Investment Fund Range - from Friends First Times change, Friends don't. Investments with Friends First, stand the test of time.
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Times change, Friends don’t. Pensions
Investments with Friends First, Protection
stand the test of time.
Investments
Investment Fund Range
from Friends First
1
www.friendsfirst.ieAbout Friends First
Friends First is one of Ireland’s oldest and most Friends First Life Assurance Company manages total assets of
established Life Assurance companies, meeting the €4.4bn, generated Total Premiums of €458m in 2014 and
financial needs of our customers since 1834. We have is regulated by the Central Bank of Ireland.
over 276,000 customers and employ over 300 people
in Ireland. Friends First is fully owned by the Dutch At Friends First, we are focused on providing leading
Insurance Group, Achmea, one of Europe’s leading protection, retirement and investment solutions which are
insurance players. tailored to your individual needs and will provide you with
the required benefits when they are needed most. We want
to assist you in meeting your goals through your lifetime, but
acknowledge that your needs and circumstances will change.
So where possible our products are flexible offering a range of
options and alternatives which you can choose during the term
of your plan.
About Achmea
Achmea was founded in the Netherlands in 1811 Achmea employs 14,600 people in its Dutch business and
as a mutual insurance company with strong co-operative 2,000 across its international operations. It insures over 8
roots. Its main shareholders are the Achmea Association, million people in The Netherlands, one of the top 10 largest
a representative body of its customers and Rabobank insurance markets in the world.
also a mutual organisation which is one of Europe’s
leading banks. Achmea remains committed to the mutual In the Dutch market, Achmea is the largest provider of non-life,
ownership model, being the largest mutual/cooperative health and income protection insurance and is also a leading
company in Europe, with a strong focus on developing provider of life and pensions.
products and services that meet its individual and
corporate customer’s needs. As a result, Achmea is not Achmea manages total assets of €93.2bn in 2014, and
listed on any stock exchange. had total equity of €9.8bn in June 2014. It generated total
premiums of €20bn from its domestic and international
operations to that date. Achmea holds a financial strength and
long-term counterparty credit rating (Standard & Poors) of A-
and had solvency cover of 2.15 times the minimum margin at
Jun 2014.
In addition to the Netherlands, Achmea is also active in 5
other countries including Ireland, Turkey, Greece, Slovakia
and Australia.
Achmea’s aim is to consolidate its market leadership in the
Netherlands and to build an integrated, European Insurance
group by developing significant market positions in a number
of international markets where it is present. Achmea, resulting
from its ability to adapt to a changed market environment but
remain true to its mutual ethos, now aspires to become the
most trusted insurer in its home market and ultimately
in international markets where it is present through
operating companies.
2Introduction The Basics of Investing
Investing is all about choice: choosing the investments that are
Introduction
right for you as well as when, and when not, to invest. In making
the right choice for yourself, you should consider as many
different options as possible. However, unless you are clear Everyone’s level of investment experience is different and this
about what type of investment you are looking for, the more is why getting expert advice from an experienced independent
options you consider the more confusing it can become. financial advisor is so important. However, you do not need to
be a financial expert to grasp the main principles of investing.
This is why at Friends First we give you access to a wide range Even a basic understanding of what is involved will help you
of almost 50 quality funds. These funds cover all the major asset appreciate the effect of whatever decisions you might make.
classes and are managed by some of the world’s leading asset
managers. Each fund is also carefully packaged to make it easy There are three basic building blocks to understanding the
for you to understand what it has been designed to do. principles of investing:
• Risk and return trade-off
We believe that this broad range of investment options will meet
• Diversification
your needs and give you the breadth of choice you are looking
for. However, no matter how broad your choices are, we also • Understanding your own appetite for risk
believe that when it comes to investing there is no substitute for
expert advice from an independent financial advisor. It is their
insight and experience that will prove invaluable to you as you
make you way along your pensions and investment journey. Understanding Risk and Return
Different investments offer the potential for different returns. If
Developed Market Commercial two investments appear to offer identical risk then investors will
Equities Property prefer to buy the higher returning one. In the following example,
Investment A is the obvious choice as it offers a higher return
than Investment B for what appears to be a similar level of risk.
