news reviewcommentanalysis · 2013. 9. 20. · make things; bentley are investing £800m as they...

AUTUMN 2013 • I S SUE 7

NEWSREVIEWCOMMENTANALYSIS

PACIFIC CLIENTSFUSION GLAZING

HAS GRAND DESIGNS

PACIFIC IN AFRICAHUGH MAY JOINS

THE BUSH HOMEOPATHS

FEATUREINVESTING v SAVING –IS THERE A DIFFERENCE?

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NEWSREVIEWCOMMENTANALYSISN

This issue’scontributions

Jon O’SheaHaslers Accountants

Jim SawyerThrings Solicitors

Guy FosterBrewin Dolphin

Hugh MayPacific IFA

James ClarkAXA Wealth

David LoaringPacific IFA

Ainslie McLennanHendersons

Daniel HarwoodConsort Insurance

10 WAYS TO PAY LESS TAX

Ten top tips for business owners from Haslers Accountants

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DON’T GIVE AWAY THE FAMILY HOME

Thrings Solicitors provide some practical advice on how to keep your home

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GRAND DESIGNSThe fascinating story of how one of ourclients featured in the 100th episode ofGrand Designs

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FEATUREINVESTING VS SAVING

Expert commentary from leading discretionary fund managerBrewin Dolphin

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OUT OF AFRICAPacific’s Hugh May goes to Gambia

with the Bush Homeopaths

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SNEWSREVIEWCOMMENTANALYSIS

Comments fromthe Editor:In our Autumn edition of PacificFocus we offer you an eclectic mix ofbusiness topics, financial insight,health and the environment as wellas a poignant article on Africa andit’s children.

Hugh May, one of Pacific’s wealthmanagers, went to Africa recentlywith the Bush Homeopaths to lend ahelping hand. His experiences areboth fascinating and at the sametime very sobering when you seefirst hand how many people livetheir daily lives.

Most of us are familiar with KevinMcCloud and the TV programmeGrand Designs. Do you rememberthe episode of the Lambeth WaterTower conversion? One of Pacific'sclients provides a fascinating insightinto their involvement in thisremarkable home conversion.

There’s articles on investment, sleep,the insurance industry and even achance to win a bottle of bubbly inthe Pacific Champagne Crossword.

I always enjoy receiving feedbackfrom our readers so please let meknow what you think of our Autumnedition.

Andrew GarridoPublishing Editor

[email protected]

TRANSPARENTINSURANCE

Consort Insurance give us some insightabout the insurance industry

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AVOIDING THE PITFALLS OF INVESTING

Leading financial analysts Architas look into the psychology of theinvestment process

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Why do some find it so hard to sleep, while others are desperate to stay awake?

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PACIFIC CHAMPAGNECROSSWORD

Your chance to win a bottle of Taittinger

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FIRM INCOMEFOUNDATIONCity investment group Hendersons look atthe commercial property market

IS SLEEP A LUXURYOR NECESSITY?

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• Pacific News

There is good news and bad news for theworld economy – as ever, commentatorsare divided on whether the glass is halffull or half empty…

The price of gold has been steadilyfalling since its peak of $1,900 an ouncein August 2011. It recently stood at lessthan $1,250 – which surely heralds aworldwide return of confidence. After all,gold is traditionally held as a hedgeagainst economic uncertainty anddownright financial Armageddon.

Then again, maybe the G20 group ofcountries are warning that more andmore global multinationals are paying notax as they have skipped nimbly from onefinancial jurisdiction to the next. Nevermind the price of gold, surely someone,somewhere has to pay some tax…

For now, the major stock markets arefairly relaxed about that prospect andthey at least decided that the glass is halffull. Nearly all the major markets are up,with the UK and France leading the waywith recent gains of 7%.

UK house prices are also doing well, withfigures confirming that prices are risingat their fastest rate for three years, withfirst time buyers at a six year high. Manyexperts put this down to the Chancellor’s‘help to buy’ scheme which – it has to besaid – has not been entirely welcomed.Albert Edwards, head of global strategyat Societe Generale, said that the schemeis artificially inflating house prices and is“one of the most stupid economic policiesfor the past 30 years.”

Back in the ‘real’ economy where peoplemake things; Bentley are investing£800m as they prepare to launch an SUVthat will compete with the Range Rover.It is estimated that the project will create1,000 jobs.

Barclays did rather spoil the party moodby asking their shareholders if theyhappened to have £6bn lying around tofix the awkward hole in the balancesheet caused by the Bank mis-selling PPI.Any takers from our large pool of PacificFocus readers?

Yes just what we thought ... •

Market Update

4

George Alexander Louis finally arrived on July 22nd 2013. All mycolleagues at Pacific IFA and I would like to offer our warmest

congratulations to the Duke and Duchess of Cambridge at the birth oftheir first born son.

Of the three names given to the future heir, it is the significance of thethird that is most obvious. Louis immediately makes one think of LouisMountbatten, uncle of Prince Philip and last viceroy of India, who waskilled in a bomb attack on his yacht.

Financial commenters have estimated that his birth was worth £243m tothe UK economy. This rather exact figure was based on sales ofchampagne, Union Jack dummies and ‘I love Uncle Harry’ bibs. Clearly no-one’s life is complete without this last item!

Wimbledon brought us even more good news to celebrate with AndyMurray’s championship win. Andy’s long awaited victory ended Britain's77-year wait for a men's champion with a hard-fought victory over worldnumber one Novak Djokovic. But once the celebrations are over, attentionwill quickly turn to whether Murray's win can be used to inspire a stepchange for tennis in this country.

There’s no questions that Andy Murray has given tennis an incredible opportunity which I hope future generations will benefit from.

I hope you enjoy our Autumn edition of Pacific Focus,and if you have questions which have been raised by any of the articles featured in this edition, please do not hesitate to contact me personally or speak with your Pacific wealth manager.

e.

Mark PentelowChief Executive Officer

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• Pacific Lifestyle

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Knowing whatmakes our clients

tick is onlyhalf the story.

Expert advicefrom Pacific IFAcompletes the

picture.

www.pacificifagroup.com

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• Pacific Partners

When you’re running a business it’s easy to get caughtup in the day to day events. Stock control, dealing withcustomers, generating new business, staff problems…The list can be endless. Unfortunately, concentratingon the day-to-day often means that you lose sight ofthe bigger picture – and a vital part of that is making

sure your tax affairs are arranged asefficiently and effectively as

possible.

No one wants to paymore tax than they

need to, so in a bid tohelp you do that, Haslers

would like to provide youwith their top ten tax

saving tips for anyonerunning a business.

10Ways Business

Owners Can Pay Less Tax

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Jon O’Shea –Partner 7

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First of all take account of what you bringinto the business. It might be a computer, aphone, or office furniture. The value of theseassets could be extracted on a tax-free basisin the right circumstances.

Secondly, try and set up your business withthe most tax effective structure – we’ll behappy to advise you on whether you shouldtrade as a sole trader or a limited company,and we’ll happily talk you through theadvantages and disadvantages ofpartnerships and limited liabilitypartnerships.

It’s a basic business principle but make sureyou keep accurate records – it’s absolutelycrucial where your tax affairs are concerned,especially when it comes to claiming thevarious tax reliefs available.

Keep up to date with HMRC’s rules andregulations as well. Sadly the penalties fornon-compliance are becoming ever moresevere – and if you do find that you can’t payyour tax bill at any time make sure youcontact the Revenue’s business paymentsupport service, before they contact you.

If you’re using your home as an office makesure that you claim the maximum amountpossible. We’ll help you decide whether toclaim the flat weekly rate, or a percentage ofall your running costs (which can includeyour mortgage interest).

If you’re registered for VAT (the thresholdfor tax year 2013/2014 is £79,000) look atwhether the flat rate scheme may be betterfor you. In many cases this can lead tosignificant savings.

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Make sure you keep your pension planningunder review. Despite some tightening of therules there are still some very generousreliefs available on pension contributions,with tax relief given at your highest marginalrate on contributions up to £50,000. PacificIFA would be happy to answer any pensionqueries that you may have.

Most people running a business know thisone, but make sure that you use theallowances for your spouse if they are notused elsewhere. This applies to both incometax and capital gains tax, and as with allthese allowances we’ll happily explain thebest way to use them.

If you can, take advantage of the AnnualInvestment Allowance. This was recently increased by the Coalition Government andyou can currently claim 100% allowance onplant and machinery up to £250,000.Virtually all businesses are eligible for thisallowance.

Finally, remember to look at the most taxefficient arrangements for your companyvehicles: again, we’ll be able to advise you onthe pros and cons of all the differentmethods of buying and using vehicles. Itgoes without saying that those vehicles withvery low CO2 emissions can be extremely taxeffective.

There you have it: ten ways to hopefully help you pay less tax.If you would like any more details on any of the ten pointslisted above then don’t hesitate to contact us

E-mail: [email protected] line: 020 8418 3322Direct fax: 020 8418 3334

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Steve MartinWealth Manager

With over 20 years industry experience, we are verypleased to welcome Steve Martin to Pacific as a Wealthmanager.

Outside of work Steve has 2 daughters who are very keen'street' dancers which means him travelling around thecountry supporting them in competitions.

Steve specialises in pensions, IHT and investmentplanning and has a great deal of experience inadvice ranging from ISAs to discounted gift schemetrusts and loan protection to SIPPs and SSASs. Steve will be working from our headquarters in EastHanningfield.

