Presented by - Home - CFA Society of Louisville by liwenting


									              Post-Traumatic Stress Investing

 Presented by:
 Diane Garnick, CPA
 Investment Strategist
 + 1 (212) 278 9404

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This
is not to be construed as an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in
an investment making decision. As with all investments there are associated inherent risks. Please obtain and review all
financial material carefully before investing. The opinions expressed herein are based on current market conditions and are
subject to change without notice. Past performance is not indicative of future results.
This publication may contain confidential and proprietary information of Invesco Institutional and/or Invesco Ltd. Circulation,
disclosure, or dissemination of all or any part of this material to any unauthorized persons is prohibited without prior written
consent of Invesco.
For General Institutional Investor Use Only
Investors Need To Process Their Losses
Kübler-Ross stages of grief; Investments version

•     Stage 1: Denial
         —      We should suspend mark to market accounting and everything will go away
         —      I should throw away my 401K statement without even opening it

•     Stage 2: Anger
         —      It is unfair that Wall Street benefited at my expense
         —      Why did this happen to me?

•     Stage 3: Bargaining
         —      Just give me one relief rally and I can make it all back
         —      I just need people to stop panicking and my best ideas will make me whole

•     Stage 4: Depression
         —      No one is hiring anywhere. Why should I bother? At least I can sleep late.

•     Stage 5: Acceptance
         —      I‟m going to be ok. These things don‟t last forever
         —      I‟m going to work on my career and be prepared for the opportunities when
                they do come
    Source: Invesco Ltd.

     Unemployment Crisis in America
     Double digit unemployment on the horizon

     •      6,700,000 American jobs lost since December 07
              —     There are 6.4 million people who live in the State of Massachusetts
              —     Only 14 states have more people than Massachusetts

     •      Longer term unemployed hit 4,400,000 Americans
              —     Defined as 27 weeks or more, with an additional 9.6 million taking temp jobs
              —     7.7 million have more than 1 job; 5% of the population

         In June, 2009 the average                                   May, 2009 by State
     Unemployment Rate jumped to 9.5%                      Michigan         14.1%   District of Columbia   10.7%
                                                           Oregon           12.4%   Tennessee              10.7%
                                                           Rhode Island     12.1%   Indiana                10.6%
          Most recent State level data                     South Carolina   12.1%   Kentucky               10.6%
            is from May, 2009 when                         California       11.5%   Florida                10.2%
   15 states + DC had higher unemployment                  Nevada           11.3%   Illinois               10.1%
           than the national average                       North Carolina   11.1%   Alabama                 9.8%
                                                           Ohio             10.8%   Georgia                 9.7%

Sources: US Bureau of Labor Statistics, as of June 2009,
         US Census Bureau, March 2009, Invesco Ltd.
Balance Sheets Led Us Into This…
Leverage on the part of households, not just corporates

•      Job insecurity remains all pervasive
           —   Unemployment rate continues to rise; UNDERemployment sky rocketing
           —   Productivity rose at annual 6.4% pace; highest in 6 years

•      Developed country households are still stretched
           —   Overloaded with debt, they need to continue to de-leverage
           —   Spending will be subdued relative to previous years

    180                 Household Debt as a % of Disposable Income                                180
                                    as of July 30, 2009
    160                                                                                           160        UK 176.3
                                                                                                        Australia 159.3
    140                                                                                           140
                                    UK                                                                      USA 138.4
    120                                                                                           120

    100                                                                                           100

      80                                                                USA                       80
      60                                                                                          60

      40                                                                                          40
           86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Sources: DataStream, Bloomberg, US Labor Department, National Bureau Economic Research, Invesco
    Real Estate Crisis in America
    The overindulgence of housing

     •     United States has a population of 298,757,310
              —    Make the extreme assumption that every family should be a homeowner
              —    Further state that each family should own only one home

     •     Average family size in the United Sates is 3.19
              —    This number has been getting smaller, but over very long periods of time

     •     United States has 93,654,329 family units
              —    Simply take the total population by the average family size

     •     There are currently 126,237,884 housing units available
              —    This excludes homes currently under construction

     •     There are 32 million excess homes on the market right now
              —    Represents a 26% overstocking of homes

Sources: U.S. Census Bureau, March 2009, Invesco Ltd.

