As states have struggled with the fall-off in tax revenues from the financial crisis and ensuing recession, they have experienced very difficult budgeting processes. Despite these difficulties, almost all the states began the 2011 fiscal year with improving budgets.
The author explores the advantages and disadvantages of the outsourced CIO model relative to non-discretionary models and suggests how investors might think about choosing between the two models.
Despite heightened fears of a double-digit recession, we see plentiful evidence of improving, equity-friendly fundamentals. Global economies are growing again, and large multinational companies are benefiting from exposure to healthier emerging markets.
The intent of this piece is to communicate the economic indicators that help to monitor in real time whether approaching deflation or accelerating inflation is on the horizon.
To realize the social benefits their donors seek, foundations must clearly define their missions, create spend policies that correspond with those missions and set investment strategies that suit those policies.
Researchers measure differences in wealth across countries and the extent of change during the past decade. They examine patterns of wealth geographically and by gender, as well as differences in household portfolios.
Longer life expectancies and financial pressures are prompting a general reassessment of traditional retirement. Attitudes among the wealthy have already shifted, with many planning to continue working even if they have little need to do so.
The authors offer insight into how to minimize the down side and maximize recovery in failed investments by providing an initial framework to ensure the right alternatives are identified and evaluated and the most appropriate courses of action are selected.
KPMG's 2009 Individual Income Tax and Social Security Rate Survey is a cross-border survey of personal tax and social security rates with historical data from 2003-2009. The report covers 86 countries, concentrating on the highest level of personal tax payable to the central government. For ease of comparison, the survey has excluded, where possible, other taxes such as state and municipal taxes.
Senior security, floating interest payments and covenant protection make these loans a unique asset class. Their historically steady returns, low volatility and negative correlation with investment-grade fixed income could enhance returns while reducing portfolio volatility.