Our Clients
FPCM manages customized fixed income strategies for our institutional clients.
“Managing a fixed income portfolio for an endowment isn’t about beating an index, because the bond component is not only the endowment’s anchor to the wind but also its key liquidity source. Thus, a suitable fixed income strategy needs to be responsive to the ever-changing risk characteristics of the endowment.”
– Mark G. Alexandridis, Chief Investment Officer
Our approach combines a thorough understanding of the client’s objectives with a disciplined quantitative analysis of the investment universe, after taking into consideration all relevant tax, regulatory, and accounting issues.
First Principles provides:
- Customized investment strategies across various market sectors, including government‐related, municipal, mortgage, asset‐backed, derivative‐related, and credit‐sensitive – and often in a tax‐aware context.
- Customized portfolios linked to specific purpose and mandate.
- Depending on scale, tailored form of investment, including separate accounts, single‐client private fund, or commingled fund.
- Risk Advisory
FPCM delivers tailored fixed income solutions to our financial institution clients.
“Financial institutions are a core client-base for FPCM. Their daily activities- and their ever-changing regulatory context- are major drivers of the capital markets. That gives us, on behalf of all our clients, a seat on the 50-yard line of the fixed income markets.” – Stephen R. Miller, Managing Director & Chief Risk Officer
Banks are amongst the largest consumers of fixed income assets; and they acquire those assets in a variety of forms ranging from individual securities to highly structured transactions.
FPCM’s fixed income advisory services are designed to help today’s bank treasurer optimize the earnings contribution of the bank’s investment portfolio – whether through a broad multi-sector mandate or more targeted single sector strategy.
First Principles provides AFS‐ and OCI‐aware investment management services across various bank‐eligible market sectors, including government, municipal, mortgage and asset‐backed.
FPCM is uniquely positioned to manage general account fixed income portfolios for insurance companies. Our focus on an insurance company’s asset/liability management process takes into account a range of client considerations: capitalization, liability profile, tax positions, cash flow needs, liquidity risks, and regulatory capital. Investment portfolio parameters are customized to capture the risk preferences and objectives of our insurance clients.
FPCM’s expertise and experience leads to the execution of customized fixed income separate account portfolios that are efficient for an insurance institution. A comprehensive and robust statutory accounting and reporting system for fixed income investments, capable of consolidating data from multiple custodian accounts, is a valuable component of FPCM’s service deliverable
FPCM team members draw from variety of insurance industry backgrounds, ranging from direct industry management experience to acting as a risk advisor to carriers.
FPCM manages customized fixed income strategies for our private clients including single‐ and multi‐family offices, trusts, family‐owned businesses and high net worth individuals and their advisors.
“Whether it is managing a cross-over portfolio for a large family office, or a municipal strategy for a private customer, customization is paramount, because every client’s aggregate economic, tax and generational issues are unique.”
– Mark F. Lieberman, Managing Director, Business Development
FPCM conducts business in an open architecture framework and fully embraces dialogue with private clients and their advisors. Best solutions and performance are the result of understanding investor objectives and providing transparency into our investment process.
First Principles provides:
- Tax aware investment strategies customized across various market sectors designed to maximize risk-adjusted after-tax income.
- Portfolio structures that efficiently capture the desired exposures and address specific cash-flow and liquidity needs. Forms of investment could include separate accounts and commingled funds.
- Strategies that address multi‐generational needs, and wealth‐preservation and wealth‐transfer goals, including generation‐skipping trusts and GRATs.
- Asset Allocation Services