• Pacific People

Welcome on board!

“ ”Pacific IFA stood head and shoulders

above the other IFA firms

I considered joining

Daniel RobinsParaplanner

Daniel has recently joined Pacific IFA as a paraplanner.He brings with him over 7 years’ of experience with-inthe financial services industry, from his previousemployers RBS, Santander and Broadstone Pensions &Investments.

Daniel has already achieved the Certificate in FinancialPlanning and is now at the latter end of completing aDiploma in Regulated Financial Planning. Daniel willalso further his education by working towards Charteredstatus and aims to become a Wealth Manager with-in thenext few years.

Outside of work he enjoys socialising with friends, eatingout, jogging, playing football and spending time with hiswife and his four cats!.

“ ”I needed to further my career in financial services,

so Pacific was the obvious choice

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• Pacific Events

A Day at the Races

Lisa Dooley of Brewin Dolphin has recently givenbirth to Isabelle or Izzy as she is nowaffectionately known.

Pacific Focus wanted to make sure that shewas properly dressed for her first appearance inour client magazine, so she is wearing thevery fashionable ‘Pacific Dribbler’ baby grow.Congratulations Lisa on the arrival of yourfirst born.

Pacific Dribbler

100 miles ofcycling and Matt’s

still smiling!

Pacific’s Matthew Newsome is shown hereafter completing the Prudential 100 milecharity cycle race. He started at the Olympicpark and finished 7hrs 2mins 6 seconds laterat the Mall in London.

The Lauren Page Trust is a charity set up toraise money to further the work of ObstetricPhysicians who deal with women withproblems during pregnancy which oftenresult in premature births.

Matthew managed to raise £450 for thecharity. If you would like further informationabout the Lauren Page Trust please contactClaire Urie at [email protected] visit their website atwww.laurenpage.org.uk

It was truly a day at the races at a recentAscot charity event where the British weatheractually managed to match the racing fora change.

Pacific’s Mark Pentelow, Katie Mundell andIan Wood couldn’t resist this celebrity shotwith TV presenter Claire Balding. SuzieFogarty of Zurich completes the glamorousgroup of five.

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• Pacific Legal

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Don’t Giveaway the

Family Home

For many, the family home istheir most valuable asset; it’salso the asset to which there

may be a unique emotional tie.

There may be a strong desire topreserve the home for the nextgeneration of the family, despitethe truth that our children’sattachment to the family home isnowhere near as great as ours,there’ll rarely be a desire on thechildren’s part to live there, andnor will it in most cases beconvenient.

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Firstly, given that financial security in old age ismuch more important than mitigatingInheritance tax, the capital released might beuseful in taking the edge off financial worry,especially if pension income is inadequate.

The second is to borrow money on the securityof the house (not necessarily by way of “equityrelease” but that’s one option) and give away themoney. The debt will be allowable for taxpurposes on death and the gift of money will fallout of account if you survive beyond seven years.The tax advantages need to be balanced againstthe costs of borrowing and it is, of course thecase that while tax savings will have beenachieved, the house itself will probably need tobe sold on death to repay the borrowing.

Where inheritance tax isn’t an issue, the desiremay be to take the house out of the “assessablecapital” equation for the calculations ofcontribution to nursing home fees in the future.Even if the gift is made a long time before theneed for care arises, it’ll be hard to convince thelocal authority that there was an alternative,sensible, motive for giving away the family home.

Accordingly, the contribution to fees will beassessed on the basis that the house remains“notional” capital.

And, once other resources have been exhausted,the Local Authority will be more than preparedto make an elderly person bankrupt and seek toset aside the gift.

As important to the nursing home fee issue isthe fact that the elderly person will no longerown his own home.

He will be in a precarious position. The child towhom the house is given may be entirelytrustworthy – it might be inconceivable that hewould ever sell Mum and Dad’s house fromunder them. But if he goes bankrupt, his trusteein bankruptcy will have no such qualms. If hegets divorced, the value of his parents’ homewill be an asset taken into account. If he dies,unexpectedly, perhaps without a will, and hisestate is held by trustees for his infant children,the trustees may have a duty to sell the house.

And, in any event, when the house is sold, anyincrease in value will be liable to Capital GainsTax whereas, in the parents’ hands, as theirmain residence, it was a Capital Gains Tax freeasset.

The importance of the family home, both interms of value and emotional attachment, infinancial/tax planning cannot beunderestimated. Perversely, such importancemay entirely preclude the family home frombeing the subject of any specific action if therisk of a potentially disastrous end-result is tobe avoided.

If you would like further information onsafeguarding your family home please contactyour Pacific IFA wealth manager on01245-403500

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• Pacific Global

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MAKING ITPacific Focus asked Guy Foster, Brewin Dolphin’s Head of Portfolio strategy

for his view on the changing dynamics of the manufacturing industry. Which ones are truly emerging and which ones are in decline?

Toyota is locating afacility in Kentucky.

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Emerging markets have a natural allure forinvestors. This stems from the perceived wealth ofriches that they hold compared to the staid and

stolid developed world. Some have gone as far as tosuggest that former members of the rich nations club,particularly Greece but arguably one day Spain and Italy,could be considered to be emerging markets and, on thebasis of credit ratings, some peripheral European stateshave seen their debt fall into emerging market bondindices. The idea that a state can recede into emergingstatus makes it one of the investment world’s morefarcical misnomers. But then Argentina, which arguablyhas been emerging for around a century, has recentlybeen dropped from emerging market indices havingtaken significant backward steps in its global integration.These have included refusing to honour internationalcourt decisions, providing false inflation data andnationalising, or confiscating, a 51% stake in Argentineanenergy producer YPF from its Spanish parent Repsol.

The risks of such errant states may one day dissipate, butthose declaring that the emerging markets have entered anew paradigm of safety are being careless, orindiscriminate, or possibly both.

Emerging markets have been one of the key drivers ofeconomic returns over recent years. Much of the resourcedemand, and commodity growth, of energy or mining-focussed equities in the UK equity market originates fromthe emerging markets. Most western companies havebenefited to some extent from off-shoring theirmanufacturing, or some other aspects of their supplychains, to an emerging market.

But the really attractive emerging market theme is that ofselling western brands and services into the expandingemerging population. Brands and intellectual propertyare the most valuable assets of companies preciselybecause they can be leveraged aggressively. The aspirationof the emerging middle classes in developing marketsallows western companies to distribute establishedbrands such as Hennessey cognac and Lipton’s tea toever growing markets.

Beyond companies, the emergence of these new markets,particularly China, has driven down the cost ofmanufactured goods in the western world, contributing tothe great moderation of inflation in the 1990s. The benefitof the great moderation was, however, somewhat mixed inthe sense that many manufacturing and blue collar roleswere rendered structurally uncompetitive by cheaperlabour overseas.

The off-shoring drive gradually built a structural surplus oflow-skilled labour in so-called rich countries as themanufacturing base was hollowed out. This added to thecontinuing bifurcation of wealth in many markets(particularly the US).

Much changed in the 2000s. First, because emergingmarket growth placed upward pressure on food and(particularly) energy prices, but also because tighteninglabour markets in many of the first tier of emergingmarkets led to rising wages and higher export costs. Theimported deflation of the great moderation has thereforeswitched to become an inflationary influence a decade orso later.

Before bemoaning the apparent secular shift to anenvironment of weaker growth and higher prices it isimportant to consider all the ramifications of the decline ofthe emerging markets. In some cases, for example, the risein Chinese wages has led to further “re-off-shoring” fromChina to less mature markets such as Vietnam andIndonesia so deflationary pressures still exist.

Furthermore, however, we have written many times aboutthe recovery in western (and particularly US)competitiveness. This stems from the medium-term declinein the relative value of the dollar, but also the slow growthof US wages compared to those in markets such as China.The rise in energy prices, meanwhile, has rather hinderedthe centralised manufacture-and-distribute businessmodel of the emerging markets by increasing thedistribution costs. Together these factors have enhanced

Airbus is building a plant in Alabama.

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• Pacific Global

14

the case for manufacturing close to the end market –among emerging market investors this has created ameaningful buzz about opportunities in Mexico. But lessintuitively, the manufacturing industry is moving back tothe US in what is termed on-shoring or more poetically:the American industrial renaissance.

In addition to eliminating or reducing transportation costs,the competitiveness gains the US has received also offersmanufacturers cheaper power for manufacturing. Americais one of the cheapest producers of electricity in the worldby virtue of having both developed market infrastructureand, one might almost say, developing market naturalresources.

The shale gas revolution which the US has enjoyed meansthat natural gas in the US is one third of the cost in rivalEuropean or Asian economies. US gas costs just $3MBTUcompared to $15MBTU in Japan. Recent weakness of thedollar versus the yen, of course, amplifies this energynoncompetitiveness. Even closer to home, Mexico’selectricity prices are thirty percent above those in the USbecause of the efficiency of the US energy infrastructure.

The combination of plentiful un-unionised labour and lowgas prices make the US the new favourable location for themanufacture of technology and energy intensive goods – apoint exemplified by the location of new plants by a widerange of different manufacturers. Airbus is building a plantin Alabama, Samsung are manufacturing in Texas andApple has announced they will shift some manufacturingof Macs to the US.

