jeremy Hunt will promise today to give greater priority to improving the care of dementia sufferers during his time as Health Secretary.
He will say he wants to make England "one of the best countries in Europe to be old" as he announces that 50m will be spent on providing specially designed care homes and wards for people with dementia. The move follows growing concern that dementia is the "unacknowledged epidemic" of the age, as highlighted in a campaign by The Independent in August.
Speaking at a conference in Eastbourne, Mr Hunt will say: "Dementia is one of the biggest threats we will face in the 21st century. It will affect us all. Whether it's someone we know, someone we care for, or even ourselves."
He will tell local authority care chiefs they "must take the lead" in making a difference. "If the best dementia care in England is exemplary the worst is nothing short of scandalous. We've all seen the reports of people with dementia being criminally abused by their care workers or drugged up just so a care assistant can get a good night's sleep," he will say.
"These may be extreme, isolated events but they highlight a culture where dementia is stigmatised and where those with [it] are not valued [This] must and will change." |
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| KMG is pleased to confirm that the NAV (released last month) for the London Actively Managed Property (LAMP) Fund showed an increase on the previous month just shy of 1.8%, which is above target performance. |
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KMG Capital has launched a fund for foreign investors looking to access the residential property market in London and the UK’s South East.
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| Spring and the conference season have arrived once again. I am writing to invite you to the conferences at which I am a speaker and to inform you of others that may be of interest. |
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Kevin Mudd
Director KMG SICAV-SIF |
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| For protestors at global financial summits, globalisation is a bad thing, but for the rest of us it is a fact of modern life and a largely positive force. It's certainly true that different parts of the global economy are closely linked; witness the effect of the US housing market on the lives of millions around the world, as the subprime crisis spread across the financial system. Consequently, it is not surprising that investors increasingly have a global perspective. Few large pension funds invest entirely in domestic assets and high net worth investors will now consider a wide range of asset classes and regions in their search for good returns and diversification. |
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| Australian fund manager LM Investment Management Ltd (“LM”) announces the launch of its LM Australian Income Fund – Currency Protected Lux. The fund, a Luxembourg-domiciled SICAV-SIF, offers institutional investors, qualified investors and IFAs exposure to Australia’s well-performing property market. The fund offers hedged share classes in Euros, US Dollars and Sterling, as well as non-hedged AUD investments. |
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| AUSTRALIA/EUROPE - Australian fund manager LM Investment Management has launched an income fund investing in Australian property loans for European institutional investors. |
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| LM Investment Management has a 13 year track record, distribution in some 60 countries and AUD1 billion under management. To be totally accepted by investors across all European States, however, it still needed that EU feel, structure and presence. |
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Australian fund manager LM Investment Management has launched its first Luxembourg-domiciled fund.
The Australian property fund is going to be distributed and marketed to institutional investors, high-net-worth individuals and IFAs across Europe.
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| KMG's response to Malta's changes to its regulations to make it easier for limited partnerships to set up multi-fund, or umbrella, investment structures. |
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| Luxembourg is the worldwide leader in cross border fund distribution and is Europe’s foremost centre of investment funds. Its advanced and modern legal environment attracts fund promoters from across the globe; offering a transparent, well regulated system while at the same time being flexible and adaptable to their needs. |
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| Gary Shepherd - Portfolio Adviser |
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| Garratt Property Group is boldly targeting an aggregate return over the next five years of 70% to 100% with its first Sicav, Residential Property Fund. |
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| Hannah Smith - Fund Strategy |
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| Garratt Property Group is bringing a residential property fund to the market, in the latest of several new launches in the property sector. |
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| A co-founder of buy-to-let firm UK Property Buyers is launching a new fund to tap demand for leveraged but regulated but regulated property investments in the wake of the credit crunch. |
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| Hannah Stodell - Money Marketing |
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| Garratt Property Group is launching a residential property fund for investors seeking exposure to a recovery in the UK residential property market. |
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| Hannah Stodell - Money Marketing |
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| Luxembourg has been placed on the OECD white list of countries deemed to have substantially implemented the internationally agreed transparency standards on tax. |
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| Finance Publications Offshore |
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| Just as astute politicians can instinctively turn a crisis into an opportunity, so good fund managers should aim to benefit from the disruptions and restructuring that will play out in the European insurance sector over the next few years. |
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| Stefanie Eschenbacher - Fund Strategy |
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| The first investments of a fund are crucial for long-term performance, says Peter Göbel, the manager of the newly launched Nucleus Assurance fund 1. |
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| Helen Burggraf - International Adviser |
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| Kevin Mudd is the first to admit that DIY is not for everyone. Mudd, whose company helps financial advisers, wealth managers and high net worth individuals to conceive, launch and run their own Luxembourg based Sicavs, says there are some financial advisers who... |
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| Helen Burggraf - International Adviser |
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Quantum Group and Nucleus Euro-Advisers are launching a joint luxembourg-regulated and domiciled fund that will invest in the European insurance sector.