Emerging Market Commodities
Equities Here Investment A is the obvious choice:
Alternative
Government Bonds Strategies A
B
Corporate Bonds Cash
However, different investments usually also have different levels
of risk attached to them. When risk is added to the equation,
many of us might opt for Investment B because it would
provide a smoother investment journey than Investment A.
When you add risk to your considerations, the choice is not
so obvious:
A
B
Understanding the relationship between risk and reward is
a key part of deciding what to invest your pension in. All
investments carry some degree of risk but as a general rule of
thumb: the higher the potential return, the higher the risk.
3The Benefits of Understanding Your
Diversification Own Appetite for Risk
Diversification is all about spreading your risk: not putting all It’s one thing saying that an investment carries a certain
your eggs in one basket. degree of risk, but the real question is understanding how
much risk you, as an investor, are prepared to take on.
Diversification is most easily understood if you look at it on
two levels. While there is no right or wrong answer to this, there are a few
things you should take into account before deciding on the
Firstly, if you invest in company shares you should invest investments you want to make:
in plenty of different companies instead of one or two. This
spreads the risk of one or two companies performing very
badly and your investment suffering. With more companies
your fund is not as significantly impacted. How long will you be investing for?
The second level of diversification is to ensure that you If you don’t need to access your investment for a long time
are invested in a range of things which behave differently. – if you are many years from retirement, for instance – you
Investing in lots of different shares is a good idea, but you might be willing to accept a greater degree of investment
must also understand that most shares tend to go up or down risk because you will have plenty of time to make good any
at the same time. short-term losses. As you get closer to the time when you
need access to your investment, you would normally be well
So to get real diversification you should also ensure that you advised to consolidate your fund and take on less risk.
are invested in different types of investments or different
asset classes. Government bonds, property, currencies and
alternative investments tend to behave differently to company
shares. When different asset classes are grouped together How well do you understand
there is a greater chance that some part of the overall fund investments?
is generating returns in all market conditions. This can help
smooth out the ups and downs of investing and therefore The better you understand investments the better able you
reduce risk. will be to weigh up the merits of taking on more risk or not. If
you are very comfortable with making investment decisions
you can judge for yourself if a particular risk is right for you. If
you are less sure of how investments work you might want to
take on less risk.
What is your personal attitude to risk?
This is probably the most important factor. Regardless of
how long you are investing for, or how experienced you are,
some investors are very comfortable with risk and don’t mind
seeing their funds rise and fall sharply. Others are much
less comfortable with risk. You should always take your own
comfort level into account when making any decision and you
should never take on so much risk that you lose sleep over it.
4Asset
Classes
In order to achieve proper investment diversification you should ensure that your fund is exposed to a number of investments
which behave differently to each other. Investments which tend to have similar characteristics are generally grouped into
individual asset classes, as follows:
Equities Commodities
Equity funds invest in company shares. These produce returns Manufacturers and consumers across the globe require
in two ways: through the dividends which most companies everyday commodities like wheat, corn, oil, copper, gold and
pay to shareholders; and through the capital growth in the so on to conduct their business. The price of each of these
share value - when the markets think the value of a company commodities will rise and fall due to supply and demand
has risen and places a higher value on its shares. conditions. Investors look to make money by speculating on
the direction they think a commodity’s price will move in.
Equities are an important component in a portfolio as they
have traditionally produced good long term growth. However, Investments in commodities tend to fluctuate in value. They
in the short term, the value of shares can rise and fall quite have a similar risk return profile to equity investments but
dramatically which is why higher risk portfolios will have a behave in a different way. That is, in the past, they have had
bigger weighting of equities. their periods of good and bad performance at different times
than equities. Because of this, mixing some commodity
investments into a portfolio made up of a lot of equities can
help reduce the overall risk.