If we were to categorise emerging markets based, stricitly,on whether they were on the up or on the wane then the

southern states of America might demand a place inseveral indices. The advantages they offer in terms of richsources of natural resources and non-unionised,competitively priced labour are reminiscent of theemerging market presentations of old – with the addedadvantage of being located within the largest internalmarket in the world.

While there are clearly some meaningful events on thehorizon, the market should have reasonable capacity toabsorb these given the stronger state of growth andreduction in tail risks. The disappointing fourth quarterGDP figures contained gems such as improved trade data.Furthermore the drag of inventory depletion on last year’sGDP numbers bodes well for the start of 2013.

Rebuilding inventories during the current quarter, sharplyhigher payroll growth and the wealth effect of the risingUS housing market are starting to make the sequester cutsappear digestible. Once the political impact of thesequester headline has registered, its provisions may, ofcourse, be supplanted by a more measured cost reductionplan.

We have a below consensus view of Chinese headlineeconomic growth, but that does not conflict with ourpositive view on the wider region. Many Asian exportersare among those befitting from the changing competitivelandscape by relocating facilities to the southern states ofthe US and will see their bottom lines benefiting from themove. That includes Toyota who, after a history ofsteadfastly building their cars on the structurallyuncompetitive Japanese mainland, are now locating afacility in Kentucky, a contrarian indicator for the yen ifever there was one!

“ ”The manufacturing industry

is moving back tothe US in what is termed

on-shoring or morepoetically: the Americanindustrial renaissance.

Guy FosterHead of Portfolio Strategy.

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• Pacific Lifestyle

15www.pacificifagroup.com

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People are changing their financial behaviours anddeveloping more positive money habits to managetheir money. This is evidenced in the findings of a

major new study published in August 2013 by the MoneyAdvice Service (MAS). However, the report also reveals thathalf of UK adults struggle to keep up with their bills andcredit commitments. This figure is up from one in three in2006.

The MAS report, ‘The Financial Capability of the UK’, points toevidence of how millions of people are adapting to deal withtough economic times and working hard to manage theirmoney. It adds that despite people being understandablyanxious about their finances, the evidence also shows howpeople have, over the past few years, become more carefulwith their money and more suspicious of financial scams.

For example, two in three respondents agreed that they were‘very organised when it comes to managing money’. Peopleare also checking bank statements more carefully – over halfof the adults surveyed said that they regularly check allincomings and outgoings on their bank statements to keeptrack of their money.

Two out of five look for suspicious transactions. Furthermore,almost nine out of ten adults now say they are saving.

Everyone needs to make the most of their money so that,regardless of life’s ups and downs, they are not on the backfoot but can reach their life goals.

If you need help with any aspects of financial planning ormoney management then please speak with your Pacificwealth manager.

Source: Published on August 12th, 2013 in Content Library, Financial Planningwww.moneyadviceservice.org.uk

Are wegetting anybetter atmanagingour money?

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• Pacific Client’s

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GRANDDESIGNSLambethWater Tower

Pacific IFA wealth manager Ian Wood, who also happens to be gracing our front cover of Pacific Focus,

asked his client Adam Yost of Fusion Glazing Systems for the lowdown on a very interesting story. Apparently Adam’s company came to the rescue

recently in a Grand Design build which was being covered by Kevin McCloud.

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Fusion Glazing Systems were already appointed to supply andinstall the large Panoramah minimal frame doors. But weresuddenly offered an almost impossible task to turn around all

the rest of the glass for the building to save this project.

Built in 1877 as part of the Lambeth Workhouse and Infirmary,where Charlie Chaplin once lived, the tower was a derelict relicwhen it was bought by Leigh Osborne and his partner GrahamVoce in 2011. The Grade II listed tower in Kennington, SouthLondon was put on the market for £6.5m in April this year.

The nine-story Venetian Gothic-style tower cost the couple just£380,000 to buy but they spent over £2m converting it into anextravagant dream home.

An episode of Channel 4’s Grand Designs followed the pair as theyadded a three-story glass cube to the back of the tower, whichprovides the main living space, while the tower itself became hometo rooms including four bedrooms, a gym, study and dressingroom, all accessed via a lift.

The property now boasts the largest sliding doors in the UK andastounding 360 degree views across London from an eighth-floor“prospect room”, created from the old cast iron water tank itself.

Kevin McCloud, the presenter of Grand Designs, described thefinished product as a "jaw-dropping showstopper”.

Needless to say with an enormous effort and well organised teamwork, Fusion Glazing Systems managed to achieve lead times anddeliver this project successfully. But the real star of the show mustbe the unique minimal frame, Panoramah sliding doors.

The PANORAMAH! minimal frame window sliding door system, is aslim line door system that can achieve a totally recessed frame –flush head jambs and floor threshold. Supplied and installed byFusion Glazing Systems. Fusion is based in Northolt, but servesLondon down to Brighton including the Home Counties,Buckinghamshire, Berkshire – South East England.

With slim mullions of only 20mm and a unique double bearingtrack system there is no other slim frame system which can achievethe size which Panoramah! can achieve. Large glass sliding doorsweighing up to a ton will slide smoothly and easily on the bearingtrack system, if preceded by a crucial professional installation whichFusion Glazing Systems has perfected since Panoramah! wasdeveloped.

Fusion Glazing Systems is the appointed supplier and installer in theUK of all Panoramah! slim frame window systems.‘’While traditional window systems use glass as a filler and theframe as a structural support, we work with the intrinsiccharacteristic of glass and give it the function of a self-supportingelement, free to slide within a frame with no constraints regardingits dimensions.’’

‘’Our PANORAMAH! system of sliding windows also meets themost stringent technical requirements, providing guaranteedthermal insulation, and excellent water tightness. There is no limiton the number of casements; they can be motorised or manualsliding, and full opening angles are one of the details we have

completely mastered. What is more, it is possible to design windowsystems with up to 4 rails.’’

The size of the casements is limited by the sheets of glass availableon the market: Up to 12m². The maximum height achievable is6000mm.

Fusion Glazing Systems is the high end residential arm of the longestablished Northolt Glass Architectural Glazing Company whosupply bespoke glass structure, windows, sliding doors, pivot doorsand curtain wall glass.

When the water tower’s appointed glass supplier failed to deliver, the project was in realdanger of missing all the deadlines, including the epic 100th episode of Grand Designs’scheduled screening. Fusion Glazing Systems needed to supply glass balustrades, bespokecurtain wall glass, shower screens and of course Panoramah – the famous minimal frame,large sliding doors.

About Fusion Glazing

Fusion Glazing Systems focus on and specialise in providingcontemporary and elegant glass and aluminum solutions.Together with their sister company – Northolt Glass CompanyLimited, they have been established for over 35 years duringwhich time they have built an excellent reputation forconsistently producing high-quality workmanship and workingwithin project programs and budgets.

Fusion Glazing Systems was created to focus exclusively on thehigh end domestic market to ensure that our customers get thelevel of service and attention that they need to realise theirdream home.

Their in-house CAD design team and technical department havea wealth of experience and assist architects, designers andclients in the detailing and design, whether standard orbespoke.

For further information contact Adam Yost on Tel: 01895 206655 / M: 07711 462542E: [email protected]

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• Pacific Investment

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To save for the future or to invest – what’s thedifference? A sizeable amount of money at the end ofyour chosen timeframe, very possibly. But there are

many factors to ponder when deciding whether you want toincrease or chiefly preserve your capital.

While investing and saving have related goals: to make yourmoney grow, there are crucial differences. Investing worksyour money harder – it is perhaps like a boxer being in topshape, but they can take a tumble every so often if they’re notcareful.

Saving is like a boxer who turns up but sits out a series ofbouts – they win by default and only gradually accumulateprize money, but they go home without any bruises.

Both routes to growing your money have merit. It justdepends whether you want your money to sweat a little, withthe prospect of higher growth, or whether you wish to take amore passive approach – as long as you realise the potentialhazards of leaving your funds idle.

Investing vs saving – who wins over the longer term?

If you invest in shares, for example, they will usually do betterthan cash (eg, savings in a deposit account) over the long term– a statistic that holds up through all the peaks and troughs ofthe last century. If an ancestor of yours invested £100 in theUK stock market in 1900 it would have been worth a joyful£22,239 in real terms (income reinvested) by 2011, while cashwould have given you a fairly gloomy£274 over the sameperiod in real terms (source: Barclays Capital).

You don’t have to invest across generations for this hypothesisto hold true. From 1945 using the same criteria, £100 in UKequities would be worth £4,027, while cash would havereturned £190. And if you hold shares for 10 consecutive yearsthe chance of them outperforming cash stands at 90%. Ofcourse, there is the risk that equities will stumble through aparticularly barren spell – if you were unfortunate to invest inthe wobbly UK stock market only from 2000 to 2010, youwould have actually lost money in real terms due to thenegative effects of fees and inflation.

PACIFIC LOOKS AT WHY IT PAYS

TO PUT YOUR MONEY TO WORK

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So beware: while saving your money and letting it earninterest is certainly safer (plus UK bank deposits areguaranteed up to £85,000 per account) your capital’s realvalue can be diminished by prohibitive inflation (soaring food,utility and transport bills). Therefore, it may be sensible tomake at least a portion of your capital work harder, especiallywhen returns from savings struggle to give you decent returnsdue to low interest rates.