The open-ended Sicav will invest primarily in bonds, convertible bonds
and notes issued by small and mid-cap insurers, reinsurers, brokers and underwriters.
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| Stefanie Eschenbacher - Fund Strategy |
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| Quantum Group in Liechtenstein and Nucleus Euro-Advisers in Luxembourg will launch a fund investing in Europe’s insurance sector. They have created a joint venture management company, called Nucleus Gestion Sarl, to oversee the fund. It will be headed by Peter Goebel. |
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| Quantum Group and Nucleus Euro-Advisers have announced the launch of a new fund investing in the European insurance sector. The Nucleus Assurance Fund 1 will primarily invest in bonds, convertible bonds and notes issued by small- and mid-cap insurers and reinsurers, brokers and underwriters. |
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| Stephen Quigley - Hedge Funds Review |
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European harmonisation attempts have not made Benelux the homogenous market one might expect...
SIF Distribution is based on cross-border sales to FoHF's, private banks and family offices. "Few Hedge Funds have much of their own distribution, although some managers do roadshows. Some use specialised distributors with whom they share fees. Many sales are still through personal recommendation and introduction"... |
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| ICFA Editorial - International Custody & Fund Administration |
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| Luxembourg is the second largest fund centre in the world after the US. Its open-minded regulator, fund-friendly legislation and regulation and developed cross-border distribution makes it a leader in Europe. |
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| Jamie Wynn-WIlliams - Hedge Funds Review |
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| Luxembourg is the second largest fund centre in the world after the US. Its open-minded regulator, fund-friendly legislation and regulation and developed cross-border distribution makes it a leader in Europe. |
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| Sarah Griffiths - International Investment |
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| UK IFAs can make their businesses more attractive in times of consolidation by using Luxembourg-regulated funds, according to KMG Sicav-SIF. |
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| Neil Underwood - Fund Strategy |
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| We live in a competitive world. Anything advisers can do, therefore, to improve their businesses and gain an edge is likely to be of interest. Some have sought to achieve this by moving away from the traditional method of recommending and buying funds from external assets managers, and instead launching their own fund ranges. |
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| Daniel Grote - New Model Advisor |
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| Advisers could sell on their firms for significantly higher prices if they run their own funds, according to Kevin Mudd, director of a new firm offering IFAs the chance to set up their own Luxembourg Sicavs. |
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| Sarah Griffiths - International Investment |
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| KMG SICAV SIF is currently talking to IFAs, accountants and entrepreneurs interested in creating their own SICAV SIF funds, having launched a platform in July. |
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| Hannah Stodell - Money Marketing |
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| KMG Sicav Sif says it is holding discussions with 18 IFA firms and five accountancy firms about setting up their own white-labelled funds. |
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| Alex Akesson - HedgeCo.Net |
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| West Palm Beach (HedgeCo.net) - AA platform for asset managers and advisers to create SICAV SIF funds in Luxembourg has been launched by KMG SICAV SIF. The platform caters to all asset classes, including hedge funds. There are no restrictions on leverage. |
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| A new open architecture platform being launched this week will enable third parties - including financial advisors and family offices, as well as fund managers - to establish their own Luxembourg-regulated Specialised Investment Funds (SIFs). |
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| The service helps wealth managers, financial advisors, fund managers, family offices, high-net-worth individuals and entrepreneurs to set up own Luxembourg-regulated funds. |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| The KMG SICAV SIF is an 'open architecture platform' created exclusively to enable third parties to launch their own fully supported and administered Luxembourg regulated SICAV SIF Funds (regulated by laws established in February 2007). |
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| by James Kenny - FTAdviser |
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| Asset managers and IFAs now have the ability to create their own Sicav funds thanks to a new platform set up by KMG Sicav Sif. |
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| KMG's CEO Kevin Mudd said managers as well as advisors, family offices and high net-worth individuals the platform to form their own Luxembourg-regulated Sicav SIF funds, which can accommodate all asset classes including hedge funds, private equity and real estate, and do not carry any restrictions on leverage. |
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| by Barney Hatt - Trustnet |