Fixed Interest Bonds
Bonds are loans to Government or large corporates. Investors Cash
in these bonds are entitled to a fixed income (called a
‘coupon’) up to a maturity date. They also get their original
capital back at maturity (assuming the issuer’s ability to pay). Cash funds are generally used to keep liquidity in a portfolio,
Bonds can also be bought and sold before they reach their or as a temporary position whilst timing a re-entry into the
maturity date. markets. Cash can also be held as an investment in its own
right if it is paying an attractive rate of interest. When looking
The value of a bond on the open market will change at investing in cash or deposits, it is important to consider
depending on how attractive its coupon is against the the financial strength, or credit rating, of the institution
coupons available on new bonds. Fixed interest funds will involved. A major risk with cash and deposits is that the
generally trade bonds in the financial markets depending on deposit taker’s business fails and it is impossible to recover
how attractive their coupon is, rather than simply hold them to the cash invested.
maturity. Bond funds are likely to show lower growth potential
than equity funds but are considerably less volatile. They are
generally used to reduce the overall risk in a portfolio.
Commercial Property
Commercial Property funds pool different investors’ money
together to make it easier to buy properties. The funds’
returns are generated from the rent the fund receives and any
growth in the capital values of the properties held.
However, property is a very illiquid investment. This means
that it can be difficult to release capital because it takes time
to sell a property asset at an acceptable price. In exceptional
circumstances, in order to protect the fund, most property
funds will reserve the right to delay access to capital.
5Funds and Investment Styles Different funds are designed to do different things. Some offer exposure to just one particular asset class while others spread their investments across different asset classes. Meanwhile, some funds are designed to mirror market performance while others try to out-perform the market. Some funds are high risk, while others are not. This is why it’s so important that you understand what each fund is attempting to do and what its goals are before you invest in it. Active Fund Management This is where a fund manager tries to use his or her skill to beat a given benchmark. To gauge how the manager is performing, it is important to understand their benchmark. For example, an equity fund’s benchmark might be to out-perform the MSCI World Equity Index*. If the fund loses 7% over a given period, but the MSCI World Equity Index lost 10% over the same period, the fund manager would have been considered to have done a good job. Passive (Index) Fund Management This is where a fund tries to simply match a benchmark. The objective with these funds is to give pure market exposure and to do no better or worse than their benchmark. For example, a passive equity fund’s benchmark might be the MSCI World Equity Index. If the MSCI World Equity Index grew 6% over a given period, you would expect the passive fund to have also grown by approximately 6%. Absolute Return Strategies This is where a fund manager tries to use his or her skill to generate a positive absolute return over given investment cycles, regardless of how the markets are performing. They are sometimes referred to as Target Return Strategies. It is important to appreciate that although the fund is trying to produce a positive return, it may not be able to do so. Absolute return strategies also have a benchmark, but it might be to produce a cash-like return + 3%. Generally they will try to achieve this over 3 to 5 years. As the fund manager is looking to achieve positive returns, even in falling markets, Absolute Return Strategies tend to use quite complex and sophisticated investment techniques. Managed Funds Although all funds are ‘managed’, the term ‘managed fund’ usually refers to multi-asset funds where the manager determines the asset mix, as opposed to funds which invest in a single asset only. A typical managed pension fund would be such a multi-asset fund. However, although the manager has discretion on what the fund can invest in, it would be usual for there to be set minimum and maximum limits on the amount of each asset class held. Portfolio Funds These are funds which are made up of a ‘portfolio’ of different underlying funds run by different fund managers. They are generally mixed asset and multi-manager. That is they will spread their investments across different asset classes, depending on their objectives, but are not limited to just the one fund manager. They will invest with fund managers they consider are most appropriate for each asset class. *This is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International, and is comprised of stocks from both developed and emerging markets. 6
How we describe our funds
To help you assess which fund or funds are best suited to helping you meet your investment goals, the following summary shows
the key features of each fund :
Fund Manager Stocks & Holdings Stock Diversification
This is the institution which actually This column indicates the level of Some funds may concentrate their
manages the assets in the fund. variety within each fund. It can vary investments in a small number of
Where more than one fund manager depending on the asset class and stocks which they strongly believe in.
manages the underlying assets the type of fund. For equity funds, it Others may take a more diversified
fund is known as a Multi-Manager would be the number of stocks, for approach.
Fund. property, the number of properties
held in the fund and so forth.
