Jon Cunliffe

aIL is an active manager that makes their investment decisions using first-hand research. They conduct proprietary research to identify investment opportunities with attractive risk-reward characteristics. The firm combines multiple non-correlated investment decisions with risk monitoring and management. Their strategies include equities, fixed income, private markets, alternative investments and real estate. aIL utilizes a bottom-up, fundamental stock-picking approach, where sector, regional and country allocations are a residual of their bottom-up stock selection decisions, constrained by appropriate risk controls.

Provides stock brokerage and corporate finance services

Raymond James-IM uses third party and in-house research to make investment decisions. They seek profitability, growth and value, which they determine using quantitative techniques. The firm's equity research is based on fundamental analysis, using discounted cash flow valuation models and the application of multiples. To arrive at equity research recommendations, macroeconomic conditions are also considered.

TPI is an active, long-term manager which targets annual returns between 6 and 7 per cent and will also invest passively in markets where adding value is difficult. They manage approximately two-thirds of the portfolio internally and the remaining third externally. The external managers will be utilized to add value and diversify within asset classes where they lack in-house expertise, such as in distressed debt, high-yield bonds, hedge fund allocations, venture capital, real estate and equity market investments.