FIIG - The Fixed Income Experts

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Managed Income Portfolio Service

FIIG’s Managed Income Portfolio Service (“MIPS”) enables wholesale investors to combine the key benefits of directly owning fixed income securities with the expertise of a professional investment management team.

Benefits  How it works    Investing with us    Programs  

The benefits of investing with MIPS

1.

Investment
Expertise

The MIPS Portfolio Management team are experts focused entirely on creating value for investors.

2.

Regular
Income 

Investors benefit from a regular income (coupon) stream that can either be distributed to a nominated bank account or automatically reinvested.  

3.

Portfolio
Diversification 

MIPS maximises diversity through FIIG’s unique DirectBond service enabling us  to offer bonds in $10,000 parcels. A $250,000 investment will, over time, hold 25 different bonds

4.

Direct
Ownership

The bonds are held in your own name, they are not units in a trust.

How MIPS Works

Once you have chosen an Investment Program, the MIPS Portfolio Management Team (PMT) will invest in fixed income assets according to the program’s mandate and replicate its model portfolio. The MIPS PMT will rebalance your  holdings in response to changes in markets and investment opportunities.

As a MIPS client, you receive:

  • Regular income payments (coupons) either reinvested or paid into your nominated account.
  • The opportunity to subscribe to multiple Investment Programs.
  • The option to transfer approved assets ‘in-specie’ into your MIPS account.

  • Full transparency, with 24/7 online access to your portfolio’s performance, valuations, transactions and income.
  • Monthly and annual statements of portfolio accounts, and a quarterly economic and fixed income market commentary from the MIPS PMT.

  • Invitation to regular presentations by the MIPS PMT in each state office.
  • Custodial services.
  • Compliance monitoring, supervisory oversight and independent audit by PWC. 


MIPS offers wholesale investors the opportunity to earn meaningful improvements in returns and liquidity over Cash and Term Deposits through the direct ownership of a significantly diverse range of quality assets that include Australian Bank and Corporate Bonds

kieran-quaineKieran Quaine, Head of MIPS Portfolio Management

Why invest with MIPS?

Investing with MIPS provides the following benefits:

  • Professional fixed income portfolio management by industry experts.

  • Choice of three Investment Programs  or a customised Investment Mandate for investments over $5million.

  • Maximum diversification through the use of FIIG’s DirectBonds service, independent of your investment volume and the Investment Program chosen.

  • Direct beneficial ownership of the portfolio of fixed income securities via your own custody account.

  • Cut down on administration as FIIG administers any notices and corporate actions related to your investments.

  • Simple and clear fee structure.

Investors can choose from four MIPS Investment Programs, with a minimum investment of $250k, each designed to appeal to a range of investors’ product preferences, target returns and credit risk tolerances. Alternatively, Investors with a minimum of $5million can customize their Investment Mandate.

About FIIG’s Managed Income Portfolio Service

Meet your Portfolio Manager

Frequently asked questions

MIPS is the professional fixed income management business unit within FIIG Securities that is available to clients who qualify as ‘wholesale’ and have a minimum of $250k of capital to invest.

  • MIPS clients each own a stand-alone individually managed portfolio (IMP) managed by the MIPS Portfolio Management Team (PMT) in accordance with the MIPS Program selected by the client.
  • All investment decisions for the IMP are made by the PMT in accordance with the selected program’s remit.
  • The service currently offers three unique investment programs, designed to appeal to a broad range of investor appetites, and a fourth opportunity of customisation of investment mandates for investment in excess of $5m.
  • All programs only invest in Australian Dollar denominated bonds and contain no derivative exposure.
  • MIPS has been in operation since October 2015 and has delivered a performance record of merit.

The Managed Income Portfolio Service (MIPS) as an investment manager, is independent of FIIG Securities but MIPS clients benefit from the product design advantages and infrastructure that FIIG Securities provides.

The service combines a number of unique attributes built by FIIG Securities to ultimately deliver clients professional management of a stand-alone (IMP) account that contains a highly diversified portfolio of assets that are directly owned, the income from which can be either distributed or re-invested, as instructed by the investor.

FIIG’s unique attributes include:  

  • Secondary market access to volumes less than $500k face value ownership (as low as 10k) via FIIG’s ‘Direct Bond’ Service.
  • Primary market access to high yield assets via FIIG’s Debt Capital Markets (DCM) Origination Service and guaranteed allocation without obligation to commit.
  • Access to both external and in-house (FIIG Securities) research.
  • Liquidity for investment grade assets via the interbank market.
  • Liquidity for non-investment grade product via FIIG Securities distribution platform.

The MIPS Portfolio Management Team (PMT) are very experienced and seasoned fixed income market professionals.

  • Kieran Quaine is the Head of MIPS and is the Senior Portfolio Manager. He has over 30 years’ of extensive experience within the fixed income market, primarily as fund manager in charge of investing multiple billions of dollars across a wide range of investment mandates.
  • Megan Romeo is the Assistant Portfolio Manager. She has over 8 years’ experience in the financial markets, primarily, prior to the current role, as the Valuations Product Manager at S&P Capital IQ.

Refer to our website for an in-depth profile on our full team, including that of our Head of Distribution and our Product Manager.

