Standard & Poor's Guide to Offshore Investment Funds

Vivian Lewis, Editor, Gobal Investing, New York
The Guide is the Bible for fund investors, even those who never step offshore.

Scott Lines, Managing Director, Lines Overseas Management, Bermuda
...the guide presents the facts and insight necessary to make informed investment decisions.

Milroy leads the way. - Jonathan Chevreau, Columnist, National Post
Serious investors have to consider the cost-efficiency and sheer variety of offshore funds. The guide is the definitive offshore reference

Makoto Konishi, Associate Director, GNI Limited, London
From individuals to institutions, whoever seriously considers offshore fund investments, no other directory is more resourceful or comprehensive

Eric Naimer-Roseman, Founder & Editor, Global Mutual Fund Investor, Montreal
By far the most comprehensive and established directory on offshore funds I've ever seen.

Stuart Fieldhouse, Editor, Offshore Financial Review, London
An invaluable resource for the professional, it makes sense of the complex and varied universe offshore funds.

Ryo Suzuki, Chief Correspondent, The Nihon Keizai Shimbun [NIKKEI], Tokyo
This is such a professional investor guide for offshore funds. I would highly recommend this to Japanese investors.

Book Description
The Standard & Poor's Micropal Guide to Offshore Investment Funds is for anyone who has considered placing money in offshore investment funds. The Guide covers all you need to know about offshore collective investment vehicles including mutual funds, unit trusts, OEICs and closed-ended funds, taking you from the basics through to detailed fund analysis. - Performance returns on over 7,600 offshore funds - Detailed profiles on the top 350 offshore funds for 1999 - First quarter investment performance results2000 - Most frequently asked questions about offshore funds - Step by step education on investing offshore - Comprehensive fund management directory - USA, UK, Australia, Japan and Canada tax reviews by leading tax specialists - Fitzrovia International Limited - Total expense rations - Standard & Poor's Micropal Star TM - outperformance consistency ranking - Standard & Poor's Fund Research Fund Ratings - Sharpe Ratios rating a fund's risk-adjusted performance

About the Author
Robert B. Milroy is a world renown offshore fund analyst and Managing Director, Milroy and Associates Limited, a Guernsey regulated private asset a management firm that specializes in servicing international clients with a special emphasis on offshore investment funds. He has over 30 year's wide-ranging, international investment experience. He started his career as a financial oil analyst in his native Canada before going on to hold senior positions in research, underwriting and venture capital financing, retail investment brokerage and portfolio management. He is a popular speaker on radio and TV shows featuring security investments and conducts offshore investment seminars worldwide. He has strategically aligned his offshore investment fund expertise with the data collection skills of Standard & Poor's to successfully launch a series of publications directed toward the offshore financial investor.

Excerpted from Standard & Poor's Guide to Offshore Investment Funds by Robert B. Milroy. Copyright © 2000. Reprinted by permission. All rights reserved
PART 1 ABOUT OFFSHORE INVESTMENT FUNDS Introduction Those artificial barriers we call nation states are constantly being broken down by technology and the commerce that springs from it. Increasing numbers of people no longer consider themselves to be attached to any particular country. Indeed, it is not a ridiculous idea for someone to be born in one country, educated in another, work in a third, have clients mainly in a fourth, suppliers mainly from a fifth, live part time in a sixth, plan to retire in a seventh and - significantly for this book - keep their money in an eighth. Nation states - and more particularly, the revenue-seeking governments of nation states - have not caught up with this increasingly international world of individuals. Social and demographic changes have led to upward pressures on government expenditure, while at the same time the need for governments in democratic countries to be re-elected has put downward pressure on taxation. This squeeze has led many governments to give up on providing adequate retirement pensions and encourage their citizens to provide for themselves. Faced with the prospect of having to finance their own retirement, many people are grasping the nettle. Those with an international outlook are beginning to wonder why they should be limited by a particular government's controls on how and where they may save and invest - and be taxed heavily for this dubious privilege. Indeed, internationally minded individuals are questioning why a particular nation state should be able to demand an interest in how they organize their personal financial security when the very same government admits that it will be able to do little to support them in the future. It is for this reason that many investors are turning to offshore fund, which provide freedom and control for individual to plan for their financial security without begin regulated by tax-hungry governments. Such increasing internationalisation of outlook is being spurred on by the exponential growth in world communications, in particular, the Internet. With no real national barriers to overcome, many people are surfing the net looking for global investment opportunities that do not tie them to one country's investment regime. And investors are finding such information, not the least on Standard & Poor's Micropal's own website (Micropal.com), which includes much data on the performance of offshore funds.


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