     Housing Prices Continue to Fall
     Initially resistant to declines; sticky asset

     •      There are 0.42 houses per person in the United States
              —     This means for equilibrium the family size should be 2.37 not 3.19

     •      77,112,947 people would need to move into new homes
              —     Alternatively, we could demolish 32million homes

                                                          Metro Area           Foreclosure rate
                                                          Stockton, CA                   9.50%
                                                          Las Vegas, NV                  8.90%
                                                          San Bernardino, CA             8.00%
              Instead, throughout 2008,                   Bakersfield, CA                6.20%
              the foreclosure rate began                  Phoenix, AZ                    6.00%
                                                          Ft Lauderdale, FL              6.00%
              to soar. By June, 2009                      Orlando, FL                    5.50%
              1 in 84 homes received a                    Miami, FL
                                                          Sacramento, CA
              default notice, or were                     Detroit, MI                    4.50%
                                                          Sarasota, FL                   4.50%
              already seized by banks                     Fresno, CA                     4.20%
                                                          Tampa, FL                      4.10%
                                                          Oakland, CA                    4.10%
                                                          San Diego, CA                  4.00%
                                                          Palm Beach, FL                 3.70%
                                                          Atlanta, GA                    3.30%
                                                          Memphis, TN                    3.20%
                                                          Denver, CO                     3.20%
                                                          Ventura, CA                    3.10%
Sources: U.S. Census Bureau, Case Shiller, Invesco Ltd.   Source: RealtyTrac
    Trend is Increasing Family Size
    This could slow down the housing price recovery process

     •     Young adults putting off moving out on their own
              —    Waiting to feel more secure in their jobs before they sign a one year lease

     •     Boomerang children in their 40s and 50s
              —    At one point described children returning to their parent‟s home after college
              —    This recession is redefining that phenomena

     •     Newly unemployed seeking shelter
              —    Traditional three to six months of savings has been lost by market performance
              —    Realistic that it could take much longer without becoming underemployed

     •     Loss of home as a result of personal bankruptcy/foreclosure
              —    1,416,902 people filed bankruptcy in 2008

     •     Multigenerational households increased from 5m to 6.2m
              —    In 2000 there were as few as 3.9m homes with three or more generations
              —    One third of retirees have had to help their children pay bills in 2008

Sources: AARP, U.S. Census Bureau, Invesco Ltd.

                      Paradox of Thrift Slows Potential Recovery
                      Wealth erosion coupled with employment uncertainty

                          •                                   Savings rate jumped to 6.2% in May, 2009
                                                                                —                          Households are hoarding cash in an effort to recoup losses

                          •                                   Chrysler sold 83,678 new cars in February, 2009
                                                                                —                          The FBI reports an average of 80,254 car thefts a month
                                                                                —                          Four car companies in the world sold more cars than the number of stolen cars

                                                                                                                             US Personal Savings Rate                                                                                                                                                                                                                                                                                    Sold Versus Stolen
6.0%                                                                                                                                                                                                                                                                                                                                                                                140,000


                                                                                                                                                                                                                                                                                                                                            Vehicles for the month of February 09
                                                                                                                                                                                                                                                                                                                                                                                    100,000                        97,544


                                                                                                                                                                                                                                                                                                                                                                                     60,000                                                                        54,258

-1.0%                                                                                                                                                                                                                                                                                                                                                                                40,000

-2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     22,073
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   18,313         16,401
                                                                                                                                                                                                                                                                                                                                                                                     20,000                                                                                                                                 15,805

-4.0%                                                                                                                                                                                                                                                                                                                                                                                    0


                                                                                                                                                                                                                                                                                                                                                                                                                                           Stolen Cars





























                                   Sources: Bureau of Economic Analysis, FBI, WARDS, Invesco Ltd.
Real GDP & Inflation Forecasts for 2009

Consensus                  2008 Realized            2009 Consensus Forecast
Economics                                              (Invesco Forecast)
                       Real GDP     CPI Inflation    Real GDP       CPI Inflation

        U.S.             1.2%           4.0%        -1.3% (-1.8%)   0.3% (-1.2%)

       EU-12             1.0%           3.3%        -0.9% (-1.5%)   1.4% (1.1%)

        U.K.             0.8%           3.6%        -1.5% (-2.0%)   1.2% (1.2%)

      JAPAN              0.4%           1.6%        -0.9% (-0.5%)   0.1% (-0.4%)

    AUSTRALIA            2.3%           4.5%        1.1% (1.0%)     2.8% (3.1%)

     CANADA              0.7%           2.4%        -0.1% (-0.3%)   1.2% (0.9%)

      CHINA              9.3%           6.1%        7.8% (6.8%)     1.7% (0.6%)

       INDIA             6.9%           8.1%        6.3% (6.1%)     6.2% (2.4%)
Source: Invesco Ltd.