Fund Manager Stocks & Regions Diversification Overall Risk Rating Fund Management
Regional Equity Funds Holdings Covered* Charge
European Equity 4 2 6 0.75%
Regional Exposure Overall Risk rating Fund Management
Funds can invest across the globe or We give each fund a risk rating from Charge
just focus on one particular region. 1 to 7 (1 being the lowest risk, 7 This is the basic annual management
Investing in different regions can give being the highest). charge which is inherent in the fund.
greater diversification, but investing Additional policy charges may,
outside the Eurozone means taking These risk ratings are based on however, also apply.
on additional currency risks. guidelines from the European
Securities and Markets Authority
Broadly speaking, when it comes to (ESMA) for calculating and
regional diversification we look at 8 communicating a risk rating. They
markets: are based on the volatility of a funds
return over a five- year period.
Developed :
Europe Euro area, Europe Non-Euro Volatility is a measure of how much a
area, North America, Japan, Asia funds value goes up or down over a
Pacific (ex Japan) given period. The volatility of a fund,
and therefore the risk rating given to
Emerging : that fund, can change over time.
Eastern Europe, Latin America,
Emerging Asia,
7Portfolio Funds from Friends First
When it comes to building up your pension or investment portfolio, you and your advisor have a choice of strategies. You can
either hand-pick your investments and tailor them to your exact risk appetite and growth needs, or you can choose one of the
ready-made portfolios provided by Friends First.
Each Friends First portfolio fund is designed with a particular type of investor in mind. They all try to maximise returns but each is
given set parameters as to how risky they can be. This makes it easier for you, and your adviser, to select the right investment to
meet your goals.
The portfolio funds are multi-asset, in that they will invest across different asset classes; and multi-manager, in that each is not
restricted to using a single fund manager for all asset types and investment styles.
We continually assess the markets, regularly re-balancing each portfolio to ensure it continues to meet its objectives as markets
change.We have two ranges of portfolio funds, the Magnet Range and the Compass Range.
The portfolios in the Magnet Range will predominately use
Magnet Range
Magnet Range Overall Risk Rating
active fund managers who are attempting to outperform
the market, and sophisticated absolute return strategies, to Magnet Cautious 3
maximise returns within their given risk range.
Magnet Stable 4
Magnet Portfolio 5
Magnet Adventurous 6
The portfolios in the Compass Range will predominately use
The Compass Range Overall Risk Rating
passive fund managers, who are attempting to provide, broad,
cost effective exposure to various markets, to maximise
Compass Cautious 3
returns within their given risk range.
Compass Stable 4
Compass Portfolio 5
Compass Adventurous 6
8SDIO
FF SDIO Product branding
SDIOo Self-Directed Investment Option
Self Directed Investment Option
Our Self-Directed Investment Option is available to pension and Approved Retirement Fund customers who want to take more
direct control of their funds and how their money is invested.
Application
Web / Print
This is a service we offer in conjunction with Dolmen Stockbrokers, a Cantar Fitzgerald Company. It allows you to tell us what you
want your pension invested in (subject to some rules). Through the Self-Directed Investment Option you can tell us to invest in:
o
Our SDIO could be the extra spice your
customer's pension needs.
• Individual shares, Government or corporate bonds,
Friends First Life Assurance Company Limited is regulated by the Central Bank of Ireland. Learn More
• Listed investment funds,
• Exchange Traded Funds & Commodities
• Deposit accounts with certain approved institutions
• SDIO Tracker bonds or other structured products from certain approved providers
FF SDIO Product branding
The Self-Directed
+ Investment Option gives you a lot of investment freedom. However, when considering it as an option you should
Alpha Magnet
bear in mind that Rangefor the performance of the investments ultimately rests with you. It is for this reason that the
the responsibility
Self-Directed Investment Option is best suited to more experienced investors.
SDIO
1
Beta Magnet Range
FF SDIO Product branding
o
SDIO
Self Directed Investment Option
Application
Web / Print
Stockbroker Deposits Structured Products
o
Our SDIO could be the extra
customer's pension needs.
Friends First Life Assurance Company Limited is regulated by the Central Bank of Ireland.
SDIO
FF SDIO Product branding
Please note that Friends First carry out no due diligence on investments held through the Self-Directed Investment other than
that they meet revenue requirements for assets held in approved pension schemes, AMRF’s and ARF’s. It is up to the client
Alpha+ Magnet Range
and financial advisor to determine that any investment held meets the need of the client.
1
Beta Magnet Range
9Our Fund Range
This is an overview of our Fund Range. For full details please see the individual Fund Factsheets and brochures. These are
available from your Financial Advisor or on our Investment Centre on www.friendsfirst.ie
Passive Fund Management
The objective of these funds is to give returns that are broadly consistent with the markets they are invested in. Each has an
underlying index or benchmark it aims to track.
Fund Manager Asset Regions Diversification Overall Risk Rating Fund Management
Managed Funds Classes Covered Charge
Consensus 4 5 5 0.65%
Fund Manager Stocks Regions Diversification Overall Risk Rating Fund Management
Global Equity Funds Covered Charge
Indexed Global (Ex Euro) Equity 1500+ 4 5 0.65%
Indexed 50/50 Equity 1500+ 5 5 0.65%
Indexed World Equity 1500+ 5 5 0.65%
Fund Manager Stocks Regions Diversification Overall Risk Rating Fund Management
Regional Equity Funds Covered Charge
Indexed Eurozone Equity 300 - 400 1 6 0.65%
Indexed US Equity 500 - 750 1 6 0.65%
Indexed UK Equity 100 - 150 1 6 0.65%
Indexed Emerging Markets 750 - 1,000 3 6 0.85%
Fund Manager Holdings Regions Diversification Overall Risk Rating Fund Management
Fixed Interest Funds Covered Charge
1200 -
Indexed Eurozone Corporate 1500
1 3 0.65%
Indexed Eurozone Long Bond 25 - 50 1 4 0.65%
Indexed Eurozone Government 200 - 300 1 3 0.65%
Commodities Fund Manager Commodities Regions Diversification Overall Risk Rating Fund Management
Covered Charge
Physical Gold 1 1 6 0.85%
10Active Fund Management
The objective of these funds is to give returns that out-perform the markets they are invested in. Each fund has an underlying
index or benchmark which it aims to out-perform.
Fund Manager Asset Regions Diversification Overall Risk Rating Fund Management
Managed Funds Classes Covered Charge
Managed 4 5 5 0.75%
New Ireland Managed 4 5 5 1.00%
Fund Manager Stocks Regions Diversification Overall Risk Rating Fund Management
Global Equity Funds Covered Charge
International Equity 300 - 400 5 5 0.75%
KBI Global High Yield Equity 175 - 250 8 5 0.85%
Fund Manager Stocks Regions Diversification Overall Risk Rating Fund Management
Regional Equity Funds Covered Charge
Eurozone Equity 50 - 75 2 6 0.75%
KBI Eurozone High Yield Equity 50 - 100 1 6 0.85%
Irish Equity 20 - 30 1 6 0.75%
Explorer - Emerging Markets 40 - 50 3 6 1.15%
KBI Emerging Markets High Yield 120 - 150 3 6 0.85%
Fund Manager Holdings Regions Diversification Overall Risk Rating Fund Management
Fixed Interest Funds Covered Charge
Fixed Interest 25 - 60 2 4 0.75%
European Long Bond 25 - 50 2 4 0.75%
European Corporate Bond 250 - 300 2 3 0.75%
Index Linked 15 - 25 1 4 0.75%
Fund Manager Regions
Commodities Covered Diversification Overall Risk Rating Fund Management
Commodities Charge
Optimum Yield 14 1 5 1.00%
Fund Manager Properties Regions Diversification Overall Risk Rating Fund Management
Property* Covered Charge
Irish Commercial Property 19 1 5 * 0.75%
UK Select 5 1 5 * 0.75%
Fund Manager Institutions Regions Diversification Overall Risk Rating Fund Management
Cash Covered Charge
Cash 3 - 15 1 1 0.75%
Deposit 2-3 1 2 0.65%
* Under ESMA guidelines the 5 year annualised volatility of these funds merits a risk of 4 out of 7.
Property has distinct liquidity risks which Friends First wish to draw to your attention and therefore have allocated a higher risk rating than normal to this asset.
11Specialist Funds
The objective of these funds is not just to give returns which are broadly consistent or better than the markets in which they are
invested. Each fund also has additional criteria which it attempts to meet.
Fund Manager Stocks Regions Diversification Overall Risk Rating Fund Management
Specialist Equity Funds Covered Charge
Stewardship (Ethical) 60 - 100 5 5 1.125%
This is an international equity fund which aims to achieve growth through investing only in companies which meet certain ethical criteria.
Protected Equity + 300 - 400 5 4 1.35%
Calm Euro Equity 50 1 4 1.00%
These funds seeks to protect investors against significant downward movements in equity markets by moving its investments between cash
and equities depending on market conditions.
Absolute Return Stocks/ Regions Fund Management
Strategies Fund Manager Currencies Covered Diversification Overall Risk Rating Charge
& Holdings
Insight Currency 7 4 5 2.00%
Market Neutral Equity 25 - 50 2 2 1.35%
Multi Strategy Global Bond 30 - 50 8 3 0.95%
Additional Objectives: all of the above Absolute Return Strategies are attempting to deliver positive returns over the medium return regardless
as to underlying market conditions. Each does so in very specific ways and with varying degrees of risk. You should refer to the Fund Fact
Sheet for details on the specific strategies employed by each.
Self-Directed Fund Manager Stocks & Regions Diversification Overall Fund Management
Investment Option Holdings Covered Risk Rating Charge
Advisory Trading Account This option is only available to pension and ARF customers 1.00%
and allows the policyholder select specific investments for
Execution Only Account their fund. 0.75%
Portfolio Funds
The objective of these funds is to use the full breadth of the Friends First fund range to build portfolios designed to maximise
returns within given risk paramaters.
The Magnet Range Fund Manager Asset Regions Diversification Overall Risk Rating Fund Management
Classes Covered Charge
Magnet Cautious 6 5 3 0.95%
Magnet Stable 6 5 4 0.95%
Multi Manager Funds
Magnet Portfolio 6 8 5 0.95%
Magnet Adventurous 5 8 6 0.95%
These portfolios will predominately use actively managed underlying funds.
C
Fund Manager Asset Regions Diversification Overall Risk Rating Fund Management
The Compass Range Classes Covered Charge
Compass Cautious 6 5 3 0.75%
Compass Stable 6 5 4 0.75%
Multi Manager Funds
Compass Portfolio 6 8 5 0.75%
Compass Adventurous 5 8 6 0.75%
These portfolios will predominately use indexed underlying funds.
12Our Investment Partners
BMO Global Asset Management (formerly Kleinwort Benson Investors Dublin Ltd. Alder Capital was founded by Mark Caslin
F&C Investments in Europe) and is the asset (formerly KBC Asset Management) is and Brian McCarthy in May 2000 and
management arm of Bank of Montreal (BMO), renowned for successfully developing and specialises in systematic currency fund
one of Canada’s largest banks. managing a diversified range of unique management.
investment products for both Irish and
Today we have over £166 billion in assets*, international clients. They are particularly The firm is based in Merrion Square in
and more than 1,500 employees worldwide. known for innovation in investment product Dublin and manages assets for a range of
Our clients have access to the experience and design, development and delivery. Assets institutional clients, including international
local knowledge of teams in our investment under management for Kleinwort Benson banks, pension funds, life assurance
centres in London, Chicago, Toronto and Hong Investors currently stand at over €6.7bn companies and asset management
Kong. Our offering includes F&C funds and (31/03/2014), most of which is equity based. companies located in the United States,
investment solutions, and our suite of defined United Kingdom, Continental Europe,
specialist investment boutiques located around An established institutional asset Canada, Australia and Ireland.
the world. management firm, Kleinwort Benson
Investors is based in Dublin with a Alder Capital is the manager of Friends
Our expertise extends across the full range marketing and servicing office in New York. First’s Insight Currency Fund.
of asset classes including equities, bonds, The company has a global client base with
liability-driven investment, multi-asset, ethical clients located in Ireland, US, Canada, UK, For almost a decade, using the Insight
investing, absolute return, credit strategies, Japan, Korea, and Taiwan. The company Currency Fund, authorised advisers have
property and alternatives. is part of the RHJI Group and is a sister been able to provide their clients with a
company of Kleinwort Benson Bank, the return stream that has historically tended
well known UK financial services institution to have its periods of positive and negative
with roots dating back to the 1850s. RHJI performance at different times to other
is publicly listed on the Brussels Euronext major asset classes like equities and bonds.
stock exchange and has offices in Tokyo, In so doing, authorised advisers have been
Brussels, Zurich, London and New York. able to offer their clients the potential to
reduce the risk of their portfolios.