MIPS provides you 24/7 read only access to the portfolio - its composition, transaction history and daily valuation via the MyFIIG online portal.

In addition, as a client of our Managed Income Portfolio Service, you will receive a quarterly report outlining the investment manager’s future strategy and a commentary on recent economic events including drivers of current performance.

An IMP, or Individually Managed Portfolio, is a stand-alone vehicle in which a singular clients assets reside.

  • Those assets within the IMP are still held in safe custody with FIIG as the custodian and JP Morgan as the sub-custodian.
  • Assets within a client’s IMP are segregated from any and all other investor holdings, including the assets owned by FIIG Securities.  

Conversely, within a trust structure, assets are pooled or aggregated, and investors own units in the trust. Their entitlement to ownership is not ‘direct’ but a share of the pool.  

MIPS Investment Programs

The minimum investment amount for MIPS is $250,000 for each investment program, or $5m for a Customised Investment Program.

Conservative Investment Program

Conservative Income

4.08%
Gross Yield to Maturity (YTM)

Regular income with exposure to investment grade credit only.

Conservative Income invests in investment grade senior and subordinated bonds. Longer dated bonds form a key part of portfolios generating yield from credit and interest rates. The mix of holdings of fixed and floating rate bonds will shift through the interest rate cycle.  

Core Income Investment Program

Core Income

4.74%
Gross Yield to Maturity (YTM)

Regular income investing in senior debt only.

Portfolios are predominantly exposed to investment grade senior bonds with a small allocation to unrated bonds. Exposure is to medium to longer tenor maturity profiles, facilitating higher yield generation. The mix of holdings of fixed and floating rate bonds will shift through the interest rate cycle.

Conservative Investment Program

Income Plus

5.69%
Gross Yield to Maturity (YTM)

Higher income with moderate risk.

Income Plus has a broader mandate to invest across the capital structure, senior through to subordinated bonds, and across the credit spectrum to include investment and non-investment grade companies. The allocation to select non-investment grade credits based on credit strength and subordinated bonds generates portfolio yield. The credit exposure and mix of rated and unrated bonds will shift through the credit cycle.

Customised Investment Program Customised Investment Programs

For investments of $5m +

MIPS offers the ability to create a bespoke fixed income portfolio based on your key investment objectives including liquidity, credit, duration, diversification and Ethical, Social & Governance (ESG) position.

Let the experts manage your Fixed Income Portfolio

Download the MIPS fact-sheet

 

Other useful documents

Information Memorandum Download

Meet the MIPS team

Kieran Quaine - ‎Head of Managed Income Portfolio Services (MIPS)

Kieran Quaine
Head of MIPS Portfolio Management

Kieran has in excess of 30 years’ experience in senior roles in the fixed income market, primarily as a fund manager in charge of investing multiple billions of dollars across a wide range of investment mandates. His experience includes roles as a proprietary interest rate trader, debt originator, syndicator and institutional debt sales. Kieran has been with FIIG Securities for over 9 years, and is currently the Head of MIPS. Previous responsibilities include the primary sales of all FIIG Originations by the FIIG Debt Capital Markets team, FIIG Balance Sheet management and security pricing for all debt products and institutional sales.

Megan Romeo - Assistant Portfolio Manager, MIPS

Megan Romero
Assistant Portfolio Manager, MIPS

Megan Romeo has over 8 years’ experience in financial market data segment with a focus on the Asia Pacific Fixed Income markets. Prior to joining FIIG, Megan was the Valuations Product Manager at S&P Capital IQ which required local Fixed Income market knowledge and a technical understanding of the asset class in order to tailor a Fixed Income market data solution to participants across Asia Pacific. Megan has been with FIIG Securities for 3.5 years all of which within the Managed Income Portfolio Service.

Marcus Blake - Director - Distribution, Managed Portfolios

Marcus Blake
Director - Distribution, MIPS

0427 063 362

Marcus has 30 years of experience in senior sales roles in the Australian and international financial markets dealing with diverse client segments including financial institutions, private wealth and corporates across multiple asset classes in their liquid, structured and derivative forms. Prior to joining FIIG he spent several years in Singapore with Commerzbank AG most recently as Head of Corporate Sales, Asia. Previously, Marcus was Head of Rates and Credit Sales for BNP Paribas Australia and a Director Fixed Income at both Merrill Lynch and Macquarie Bank based in Sydney. Marcus has been with FIIG Securities for nearly 2 years and is responsible for distribution of FIIG’s Managed Fund Portfolio Service.

Nandita Alva - Product Manager – Managed Income Portfolio Services

Nandita Alva
Product Manager, MIPS

Nandita has recently joined FIIG as the MIPS Product Manager. Prior to that she spent her 10 year career at Deutsche Bank. During this time she worked as an Interest Rates Trader, an FX Forwards Trader and also managed flow risk on Deutsche's electronic Trading Platform. In her most recent role in the eCommerce Client Solutions space, she served as a Subject Matter Expert in Algorithmic Trading and encouraged the electronification of the Futures Trading business. She also trained staff across the AsiaPac region in the Agile Methodologies.

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* Based on FIIG’s high yield sample portfolio. Click here to view. Subject to change and before fees. Please see our FSG for any applicable fees.