Think ahead to help you decide what’s best for your money

Before you decide what’s best for your money, it’s worthfiguring out for how long you want to invest (or save), the levelof risk you are prepared to take and what are your goals. Forexample, if you are planning for your retirement you need tothink long term, but if you are merely preparing for aChristmas spree, you may be advised to stash some away in abank account.

But assuming you are in it for the long haul (say, for educationor a pension), what’s the best solution? While saving iscertainly safer, how much you get back might not adequatelyprepare you for excessive expenses. Equities, on the otherhand, may lose some or all of their value – but on average theycould give you returns that will meet your future demands.

Many investment specialists advocate that you take a diverseapproach by investing in a wide range of areas to minimiserisk. Investment funds (such as OEICs and investment trusts)are often touted as giving your money the diverse home itneeds (they usually invest in 50, 70, 100 companies or more).But you should look further: not just at stocks, but cash,property, bonds, commodities and exchange traded funds(ETFs) – to give you a decent buffer from topsy-turvy single-market events.

Investing in a combination of areas makes sense becausedifferent investments offer different returns at different times.For example, sometimes the UK stockmarket might do well onthe back of strong company profits, while at other timesemerging market bonds may thrive in rapidly expanding Asianor South American economies. The key is to have the rightquality of investment knowledge and research facilities at yourdisposal to help you make decisions that could make ameaningful difference to your portfolio. In conclusion, whilethe statistics clearly show that investing your money in thestockmarket will outperform deposit account returns over thelong term, it is still wise to spread your money around –especially with persistent uncertainty in the eurozone, the USand China (and let’s face it, almost everywhere).

In view of this you may also want to consider drip-feedingyour money into your portfolio over time to avoid mistimingentry into the market and so you can buy more shares in afalling market with regular investments.

This article is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and if you haveany doubts as to an investment’s suitability then you should contact us or your financial adviser

Real investment returns by asset class (% pa)Last 2011 10 years 20years 50years 112 years*

Equities -7.8 1.2 4.8 5.3 4.9

Gilts 5.8 3.9 5.9 3.1 1.3

Corporate Bonds 1.6 1.6 - - -

Index-Linked 14.4 4.0 5.0 - -

Cash -4.1 0.2 2.1 1.6 0.9

Equity performanceNumber of consecutive years 2 3 4 5 10 18

Outperform cash 74 76 78 80 93 94

Underperform cash 37 34 31 28 10 1

Total number of years 111 110 109 108 103 95

Probability of equity outperformance 67% 69% 72% 74% 90% 99%

Outperform Gilts 76 82 82 80 81 84

Underperform Gilts 35 28 27 28 22 11

Total number of years 111 110 109 108 103 95

Probability of equity outperformance 68% 75% 75% 74% 79% 88%Source: Barclays Capital “ ”

Beware: while savingyour money and

letting it earn interestis certainly safer, yourcapital’s real value

can be diminished byprohibitive inflation.

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• Pacific Charity

20

Written and contributed

by Hugh May

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Iwas introduced via a friend to Sameena,founder and trustee of The BushHomeopaths. Immediately we found

common ground in that we both help people,Sameena via her role as homeopath and mefinancially.

After much discussion, I was introduced to TheBush Homeopaths’ charity and its ethos andobjectives for the people of Gambia. I hadalways been keen to get involved with a'ground roots charity' where every penny goesto the cause, and is not ‘lost’ or diverted tosalaries or administration costs. Sameenaexplained they take two non-homeopathvolunteers each trip, so I signed up there andthen and began planning my trip for May 2013.

Fully committed, I was looking forward to the trip, not forthe fact it was just me with nine women that were going,but for the experience of meeting with Gambians, whohad never ever seen a white person before, especially oneas strange as me!

The Gambia, located on Africa’s west coast, is the smallestcountry on the continent and one of the poorest. It isalmost completely surrounded by Senegal except for ashort strip of Atlantic coastline on its Western end.

Gambia itself is bisected by the river Gambia, the nation’snamesake, which flows through its centre and emptiesinto the Atlantic Ocean. It covers 11,295 km with anestimated population of 1.791 million, which is served byonly 70 doctors (0.038/1,000 compared to UK 2.74/1,000).About a third of the population lives below theinternational poverty line of £0.80 per day.

The Bush Homeopaths are UKbased qualified homeopaths who assist a number ofGambian communities to improve their health throughhomeopathic treatment.

Since January 2010, The Bush Homeopaths have runtwice yearly free mobile homeopathic clinics, operating inseveral locations on both sides of the Gambia river,treating a wide variety of conditions.

All the trips are self-funded and all donations are used forremedies, transport, translators and whatever is needed inorder to treat as many people as possible. The BushHomeopaths treat between 1,000 – 1,500 people on eachtrip.

In 2012, ‘The Bush Homeopaths registered as a charitywith the UK Charity Commission, undertaking to treatGambians with homeopathy as well as stating the longterm goal of providing education so that Gambians canbecome more self-sufficient as regards to homeopathy.Wide ranges of conditions are treated – from scabies,conjunctivitis, worms, bed-wetting and female complaintsto an old snakebite that had refused to heal. Conditionsare primitive and getting to isolated villages andorphanages is challenging, but the appreciation andsmiles received more than make up for it.

This May trip was notable for the change of weather;whereas in January’s 30C the heat had been dry, we werefast approaching the rainy season with high humidity andtemperatures between 36- 40C. Many Gambians sufferfrom chronic malaria; so now they were openly expressingtheir fear of getting it. It is frequently fatal in Gambia andfew can afford the yearly injections. Each site we visitedhad its own particular problems, however, all suffer fromlong-term malnutrition and chronic malaria.


AU TUMN 2 0 1 3 • I S S U E 7

Hugh playing footballwith the locals.

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My memories of the trip

This was such a humbling experience. Iwould recommend it to anyone who thinksthey are having a 'bad day' to just live likethese people for one day. You will realisehow lucky you are.

Noticeable memories for me – the orphanssleeping 10 to a room, (10ft by 10ft) a roomwith concrete floors, no bed, no mattress, nowindows or doors and the nearest water via awell 400 yards away. The elephant skin bark ofthe Baobab tree. The patience of children waiting hoursfor treatment without a single moan. The tears of women,who explained their oppressed role as wife to abusivehusbands, with no hope of help. Smiling children's faces,when I inflated whistling balloons, before sending themflying into the sky, deflating andwhistling, being chased by a gangof children. Will I return? You justtry and stop me.

Fatou

In May 2013 the group werepacking up getting ready to comeback to the UK when a localGambian man contactedSameena in the hotel. He saidthat there was an urgent case, alittle girl that we needed to see.She lived in a village outside ofthe capital, Banjul; her familyhad no money and notransport. The homeopathsoffered to pay for a taxi. Withinan hour Fatou arrived.

• Pacific Charity

22

Fatou’s Mother and Uncle told us that Fatou had beensuffering with Hydrocephalus for a long time. Nobody isquite sure of her date of birth but we think she is about 5years old. We have letters from her doctors in TheGambians saying that there is nothing they can do for her.They do not have the equipment or expertise to carry out

the necessary operation. One of the Trusteeshas been to Great Ormond StreetHospital where they have confirmedthat they can treat Fatou. However, itis not that simple.

Between GOSH’s costs and housingthe family here in the UK for weeks ata time and then all the aftercare andfollow up appointments, the costestimate is in the region of £150,000and these funds are required by thehospital in advance. This isunfortunately out of the range of TheBush charity and they are currentlyseeking help from alternative hospitals inthe UK as well as on the Africancontinent.

Children waiting for treatment.

Fatou suffering from Hydrocephalus.

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At the time of going to print it appears that Fatou hasnow received a further assessment from a Dakar hospitalin Senegal. There is a definite likelihood that they cantreat her there, which would mean the original target of£150,000 would shrink down to nearer £10,000

The Clinic

The Bush Homeopaths have been donated land to build aclinic in a village where they have visited and treatedmany times. The elders of the village donated the land asthey have seen time and time again how homeopathyheals and improves the health of their people. They havespent two years raising funds and as we go to press thereis a perimeter wall, foundations and some walls going up.

Any time now, building will have to stop as the summerrains are like monsoons, making both roads impassibleand work impossible. And more funds have to be raisedto complete the building.

With education in mind; The Bush Homeopaths are nowaffiliated with the Centre for Homeopathic Education, thelargest homeopathic educational body in the UK with

www.thebushhomeopaths.org

Homeopathic health clinicin Gambia.

colleges here in the UK, New York and Budapest. CHEwill provide the materials and training for teachinghomeopathy to Gambians.

The Bush Homeopaths vision statement:

We envision a future in which homeopathy will berecognised as an integral part of the Gambian healthcaresystem. The Bush Homeopaths' foremost objective is therelief and prevention of disease whilst working in co-operation with local communities. Our vision encompassesmaking homeopathy available to all communities as anaffordable and valid form of health treatment.

We aim to offer homeopathic training to the Gambianswith help and sponsorship through the Centre ofHomeopathic Education, the UK's largest homeopathiccollege.

We recognise that every system of medicine has itsstrengths and respect the significant contribution ofconventional medicine in health care provision. We aim topromote the best that homeopathy has to offer as analternative and complementary health system.

C141676_Layout 1 02/09/2013 12:23

• Pacific Funds

24

Avoiding thepsychological

pitfalls ofinvestingPacific Focus asked

financial investment experts Architas

for their take on the whole psychology

of investing.