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| The platform is designed to take advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| Alternative Asset Advisor |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| Luxembourg-based KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments. |
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| by News Team - theWealthNet |
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| A Luxembourg-based firm has launched the 'first-of-a-kind' open-architecture platform that will allow IFAs and other intermediaries to establish their own Luxembourg-registed funds. |
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| by Simon Danaher - Professional Adviser |
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| Advisers, wealth managers, fund managers, family offices and high-net-worth individuals will be able to use this platform to establish and manage their own Luxembourg-regulated SICAV SIF funds. The platform can cater to all asset classes, including hedge funds, private equity and real estate, and there are no restrictions on leverage. |
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| by Aimee Savage - Investment Week |
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| The platform can cater to all asset classes, including hedge funds, private equity and real estate and there are no restrictions on leverage. |
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| by Katrina Baugh - IFAonline |
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| Advisers will be able to create their own funds in a matter of weeks with the launch of a new Luxembourg-based platform by KMG SICAV SIF. The platform can support all asset classes including funds, private equity, derivatives and real estate and there are no leverage restrictions. |
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| by Sharon Flaherty - FTAdviser |
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| KMG Sicav Sif in Luxembourg has launched a platform for asset managers and advisers to create their own Sicav Sif funds. Wealth managers, financial advisors, fund managers, family offices, high-net-worth individuals and entrepreneurs are able to use this first-of-a-kind platform to establish their own Luxembourg-regulated Sicav Sif funds. |
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| by Daniel Grote - Citywire |
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| Advisers will be able to launch their own Luxembourg-regulated funds following KMG?s launch of an open architecture platform allowing British IFAs to create their own Sicavs and benefit from the grand duchy?s more liberal regulation. |
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| Luxembourg-based investment manager KMG Capital Markets has created a platform for intermediaries to set up their own funds. |
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| Recent press releases and announcements from a number of major adviser firms in the UK have highlighted their plans to create their own investment funds. Commentators in the UK are saying ?As many as a third of the largest firms in the country are already launching or considering doing so?. More industry quotes? |
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| Kevin Mudd, director of Luxembourg-based KMG SICAV-SIF, discusses how the choice of Asset Platform can have as much bearing on the value of your business as your clients? returns? |
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| On February 13, 2007, the 1991 law on UCIs dedicated to institutional investors ceased to exist and was replaced by the law on Specialized Investment Funds (?SIF?)? |
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Many of you may recall in the September Care Home Fact sheet we stated that we would be making 3 announcements this month which a couple of you playfully dubbed the ‘three wise men of November’. |
22. January 2025 |
Piers Sword
Head of Operations & Distribution |
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| Montreux is pleased to announce the hire of an industry heavyweight and the receipt of an esteemed award |
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Many of you may recall in the September Care Home Fact sheet we stated that we would be making 3 announcements this month which a couple of you playfully dubbed the ‘three wise men of November’.
There has been much speculation as to what we had in store which is why it is great to be able to finally make public the first two with the third, the most significant, to come….
1st – We are pleased to announce the appointment of Montreux Capital Management’s new Chairman Mr Ian Morley, for those of you who are not familiar with this pioneer of our industry a quick Google search will reveal what an asset to our company he is. International Advisor are expected to break the news shortly but in the meantime please review our website for just a snippet of this man’s massively impressive credentials: http://www.montreuxcm.com/our-people
2nd – Montreux Capital Management has been awarded Swiss Investment Firm of the Year by readers of Acquisitions International joining such esteemed winners as PwC, Osbourne Clarke, Royal London 360, Aon, Towers Watson & CITI. A link to the online magazine is available here http://viewer.zmags.com/publication/74f23ba6#/74f23ba6/1 and I have attached the Montreux Capital article for your interest.
We look forward to being able to announce the 3rd ‘wise man’ shortly which in a month of great news for the Fund House truly represents a benchmark in our history. Details will follow shortly.
I would like to take this opportunity to thank you all for your ongoing interest in our Fund offerings and we look forward to continuing to work with you.
Piers
Piers Sword
Head of Operations & Distribution
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