IMAP's Independent Thought - Podcast Series for Advisers about Managed Accounts, Investments, practical applications.

TIP hover your mouse over & click on  to select each topic start time

Join our host Emily Barlow (Evidentia) and Christian Baylis (Fortlake Asset Management) to discuss:

• How post-GFC regulations shifted risky lending from banks

• Private credit ratings lacking transparency, raising investment grade classification concerns

• Redemption queues in semi-liquid private credit structures

• Covenant-light lending surging from ~10% to nearly 90% of leveraged finance

• Australia's inflation rates

Welcome to IMAP's Podcast series for Advisers, focusing on "Independent Thought" applied to the investment focus on the managed account sector with experts addressing subjects ranging from strategy, portfolio management, to asset allocation, market outlook. Find out why there are  over 7,000 plus downloads to date.

We provide you with options to listen to the IMAP Podcast series at your convenience when & where you are.  You can listen below by phone & PC, or subscribe to Apple Podcasts, or Spotify.

We offer transcripts for all the Podcasts ! Please subscribe to IMAP's free email list to be notified about new podcasts. 

TIP hover your mouse over & click on  to select each topic start time

Join our host Emily Barlow (Evidentia) and Ben Morton, Head of Listed Infrastructure at Cohen & Steers they discuss:

• how global forces are reshaping the opportunity set for listed infrastructure investors 

• how to think about this asset class in a world of faster technological and policy changes

• do infrastructure investments tend to provide equity-like returns at present?

• what is the outlook for listed infrastructure investments?

TIP hover your mouse over & click on  to select each topic start time

Join our host Emily Barlow (Evidentia) talking with James Harwood of Russell Investments about developments in the Responsible Investing including;

• Political pressures has driving an ESG rollback
• Testing RI strategies
• How rising conflict risk has pressured RI portfolios, prompting some investors to reallocate away
• How AI and unprofitable tech have been a mixed blessing for RI strategies
• Geopolitics helping clients reframe their long-term RI expectations

TIP hover your mouse over & click on  to select each topic start time

Join our host Emily Barlow (Perpetual Private) and Ari Rajendra, Head of Private Markets Indices at S&P Dow Jones Indices, as they discuss how:

• Private market demand has surged in private wealth, with growing (but uneven) global vs Australian adoption
• Structural shifts are improving access for wealth and wholesale investors
• Traditional performance measures (IRRs, peer groups) have limitations and create challenges for advisers
• Advances in data and indexing are making private market benchmarks more credible and investable
• Greater transparency, potential ETFs, improved measurement, reporting and access for investors will improve the outlook for the future

DIsclaimer: 
S&P Dow Jones Indices is an independent third party provider of investable indices.
S&P Dow Jones Indices does not sponsor, endorse, sell or promote any investment fund or other vehicle that is offered by third parties.
The views and opinions of any third party speaker are his/her own and may not necessarily represent the views or opinions of S&P Dow Jones Indices or any of its affiliates.

For more information: https://www.spglobal.com/spdji/en/landing/investment-themes/private-markets/

TIP hover your mouse over & click on  to select each topic start time

This episode join our host Emily Barlow (Perpetual Private) with Michael Karagianis (JANA) and Adrian Vidotto (Strategic Wealth) as they discuss:

• The partnership between JANA and Strategic Wealth 
• Why MDA's have become central to Strategic Wealth's model
• Emerging themes shaping their advice approach

TIP hover your mouse over & click on  to select each topic start time

Join our host Emily Barlow (Perpetual Private) and Diana Phillips (Baillie Gifford) as they discuss;

• Identifying rare companies capable of delivering outsized long-term growth
• Whether the recent broadening of market leadership beyond mega-caps is changing opportunity sets
• The gap between AI’s productivity promise and its real-world impact on businesses
• The recent software sell-off and debate around AI disrupting traditional SaaS models
• How geopolitical tensions and market rotations may shape long-term global equity opportunities

Join our host Emily Barlow (Perpetual Private) & Geopolitical Strategist Thomas Mucha (Wellington Management) as they discuss: 

• How geopolitics is now a major driver of markets and portfolio risk
• Competing global blocs, especially US–China tensions, and how they are reshaping asset allocation
• How US regional focus and supply-chain shifts are changing emerging market dynamics
• Key market influences such as Europe, energy security and climate policy
• Rising geopolitical risk and how it is renewing focus on active management