Redefining Risk in the New Paradigm
Err on the side of wealth preservation

     •   Post liquidity crisis; investors less willing to lock up cash
          —   Likely to result in the reemergence of the liquidity premium

     •   Risk budgeting strategies can help reduce volatility
          —   Similar levels of risk from each asset class; return to “Risk Parity”

     •   Diversification remains central to portfolio construction
          —   Macro continues to dominate fundamentals… so far

     •   Attractive current yield and annualized return
          —   Current yield to help mitigate impending negative cash flows
          —   In many cases dividends are at risk; high yields through price depreciation

     •   Asset management fees under pressure
          —   Managers are struggling to survive; willing to forego the old 2/20 model

Changing Consumer Habits
Reluctantly spending, deflationary pressure persists

•         Households are in need of balance sheet repair
             —      Unlike other recessions, households have tremendous leverage
             —      Work outs, particularly following bankruptcy, take a long time

•         Resistance to Technology might lose to prudence
             —      Desire to reduce costs will speed up technological implementation
             —      Stable companies will take advantage of low rates and issue debt
             —      Research, advisory and distribution will be rewarded (I admit, I‟m biased)

•         The promises of Technology might actually arrive
             —      Eliminating the middlemen (Disintermediation)
             —      Competitive price wars on customized products/services

•         Technology corporate earnings are the centerpiece
             —      At the start of the recession technology represented 16% of earnings
             —      By the second half of 2010 it is forecasted to represent over 25% of earnings

                    Ten years after the bubble, Technology is thriving
     Source: Invesco Ltd., Standard & Poor‟s as of April, 2009
The Case for Small Cap in 2009 & 2010
Unlike the past, growth might not be the driver

•       Frantic pace of change across multiple industries
           —      Technological, regulatory and consumer changes happening simultaneously
           —      Smaller companies can be nimble and adapt quickly

•       Corporate America has their own credit crisis…Credibility!
           —      Lack of leadership exists in many industries
           —      Some innovative entrepreneurs will grow quickly and fill the void

•       Conceptualize “The Law of Large Numbers” as an edge
           —      A small number of companies will get it right and dominate the next regime
           —      Investing in a large count of small companies increases your chances
           —      Russell 2000 overlaid with active portfolio management is a great example

•       From the entrepreneurs‟ perspective downside risk is limited
           —      Their ability to get a job is limited right now
           —      Very talented employees willing to work for low wages

        Corporate activity in small cap (& beyond) is likely to rise
     Source: Invesco Ltd.

Cost Reduction Through M&A Activity
Expect proactive behavior from management

•       Horizontal activity has already picked up
           —      Similar companies merging to reduce costs
           —      Market sizes are shrinking, requiring a resizing

•       Vertical activity will likely follow in 2009-2011
           —      Post horizontal activity, there are likely to be a handful of very large vs. tiny
           —      Smaller companies might find selling to a customer easier than competing

•       First mover advantage refuses to go away
           —      The opportunity to select your partner is limited to first movers
           —      Strategic decision to remain small might result in being crowded out

•       Characteristics likely to attract bidders
           —      Cash on hand and/or over funded pension plan
           —      Stable, blue collar customer base
           —      Low overhead, global operation

                     At long last, good news for the financial sector
Source: Invesco Ltd., Fortune
U.S. Market Neutral
US Market Neutral
Attributes that could make this a compelling investment now

•    High volatility implies a wide range of expected returns
      —   This is an optimal time for active management

•    Utilize all of the research you‟re already paying for
      —   Research findings can be used to identify long and short positions
      —   The net result is a higher „transfer coefficient‟
      —   Performance attribution should demonstrate the level of skill vs. luck

•    Ability to produce similar return patterns with lower volatility
      —   Combining fundamental research with quantitative portfolio construction
      —   Not all quants are created equal

•    Reduces the need to time the markets
      —   Risk controls are used to reduce sector, size and style bets

