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Expat Investor : April 2008
G AVIN F RASER Global Sales Director, Ashburton Ashburton’s bespoke portfolio service is a personal, tailored investment solution designed to meet a client’s individual requirements. This is achieved by creating a portfolio that suits an investor’s individual needs, attitude to risk and any personal preferences. If investors want to generate a specific level of income, limit particular asset class exposures, or even adopt an ethical approach to their assets, this can also be accommodated. Our dedicated investment team will work personally with each client to provide advice, interpret their individual needs, understand investment objectives, their attitude to risk and agree on reference points for performance measurement. Our aim is to provide real returns that can be spent, bearing in mind that cash deposits will always provide positive returns. We appreciate that PORTFOLIO MANAGEMENT expatinvestor.com 6 EXPAT INVESTOR ? April 2008 may be the dollar or the euro, which is again reflected in the geographic spread of their portfolios. For example, a ‘dollar thinker’ may have only five per cent exposure to the UK in a portfolio, as compared to, say, 70% for a ‘sterling thinker’s’ portfolio. Therefore, we structure portfolios not only to take into account a client’s investment aim and attitude to risk, but also their particular currency requirement. To help keep our clients informed about their investments, they can view their portfolio at any time by our Internet Valuation Service. We also have the performance of our portfolios externally verified, which can be a useful tool for a client when chasing a portfolio manager, or gauging ongoing performance. With over 100 years’ experience between us addressing the needs of expatriates, we believe we are well placed to satisfy their requirements. E D U PSDELL Managing Director, Discretionary Investment Management, Royal Bank of Canada (Channel Islands) One of the key differentials that distinguishes the private client investment industry from its institutional counterpart, is the direct access private clients have to their portfolio manager. The trade- off with this access, however, is that the client relies on the talents of one, or maybe a couple of, individuals to manage Teaming up with the porfolio management professionals Successful portfolio management depends to a large extent on the talents of the manager looking after your invest- ments. Here we reveal what the top offshore investment managers can do for your wealth aims and objectives. investors like to make money and, in most cases, hate losing money even more! Once constructed, the portfolio is monitored actively and dynamically whilst producing client reports on a regular quarterly basis, but informally at any time. Changes in strategy and/or economic circumstances are also communicated personally through the highest levels of service. We invest in what makes sense rather than the contents of a benchmark or the latest fad. When the market outlook is favourable, we will look for profitable opportunities to exploit for our clients. However, when conditions are poor, we seek to protect capital as we see no reason to remain static in falling markets, blinded by the headlights when market conditions deteriorate. If investors want to make positive real returns, they must take some degree of risk. What they must not do is take unnecessary risks. Maximising returns with the minimal amount of risk is one of the cornerstones of the Ashburton investment philosophy. The typical asset allocation includes international equities, international bonds, exchange traded funds, funds of hedge funds, cash instruments and deposits. The minimum investment is £1million (or currency equivalent) and can be constructed from direct holdings or using a funded solution to match certain individual tax requirements. Our annual management fees are typically 0.90% or less, dependent upon size and any third-party custodial (0.045% p.a.) and transactional costs. A LUN E VANS Investment Director, Rensburg Sheppards It is now over 25 years since members of the Rensburg Sheppards International Team first visited the Middle East to meet with expatriate clients. Today, members of the team regularly travel all over the world to help our expatriate clients plan and manage their assets, and to ensure that their investments are well looked after. Based in London, the International Team of Rensburg Sheppards Investment Management manages clients who live or work overseas. Over half of clients looked after by the team are private individuals, with the balance equally divided between trusts and investment holding companies. As you can imagine, almost all these clients are looked after on a discretionary basis out of necessity. It would be difficult to do otherwise due to time zones, different weekends and holidays, and geographic constraints. Therefore, having agreed a strategy, the Team manages the offshore portfolios in line with the clients’ requirement, which cover a wide variety of investment aims. The discretionary service we offer is suitable for investors who have sufficient funds to invest to diversify their portfolio across a range of individual securities, as well as collectives. This is a bespoke service for which we charge an annual flat fee based on the value of the portfolio -– 1.5% on the first £650,000 and reducing thereafter – with no commission on stock sales or purchases. We recommend a minimum investment of £250,000, or its equivalent in an alternative currency. International and expatriate clients can also use Rensburg Sheppards’ International Fund Service, a managed service which makes use of collective investments only, instead of individual stocks and shares. It is suitable for investors who do not have sufficient funds to achieve an acceptable spread of risk in individual securities, or for larger investors who prefer the simplicity yet diversity of collective investments. The minimum investment into the service is £30,000, for which a management fee of 1% per annum is charged, based on the value of the portfolio. Probably the most significant difference between the International Team and many of their competitors is the different base currencies of the client portfolios. Whereas the base currency of a UK client is sterling, which is reflected in the geographic spread and asset allocation within the portfolio, nearly half the clients managed by the International Team have little or no interest in the pound. Their base currency
May June 2008