Join our host Emily Barlow (Perpetual Private) and Chris Adams (Infinity Asset Management) as they discuss:

• The Return of Small and Mid Caps
• Finding Opportunity Beyond Large Caps
• Income, Franking and Growth Trade-offs
• Where Small Cap Value Is Appearing
• Managing Volatility and Future Risks

Infinity Asset Management are the winners of the 2025 IMAP Managed Account award for best Australian Equities Small Cap manager

Join our host Emily Barlow (Perpetual Private) and Alex Ventelon (Morgan Stanley) as they discuss: 

• From Assumptions to Action
• Positioning for Today’s Markets
• When to Go Active and When to Stay Passive
• The Role of Alternatives
• Turning local - Australia
• Outlook for 2026

Morgan Stanley are the winners of the 2025 IMAP Managed Account award for Licensee and Multi-asset categories. 

Delian Entchev & Alasdair Kingham from Aoris Investment Management join our host Emily Barlow (Perpetual Private) to discuss International Equities:

• What’s Driving Markets
• Aoris’s Lens on Quality and Valuation
• Where Aoris is Finding Value
• Investor Behaviour and Outlook

Aoris Investment Management are the winners of the 2025 IMAP Managed Account award for International equities.

Join our host Emily Barlow (Perpetual Private) and Charlie Callan (BondAdviser) our Fixed Interest Category Winner at the IMAP Managed Account Awards 2025.  They discuss;

• The key changes they are seeing in the Australian fixed interest market right now
•  AT1 hybrids are trading at post-GFC tights, with Big Four margins around +185bps. What’s driving this demand-supply imbalance?
• How investors think about liquidity and volatility risk
• Tier 2 spreads have compressed too far, partly due to ETFs making up about 8% of the universe. What’s your advice on positioning in this context?
• BondAdvisors have noted wave of issuance recently; is this just post-reporting season activity, or a sign of deeper appetite for A$ credit?
• Will international names continue dominating issuance
• Lonsec recently downgraded Metrics’ flagship fund. Should investors read this as a broader signal for the private credit space?
• Private Credit as an asset class and the way investors should assess risk in this part of the market

TIP hover your mouse over & click on  to select each topic start time

Listen to a discussion between Toby Potter - IMAP Chair, and Cameron Harris -Clearway Capital Solutions as they discuss the rapid growth of managed accounts in Australia—SMAs, MDAs, and IMAs— benefits to investors, regulatory complexity, opportunities for fund managers, consultant dynamics, offshore comparisons and integration of illiquid alternative strategies:

• Overview of Managed Accounts – SMAs, MDAs, IMAs, their structures, regulation, and levels of customisation
• Sector Growth and Investor Drivers – AUM growth, adviser adoption, and roles of HNW/UHNWs, family offices, SMSFs, and retail.
• Investor Benefits and Use Cases – Transparency, estate planning, ESG, and alternatives to pooled funds.
• Industry Dynamics and Challenges – Impact on fund managers, consultants, distribution, pricing, and operations.
• Trends and Risks – Offshore comparisons, illiquid alternative strategies and super fund competition.
• Key considerations for offshore and onshore fund managers who are seeking to engage with this burgeoning ecosystem

This podcast is published here with permission from Clearway Capital Solutions

Clearway Capital Solutions is an independent and privately owned company, providing business development, placement and capital advisory services to investment managers in alternative and traditional asset classes, who are seeking to engage with Australian and New Zealand investors and their consultants. 

For more information on Clearway Capital Solutions please contact on: www.clearwaycapital.com.au

TIP hover your mouse over & click on  to select each topic start time

Join Mark Mazzarella (Dexus) & our host Emily Barlow (Perpetual Private) as they discuss:

• Key differences between listed and unlisted property
• The role of REITs in balanced and income-focused portfolios
• Positioning AREITs & Global REITs vs bonds, hybrids, and unlisted trusts
• Value of diversifying across domestic and global exposures
• Impact of rates, macro trends, and why listed property looks attractive now

TIP hover your mouse over & click on  to select each topic start time

TIP hover your mouse over & click on  to select each topic start time

Bert VanManen & Pedro Marin Ramirez (Marin Wealth) discuss:

• The biggest inefficiencies in the financial advice process today
• Improving the regulation around the creation of advice
• Legislation in response to Michelle Levy’s Quality of Advice Review
• Impact on the new class of advisers (superannuation funds and insurance)

Moderated by Emily Barlow (Perpetual Private)