Investment Process Overview
Transparent, logical, risk focused approach

                                                          Determine investable universe
                                 Universe Development     appropriate to strategy

                                                          Add value through systematically
                                    Stock Selection       ranking stocks in universe

                                                          Identify and measure risk of all
                                   Risk Assessment        stocks in universe to avoid
                                                          unintended exposures

                                 Portfolio Construction   Construct portfolio to meet
                                                          desired return/risk

                                                          Preserve value-added
                                        Trading           through cost-effective


For Illustrative Purposes Only

U.S. Market Neutral Cash
Composite Performance Calendar Year And Annualized Returns (Gross)

                                                                                                                               Market Neutral Cash

20                                   18.9                                                                                      Citigroup 90-Day T-Bill

10        7.8                                        8.2
                                                                    7.0                          6.4                                    6.0
                       5.0 4.7              4.8                                                                                   5.0                4.7
     5                                                     3.0
                1.8                                                       1.2            1.1           1.7

 -5                                                                                                               -3.0
          2008           2007          2006           2005           2004          2003           2002             2001            2000        1999

 Annualized Periods       Through                                                                                              Inception
 December 2008                           Q4            1 year       3 years           5 Years          10 Years                3/31/98

Market Neutral Cash                     1.25%           7.78%         10.40%             9.26%           6.37%                   7.12%

Citi 90-Day T-Bill                      0.25%           1.80%          3.76%             3.19%           3.30%                   3.41%

Excess Return                           1.00%           5.98%          6.64%             6.17%           3.07%                   3.71%

This presentation of Invesco is supplemental information to the GIPS® compliant presentations. Performance results do not reflect
the deduction of investment advisory fees. A client‟s actual return will be reduced by the advisory fees and any other expenses
which may be incurred in the management of an investment advisory account. Past performance is not a guarantee of future
results. Please see the performance & notes on page 17 for more information.

Invesco Market Neutral Cash Composite
Schedule of Investment Performance

                                                                                    Composite    Total Firm
                             Gross Rate of Net Rate of    Benchmark     Number        Assets     Assets (1)   Composite
                                Return       Return         Return         of         (USD         (USD       Dispersion
                                 (%)          (%)            (%)       Portfolios    millions)    billions)      (%)
     2008                            7.85          6.78         1.80       2           403           254.6            n/a
     2007                            5.03          3.99         4.74       3           591           328.6            n/a
     2006                           18.85         17.68         4.76       3           209           243.8           0.17
     2005                            8.16          7.09         3.00       4           183           174.6           0.05
     2004                            7.02          5.95         1.24       7           210           168.0           0.22
     2003                          (1.06)        (2.04)         1.07       7           198           161.4           0.05
     2002                            6.39          5.34         1.70       5           236            66.6           0.18
     2001                          (2.99)        (3.95)         4.09       6           318            65.1           0.23
     2000                            5.03          3.99         5.96       8           613            66.8           0.86
     1999                           11.11         10.01         4.74       5           801            19.4            n/a
     1998 (9 Months)                12.87         12.03         3.72       1           113            17.7            n/a

                              Annualized Compound Rates of Return Ending December 31, 2008:
      1 Year                           7.85       6.78          1.80
      3 Year                         10.42        9.33          3.76
      5 Year                           9.28       8.20          3.10
     Since Inception (3/31/1998)       7.12       6.06          3.41

Invesco Market Neutral Cash Composite Notes
Performance Notes: GIPS® Compliant

                           Invesco Worldwide has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ® ).