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Since the 2008 financial crisis, as economies across theglobe grapple to find their feet, markets have beensubject to extreme volatility. Investors have been seeing

sudden and disconcerting fluctuations in the value of theirinvestments, driving many into cash.

But with inflation at 2.8%, stubbornly above the 2% target,and the base interest rate at a record low of 0.5% (the typicalhigh street savings account offering less than 2% interest),even savers are losing money as the real (inflation-adjusted)value of their savings is being eroded. At times such as these,investors more than ever need to put aside the usualpsychological traps that can lead them to make rashdecisions. Extensive research has been undertaken intobehavioural finance, but there are two key ‘traps’ that seemto stand out.

The first is loss aversion. Any fall, however minor, in the valueof an investment is likely to trigger anxiety in an investor. Ifthis continues over a period of time, the tendency is for aninvestor to sell their investment in panic, to avoid furtherlosses. If they do this, they are not only likely to be selling at aprice lower than that at which they purchased the investment(therefore, ironically, suffering a loss immediately), if they

decide to repurchase the investment at a point in the future, itis likely to be at a price higher than that at which they sold. Abetter tactic would be for an investor to keep their coolduring the downturn, as it is likely to bottom eventually andstart to rise again.

The flip side of this is overconfidence which, instead of seeinginvestors sell too low, sees investors buying too high. Aninvestor is likely to feel most confident when the value of theirinvestment is rising. At these times, the propensity is to add tothe position and buy more of the investment.

However, the price at this time is likely to be inflated, meaningthe investor is paying over the odds. In addition, there is a riskthat the price could fall suddenly, meaning the investor wouldsuffer a loss if they subsequently wish to sell (as we sawabove, this is not unlikely).

To give this some context, consider the MSCI EmergingMarket Index. Emerging market equities are known for theirvolatility. Between May and November 2008, the index lostmore than 40% of its value, but this was more than made upover the next twelve months. In fact, if an investor had bidedtheir time through the swings, an investment taken out at thestart of 2008 would have risen nearly 26% if held until theend of 2010.

It is understandable that market volatility triggers knee-jerkinvestor reactions. Unfortunately, these are too oftenmisguided and can result in indiscriminate purchases andredemptions. One way to overcome this is if investors set atime horizon at the start of their investment and stick to it. Inthis way, they can ride out uncomfortable swings andhopefully profit in the long run. Another tactic might be toown a diversified, multi-asset portfolio, where losses in oneasset class could be offset by gains elsewhere. If an investor isable to look beyond immediate fluctuations, market volatilitycould actually be used to advantage, offering buyingopportunities when prices are low and the chance to collectprofits when prices are high. These are opportunities that wethink many investors should enjoy.

If this article has raised any questions and you would like tospeak with a Pacific IFA wealth manager, then please contactus on 01245-403500.

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• Pacific Education

26

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AU TUMN 2 0 1 3 • I S S U E 7


It’s likely the cost of education and related expenditurewill continue to rise above the rate of inflation.Squeezed families may find ever-tougher competition for

places at the right price and paying for decent schooling anduniversities might take a heftier chunk of your income.

So it makes sense to treat saving for education in the samemanner as for other long-term investments. It’s important toget the right quality of unbiased advice and take amethodical approach to planning.

Considering education as a fixed cost that must be paid intime (while not knowing its exact size) helps you to prepare.The mantra of most long-term investment strategists andexperts is to diversify your holdings: invest in many differentassets, whether you choose shares, bonds, cash, property,commodities, ETFs or more exotic products.

Planning foreducation?Treat it like any other long-term investment, says Mark Pentelow

This guidance continues to hold true especially at a time ofincreased volatility in equity markets. But what to hold andfor how long? What percentages do you allocate to shares,bonds and other financial products? And how do you makethe most of the tax advantages while being mindful of otherinvestments in your portfolio (which may have differentdistribution timeframes and investment aims)?

These questions can only be addressed by taking anindividual approach to your finances. At Pacific IFA we aim toensure that your liquidity needs for major yet regularpayments such as school fees can be built into your overallinvestment strategy.

We understand that circumstances can change, and with ourbespoke service we are able to be dynamic in reacting toyour ever-changing world. Unfortunately we can’t always beas helpful with exam results!

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• Pacific Funds

28

Firm Income In the current low growth, low interest rate environment, UK commercial property continues to provideinvestors with an attractive stream of rental income and steady returns. It also offers strong diversificationbenefits in the form of a well-balanced portfolio that can complement other asset classes.

With this in mind, Ainslie McLennan, co-manager of the Henderson UK Property Unit Trust identifies howinvestors can potentially benefit from a bricks and mortar exposure to commercial property.

Pure ‘bricks and mortar’ funds, such as our portfolio, focuson holding physical property assets, which usually consistof buildings designed for commercial use. This may range

from high street retail units, department stores, shoppingcentres and retail parks to office buildings, industrialwarehousing or leisure alternatives, such as hotels, cinemas, carshow rooms or gyms.

Diversification, income and the potential for inflation protectionOverall, commercial property can bring diversification in theform of a well-balanced portfolio of real estate assets that hashistorically performed differently to other asset classes, such asequities and sometimes bonds. Moreover, at a time when yieldson traditional income-bearing products, such as governmentbonds, remain meagre and cash deposit rates offer investorsvery little reward on their savings and are being eroded in valuewhen the effects of inflation are taken into account, commercialproperty has the potential to provide an attractive and stablelevel of income, as shown in the chart below. Couple that withthe fact that leases are often structured with upwards-only rentreviews, or tied into movements in the Retail Prices Index (RPI),investing in commercial property can help provide protectionfrom the effects of inflation.

It’s not just location, location, locationCommercial property investing is not just about location. Thequality of the building and the types of tenants they attract arealso of paramount importance. Prime, high-quality buildings ingood locations with great specifications are highly sought afterby both occupiers and investors. This means they typicallycommand attractive leases, which minimises the risk ofobsolescence. Core assets have some of the credentials a primeproperty would have but not all of them. Secondary, lower-quality assets tend to attract less reliable tenants, which isextremely relevant in today’s market when most of a propertyfund’s risk is likely to be linked to occupiers.

Tenants matterWe pay particular attention to the quality of tenants and therelationship we have with them because the rental incomestream they provide is ultimately passed on to investors in theform of fund distributions. In recognising that investors areseeking a steady and relatively secure income we look for lowrisk tenants on long leases that have strong financial resourcesto reduce the risk of tenant default and of having vacantproperties which would erode performance. This means that themajority of our major tenants are drawn from large, establishedbusinesses such as B&Q, Centrica, and Tesco. Importantly, theweighted average lease length on the fund is 11.4 years* and as aresult of strong active management (negotiating with existing ornew tenants in this instance) the fund’s occupancy rate stands atan extremely healthy 99.0%*.

Portfolio positioningIn terms of location, the fund has a South East bias where webelieve economic growth is set to be strongest, although wecontinue to find opportunities across the rest of the UK andown some particularly attractive regional properties, such as anoffice headquarters in Edinburgh, a cinema complex in Cardiffand a key distribution unit in the North West of England let toKellogg’s. We remain light in our sector weighting to high streetretailers, given the challenging economic environment. Instead,we favour properties that play into current and future shopping

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Foundationstrends, such as distribution units and retail warehouse parks fortheir convenience. Advantages include the ability for consumersto use 'click and collect' services, which are increasingly indemand, and potentially larger spaces to accommodate a fullerrange of products.

While investing in a property fund can be a simple andattractive proposition, it can provide its own challenges. In thecase of bricks and mortar based property funds, assets can takesome time to sell, particularly in difficult market conditions. It istherefore important that a property fund has good liquidity, interms of the quality of its portfolio, and sufficient available cashto be able to meet redemptions should investors wish towithdraw their money. Our fund contains a range of strongassets and typically holds between 10 and 20% in cash, whichprovides a comfortable buffer should we need to cover investoroutflows.

In summary, commercial property funds, particularly thoseowning a greater proportion of higher quality property assetsshould appeal to investors on three fronts. They offer a goodsource of income in the form of rents, the potential for capitalgain over the long term should the properties rise in value,together with diversification in the form of a well balancedportfolio of assets that historically performs differently fromother asset classes, such as equities or bonds.

Please contact your Pacific IFA wealth manager to discuss anyaspects of investing in commercial property funds.

*Source: Henderson Global Investors at 31 July 2013.

Please read all scheme documents before investing. Before entering into an investment agreement inrespect of an investment referred to in this document, you should consult your own professionaland/or investment adviser.

Past performance is not a guide to future performance. The value of an investment and the incomefrom it can fall as well as rise and you may not get back the amount originally invested. Taxassumptions and reliefs depend upon an investor’s particular circumstances and may change if thosecircumstances or the law change.

