Meltemi Investment Management
think absolute returns
January 2017 Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Welcome to Meltemi Investment Management
Meltemi is an Investment Management Company based in London since
2002.
It primarily provides discretionary and advisory investment management
services to high net worth clients.
Our objective is to generate absolute investment return for our clients. This
may be defined as higher capital appreciation and income at lower volatility
than available from global equity markets over a business cycle. We primarily
invest in liquid global equities and bonds, and enhance portfolio return by
taking advantage of opportunities available in foreign exchange markets and
options. Typically a portfolio can be liquidated in a few hours.
Our investment style is agnostic because growth, value and income can all be
mispriced for long periods. Similarly no attention is paid to indices, sector
weightings or benchmarks when constructing a portfolio.
In addition to managing portfolios in accordance with our central investment
strategy as described in the Meltemi Total Return Investment Portfolio
(MTRIP) description, we offer tailor-made portfolios to suit the varying needs
of our clients.
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Typical clients
Our clients perceive us to be their trusted adviser. Besides advice on their investments
they benefit from our experience of handling matters typically relating to a Family Office.
Our typical clients are:
> High net worth Individuals
> Family offices
> Trusts
We introduce:
> Premier private banks in Guernsey and Switzerland
> Hedge fund managers
> Trustees, accountants, tax advisors and lawyers
> Property finders
> Shipping management
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Security of investors assets
We facilitate our clients in opening their own bank accounts at some of the
premier international banks, providing security for their assets. For example
Citibank, Geneva, HSBC Guernsey and Bank Julius Baer, Zurich.
These banks then act as custodian for their assets, collect dividends and
coupons,
pay interest on their call and deposit accounts, and also buy and sell
investments
as instructed by Meltemi.
The custodian bank will send contract notes, valuations and any other
information directly to the client, and will also send a copy to Meltemi for us to
manage portfolios proficiently.
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Investment process
Strategic asset allocation
Our highly experienced investment managers and wealth managers will engage with a client to determine the core long-term strategic
asset allocation befitting the clients investment objectives and risk profile.
Tactical asset allocation and security selection
We closely follow economic and political developments in more than 30 countries. We have developed in-house models to
understand economic cycles of these countries and identify evolving profitable opportunities. We engage external providers to
enhance and test our hypotheses. Our investment managers have decades of experience in understanding chart patterns and also
identifying market positioning. Where appropriate, we may use exchange-traded funds (ETFs) to implement the investment
decisions.
ETFs Equities Bonds Currencies
When going long invest Screen equities included in Identify monetary, fiscal Our economic models help
only in asset-backed ETFs. major market indices and and structural trends of a us understand structural or
Investigate the factors select those befitting our country to determine which cyclical forces influencing
influencing the price of an economic and valuation part of its yield curve will currency values.
ETF, for example the effect criteria. be appropriate to invest at. Our experience of foreign
of currency movements. Pass the buying growth Determine whether the exchange markets is deep
Investigate the structure of cheaply test of our in- credit quality and the fundamental, technical,
an inverse ETF and house valuation model. currency of a bond are chart patterns and market
understand factors Use our professionally appropriate for a client. positioning, etc. and
influencing its price. These qualified staff to provide an Use our fair value of spans over decades.
ETFs are often based on understanding of company bonds model to provide We use strict discipline to
derivatives. Use such accounts and balance further guidance. adhere to the guidelines
ETFs mainly for hedging sheet dynamics. and to the stop-loss.
purposes.
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Asset prices in a business cycle
Inflation
Phase 3 (Bonds) Phase 2 (Cash)
Economy in recession Economy decelerates
Inflation falls B Inflation rises
Interest rates fall Interest rates rise
Yields fall Yield rise but begin to fall if the central bank has
Yield curve shifts down credibility
Stocks move sideways Yield curve flattens or inverts
Stock market crashes at B
C A Stocks move sideways in phase 2
Phase 1 (Equities)
Growth exceeds potential
Inflation rises
Interest rates rise
Phase 4 (Bonds and Yield curve steepens
Equities) Stocks rise even faster
E
Economy recovers
Inflation falls Phase 5
D
Interest rates fall Economy approaches capacity
Yields fall Inflation rises to trend
Yield curve steepens Central bank returns to neutral policy
Stocks rise moderately Yields rise to normal
Yield curve returns to normal
Stocks rise fast Growth
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Team biographies
We have a unique investment team and investment ethos. Three senior members of the investment team have known each other for over
25 years and have managed portfolios for wealthy clients at some of the top international financial institutions. A small team enables us to
react to changing markets quickly, meaningfully and efficiently, and also to construct tailor-made individual portfolios according to client
needs.
SIKANDER H. KHAN
Sikander H. Khan has 40 years of investment management experience. Prior to forming Meltemi he was the Chief Investment Officer
of Standard Chartered Grindlays Private Bank, where he managed a team of investment professionals globally, providing discretionary
and advisory investment expertise to the high net worth clients of the Bank.
