The biggest mistakes to avoid when making out a will
Creating a will is a crucial part of a complete, long-term financial plan. Not having one can create major issues for your loved ones after you’re gone.
Of course, not having a will at all is the biggest mistake of the lot, but since you’re reading this article, we’ll assume you’ve made sure to get yours in order! Instead, we’re going to focus on major mistakes people can make when sorting theirs out.
Waiting too long to make one
You might be in the best shape of your life and not too worried about what happens to your estate when you’re gone. However, this is a big mistake. Like with anything in life we can never know what is around the corner. It’s uncommon but tragedies do happen, and when something happens to someone without a will, it just makes the situation worse for those left behind.
Waiting too long can also have implications when you’re older as unfortunately some people lose the capacity to make their own decisions. This can render a will redundant and can lead to familial disputes. Ensure yours is done when you’ve still got your wits about you.
Doing it DIY
Many people assume you can just write your wishes down on a piece of paper and sign it and, voila, you have a will. This is wrong. Wills should be arranged very carefully to meet legally binding criteria. This includes having non-related witnesses, naming executors, being unclear in explanations and other pitfalls that can lead to disputes.
It is essential to seek professional advice when formulating a will to avoid such issues arising.
Missing out assets
Another issue when creating a will is simply forgetting to add certain assets. Key things such as savings pots, your home and other significant assets will likely not go forgotten. However, what about that classic car in the garage, or the antique serving spoons you inherited from your grandmother? Everything needs to be accounted for, otherwise again this can lead to familial disputes.
In the modern age it is even worth having express wishes for what you would like to happen to things like social media accounts, computer files or other digital possessions. It might be more intangible, but it still matters.
Not updating
This is a huge mistake that can create major issues for your estate. Your will should be a living document, not just something you write once and stuff in a drawer (it should be somewhere under lock and key anyway!). If your financial situation or any other aspect of your wealth and possessions changes, then this needs to be accounted for in the will. In some cases, creating an amendment is sufficient, but if larger changes occur to your theoretical estate, then this can require a new draft entirely. It is important to consult with a professional either way to make sure.
Forgetting stepchildren
This is a quirky but very relevant problem in 2023. With modern blended families evermore common, if you’ve got stepchildren you need to specify them in the will, assuming you wish to leave them something. This is a curious problem in that you might just refer to all your kids as “my children” but in the complexities of legal interpretation, this can open up doubt about whether that just means your biological children.
It is better to expressly state “my children and stepchildren” where necessary to avoid all doubt.
Using the wrong witnesses
Witnessing the signing of the will is an essential part of what makes it valid. There are a few ways this can go wrong. The two witnesses must be over age 18. They must not be beneficiaries or married to someone who might be a beneficiary. They must not be related to you in anyway, either biologically or through your partner.
While some of these might seem like obvious errors, they happen all the time and lead to much worse outcomes for your estate. For even the most straightforward of wills it is important to consult with a professional who can guide you through the process to set you up for the best outcome possible.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 18th July 2023.
How to get the most out of your workplace pension
Pension provider Aviva has warned that workers are “sleepwalking” into retirement with one in three employees unaware of how many pensions they have.
Workplace pensions are very different in 2023 compared to past decades. Gone are the old final salary or ‘defined benefit’ (DB) pensions and in are defined contribution (DC) pots for our long-term savings. Making the most of your DC pension really matters – you really do get out what you put into it. There are a few really important aspects to consider with these workplace pensions, and ways to maximise the potential for growth.
Contributions
The first thing to note about DC pensions is there is a minimum contribution level which is set automatically by the Government. While there is always conjecture over what level it should be at, the basic requirements are:
- 5% from your gross income (including tax relief)
- 3% from your employer
Under auto enrolment you will be automatically given a workplace pension pot assuming you earn more than £10,000 a year. Opting out is essentially throwing away money. If you don’t have the workplace pot, then you’re essentially turning down income from your employers. The annual contribution limit to pensions is £60,000, which makes it more generous than an ISA in cash terms. It is a good idea then to contribute as much as you can to unlock valuable tax relief.
Pensions are arguably better than ISAs because of this tax relief. While you will have to figure out tax liabilities when withdrawing from a pension later in life, the extra upfront money from tax relief when compared to an ISA means you have more money to start with that can grow over time.
There is another thing to watch out for too – if you earn above £50,000 then automatic pension contributions are actually capped. For instance, if you earn £45,000 a year your total monthly contribution to a pension will be £161.50. If you earn £50,000 this will rise to £182.33. However, if your income rises to £55,000 the cap on contributions means your employer won’t contribute more, and your salary won’t adjust contributions higher, meaning you’ll be contributing less than 5%.
It is essential to check with your employer and consider asking them to increase your contributions above this level if you want to maximise your pension pot.
Consolidation
A very common issue, as Aviva alludes to in its research, is just how many pension pots we now accrue. Every time you switch jobs, you’ll start a new pot with whichever provider your employer uses. This can lead to a mess of small pots with a mixture of policies, charges and performance, and isn’t ideal. Some people choose to consolidate all those pots into one coherent SIPP. You can’t do this with your current workplace’s pot because this would mean forgoing those valuable employer contributions, but with old pots you might not be adding to, this can be a good way to manage the entire amount in one place.
There is a caveat to this, however.
The ‘small pot lump sum’ allows you to take a whole pot in one go when it is worth below £10,000, with 25% of it tax free. If the pot is in a workplace pension it’s unlimited how many times you can do this, but if it’s in a personal pension then you can only take three.
It is important to consider your options carefully here and is highly recommend to speak to an adviser who can help you plan the best course of action.
Investment
The final strand of workplace pensions is perhaps the most forgotten of all – investing. It’s easy to think of a pension as just a savings pot you accrue, but in fact that money is all invested in order to grow over time and maximise the size of the nest egg when you retire. The issue here is that workplace pension investment options can be a bit lacklustre.
The problem here is that investment options vary enormously by provider. Some offer hundreds of funds while others will offer maybe three to five. There’s nothing you can do about this as it is at the behest of your employer to pick the provider. However, if you think you might be in an underperforming “default” fund, it is essential to seek advice on ways in which to improve the growth potential of your pot.
The same goes for any personal pension you have, as picking the right kind of funds can set you up for long-term failure or success.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 18th July 2023.
The World In A Week - The narrowing leadership in US stocks
Written by Ilaria Massei.
Last Friday, we saw US stocks hit a nine-month high thanks to encouraging talks on debt ceiling and tech sector gains. The NASDAQ 100 rose 4.5% last week in GBP terms, boosted by the rally experienced by AI related stocks. There have only been a handful of stocks in the mega-cap market range that have led this rally in tech stocks. These include the likes of Alphabet, Amazon, Meta, Microsoft and NVIDIA. Last Thursday, shares of the chipmaker NVIDIA jumped 24%, making the company the sixth most highly valued public company in the world. Shares rose after the company beat consensus first-quarter earnings expectations by a wide margin and raised its profit outlook.
This extraordinary performance resurfaced the topic of narrow leadership in the US stock market, whereby fewer and fewer US tech stocks contribute to the broad index level return. Another crucial topic last week was the debt ceiling talks where policymakers delivered some encouraging news, signalling that they were working on a deal to raise the debt ceiling before the June deadline to avoid an unprecedented default. Meanwhile, the core (less food and energy) personal consumption expenditures (PCE) price index, rose by 0.4% in April, a tick above expectations.
Elsewhere, data released last Thursday signalled that the German economy fell into a recession in the first quarter, due to persistent high price increases and a surge in borrowing costs. GDP shrank 0.3% in the three months through March, a downward revision from an early estimate of zero growth. However, European Central Bank (ECB) policymakers’ view is that interest rates would need to rise further and stay high to curb inflation in the medium term, potentially deteriorating the economy further.
The MSCI Japan declined to -1.1% last week in GBP terms but encouraging data released last week saw Japanese manufacturing activity expanding for the first time in seven months in May. The services sector also reported robust growth, as the reopening of the country to tourism led to a record rise in business activity.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 30th May 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Buffett bets big in Japan
Written by Cormac Nevin.
Markets rallied last week as data releases such as strong housing statistics in the US allayed fears of an economic hard landing driven by the interest rate increases we have witnessed over the last year. The MSCI All Country World Index of global equities (MSCI ACWI) rallied +1.5% in GBP terms.
