Managing Asset Management

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I

ID
See Investment Directive.

incentive fees
A performance-based fee. An Incentive Fee is a charge to compensate the portfolio manager for superior returns. Historically, incentive fees used to implement the hurdle or the high water mark method. Now, with investors being more and more sophisticated, it is not uncommon to implement floating hurdle combined with high water mark methods.

init (operation)
Initializes the balance of current and external accounts. No more than one init operation is allowed for a current account (if an init operation has not been raised, the default is an initial zero valuation). Cash movements placed before the Init date of the current account are ignored when calculating the account balance. An external account can be re-initialized from time to time, for example to reset a negative balance after processing contributions.

instances
Futures, rates, and rate futures products in Webfolio are set up as series and instances. An instance is a issuance of the parent series record. For example, a rate would be created as a series record, and different terms of the rate could be individual instances.

investment
An item of value purchased usually for income or capital appreciation.

investment allocation
Allocations are prospective investment decisions while they are being assessed and ratified. Once approved, they are sent to the middle office for execution.

investment directive (ID)/ investment recommendation (IR)
These are investment allocation requests prior to being approved for execution or cancelled. The Allocation Blotter lists the allocations raised in Front Office. An investment session is raised for a portfolio, and the type of portfolio dictates the type of session and its allocations. For example an in-house portfolio has directive sessions with only investment directive allocations.

Investment Session
In Front Office, investment sessions are created for a portfolio to group together all the allocations with the same operation date (although the actual value date may be later). A session will consist of either Investment Directives if the portfolio is managed by the local investment management office or Investment Recommendations if the portfolio allocations are for advisory portfolios.

IR
See Investment Recommendation.

ISIN
International Securities Identification Number. ISIN insures the standardized identification of issue-grade securities and other financial instruments within a uniform system and the distribution of data to securities market participants. ISINs and standard descriptions of securities are used in all sectors of the securities industry, and are important in performing precise and effective settlement and clearing.

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