     1   Invesco Worldwide(“The Firm”) manages a broad array of investment strategies around the world. The Firm comprises all Invesco firms outside of North America, combined with two
         major Invesco firms within the United States, Invesco Institutional (N.A), Inc. (“IINA”), and Invesco Global Asset Management (N.A.), Inc. (“IGNA”). The Firm was incepted on 1st
         January 2003. For periods prior to 1st January 2006, the Firm excluded the managed account businesses within IINA and IGNA. From that date forward, these portfolios are included
         within the Firm definition. During 2006, the Firm completed a project to bring its stable value portfolios into compliance retroactively effective from 1st January 2001. During 2007,
         the Firm incorporated the fixed income business of Invesco Aim, an affiliate of IINA and IGNA, into its operating structure and currently includes this business, with the exception of the
         fixed income portion of balanced accounts managed by Invesco Aim, which are excluded from firm assets, within its Firm definition. Historic assets under management prior to 2006
         and 2007, respectively, have not been restated to reflect these extensions of the Firm definition. IINA and IGNA were verified from 1st January 2001 and 1st January 1995,
         respectively. The ex-North America Invesco firms (previously defined separately for performance reporting purposes as “Invesco Global”) were verified from 1st January 1997. All
         verifications have been completed through 31 December 2007. Composite history and Firm assets prior to 1st January 2003 are those of its respective components. All entities within
         the Firm are directly or indirectly owned by Invesco Ltd. GIPS compliant firms whose assets are managed by subsidiaries of Invesco Ltd. are Invesco Worldwide, Invesco Aim Private
         Asset Management, Inc., AIM Trimark (which anticipates changing its name to Invesco Trimark by 31st December 2008), Invesco Aim U.S., and Atlantic Trust. Invesco Senior Secured
         Management, Inc. and Invesco Private Capital, Inc. are affiliates of the Firm. Each is an SEC registered investment adviser and is marketed as a separate entity. Their assets are
         excluded from total Firm assets.
     2   The U.S. Market Neutral Cash is a large capitalization, market neutral strategy which utilizes a fundamentally based stock selection process. This process is combined with rigorous
         risk control to create an attractive return/risk product. The portfolio’s value added is a function of the return spread between the long and short portfolios and our ability to minimize
         transaction costs through state-of-the-art trading techniques. The goal of product is to outperform 90-day Treasury bills by 4% before fees, while maintaining a tracking error of less
         than 5%. The success of this process has been achieved through a disciplined approach to security selection combined with rigorous risk and cost control. The composite name was
         changed from Market Neutral Cash to U.S. Market Neutral Cash in October 2008.
     3   The Composite returns are benchmarked to the Citigroup Treasury Bill 3 Month Index. The benchmark is used for comparative purposes only and generally reflects the risk or
         investment style of the product. Investments made by the Firm for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings,
         industry weightings, and asset allocation from those of the benchmark. Accordingly, investment results and volatility will differ from those of the benchmark.
     4   Valuations and portfolio total returns are computed and stated in U.S. Dollars. The firm consistently values all portfolios each day on a trade date basis. Portfolio level returns are
         calculated as time-weighted total returns on daily basis. Accrual accounting is used for all interest and dividend income. Past performance is not an indication of future results.
     5   Composite dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.
     6   Gross-of-fee performance results are presented before management and custodial fees but after all trading commissions and withholding taxes on dividends, interest and capital gains,
         when applicable. Net-of-fee performance results are calculated by subtracting the management fee of 100 basis points per annum on all assets. Alternative fee structures, including
         performance incentive fees, are available.
     7   The minimum portfolio size for the Composite is $2,000,000.
     8   The composite creation date is March 31, 1998.
     9   A complete list and description of Firm composites and performance results is available upon request. Additional information regarding policies for calculating and reporting returns
         is available upon request.

Invesco Ltd.

Partnership For Financial Security
Who We Are
A global leader in investment management

 Mission: Helping people worldwide build their financial security

•      We‟re one of the world‟s leading independent global
       investment management firms
•      We draw on the strength of many resources:
           —     $403 (U.S.) billion in assets under management
           —     Client support in 20 countries serving clients in more than 100 countries
           —     13 specialized investment centers
           —     More than 5,000 employees worldwide
           —     More than 500 investment professionals

•      We deliver on a single focus: investment management
•      We have the leadership, resources and integrity to look
       after our clients‟ interests:
           —     Long history of managing assets for clients on a global basis
           —     Publicly traded on New York Stock Exchange with $8.1 billion in
                 market capitalization

All data as of December 30, 2008, unless otherwise noted. Source: Invesco Ltd.