A market which the team has noticed getting an increasing degree of exposure from global investors recently has been the Japanese Equity market. In local terms, Japanese Equities are up +8.5% over the course of the second quarter to date, which has strongly outperformed MSCI ACWI over the same period (+1.9%). The GBP return has been reduced by a weakening in the Yen vs Sterling, therefore returning +3.6%, but it remains strongly ahead of other markets. We have been overweight to the Japanese Equity market since 2020 and find it interesting that many of the characteristics of the market which we find appealing are now being given more attention from other investors and the media. These include attractive valuations compared to, for example, the US Equity market, corporate governance reforms being driven by the Tokyo Stock Exchange and other forces including low inflation, accelerating GDP and wage data. While the Yen has proved a headwind for GBP-based investors for the year to date, we think it provides excellent diversification benefits and room for the Japanese currency to rally should the global economy deteriorate as many predict which would lead to a potential narrowing in US/Japanese interest rate differential.
Another interesting element has been the increased investment in the Japanese market from Warren Buffett. While we think investors should never slavishly follow any one investment luminary, we do think it is interesting that the Sage of Omaha now owns more stocks in Japan than in any other country besides the US via his Berkshire Hathaway holding company. Given Mr Buffett’s exceedingly long track record in finding high quality companies trading at discounted valuations, we believe that the Japanese Equity market could potentially be an excellent return driver into the future while other developed markets are more challenged from high valuations or macroeconomic turbulence.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 22nd May 2023
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Record breakers
Written by Chris Ayton.
As expected, the Bank of England (BoE) hiked interest rates by 0.25% to 4.5% last week, in the process warning that inflation will not fall as fast as expected over the next 12 months. This was a record twelfth rate rise in a row. The BoE also noted that it appreciated that only around a third of the impact from the previous rises had been felt by the UK economy, with 1.4 million people due to come off fixed rate mortgages this year, nearly 60% of which were fixed at interest rates below 2%. While this may bring hope to some that this was signalling a pause in further increases, the BoE warned that it continued to monitor indicators of persistent inflationary pressures and commented “If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required.”
More positively, the Bank significantly upgraded its forecast for UK GDP Growth, expecting 0.25% growth this year followed by 0.75% in 2024 and 2025. This was the largest upwards revision to growth expectations on record and contrasts sharply with predictions late last year that the UK was heading for the longest recession in 50 years. This was followed by confirmation from the Office of National Statistics on Friday that the UK economy had grown 0.1% in the first quarter, the same as observed in the previous quarter.
News in the US was dominated by internal fighting over the extension of the debt ceiling. Having reached the maximum it is legally allowed to borrow, the U.S. government require an extension to that limit in very short order to be able to pay its upcoming debt obligations, to avoid a destabilising default, and prevent the financial chaos that would undoubtedly ensue. Previously, these challenges have been resolved at the twenty third hour but, in the meantime, this is likely to impact market sentiment.
Less well reported was the positive news that the top U.S. national security adviser, Jake Sullivan, met with China’s top diplomat, Wang Yi, in Vienna in an attempt to calm relations between the two superpowers. Talks were said to be ’substantive and constructive’. The souring of relations, exacerbated by the Chinese spy balloon drama in February, has undoubtedly been a drag on China’s equity market performance in 2023.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 15th May 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - A hike in May and go away
Written by Shane Balkham.
The world of investing has a plethora of adages by which to invest. All of which are based on shaky assumptions, but can also resonate with investors as they seem to have a semblance of truth to them. At this time of year, the adage: “Sell in May and go away” is rolled out, but few will realise that this originated in the 17th century and was about the wealthy migrating out from London in the summer months to their country estates. While out of London and without the use of a smartphone, they were unable to monitor their shares, so selling made perfect sense. Using adages in our experience is not a robust long-term investment strategy.
This year the adage could be used for the intentions of the central banks and the interest rate hiking cycle. Last week saw the Federal Reserve hike rates by 0.25% and signal the end of a continuous series of interest rate rises. The long awaited ‘pause’ has seemingly begun and attention will focus on data to see if inflation continues to fall.
The European Central Bank (ECB) also raised rates by 0.25% last week, but unlike the US, there was no signal suggesting a pause. Having started the process of hiking interest rates much later than the US and the UK, there is an argument that the ECB have much more ground to make up.
However, there is an expectation for the Bank of England to follow the Federal Reserve’s lead this week. A final hike of 0.25% is expected together with a clear signal of a pause in the hiking cycle, despite inflation having so far proved quite sticky. The meeting on Thursday also coincides with the quarterly publication of its Monetary Policy Report, which will provide further detail on the Bank’s forecasts and expectations.
This could be seen as welcome news to the markets, who have been anticipating a pause in the hiking cycle since the beginning of the year. Naturally, the medium-term view will now be dominated by expectations of when the first rate cut will arrive. However, underneath the big picture of central bank decisions, there continues to be ongoing stress in the US banking sector, and fears of economic recessions. Given the uncertainty of the short-term outlook, the need for appropriate portfolio diversification remains crucial.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 9th May 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Banking on a bailout
Written by Millan Chauhan.
Last week, we saw the third US bank seized by regulators since March with First Republic Bank being the latest casualty of higher interest rates and tighter monetary conditions. This marks the largest US banking casualty since 2008 and was driven by losses in their loan book combined with a run on their deposits. US interest rates currently sit between a target range of 4.75% and 5% and banks that have not been offering competitive enough deposit rates, in order to facilitate cheap loans, have been suffering outflows as savers transfer to money market funds paying higher rates. JP Morgan have since acquired First Republic’s deposits and a large proportion of its assets in a deal which was coordinated by the Federal Deposit Insurance Corporation. Jamie Dimon, JP Morgan CEO announced that they will not retain the First Republic brand but instead a large majority of the deposit base will move directly into their retail banking arm called Chase.
The fate of First Republic was outlined last week as they announced that $100 billion of deposits had been withdrawn in the first quarter of 2023, despite their deposit demographic being somewhat more diversified than the likes of Silicon Valley Bank and Signature Bank where deposits were largely derived from a more technology-focused client base. Under normal circumstances, JP Morgan wouldn’t be able to acquire a bank the size of First Republic for competition reasons, however these limits were waived in a bid to reduce further market stress and minimise losses. Some policymakers have criticised this acquisition made by JP Morgan since it has made the largest US bank even bigger and reduced competition further.
Elsewhere, companies continue to report their first quarter earnings and we saw the big US technology companies report last week whereby Artificial Intelligence (AI) was the big topic of conversation. Most of the technology names have implemented cost-cutting policies with thousands of layoffs being made, however they are investing billions as they aim to become market leaders in AI which they believe to enhance their long-term profitability. Meta, Amazon, Google and Microsoft stated the word “AI” a combined 168 times on their earnings call last week.
UK Government borrowing figures in the 2022-23 financial year, published on Tuesday by the Office for National Statistics, came in at £13.2bn less than forecast by the Office of Budget Responsibility, although, overall public borrowing rose compared to 2021-2022. This was mainly due to lower-than-expected public spending, despite the cost-of-living subsidies that have been provided over the year by the government. The lower-than-expected borrowing has given the Chancellor some breathing room and could give way to tax cuts later in the year in his Autumn Statement.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 2nd May 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Encouraging signs?
Written by Ilaria Massei.
Last week, equity markets ended mixed with the MSCI All Country World Index +0.1% (in GBP terms), following a week with a relatively light economic calendar. In the US, the weekly jobless claims’ report brought signs of growing weakness in the labour market, but investors appeared divided on whether to treat this as good news. Some viewed this release as a sign that the Federal Reserve might stop hiking rates whereas others viewed it as a further step towards an upcoming recession. Weekly jobless claims rose a bit more than expected and also continuing jobless claims, which measure unemployed people who have been receiving unemployment benefits for a prolonged period, rose well above market expectations, reaching its highest level since November 2021.
In Europe, we are starting to see signs of divergence within policymakers with regards to the decision of hiking rates. The minutes of the March meeting of the European Central bank (ECB) showed policymakers were split. The majority voted to hike rates, however, some members said they would prefer a pause until calm returns in financial markets.