TIP hover your mouse over & click on  to select each topic start time

LIsten in as Julie Ballard (S&P Dow Jones Indices) and Tim Farrelly (Farrelly's Investment Strategies) discuss:

• benchmarking managed accounts in Australia today
• specific challenges facing advisers
• portfolios that include alternatives
• protecting capital and managing downside risk & more

Moderated by Emily Barlow (Perpetual Private)

TIP hover your mouse over & click on  to select each topic start time

Join Chad Hitzeman (GlobalX), David Wanis (Longwave Capital Partners) and Emily Barlow (Perpetual) discussing:

• Active vs passive
• Is passive and active black & white?
• The impact of ETFs
• Trends, what's here to stay?

Moderated by Emily Barlow

Emily Barlow (Perpetual Private) hosts a discussion with Beatrice Yeo (BlackRock) and Glen Foster (Atrium) to discuss optimising portfolios for risk:

Key points covered:

• How do you define risk?
• Are there risks you are more or less focussed on?
• Are there risks that you are avoiding completely / don’t think are worth taking?
• & more.

TIP hover your mouse over & click on  to select each topic start time

Join Emily Barlow (Perpetual Wealth) accompanied by Matt Walker (Dynamic Asset) and Alex Cousley (Russell Investments) for an interesting conversation on goals based investing.

Key points covered are:

• A personalised approach to managing wealth
• Implications on portfolio construction
• The market outlook & more

TIP hover your mouse over & click on  to select each topic start time

Join Emily Barlow (Perpetual Wealth) accompanied by Alex Ramsey (Infradebt), and Matt Macreadie (Income Asset Management Group - IAM) for an insightful discussion on fixed income investing.

They explore:

• The pros and cons of direct investing versus funds and whether there is room for both approaches
• Delving into the ethical considerations in fixed income
• The rise of institutional green investors
• Tackling the challenges and opportunities of managing small bond parcels & more

TIP hover your mouse over & click on  to select each topic start time

Hosted by Emily Barlow (Perpetual Private), joined by Rowan Stewart (Aequitas) and Ben Drury (Baillie Gifford) 

• Are equities overvalued and should investors be repositioning their portfolios?
• Does Growth face headwinds in a higher for longer interest rate environment?
• Is the magnificent 7 a bubble that’s about to burst?

TIP hover your mouse over & click on  to select each topic start time

Damon Riscalla who is National Head of Practice Development for Betashares discusses his insights about how to run the best advice practice.

• Planning to grow our business
• Changing with clients over time.
• Developing your niche/strengths
• Pricing your services
• Knowing when to let clients go

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Craig Lazzara, CFA is Managing Director and Emeritus Global Head of the Index Investment Strategy Group at S&P Dow Jones Index based in the USA and spoke with IMAP during his time in Australia

• Craig spoke to S&P DJI research showing that index investors have an above-average chance of achieving above-average investment results.
• He debates his view that most active managers under-perform most of the time, with any out-performance tending to be temporary.
• The effect of transaction costs contributing to the net performance difficulties for active investment management
• The use of wider dispersion across assets as a way to measure the potential value of stock selection ability to construct an index-beating portfolio
  

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

James Kingston of Blackrock and Pedro Marin Ramirez, CFP of Marin Wealth discuss tomorrow's clients. 

• Who are they?
• The rise in unexpected demographics
• What are the needs of these clients?
• How to connect with clients families for ongoing support. 
• Social media and tomorrows clients 

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Susan Chenoweth, PMESA - Head of Philanthropic Services and Lynda McKie CFP Senior Private Weath advisor from Elston (one of Australia's largest privately owned and operated financial services companies) talk about the reasons for Philanthropy increasingly being a topic of interest to clients :

• the reasons for the growing demand for assistance with Philanthropy
• identifying clients with interest in this area
• how and when to discuss Philanthropy with clients
• options to present
• private versus public ancillary funds and their respective benefits and use

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Will Riggall (Clime Investment Management) and Matthew Rencken (James Street Advisors) discuss:

• The challenges of running investment management within a diversified financial services business
• Typical HNW clients and their needs
• How do investment objectives and needs of HNW differ from other clients?
  HNW objectives: ESG, income, use of alternativess
• Managing the compromise between efficiency and high service requirements
• The interaction between the investment team and advisers

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Alex Ventelon (Morgan Stanley) discusses:

• Interest rates: Have the RBA and Fed gone too far?
• Is recession likely?
• Can inflation return to target soon or are we in for an extended period of 3-4% inflation (or higher)
• Asset allocation views at present
• Domestic vs international exposure in equities and bonds
• Expected returns for portfolios over the next few years

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Jenny Mulders - Chair of the IMAP Regulatory Group (Source Services), Jesse Vermiglio (Holley Nethercote) and Simon Carrodus (Hamilton Locke) from IMAPs Regulatory Group discuss:
- Different obligations for different managed account structures
- Complaints management
- Target Market Determinations (TMDs)

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

This podcast is presented by Charles Hamieh & Greg Pease (Clearbridge)

• Views on airports vs toll roads
• If inflation does peak, how would it impact your infrastructure strategies?
• How infrastructure performs under different economic environments
• Dividend growth
• ESG implications
• Inflation, how would it impact infrastructure strategies?

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

This podcast features Steve Hiscock of SG Hiscock discussing:

• Why active management works. What is active and what is passive?
• The role of ETFs and their increasing popularity 
• The rise of new methods of investing 
• The role of financial advisors and asset consultants and how this has changed
• Have client needs changed? 
• Residential property and the sharp rise in interest rates 
• Property sector - is it the end of the office? 

Moderated by David McDonald, CFA of IMAP

Additional reading material

• Grant Berry - PM SGH Property Income Fund - Reuters article
• Hamish Tadgell - PM SGH High Conviction Fund - Investment Insights: Crisis of Confidenc

TIP hover your mouse over & click on  to select each topic start time

This podcast features Dr Shane Oliver - Head of Investment Strategy and Economics and Chief Economist, AMP Investments discussing:

• High inflation and its aftermath, how it affects expectations and the challenge of getting interest rates back down, along with lags in monetary policy impacts. 
  
  
• Whether the RBA and other central banks have done enough is a judgement call. Upcoming retail sales and jobs data are critical in this.

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

This podcast examines;

• How alternatives perform during market volatility
• Whether private investors should be allocating to alternatives
• How to meet income needs with alternatives
• How alternatives can be accessed by retail investors
• Whether alternatives offer an uncorrelated option to bonds and equities
• How higher interest rates and inflation impact alternatives

Featuring:

Mathew Kaleel, Janus Henderson

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

This podcast examines the investment areas, strategies and factors that you can look at when preparing for 2023 Investment Markets

Featuring:

Kieran Rooney, Evergreen Asset Management

Leon de Wet, Elston Asset Management

Marcus Bogdan, Blackmore Capital

Victor Huang, Milliman

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

This podcast examines the challenges of servicing Retail investors' demands in 2023

• What is your value proposition for different groups of clients and how to create a sustainable service option
• Technology to implement your proposition and communicate efficiently with clients 
• ESG: what are client preferences and how can advisors become comfortable in discussing ESG with clients. 
• Ethical thinking in dealing with clients
• Geopolitics: handling client concerns
• Communicating with clients around volatility and appropriate actions or need to not make changes if not appropriate 

Featuring:
James Freeman, Philo Capital Advisers
Nick Mitchell, Mason Stevens
Steven Tang, Zenith Investment Partners
Rick Di Cristoforo, Morningstar
 
Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Andrew Garrett, CFA of Perpetual Private discusses;

• Perpetual's views on current macro-economic and market issues
• Inflation, interest rates and geopolitics 
• Views on key asset classes. Equities v Bonds, alternatives. Offshore v domestic assets. 
• Volatility - is it expected to continue?
• Client communication with an emphasis on coping with volatility

Moderated by David McDonald, CFA of IMAP

TIP hover your mouse over & click on  to select each topic start time

Matthew Strotton - Real Asset Management & David McDonald, CFA - IMAP's Investment Specialist discuss:

• Targeting the healthcare and essential services retail sectors
• Investing here in contrast to other asset classes
• Investment opportunities & considerations
• Approaching investment in the sector

TIP hover your mouse over & click on  to select each topic start time

Dan Miles of Innova Asset Management and Nat Webb of Dobbrick Financial Services discuss;

• Recent market volatility and outlook 
• Approaches to risk management
• What works for clients and the value of education
• Benefits of managed accounts and using external investment experts 