If you invest through a third party provider you are advised to consult them directly as charges,performance and terms and conditions may differ materially. Due to the specialist nature of propertyinvestment, in certain circumstances there may be constraints on the redemption or switching ofunits/shares in the fund(s). The funds invest in a specialist sector that may be less liquid and producemore volatile performance than an investment in other investment sectors. The value of capital andincome will fluctuate as property values and rental income rise and fall. The valuation of property isgenerally a matter of valuer’s opinion rather than fact. The amount raised when a property is soldmay be less than the valuation. Nothing in this document is intended to or should be construed asadvice. This document is not a recommendation to sell or purchase any investment. It does not formpart of any contract for the sale or purchase of any investment. Any investment application will bemade solely on the basis of the information contained in the Prospectus (including all relevantcovering documents), which will contain investment restrictions. This document is intended as asummary only and potential investors must read the prospectus, and where relevant, the key investorinformation document before investing. Issued in the UK by Henderson Global Investors. HendersonGlobal Investors is the name under which Henderson Global Investors Limited (reg. no. 906355),Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg.no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), HendersonAlternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg.no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered inEngland and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised andregulated by the Financial Conduct Authority to provide investment products and services.[Telephone calls may be recorded and monitored.] Ref:34R

Ainslie McLennan, co-manager of the Henderson UK Property Unit Trust

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• Pacific Health

30

SLEEPLUXURY OR NECESSITY?

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W hy do some find it so hard tosleep, while others are desperateto stay awake? Should we view

sleep as a luxury or a necessity?

To answer these questions, we need to understand what isgoing on while we are asleep.

The Mysteries of Falling AsleepExactly what makes a person lose consciousness and fallasleep remains a mystery. Researchers, however, haveestablished that sleep is a complex process regulated bythe brain and that it obeys a 24-hour biological clock.

As we get older, our sleeping habits change. A new-bornsleeps for frequent short periods that total about 18 hoursa day. According to sleep specialists, although some adultsappear to need only three hours of sleep a day, othersneed up to ten hours.

Recent research has shown that variations in ourbiological clock also explain why some teenagers struggleto get out of bed in the morning. The biological clockseems to shift forward during puberty, making youngsterswant to go to sleep later and wake up later. This sleepdelay is common and tends to disappear in the mid-to-late teens.

Our biological clock is regulated by chemical substances,many of which have already been identified. One of themis melatonin, a hormone thought to trigger sleepiness.Melatonin is produced in the brain, and some scientistsbelieve that it is responsible for the slowdown of thebody’s metabolism that occurs prior to falling asleep. Asmelatonin is released, body temperature and blood flowto the brain are reduced, and our muscles gradually losetheir tone and become flaccid. What happens next as theperson descends into the mysterious world of sleep?

Vital for HealthSleep makes it easier for our body to metabolize freeradicals—molecules that are said to affect the aging ofcells and even cause cancer. In a recent study carried outby the University of Chicago, 11 healthy young men wereallowed only four hours of sleep a day for six days.

At the end of this period, their body cells wereperforming like those of 60-year-olds, and their bloodinsulin level was comparable with that of a diabetessufferer! Sleep deprivation even affects the production ofwhite blood cells and the hormone cortisol, making aperson more prone to infections and circulatory diseases.

Without a doubt, sleep is vital for a healthy body andmind. In the opinion of researcher William Dement,founder of the first sleep study center, at StanfordUniversity, U.S.A., “Sleep seems to be the most importantindicator of how long you’ll live”.

So is sleep a waste of our valuable time?

Deborah Suchecki, researcher at a sleep study centre inSão Paulo, Brazil, comments: “If people knew what isgoing on in a sleep-deprived body, they would think twiceabout concluding that sleep is a waste of time or just forthe lazy”.

TO SOME PEOPLE SLEEP IS A WASTE OF VALUABLE TIME!

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Planning forDementia

• Pacific Planning

32

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If old age brings on the distressingconditions of Alzheimer's or dementia, itsnormally relatives that are appointed by

the Court of Protection, as ‘deputies’ to lookafter the finances of people who are not ableto manage their own affairs.

In most situations this works well, but as the followingdistressing case highlights, it is open to abuse and is reportedon by City wire.

Two relatives were put in charge of a 92-year-old woman’sfinances by the Court of Protection , and were then allowedto get away with plundering half of her savings.

During a routine audit the Court of Protection, whichappoints ‘deputies’ to look after the finances of people whoare not able to manage their own affairs, it found that tworelatives of the woman had used their position as deputiesto ‘loot’ half her wealth.

One of the deputies made gifts to themselves thatincluded £20,000 in cash, an Alexander McQueen

designer handbag, a Rolex watch, a ring and gifts tothe other deputy worth more than £48,000.

Other members of the family were given gifts worth£62,500. All of the gifts were made without consulting the92 year old relative.

As deputies they are entitled to cover any expenses theyincur in the role but the cost of the expenses claimed was‘remarkable’, including computers, a Mini Countrymancosting £25,000 and a Ford Fiesta costing £19,000.

The scale of the gift giving exceeded £230,000 and left theelderly woman with assets of £200,000.

It is believed that this type of abuse is the ‘tip of the iceberg’but what was most worrying was that the Court ofProtection has not ordered the deputies to repay the money,which it has the power to do, although it had stripped themof the deputy role.

Ann Stanyer, a partner at law firm Wedlake Bell comments:‘These people were in a position of trust and the court hasfound that they helped themselves to the assets they weresupposed to be managing.

There are very strict rules, clearly, against what can be givenas gifts and claimed as expenses to prevent this sort ofbehaviour. The deputies in this case apparently ignored themand have got away with it. This sets a deeply concerningprecedent.’

She added that elderly people must nominate who they wishto have power of attorney over their finances and propertybefore they are incapable of making the decisionsthemselves.

Stanyer continues, ‘Unfortunately, a lot of people are leavingit too late to set out their own wishes, and with people livinglonger the slide into incapacity can be quite gradual,’ shesaid. ‘While people remember to make wills, they oftenforget to make provision should they become mentallyincapable.’

The Court of Protection said that although the judge did notdemand the deputies to repay the money, the money maystill be returned to the estate via a security bond. A securitybond is a type of insurance taken out by the deputies tocover them for any losses incurred as a result of theirbehaviour.

“ ”92 year old woman has £230,00 of her wealth looted by two relatives.

If you would like some advice on how to arrange your affairs so your estate is legally protected in the event of mental incapacity please contact your Pacific IFA wealth manager.

Source: Citywire.co.uk 2nd July 2013

Michelle McGagh of Citywire

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• Pacific Funds

34

Focus on Funds

In this article we aim to answer these questions andintroduce you to these new range of Model Portfolios.

So what is a fund?A fund pools together the money from manyindividuals, for example an individual Pacific client with£10,000 to invest. The fund manager will then use allthe individual investors’ money which is pooledtogether, to invest in a broad range of assets. Their aimis to help you grow your money and if required,provide you with a regular income.

The fund manager will often spread the risk byinvesting in different asset types such as cash, bonds,equities and property – exactly what the fund managerbuys depends on the investment objective of the fund.

If you have a high attitude to risk and potential loss,then the fund manager will choose assets that canpotentially grow in value very quickly, but on thedownside these are usually very volatile, so they canalso quickly drop in value. As a broad rule of thumb, ifa fund estimates a 20-30% growth per annum, thenyou can also potentially expect a 20-30% or more lossdue to its volatility. There a number of factors thataffect a fund’s performance but the golden rule is thehigher the potential reward, the greater the risk of loss.

Benefits of a pooled investmentBy collating your investment into a fund withthousands of other investors you have access toinvestment opportunities that may not be available toindividual investors. You also take advantage of a fundmanager's specialist knowledge. Your risk is spread, soyour investment doesn't depend too heavily on thefortunes of individual companies.

As funds typically invest in a number of differentunderlying assets they can help spread your investmentrisk. If you invest in a small number of companies viastocks and shares you would be reliant on the fortunesof these organisations. By investing in a fund, yourmoney could be invested across hundreds ofcompanies, making you less reliant on the success orfailure of any individual company, and creating adiversified portfolio.

Why are Pacific’s models managed by Architas?We wanted to provide our clients with a range ofModel Portfolios that are aligned to their risk andattitude to loss profile. We also wanted a multi-manager, meaning that rather than just one fund andfund manager, you have a number of funds and fundmanagers which again spreads the risk even furtherand accesses a greater degree of expertise and marketexperience.

The Pacific Model Portfolios managed by Architascan therefore give access to:• Diversification across different assets, skills, stylesand investment markets

• Different funds for different levels of risk – from themore risk-averse to those with a more aggressiveinvestment strategy

• Access to some of the world’s finest fund managers• A disciplined investment approach focused onreducing investment group and fund specific risk

On the following page we show examples of three ofthese Model Portfolios as of June 2013. The higherthe fund number, the greater the risk profile of thatfund. Risk profile 7 also gives the details of theportfolio holdings by individual fund.

When it comes to financial investments, you will often come across the word ‘fund’ and‘fund manager’. What is a fund and how are they managed? Pacific IFA now has a setof Model Portfolios which are run by leading financial experts Architas.

