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As we settle back in following a summer of volatility, the markets have struck a note of cautious optimism. This uptick promises to be more than a fleeting relief rally. There are nascent indications that the recovery in equity prices and Treasury yields are justified by fundamentals, and that investors have been too slow to adjust to a more positive narrative.
By Dec Mullarkey, Managing Director, Investment Strategic Research & Initiatives, SLC Management A tumultuous year for geopolitics in 2019, but risky assets held up. Expect more of the same in 2020.
By Peter Cramer, Senior Portfolio Manager, Insurance Asset Management After years of modest price rises, investors have become immune to inflation risk and are increasingly unwilling to pay the insurance premium to protect their portfolios. A return of above-target inflation could cause a sudden spur of volatility.
Markets are stressed and many investors are, too. The good news is our team believes that extreme volatility can also present opportunities.
We remain focused on helping insurers effectively manage risk, stay abreast of new developments and take advantage of opportunities arising from market dislocation and government programs.
Investment grade private credit is a capital efficient asset class that can offer investors the potential for excess returns, lower downgrades and defaults and provide a natural hedge for long-term liabilities.
While the outlook for the pandemic remains unclear, demand has been strong as investors remain attracted to the incremental yield and structural protections offered by investment grade private credit.
Markets are challenging. But there are solutions and opportunities that can help insurance companies manage asset risk and advance long-term investment objectives.
The persistently low rate environment has challenged all insurers’ ability to meet their return and income objectives while balancing the risk they take within their investment portfolios.
Yield and income remain critical components for U.S. insurers, and a reconsideration of their core fixed income portfolio should include serious conversations about investment grade private credit. In short, we believe it’s where the yield is.
Adding tax-exempt municipal bonds to a portfolio provides U.S. insurers with diversification into a higher rated asset class that typically performs well in a bear market and whose relative value increases under potential tax reform.
A global pandemic, massive wildfires and an unprecedented hurricane season: 2020 has demonstrated time and time again, the cost of ignoring material ESG risks is becoming untenable for insurers.
Book yield has continued to erode for many P&C insurers. They are desperately looking for new capital efficient investment strategies to help alleviate future income concerns against the backdrop of a “lower for longer” environment.
Our PM’s discuss the prospects of inflation and potential effects on U.S. markets.
Investment grade private credit continues to be seen as an attractive asset class. Year-in and year-out, throughout business cycles, and even pandemics. It can be a great diversifier in a portfolio, can demonstrate solid relative value and can benefit from covenants and structural protections.
Listen to Insurance AUM’s latest podcast, where SLC Management’s Andrew Kleeman and Crescent Capital Group’s Chris Wright and John Bowman discuss opportunities for insurers across the private credit spectrum.
Learn how the asset class performed in Q1, the outlook for Q2 and the three reasons why investment grade private credit can be more liquid than you might have assumed.
Successfully integrating ESG factors throughout a portfolio is even more critical as insurers and investors seek to sustainably achieve their risk-adjusted return and income objectives in today’s persistent low-rate environment.
Investment grade private credit has been a major investment theme for U.S. insurers of all types. The asset class can offer additional yield, diversification and risk charges similar to that of a public corporate bond.
Learn how the proposed changes to Risk-Based Capital charges are good news for life company real estate allocations.
Learn how the asset class performed in Q2, the outlook for Q3 and from where the yield advantage in investment grade private credit is derived.
Candy Shaw, Senior Managing Director, Deputy Chief Investment Officer at SLC Management, discusses diversity, equity and inclusion challenges in the asset management industry and what can be done to make meaningful progress.
Learn how the asset class performed in Q3, the outlook for Q4 and the three reasons why intermediate duration private credit is an overlooked opportunity.
After spending most of 2021 wondering if inflation would be transitory or persistent, consensus thinking as we begin 2022 is that it is here to stay. With insurers likely to feel the pain on both sides of their balance sheets if inflation remains elevated, it’s no surprise that this topic is top of mind for insurance investment staff as they assess how to position their portfolios in preparation of this growing threat.
Learn how the asset class performed in Q4 2021, the outlook for Q1 2022 and how issuance and new buyers were key trends in 2021, and our thoughts on the market in 2022.
Recent proposals from the Securities Valuation Office (SVO) aim to bring additional scrutiny to the ratings of private credit securities. While implementation of any new regulation is still someway off, we don’t believe the proposals will end up impacting traditional private placements.
BentallGreenOak discusses the decline of the pandemic and resultant economic expansion; digitization and technological disruption; demographics, labor, and housing affordability; and how all these forces are driving and disrupting the real estate space.
In the midst of economic transition, investors continue to seek out private credit for its attractive risk-return profile, consistent yield premium to public fixed income markets, and low default rates. What does this period of change and volatility mean for a private credit manager? And what should investors be on the lookout for when evaluating private credit opportunities in today’s market?
The search for yield and diversification has made real estate an increasingly popular alternative asset class for insurers.
About SLC Management
SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate.
Sun Life Capital Management (Canada) Inc. is a Canadian registered portfolio manager, investment fund manager, exempt market dealer and in Ontario, a commodity trading manager. Sun Life Capital Management (U.S.) LLC is registered with the U.S. Securities and Exchange Commission as an investment adviser and is also a Commodity Trading Advisor and Commodity Pool Operator registered with the Commodity Futures Trading Commission under the Commodity Exchange Act and Members of the National Futures Association.
BentallGreenOak, InfraRed Capital Partners (InfraRed) and Crescent Capital Group (Crescent) are also part of SLC Management.
Bentall Green Oak is a global real estate investment management advisor and a provider of real estate services. In the U.S., real estate mandates are offered by BentallGreenOak (U.S.) Limited Partnership, who is registered with the SEC as an investment adviser, or Sun Life Institutional Distributors (U.S.) LLC, an SEC registered broker-dealer and a member of the Financial Industry Regulatory Authority (“FINRA”) . In Canada, real estate mandates are offered by BentallGreenOak (Canada) Limited Partnership, BGO Capital (Canada) Inc. or Sun Life Capital Management (Canada) Inc. BGO Capital (Canada) Inc. is a Canadian registered portfolio manager and exempt market dealer and is registered as an investment fund manager in British Columbia, Ontario and Quebec.
InfraRed Capital Partners is an international investment manager focused on infrastructure. Operating worldwide, InfraRed manages equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners Ltd. is authorized and regulated in the UK by the Financial Conduct Authority.
Crescent Capital Group is a global alternative credit investment asset manager registered with the U.S. Securities and Exchange Commission as an investment adviser. Crescent provides private credit financing (including senior, unitranche and junior debt) to middle-market companies in the U.S. and Europe, and invests in high-yield bonds and broadly syndicated loans.
Securities will only be offered and sold in compliance with applicable securities laws.
The content of this website is intended for institutional investors only. It is not for retail use or distribution to individual investors. All investments involve risk including the possible loss of capital. This website is for informational and educational purposes only. Past performance is not a guarantee of future results.
The information contained in this website is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. Investors should consult with their professional advisors before acting upon any information contained on this website. The assets under management (AUM) represent the combined AUM of Sun Life Capital Management (Canada) Inc., Sun Life Capital Management (U.S) LLC, BentallGreenOak and InfraRed Capital Partners.
UK Tax Strategy - InfraRed (UK) Holdco 2020 Limited
InfraRed (UK) Holdco 2020 Ltd is the UK holding company of InfraRed Partners LLP and a subsidiary of Sun Life (U.S.) Holdco 2020 Inc, which has its headquarters in the U.S. The company was incorporated to purchase InfraRed Partners LLP and acts solely as a passive holding company. The Tax Strategy for the InfraRed Holdco Group sets out our approach to the management of InfraRed Holdco Group UK tax affairs in supporting business activities in the UK.
This UK tax strategy is published in accordance with the requirements set out in Schedule 19 of Finance Act 2016. The strategy, which has been approved by the Board of Directors of InfraRed (UK) Holdco 2020 Ltd, is effective for the period ending 31 December 2021. It applies to InfraRed (UK) Holdco 2020 Ltd and its dormant subsidiary Sun Life (UK) Designated Member Ltd, referred to as the “InfraRed Holdco Group”. InfraRed Holdco Group.