He joined Citibank in 1986 and by the end of 1998 he was Senior Investment Manager and Head of Investments at Citibank Private
Banking Group in London. Sikander was also the lead manager of the Luxembourgregistered CitiLandmark Managed Currency Fund.
In 1997 and 1998 the Fund was awarded first place in the Standard & Poors Micropal Offshore Territories Money Market International
(Managed Currency) Sector.
He is a qualified Wealth Manager in the UK, is a Senior Chartered Accountant qualified with the Institute of Chartered Accountants in
England and Wales, and a graduate with a Bachelors degree in Economics and English Literature.
MARY C. FLEMING
Born in the United States, Mary Fleming came to the United Kingdom in order to do postgraduate research at the London School of
Economics. After qualifying with an M.Sc. in Economic History, she was admitted to the Schools doctoral programme, where she
continued her work in migration and business cycles.
She became an in-house economic analyst for a small commodity firm and afterwards was a derivatives broker at Merrill Lynch
International, London for five years. However, for the bulk of her career (sixteen years) she managed global fixed income portfolios for
high net worth individuals at Citibank Private Bank. In 1992 she was promoted to the Lead Portfolio Manager, Global Fixed Income
portfolios. Mary was also a senior member of both the regional (European) and Global (based in New York) Investment Strategy
Committee, making decisions on asset allocation for global combination accounts (those holding bonds and equities) and helped
develop the groups decision-making process. The performance she achieved for her clients, adjusted for risk, was consistently good
and in some years exceptional. Her UCITS fund, Citi Invest GBA (Global Bonds Fund) domiciled in Luxembourg was ranked in the first
quartile by Micropal for 1, 3 and 5 years.
After leaving Citigroup at the end of 2001, Mary developed a course in Behavioural Finance which she has presented to fund
management firms as well as to the UKs Society of Investment Professionals (SIP).
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Mary has been associated with Meltemi since 2003.
Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Team biographies
FIKRET ONDER
Born in Turkey, Fikret Onder studied Economics at the University of Bonn (Germany), where he worked as an assistant professor for
two years after his graduation. His finance career started at Merrill Lynch AG, Dsseldorf in 1981. He became Head of Institutional
Equity Sales at Sal. Oppenheim Jr. & Cie, Cologne where he worked from 1985 to 1992 before joining Citibank Private Bank, London
as Lead Portfolio Manager for Global Equity portfolios. In 1995 he joined UBS Private Banking, London as a senior portfolio manager.
In 1998 he moved to Julius Baer & Co., London where his responsibilities were extended to cover marketing activities as well as asset
management.
In July 2000 he was appointed Executive Vice President and Head of Private Banking of AKbank in Istanbul, starting this business unit
from scratch. By the time he left in July 2011, assets under management had reached USD 13.5 billion. AKbank Private Banking was
awarded the Best Private Bank in Turkey prize in four out of the six last years under his management by Euromoney magazine.
Fikret joined Meltemi in September 2011 as a principal and portfolio strategist.
CEM BALCISOY
Cem Balcsoy has over 15 years experience of advising and dealing with ultra-high net worth individuals based in Europe and Turkey.
After achieving an undergraduate degree in Electronic Engineering from Nottingham University in 2000, he started his finance career at
American Express Bank in London as an account officer handling risk assessment of financial assets and then advising on investment
products to meet customer needs and requirements.
In 2004 he was awarded an MBA in Finance from Nottingham Business School (part of Nottingham University). In 2006 he joined
National Bank of Dubai in London (now known as Emirates NBD) to help establish a Turkey Marketing Desk mainly to provide
investment-related services to ultra-high net worth individuals. This was followed by a move to Barclays Bank in London in 2008 where
he was part of the international private banking team mainly concentrating on Turkish clients for investment banking services, real
estate consultancy and portfolio management.
Cem joined Meltemi in September 2011 as a portfolio manager.
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Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
Contact information
Meltemi Investment Management Limited
28 Ives Street, London SW3 2ND
T: +44 (0)20 3795 8147
And also at
Suite No. 64, 55 Ebury Street, London SW1W 0PB
T: +44 (0)20 7823 4461
E: investments@meltemi.biz
This document is issued by Meltemi Investment Management Limited
Registered in England: No. 4696452
Registered Office: 55 Ebury Street, Suite No. 64, London, SW1W 0PB
Authorised and regulated by the Financial Conduct Authority
25 The North Colonnade, Canary Wharf, London E14 5HS
Important information
Meltemis investment management services are available to retail and professional Clients as defined by the Financial Services
Authority. Those that are resident outside the United Kingdom may be subject to local restrictions. Such persons must ensure they
comply with any applicable rules and regulations in their local jurisdictions before proceeding.
The information contained within this document was obtained from sources believed to be reliable but no guarantee is given as to its
accuracy and completeness. Meltemi is under no obligation to update, modify or amend the information.
The contents of this document have been approved by Meltemi for the purposes of section 21 of the Financial Services and Markets
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Act 2000.
Meltemi Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom