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Pacific IFA Investment Strategy

Risk Profile 3

June 2013

Performance to latest month end (%)

Cumulative

performance 3 Months

6 Months 1 Year

3 Years 5 Years

Portfolio -2.98

1.33 7.35

17.51 -

Benchmark -2.16

1.65 5.86

16.27 25.19

Discrete

performance

28/06/12

to

28/06/13

28/06/11

to

28/06/12

28/06/10

to

28/06/11

28/06/09

to

28/06/10

28/06/08

to

28/06/09

Portfolio 7.35

0.35 9.09

15.88 -

Benchmark 5.86

2.07 7.61

12.78 -4.53

Calendar year

performance Year to date

* 2012 2011

2010 2009

Portfolio 1.33

7.88 -0.37

9.06 -

Benchmark 1.65

6.22 1.38

7.77 11.71

Performance vs. Benchmark (%) since inception

A (48.56%)

B (38.14%)

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Feb' 09 May' 09 Aug' 09 Nov' 09 Feb' 10 May' 10 Aug' 10 Nov' 10 Feb' 11 May' 11 Aug' 11 Nov' 11 Feb' 12 May' 12 Aug' 12 Nov' 12 Feb' 13 May' 13

A Pacific Investment Strategy Risk Profile 3 TR in GBP

B IMA Mixed Investment 0-35% Shares

The figures used for this graph were based on the performance of a simulated investment portfolio. Over time, its actual performance may diverge from that of the simulated

portfolio. Source: Financial Express, using mid-to-mid prices of the underlying funds, net income reinvested. All performance figures are shown net of fund management

charges. Data from 27/02/2009 to 28/06/2013.

Please note past performance is not a guide to future performance. The value of investments can fall as well as rise and clients may get back less than they invested.

Latest asset weightings

NAME

WEIGHT (%)

Global Fixed Interest 29.6

UK Fixed Interest 27.5

UK Equities 20.6

International Equities 13.0

Property

7.7

Others

1.5

Pacific IFA Investment Strategy Risk Profile 5 June 2013

Performance to latest month end (%) Cumulative performance 3 Months 6 Months 1 Year

3 Years 5 Years

Portfolio -2.20

5.23 12.99

25.46 -

Benchmark -1.31

7.25 15.02

27.10 28.73

Discrete performance

28/06/12 to

28/06/13

28/06/11 to

28/06/12

28/06/10 to

28/06/11

28/06/09 to

28/06/10

28/06/08 to

28/06/09

Portfolio 12.99

-2.39 13.75

18.54 -

Benchmark 15.02

-3.53 14.54

16.75 -13.25

Calendar year performance Year to date* 2012

2011 2010

2009

Portfolio 5.23

9.48 -3.98

11.99 -

Benchmark 7.25

9.97 -5.51

12.29 20.12


A (67.45%)

B (63.51%)

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%


A Pacific Investment Strategy Risk Profile 5 TR in GBPB IMA Mixed Investment 40-85% Shares



charges. Data from 27/02/2009 to 28/06/2013. Please note past performance is not a guide to future performance. The value of investments can fall as well as rise and clients may get back less than they invested.


NAME

WEIGHT (%)

International Equities

46.4 UK Fixed Interest 16.2 Global Fixed Interest 15.0 UK Equities 13.0 Property

7.6 Others

1.8

Pacific IFA Investment Strategy

Risk Profile 7

June 2013

Performance to latest month end (%)

Cumulative

performance 3 Months 6 Months 1 Year 3 Years 5 Years

Portfolio -2.52 6.23 15.24 25.63 -

Benchmark -1.31 7.25 15.02 27.10 28.73

Discrete

performance

28/06/12

to

28/06/13

28/06/11

to

28/06/12

28/06/10

to

28/06/11

28/06/09

to

28/06/10

28/06/08

to

28/06/09

Portfolio 15.24 -4.81 14.53 18.91 -

Benchmark 15.02 -3.53 14.54 16.75 -13.25

Calendar year

performance Year to date* 2012 2011 2010 2009

Portfolio 6.23 10.21 -6.61 12.17 -

Benchmark 7.25 9.97 -5.51 12.29 20.12


A (68.28%)

B (63.51%)

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%


A Pacific Investment Strategy Risk Profile 7 TR in GBP

B IMA Mixed Investment 40-85% Shares



charges. Data from 27/02/2009 to 28/06/2013.

Please note past performance is not a guide to future performance. The value of investments can fall as well as rise and clients may get back less than they invested.


NAME WEIGHT (%)

International Equities 58.6

UK Equities 15.5

UK Fixed Interest 11.0

Global Fixed Interest 8.2

Property 6.8

The value of your client’s investments can fall as well as rise and is not guaranteed. Your client could get back less than they originally

invested. Pacific IFA Limited. Authorised and regulated by the Financial Conduct Authority. Financial Service Register number 490522.

Registered in the United Kingdom No. 6646763. Registered Office: Pacific House, The Tye, East Hanningfield, CM3 8AA

Investment Objective

The objective of the Fund is to seek to achieve medium to long term total returns with an above median volatility through

exposure to a diversified range of asset classes. Invests in shares of UK and international companies.

Risk Profile: Aggressive

You accept a very high level of risk on your investment in order to seek very high growth potential in the long term. You

are willing to accept sharp day to day fluctuations in the value of your investments and you accept the risk of losing some

or all of your capital.

Holdings

Pacific Investment Strategy Portfolio

0% 10% 20% 30% 40% 50% 60%

Architas Multi-Asset Blended

Progressive Fund

Architas Multi-Asset Passive

Progressive Fund

Portfolio holdings

Aberdeen Asia Pacific Aberdeen Emerging Markets

Airlie Select US High Yield Fund AXA Sterling Corporate Bond

Baillie Gifford UK Equity Alpha BarCap 2014 Property Index Certificates

BarCap 2016 Property Index Certificates BlackRock Continental European Equity Tracker

BlackRock Corporate Bond Tracker Blackrock Emerging Markets Equity Tracker

Blackrock Global Government Bond Tracker BlackRock Japan Equity Tracker

BlackRock North American Equity Tracker BlackRock Overseas Corporate Bond Tracker

BlackRock Pacific Ex Japan Equity Tracker BlackRock UK Equity Tracker

BlackRock UK Gilts Tracker BNY Mellon Long Term Global Equity

Carador Income Fund Cash

F&C Commercial Property GLG Japan Core Alpha

GLG Japan Core Alpha Hedged Ignis UK Commercial Property Trust

IM Argonaut European Income inPror UK Commercial Property Fund

JOHCM UK Equity Income JP Morgan Global Emerging Markets Income Trust

JP Morgan US Equity Income Fund L&G Dynamic Bond Trust

M&G Strategic Corporate M&G UK Inflation Linked Corporate Bond

Majedie UK Equity Majedie UK Special Situations

MedicX Fund Ltd Newton Asian Income

SSgA Europe ex UK Equity Tracker SSgA Japan Equity Tracker

SSgA North America Equity Tracker SSgA UK Equity Tracker

TwentyFour Income Trust Vanguard Emerging Markets Stock Index

Vanguard Europe ex UK Equity Tracker Vanguard Japan Stock Idx GBP Acc

Vanguard Pacific ex Japan Index Vanguard UK Equity Tracker

Vanguard UK Government Index Vanguard UK Investment Grade Bond Index

Vanguard US Equity Tracker

Data as at 31/03/2013 Please note: These holdings are subject to change.

C141676_Layout 1 02/09/2013 12:23

• Pacific Partners

36

Pacific Focus asked Consort Insurance to provide some background for our readers on how the insurance markets works, an explanation of High-Net Worth insurance and

in particular why they have embraced a totally transparent income based model.

Consort’s Managing Director, Daniel Harwood explains.

C141676_Layout 1 02/09/2013 12:23


AU TUMN 2 0 1 3 • I S S U E 7

So how does insurance work?Insurance is required in numerous aspects of life and inbusiness to provide protection against insurable risks.Insured entities or individuals are protected from risks for apremium, and this premium is dependent upon thefrequency and severity of the event occurring.

Insurance brokers assist in recognising the insurance needsof an individual or company and negotiate with insurers toobtain the most comprehensive cover at the mostcompetitive rate. Some insurers will deal with the publicdifferently to the way in which they trade with some brokersfor example specialising within high net worth placementwith access to preferential rates and product benefits. Mycompany Consort specialise in both high net worth personalinsurance and a wide range of commercial insuranceproducts.

Transparent Income Based ModelWhen Consort Insurance was set up, they decided from theoutset to work on a model that was both refreshing andunique with-in the industry – namely a totally transparentincome based model. This approach is both fair to clientsand really does allow brokers like Consort to be one stepahead for the benefit of their clients. The majority of clientswould rather know that the terms their broker isrecommending are the best terms for them and not becausethey carry the most attractive commission rates for thebroker.

In order to achieve income increases, brokers have had toalign themselves with particular underwriters and insurers;this of course has meant that clients do not necessarily getthe coverage in the market that they would perceive that theydeserve.

High Net Worth Personal InsuranceHigh Net Worth policies can combine many risks under asingle, bespoke package. Buildings, contents, personalpossessions, motor and travel insurance can all be placedunder one policy at a lower premium than separate, standalone insurance policies might cost.

These types of policies are ideal for people with valuableproperty, land and possessions and are designed to protectluxury lifestyles.

It is not uncommon for someone to achieve 'High net worth'status without even realising it. Personal possessions willoften build up over a lifetime or valuable items receivedthrough inheritance may soon add up, which is why HighNet Worth insurance policies are tailored to the individuals'specific needs to provide the extra protection required.

Your home, possessions and family hold the greatest value toyou so it’s imperative that they are protected against the risksand threats which they can be exposed to.

It’s important for brokers who deal with High Net worthindividuals, to form strong relationships with insurers whoare market leaders within their given industry. This gives thebroker access to the highest quality products, and providestheir clients with the most comprehensive cover.