For nearly four decades, State Street Global
Advisors has been committed to helping our
clients, and those who rely on them, achieve
financial security. We partner with many of the
world’s largest, most sophisticated investors
and financial intermediaries to help them reach
their goals through a rigorous, research-driven
investment process spanning both indexing
Deutsche Asset & Wealth Management Cantor Fitzgerald Ireland was formed
and active disciplines. With trillions* in assets,
(Deutsche AWM) is part of the Deutsche through the acquisition of Dolmen
our scale and global reach offer clients
Bank Group, one of the world’s leading Stockbrokers in 2012, by leading global
unrivaled access to markets, geographies
financial services companies. financial services firm Cantor Fitzgerald.
and asset classes, and allow us to deliver
With a proud history of stockbroking and
thoughtful insights and innovative solutions.
Founded in Berlin in 1870 to support servicing both private and advisory clients
the internationalization of business and since 1995, Cantor Fitzgerald Ireland
State Street Global Advisors is the investment
to promote and facilitate trade relations provides a full suite of investment services,
management arm of State Street Corporation.
between Germany, other European primarily in Share Dealing, Pensions and
*Assets under management were €2.27 trillion as countries, and overseas markets, Deutsche Investment Management, Debt Capital
of March 31, 2015. Please note that AUM totals are Bank has developed into a leading global Markets, Investment Banking and Research
unaudited. and is recognised as a primary dealer in
provider of financial services. It now
employs over 100,000 staff in more than government bonds. Clients include private
70 countries worldwide. individuals and corporate entities, financial
institutions, investment funds, credit unions
Deutsche Bank is present in Ireland since and charities.
1991 and employs over 310 people across
two offices in Dublin. Cantor Fitzgerald Ireland provides their
clients with a global perspective that is
unique to the Irish market, leveraging a
Insight Investment is a specialist asset manager global vibrant network of expert analysts
at the forefront of designing investment and investment professionals. Their
solutions to meet our clients’ needs. emphasis is on a highly professional service
that is tailored to meet specific financial
Launched in 2002, Insight is a leading asset goals.
manager, across fixed income, liability driven
investment, cash management, multi-asset, The company operates from local offices in
absolute return and specialist equity strategies. Dublin, Cork and Limerick, partnering with
specialist staff in an entrepreneurial culture.
Insight is part of BNY Mellon Asset
Management and a wholly owned subsidiary
of the The Bank of New York Mellon
Corporation - one of the world’s major
financial services groups.
13Warning: Past performance is not a reliable guide to future performance.
Warning: The value of your investment may go down as well as up.
Warning: Funds may be affected by changes in currency exchange rates.
Warning : If you invest in this product you may lose some or all of the money you invest.
FUND WARNINGS:
1. P
erformance Fees: The growth of the Insight Currency fund will be subject to a 20% monthly performance
fee which only applies when the growth rate exceeds 7% p.a. The Market Neutral Equity fund will be subject
to a performance fee of 10% of any growth achieved above cash returns (specifically 3-month EURIBID).
2. T
he price protection on the Protected Equity+ Fund, Series 3 is provided by Deutsche Bank AG.
3. M
oney invested in the Deposit fund is placed with one or more Banks. The payment of interest and security
of capital is provided by the Bank(s). The Bank(s) and not Friends First are providing the security on the
Deposit fund. Please refer to the Fund Factsheet.
4. T
he property fund managers reserve the right to place a withdrawal limit or/and to defer encashment for up
to six months or such time as is necessary to facilitate the sale of assets if required.
PLEASE NOTE:
The risk rating provided in this document represents Friends First’s view. Your personal risk profile
or outlook may differ from this view. Please talk to your Broker or Financial Adviser for assistance in
choosing the most appropriate approach for your needs.
This document provides a brief overview of the Friends First range of funds. Please refer to the
relevant product brochure for specific information in relation to product terms and conditions.
Friends First Life Assurance Company Ltd
Friends First House
Cherrywood Business Park
Loughlinstown
Dublin 18
www.friendsfirst.ie
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Friends First Life Assurance Company Limited is regulated by the Central Bank of Ireland. BR111, Jul. ‘15You can also read