In the UK, the annual UK consumer price growth in March slowed by less than expected to 10.1% from 10.4% in February, driven by surging food and drink prices. Data from the Office for National Statistics (ONS) indicated that wage growth also showed few signs of moderating in the three months through February. At the last meeting, the 0.25% interest rate rise was passed with seven in favour and two who wanted to hold rates still. However, these continued inflationary forces could lead the Bank of England to raise interest rates once more in its May meeting.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 24th April 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Biden and the UK economy both revisit old ground
Written by Chris Ayton.
While President Joe Biden enjoyed himself revisiting his heritage in Ireland, equity markets were also in a good mood with the MSCI All Country World Index +1.2% over the week. The UK equity market was even stronger, rising +1.9%. With incremental interest rate rises still expected, fixed income securities were generally more subdued as the Bloomberg Global Aggregate Index dropped -0.6% in GBP hedged terms over the week, although high yield bonds performed considerably better.
UK GDP growth data was released that showed the strike-impacted economy flatlining over February, but an upward revision to January’s growth figure means the size of the UK economy has finally surpassed where it was in February 2020, prior to the Covid pandemic. Sterling has also continued to be robust against the US Dollar, hitting a 10-month high of $1.2546 during the week, a level more than 20% above where it sat in the nadir of September last year.
In the US, better than expected Q1 earnings results from Citigroup, JP Morgan, and Wells Fargo eased some lingering concerns about the recent banking turmoil. Despite some signs of a softening labour market, US consumer sentiment also surprised on the upside, reigniting expectations of a further rate hike from the Federal Reserve in May.
China was a rare weak spot for equities, with MSCI China dropping -0.4% over the week. This was despite data showing export growth had surged 15% in March, driven by increasing sales of electric vehicles and their components as well as a surge in trade with Russia. With exports still a key component of China’s economy, the data provided some renewed hope that China can achieve the Government’s 5% GDP growth target for 2023.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 17th April 2023.
© 2023 YOU Asset Management. All rights reserved.
The World In A Week - Calm before the storm
Written by Chris Ayton.
Global equity markets trod water last week, with the MSCI All Country World Index ending the week down -0.2% in Sterling terms. MSCI Europe ex-UK fell -1.1%, with the FTSE All Share Index and the S&P 500 Index both dropping -0.4% but MSCI Emerging Markets was up +1.1% boosted by positive returns in China and Brazil. After years of neglect and disinterest, corporate governance improvements are leading international investors to revisit their allocations to Japanese equities and this helped MSCI Japan rise +1.5% for the week. However, the Japanese Yen remained weak ahead of the Bank of Japan meeting this week where, unlike all other major economies, it is expected to maintain its ultra-loose monetary policy. The Federal Reserve and the European Central Bank (ECB) also meet this week.
Last week the Organisation for Economic Co-Operation and Development (OECD) released its latest GDP growth forecasts for 2023 and 2024, predicting the global economy would expand by 2.7% in 2023 and 2.9% in 2024. Underlying that, it went on to predict the US will avoid recession, India will grow strongly (6% this year, 7% next year), and China will achieve its target of 5% GDP growth this year and next. However, it estimated the UK will only achieve 0.3% growth this year and 1% next year, although this is better than previous estimates. While this backdrop is certainly interesting, it is important to remember that economic growth does not equate to stock market returns.
In Europe, the EU’s statistics agency revised down the EU’s GDP growth to -0.1% for both the final quarter of 2022 and first quarter of 2023, meaning the Eurozone is technically already in a recession. This surprising news came on the back of Germany also announcing that it had fallen into recession. This data has brought into question the European Commission’s 1.1% growth forecast for 2023 and it will be interesting to see if the ECB starts to face any pressure to ease up on further interest rate rises at their upcoming meeting.
Data released by Halifax last week showed UK house prices registering their first annual decline since 2012, with average house prices in May sitting 1% below where they were this time last year. The Nationwide Building Society had earlier indicated an even greater annual decline. With Uswitch reporting the average 5-year fixed rate mortgage rate in the UK has now hit 5.59% and further interest rate rises expected going forward, this is clearly starting to impact price expectations for buyers and sellers.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 12th June 2023.
© 2023 YOU Asset Management. All rights reserved.