A document drafted between a portfolio manager and a client that outlines general rules for the manager.This statement provides the general investment goals and objectives of a client and describes the strategies that the manager should employ to meet these objectives. Specific information on matters such as asset allocation, risk tolerance, and liquidity requirements would also be included in an IPS. |||For example, an individual may have an IPS stating that by the time he or she is 60 years old his or her job will become optional, and his or her investments will annually return $65,000 in today's dollars given a certain rate of inflation. This would be only one of many points included in an IPS; however, it probably would also include such things as general guidelines outlining what the individual wants to leave behind to loved ones when he or she dies.
Founded in 1940, the Investment Company Institute, based in Washington, D.C., is the national trade association of U.S. investment companies, which includes mutual funds, closed-end funds, exchange-traded funds and unit investment trusts. |||The ICI encourages high ethical standards for all industry participants, advances the interests of its members, promotes public understanding of the fund industry and undertakes statistical studies and research on matters related to the fund business. The ICI publishes an annual "Fact Book" in May. It provides a comprehensive review of trends, activities and statistics on mutual funds, exchange-traded funds and closed-end funds.
A Japanese abbreviation for the Japan Federation of Economic Organizations. The Keidanren was created in 1946 to address the issues and concerns of Japanese businesses in the postwar world. The organization consisted of over 1,000 Japanese businesses, over 50 of which were foreign firms. |||The Keidenran was incorporated into the Japanese Business Federation in May of 2002. This organization was joined by the Nikkeiren, the Japanese Federation of Employers' Associations. The Keidenran was historically considered the most conservative of the three major business associations in Japan.
A professional designation provided by the International Research Association (IRA) designed for investment professionals throughout the world. The Licensed International Financial Analyst (LIFA) designation attempts to help candidates attain higher levels of professionalism and ethics in the global industry of investment management and analysis. The LIFA examinations require an in-depth knowledge of investment principles, along with an understanding of global capital markets. |||Similar to the Chartered Financial Analyst (CFA) designation, the LIFA designation requires candidates to pass three proctored examinations. Also similar to the CFA designation, the examinations attempt to keep the pass rate at an acceptable (or lower) level. The IRA believes that the validity of the designation is based on pass rates, and thus the quality of the designees: lower pass rates equal a more valuable designation.
A form of investing in which the main goal is to gain sufficient assets to meet all liabilities, both current and future. This form of investing is most prominent with defined-benefit pension plans, whose liabilities can often reach into the billions of dollars for the largest of plans. |||LDIs are most prominent in the funding schemes of defined-benefit pension plans, which are designed to provide a predetermined pension upon retirement. The liabilities in these funds arise as a result of the "guaranteed" pensions they are supposed to provide to members upon retirement. In the early 2000s, the entire structure of the defined-benefit scheme was criticized as being faulty. The liabilities that sponsoring companies and plan members must pay for has increased substantially, which has caused some pension plans to reduce benefits to retired members, or even to shut down entirely.
The acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. Often, the assets of the company being acquired are used as collateral for the loans in addition to the assets of the acquiring company. The purpose of leveraged buyouts is to allow companies to make large acquisitions without having to commit a lot of capital. |||In an LBO, there is usually a ratio of 90% debt to 10% equity. Because of this high debt/equity ratio, the bonds usually are not investment grade and are referred to as junk bonds. Leveraged buyouts have had a notorious history, especially in the 1980s when several prominent buyouts led to the eventual bankruptcy of the acquired companies. This was mainly due to the fact that the leverage ratio was nearly 100% and the interest payments were so large that the company's operating cash flows were unable to meet the obligation. One of the largest LBOs on record was the acquisition of HCA Inc. in 2006 by Kohlberg Kravis Roberts & Co. (KKR), Bain & Co., and Merrill Lynch. The three companies paid around $33 billion for the acquisition. It can be considered ironic that a company's success (in the form of assets on the balance sheet) can be used against it as collateral by a hostile company that acquires it. For this reason, some regard LBOs as an especially ruthless, predatory tactic.
1. An agreement that describes in detail a corporation's intention to execute a corporate action. The letter of intent is created by the corporation with its management and legal council, among others, and outlines the details of the action.2. A document that can be used by parents to outline the thoughts and hopes that they have regarding their children in the event that the parents die. The courts use the information contained in the letter of intent to determine what happens to the children. |||1. Letters of intent are used during the merger and acquisitions process to outlines a firm's plan to buy/take over another company. For example, the letter of intent will disclose the specific terms of the transaction (whether it is a cash or stock deal).2. Unlike wills, letters of intent are often not legal documents. However, because a letter of intent represents the wishes and desires of the parents, the courts will still often use it as a benchmark in conjunction with other documents to determine what happens to the children.
A term used to describe financial results during the period of the last 12 months. |||Can also be called Trailing Twelve Months (TTM). LTM just represents the period of time. It is often used with sales, earnings, etc.
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