An experienced broker will provide advice and cover on thefollowing cover types which are important when looking fora high-end holistic style of insurance cover:

Household – Contents and Buildings• Arts – Fine Art and Antiques• Specialised car – High Value / Classic Cars• Yacht and motorboat – boats, yachts and marine craft• Personal risk – Jewellery and Watches• Overseas property – Second Home / Holiday Home• Travel – Annual Multi Trip Travel, Long Stay Travel and

Single Trip Travel.

Consort InsuranceOur company has been formed with customer services at itsfoundation. We can provide the highest level of insurancecover for a corporate multi-national company to classic carinsurance for a E-Type Jaguar.

We have an extremely experienced and service drivencommercial team that are available to assist with mostaspects of domestic and commercial insurance.

For further information please visit our website atwww.consortinsurance.comIf you prefer you can email us at:[email protected]

C141676_Layout 1 02/09/2013 12:24

• Pacific Wildlife

38

Selling Nature to Save It

A single herd ofelephants generates£400,000 annually

from tourism

C141676_Layout 1 02/09/2013 12:24

39

AU TUMN 2 0 1 3 • I S S U E 7


Tips for International TravellersBefore you leave1. Make a list of important facts – passport information, credit card numbers, airline ticket numbers, and details regarding traveller's

checks. Leave a copy at home, and carry another copy with you.2. Ensure that you have an up-to-date passport and a valid visa; arrange for any immunization shots that may be required.3. Ensure that you have adequate medical insurance, since emergency treatment or transportation from overseas could cost you

thousands of dollars. If you have a medical condition, take a letter with you from your doctor that describes your condition and anymedications you take. (Note: It may be illegal to take some medications into certain countries. For details, check with the nearestembassy or consulate of the country you plan to visit.)

While traveling1. Do not take any item with you that you cannot afford to lose.2. Keep your passport and other valuables close to your body, not in a carrying bag or in exposed pockets. Do not have one family

member carry all the documents.3. If you carry your wallet in a pocket, wrapping rubber bands around it may make it more difficult for pickpockets to extract.4. Keep track of credit card purchases, and do not exceed your budget. If you exceed the limit on your credit card, in some countries you

could be arrested.5. Be cautious of taking photographs of military personnel or structures or of industrial structures, such as harbor, rail, or airport

facilities. Some countries may view this as a security threat.6. Do not deliver packages for anyone you do not know well.

When buying souvenirs1. Remember, many countries ban the importation of ivory, turtle shells, plants, fur, and other items, even if they are small souvenirs.2. Be cautious of buying glazed ceramics, since some of such items may cause lead poisoning if not made correctly.

In the early 1980’s, some scientists andfilmmakers took an increasing interest insaving rain forests and coral reefs as well as

the creatures that depend on them. The resultingreports and nature documentaries heightened thepublic’s interest in visiting these natural marvels.

Ecotours have rapidly become popular, making ecotourism thefastest-growing segment of the tourism industry. Indeed,promoting natural wonders has proved very profitable. JournalistMartha S. Honey explains: “In several countries, nature-basedtourism has mushroomed into the largest foreign exchange earner,surpassing bananas in Costa Rica, coffee in Tanzania and Kenya,and textiles and jewellery in India.”

Tourism has thus provided a valuable financial incentive to saveplants and animals. “In Kenya,” Honey observed, “it is estimatedthat one lion is worth £4,500 per year in income from tourism, andan elephant herd is valued at £400,000 annually.” Hawaii’s coralreefs are estimated to generate £235 million each year fromnature-based tourism!

What Ecotourism Has AccomplishedEcotourism is often more than just an organized tour of a naturalsite. It has been defined as “purposeful travel to natural areas tounderstand the culture and natural history of the environment,taking care not to alter the integrity of the ecosystem, whileproducing economic opportunities that make the conservation ofnatural resources beneficial to local people.”

Has ecotourism lived up to those high ideals? Martin Wikelski, ofPrinceton University, says: “Ecotourism is one of the main factorskeeping the Galapagos Islands safe.” In the African country ofRwanda, the successful promotion of ecotourism is credited withsaving the mountain gorilla population, as it provides the localpeople with a source of income that is an alternative to poaching.In other African countries, game reserves are sustained by touristspending.

Worldwide, ecotourism has contributed to environmental andsocial improvements, and the tourism industry has undeniablybrought many financial benefits. So next time you take a tripabroad, spare a thought for the wildlife, it’s a precious resourcethat needs to be preserved for future generations.

C141676_Layout 1 02/09/2013 12:24

• Pacific Charity

40

Macmillan Charity Event

C141676_Layout 1 02/09/2013 12:24

41

AU TUMN 2 0 1 3 • I S S U E 7


The Pacific staff organised a garden party in July on behalf ofthe Macmillan cancer charity.

Pacific’s David Loaring provided the venue, namely his backgarden, and cakes were made and sold and jewellery wasdonated and auctioned off.

The weather matched the mood, and by the end of the dayover £550.00 was raised. It’s a sobering fact that one inthree of us will get cancer at some time in our lives and it’s

the toughest thing that most of us will ever face. If you’vebeen diagnosed with cancer, or a loved one has, you’ll wanta team of people in your corner supporting you every step ofthe way.

Macmillan Cancer Support provide practical, medical andfinancial support and push for better cancer care. If youwould like more information on the MacMillan charity pleasesee www.macmillan.org.uk

Garden Party raises money for Charity

Charity Auction of England Football Shirt

A 2002 first team England football shirt has been kindlydonated by one of our clients, to raise money for theMacMillan charity. It contains signatures of most of thesquad with the exceptions of Paul Scholes andDavid Beckham who were injured at the time of the teamsigning.

It was obtained when our client worked for the clothingcompany that measured the squad for their official formalwear, so it comes with excellent provenance.

It will be going up for auction via an online website onOctober 7th, but if one of our Pacific readers would like topay the £175.00 reserve price before then, they can grabthemselves a wonderful piece of British history. AfterOctober 7th, you will need to bid online.

For further information email our editor:[email protected]

C141676_Layout 1 02/09/2013 12:24

• Pacific Crossword

42

Pacific ChampagneCrossword

1

2

3

4

5

6

7 8

9

10

11

12 13

1415

16

17

18

19

20

21

22

To conclude our Autumn edition of Pacific Focus we have a Champagnecrossword competition.

We’ve kept it pretty simple this timearound, but there are a couple of trickyclues included to keep you on your toes.First correct crossword received by emailor fax will receive a bottle of Taittinger.

Please send your crossword to Andrew Garrido by email to [email protected] or by fax on 01245 401550

C141676_Layout 1 02/09/2013 12:24

43

AU TUMN 2 0 1 3 • I S S U E 7


Across2. Amaze, astonish (8)3. Methodology that applies modern knowledge (10)4. slipshod (7)9. Large reptile found in the Indonesian islands (6)10. Ocean and name of award winning wealth manager (7)13. Meat, fish, dairy and eggs are prohibited (5)16. Council for Debate (5)17. Surname of London Olympic's Gold medal winner

with a long jump (10)18. World's most poisonous snake (5)20. Prize for being number 1 (4)21. Henry's favourite colour (5)22. Birthplace state of theme parks (7)

Down1. Holy mountain (4)3. Female bear in Scotland (8)5. You will fast between dawn and dusk (7)6. Mentor or counsellor (7)7. Born in 1858, surname of great leader for gender rights (9)8. Famous training shoe (4)11. Inability to move all four limbs (12)12. A gift on a 35th wedding anniversary (5)14. Surname of tennis ace (6)15. A minor Bible prophet (5)19. Happening throughout the world (6)

Clues

C141676_Layout 1 02/09/2013 12:24

• Pacific Contacts

44

Your Pacific IFAContact List

Main Board Directors

Mark [email protected]

Tel: 07900 605953

Stephen DavisManaging [email protected]

Tel: 07774 800025

Wealth Managers

Claire ConnellWealth [email protected]

Tel: 07502 224332

Hugh MayWealth [email protected]

Tel: 07958 333055

Jonathan PentelowWealth [email protected]

Tel: 07789 112226

Katie MundellWealth [email protected]

Tel: 07766 083902

Matthew NewsomeWealth [email protected]

Tel: 07818 688530

Stephen BakerWealth [email protected]

Tel: 01795 883200

Ian WoodWealth [email protected]

Tel: 07966 466780

Management Team

Dionne Wilson-FairwadeSenior [email protected]

Tel: 01245 403500

Lynne SmithFinance [email protected]

Tel: 01245 403505

Andrew GarridoHead of [email protected]

Tel: 07717 294301

Peter GarridoService [email protected]

Tel: 01245 403504

David LoaringHead of [email protected]

Tel: 07966 143052

Paraplanners

Account Managers

Daniel Robins [email protected]

Tel: 01245 403500

Beth [email protected]

Tel: 01245 403503

Alexandra [email protected]

Tel: 01245 403502

Michelle FentonAccount [email protected]

Tel: 01245 403500

Andy LewseyAccount [email protected]

Tel: 01245 403500

Business Development

Rod [email protected]

Tel: 07824 698114

Roger [email protected]

Tel: 01245 403500

Steve [email protected]

Tel: 01245 403500

Laura HallJunior Account [email protected]

Tel: 01245 403507

Nicola BullardAccount [email protected]

Tel: 01245 403506

Steve MartinWealth [email protected]

Tel: 01245 403500

C141676_Layout 1 02/09/2013 12:24

news reviewcommentanalysis · 2013. 9. 20. · make things; bentley are investing £800m as they...

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