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wealth management > fixed income > intermediate

Investment Process client portfolio construction manager selection process client service Fixed Income cash management core fixed income active fixed income high yield tax-free ultra short duration Public Equity large cap value relative value small cap growth Our Professionals wealth management business development & client service fixed income research public equity research	Philosophy A disciplined sector allocation process provides the best opportunity to maximize the total return of an investment-grade fixed income portfolio. Active management within each sector can provide additional total return over a passive sector allocation strategy. Process Establish objectives considering factors such as return requirements, liquidity constraints, tax implications, risk tolerance and special considerations of each client. Determine strategic asset allocation or the long-term allocation to fixed income sectors. Specific sector weightings and interest rate risk targets are set at this time and are based on historical returns and volatility (risk), along with anticipated changes to long-term trends within each sector. Ascertain tactical asset allocation or short-term opportunities based on the current economic outlook and its impact on fixed income sectors, credit, liquidity, option risk and expected returns in each sector. Identify sector and interest rate risk overweights and underweights. Evaluate opportunities in each asset class to determine the optimal mix of securities within each specific sector. Ongoing Monitoring Portfolios are regularly monitored relative to the tactical asset allocation and client needs. This ongoing monitoring includes actual sector allocations versus the tactical allocation, changes in risk/return profile of sectors, portfolio characteristics versus the benchmark and performance attribution. Changes in market conditions or client needs can warrant a change in tactical allocation.		Quick Links -- please select -- Corporate Leadership Contact Us Media Center Sitemap Related Links Private Equity

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