Our Business Today
Invesco mission, principles and differentiators
      Mission     Helping people worldwide build their financial security

                  ● We are passionate about our clients‟ success
                  ● We earn trust by acting with integrity
  Corporate       ● People are the foundation of our success
  Principles      ● Working together, we achieve more
                  ● We believe in the continuous pursuit of performance excellence

                  Delivering the combined power of our distinctive worldwide investment management
                  capabilities globally, we have:

                  Diversified Investments            Global Reach                       Client Focus
                  • Distinctive investment teams     • Distributional and operational   • Client relationship driven
Differentiators   • Disciplined investment             strength and breadth             • Experienced, consultative
                    processes                        • Local delivery and knowledge       professionals
                  • Global product breadth           • Independent, objective           • Needs-based innovation

                  Disciplined Investment              Superior Client Service           Organizational Strength
                                                                                        The leadership, resources
                  Clearly articulated investment      Consistent, superior service      and integrity to look after
      Client      disciplines aligned with client     delivered through                 our clients‟ interests
                  expectations and underpinned        exceptional support, access
     Benefits     by diligent oversight and           and responsiveness
                  rigorous quality control

 Invesco Delivers Investment Strategies That Meet Our
 Clients’ Diverse Needs

      Diversified Investment Strategies
Equity                       Alternatives
• Market cap                 • Real Estate
• Investment style               – Public real estate securities
• Global/regional/single         – Private direct real estate
  country                        – US, Asian, European, Global
• Developed/Emerging         • Private Equity
• Sector                         – Direct                          Delivered the Way Our Clients Want
• Quantitative                        Distressed

                                 – Fund of Funds                   • Institutional separate accounts
                                      Buyout, VC, Emerging        • Collective trusts
Asset Allocation
                             • Absolute Return                     • Mutual funds (onshore &
• Traditional balanced
                                 − Market Neutral                    offshore)
• Target maturity
                                 − GTAA                            • Exchange-traded funds (ETFs)
• Target risk
                                 − Active Currency                 • Private placements
                                 − Multi-strategy                  • Sub-advised
Fixed Income and                 − Alternative Beta                • SMA/UMA
Cash                         • Directional Long/Short (130/30)     • Variable insurance funds
• Duration                   • Financial Structures
• Quality                        − CDO/CLO/CSO
• Sector                         − Opportunistic
• Global/regional/single     • Commodities/ Natural Resources
  country                    • Customized solutions
• Developed/Emerging             − Portable alpha
• Taxability                     − Liability-driven

ETFs are not diversified..

The Value We Deliver To Our Clients
Specialized investment capabilities globally
 One of Invesco‟s greatest
 competitive advantages is the
 combined power of our distinctive
 worldwide investment management

 With offices worldwide, capabilities in
 virtually every asset class and
 investment style, a disciplined
 approach to investment management
 and a commitment to the highest
 standards for performance and client
 service, Invesco is uniquely
 positioned to compete in our
 evolving world.

 Invesco Aim
 Investment focus: U.S.,     Invesco Global
 international and global    Strategies
 equities                    Investment focus:
 AUM: $38.4 billion          Global Equity (Global,        Invesco Perpetual                                Invesco Trimark
                             non-U.S., and Emerging                               Invesco Private
                             Market equities)                                     Capital                   Investment focus:
                                                                                                                                    Invesco Worldwide
                                                           Investment focus:      Investment focus:         Canadian equities,
                             Quantitative Equity                                                                                    Fixed Income
                                                           U.K. equities, fixed   Fund of funds and         fixed income and
 Invesco Asia-Pacific        (quantitative active,         income and European                              global value            Investment focus:
                             enhanced and                                         venture capital private                           Money market, stable
 Investment focus:                                         equities               equities                  AUM: $19.4 billion
                             long/short strategies)                                                                                 value, global fixed
 Asian Ex-Japanese,                                        AUM: $50.0 billion     AUM: $1.9 billion
                             Global Asset Allocation                                                                                income and
 Greater Chinese,
                             (tactical asset allocation,                                                                            alternatives/financial
 Japanese and Australian
                             alternative beta, and                                                                                  structures
                             multi-asset class                                                                                      AUM: $150.7 billion
 AUM: $13.7 billion
                             AUM: $30.1 billion            Invesco                Invesco Real Estate       WL Ross
                                                           PowerShares            Investment focus:         Investment focus:
                                                           Investment focus:      Global direct real        Distressed and
                                                           ETFs                   estate investing and      restructuring private
 Atlantic Trust                                                                   public real estate
                                                           AUM: $9.2 billion                                equities
 Investment focus:                                                                investing
 High-net-worth                                                                                             AUM: $6.9 billion
                                                                                  AUM: $23.5 billion
 AUM: $13.4 billion

24    Data as of December 31, 2008.

To top