We assist clients in setting strategy and a framework for asset allocation, on which strategies and assets are appropriate (or not) for each client and the client's objectives and constraints. Our clients include pension funds with funding objectives as well as asset owners with income or total return requirements. We have also advised on other strategic issues such as the pros and cons of employing a fiduciary manager, whether to set an absolute return mandate or an asset allocation policy benchmark, and appropriate exposure to illiquid asset classes.
PiRho works with clients to establish what type of managers or products...Read More
PiRho works with clients to establish what type of managers or products or structures are appropriate to meet the client’s investment (and other) objectives. As required, we can select, for example, a fiduciary manager for the entirety of a portfolio, managers for individual asset classes, or investment in multi asset funds such as Diversified Growth Funds. In selecting managers and products, our guiding principles are that we prefer to avoid complexity if possible; for active mandates, we prefer fewer, rather than more constraints and, where relevant, we recommend the use of index funds.
Monitoring & Evaluation
Once any investment strategy is in place, there is a need to review whether it is meeting its objectives, in respect of return and risk, but also whether the initial objectives remain appropriate. Monitoring and review of both strategy and implementation are an essential element of any mandate, but there is scope for considerable flexibility about the way this is done and with what frequency. Depending on the nature of the mandate and client preference, we provide quarterly reports, annual reviews or, in some cases, one-off reviews of strategy and/or manager performance.
PiRho's bespoke approach enables us to offer advice on a wide range of investment-related issues. For example, from time to time we have given corporate finance advice, and undertaken expert witness work in respect of legal disputes on investment related matters. These have covered issues relating to portfolio strategy, investment management agreements and a wide variety of client and portfolio types.