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Tax Efficient Investments

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Magnus@spencejohnson.com

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                               DISTRIBUTION SEGMENTS

ASSET POOLS                USA                             Europe

Traditional     Corporate defined benefit   Corporate defined benefit and
institutional   and defined contribution    defined contribution plans
                plans defined benefit plans Public defined benefit plans
                Public


                Taft-Hartley (union) plans   Charities


                Endowments                   Sovereign Wealth Funds


                Foundations                  Foundations


                                             Insurance company (on balance
                                             sheet assets)




Institutional   Retirement plans             Funds of Funds
gatekeeper /
wholsealers     Wrap program sponsors        Insurance company funds


                Sub-advisory                 Private Banks (discretionary
                                             assets)
                                             Subadvised funds
Individual   High-net worth (HNW)   High-net worth (HNW)
investor
             Ultra-HNW              Ultra-HNW


             Emerging affluent      Emerging affluent


             Mass affluent          Mass affluent
ntribution to this table. When you are done, please send it to me at



sion which includes all the comments I receive. Thanks!


                         DISTRIBUTION CHANNELS

                       USA                      Europe

         Consultants                  Investment and Employee
                                      Benefit Consultants
         Manager of managers          Manager of managers
         programs                     programs
         Fund of hedge funds (FOHF)   Fund of hedge funds (FOHF)


         Direct                       Direct to DB fund trustees


                                      Fiduciary / Implemented
                                      Consulting Managers
                                      LDI Programme Managers




         Retirement plan record       Fund/IFA/wrap platforms
         keepers
         Retirement plan advisors     Bank platforms/gatekeepers


         Wrap sponsors                Investment and Employee
                                      Benefit Consultants
         Wire houses                  DC pensions
                                      providers/administrators
         Turnkey asset management     Private banks
         providers (TAMPs)
Independent broker-dealers
(IBDs)
Manager of managers
programs
Variable annuity sponsors


Third-party marketers




Family offices               International banks / private
                             banks
Independent investment       Retail and local savings
advisors                     banks
Wrap sponsors (i.e., wire    Private Banks (advisory
houses, TAMPs, IBDs)         assets)
FOHF                         Local savings banks


Direct                       Independent Financial
                             Advisers
                             Wealth Managers


                             Stockbrokers


                             Family offices


                             Fund/wrap platforms


                             Bank platforms/gatekeepers


                             Trust companies and
                             advisers
                             Lawyers and accountants
are done, please send it to me at



ts I receive. Thanks!


                PREDOMINANT PRODUCT PACKAGING WITHIN CHANNELS

                          USA                                Europe

          Separate accounts (institutional) Separate accounts (institutional)


          Private funds                     LDI Programme


                                            Investment Funds


                                            Private Equity


                                            Structured products


                                            Hedge Funds


                                            Property funds


                                            ETFs




          OEF                               Investment Funds


          CIF                               Private Equity


          Separate accounts (wrap)          Structured products


          Model portfolios (i.e., submission Tax-efficient wrappers
          of model portfolios)
                                            Hedge Funds
                                 Property funds


                                 Cash funds


                                 ETFs


                                 Closed end funds




OEF                              Investment Funds (equity/fixed income)


Separate accounts (wrap)         Private Equity


ETFs                             Structured products


Private funds for hedge fund     Tax-efficient wrappers
investments
Model portfolios (i.e., submission Hedge Funds
of model portfolios)
                                 Property funds


                                 Cash funds


                                 ETFs


                                 Closed end funds

				
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