Moderated by David McDonald, CFA - IMAP Investment Specialist

TIP hover your mouse over & click on  to select each topic start time

Angela Ashton (Evergreen Consultants) & Diana Mousina (AMP) discuss

• Global and local inflation outlook
• Economic growth: Are we in for a recession, stagflation or neither?
• The impact of growth and inflation on real assets
• What is worst outcome for real assets?
• Which real asset sub classes offer inflation protection and how?
• Liquidity issues and access to real assets for managed accounts
• The impact of covid and work from home on office property

Moderated by David McDonald, CFA - IMAP Investment Specialist

TIP hover your mouse over & click on  to select each topic start time

Moderated by David McDonald,CFA IMAP Investment Specialist

Lukasz de Pourbaix of Lonsec Investment Solutions and Hamish Fitzsimons of Alliance Bernstein discuss the following points

• How are you changing portfolios in response to rising inflation and interest rates?
• Now that bond yields are over 3% are you reconsidering adding to fixed income in portfolios?
• What other asset classes do you like in this environment?
• Is it too late to sell long duration assets now or switch out of high growth managers?
• How do you see rising inflation impacting equity markets?
• What parts of the equity market do you prefer in an environment of rising rates and high inflation?
• What sectors do you see as potential offering inflation protection?

Moderated by David McDonald,CFA IMAP Investment Specialist

TIP hover your mouse over & click on  to select each topic start time

In this podcast Darren Beesley of Evidentia Group and Simon Steele of Fiera Capital will be discussing:

• What are investors asking their adviser about?
• What is the source of inflation – supply driven or labor market – which will prove significant in the long run?
• How quickly will the Fed raise rates and what are they watching most closely?
• How are investors reacting to rising interest rates?
• How might market respond in 2022 to the current economic conditions?
• What is the role of real assets in the portfolio?
• What role do real asset play for Australian investors?
• What are the implications of the Ukrainian conflict for investment markets?
• Has the spike in energy prices accelerated the potential to include alternative energy sources in portfolios?

Moderated by David McDonald,CFA IMAP Investment Specialist

Additional Podcast material (Courtesy of Fiera Capital )
(Please click on the subject below to view)

www.fieracapital.com

Moderated by David McDonald, CFA - IMAP Investment Specialist

Additional Podcast material (Courtesy of Russell Investments)
(Please click on the subject below to view)

Market in review: Key takeaways for markets amid the Russian invasion of Ukraine

Building a managed portfolio for all seasons

Changing course amid the ‘perfect storm’

TIP hover your mouse over & click on  to select each topic start time

Moderated by David McDonald, CFA - IMAP Investment Specialist

TIP hover your mouse over & click on  to select each topic start time

In this podcast Tim Murphy of Morningstar and Stephen Furness of MGD Wealth will be discussing:

The events of 2021:

• Which asset classes/sectors did well and which ones didn't perform?
• The reversal in the value vs growth story and performance of the tech sector
• What happened in fixed income given inflation fears and expectations of rate rises?
• For January 2022:
• How did markets perform?
• What have been the main drivers for this performance?
• What concerns and questions did your clients have?
• Is the "correction" over or we can expect continued volatility?

For 2022:

• What you are recommending for portfolio positioning?
• What are your expectations for interest rates and inflation?
• What are major questions and concerns that clients might have?

Moderated by David McDonald, CA - IMAP Investment Specialist

TIP hover your mouse over & click on  to select each topic start time

In this podcast Nick Kirrage of Schroders and Jonathan Ramsay of InvestSense will be discussing:

• What value investing means to them
• To what extent they use Growth and Value as inputs to their thinking about the amount invested in global equity markets
• Whether they  have a target period to hold any particular investment
• Their view on inflation and
• Their view on the likely direction of rates in major markets

Moderated by Toby Potter, IMAP Chair

TIP hover your mouse over & click on  to select each topic start time

In this podcast Angela Ashton of Evergreen Consultants and Rebecca Myatt of First Sentier Investors will be discussing: 

• The different approaches to ESG across managers and whether they have changed over the years 
• How to integrate ESG in the Responsible Listed Infrastructure fund 
• Why the UN SDGs is chosen as part of your process rather than other metrics
• Whether there has been an uptick in clients wanting ESG solutions 
• Is net zero is achievable in listed infrastructure? What would that mean to portfolios and portfolio construction? 

 Moderated by Toby Potter, IMAP Chair 

TIP hover your mouse over & click on  to select each topic start time

IMAP in conjunction with Janus Henderson and Oreana Portfolio Advisory Services present the 3rd podcast in the Independent Thought Series

In this podcast Mathew Kaleel of Janus Henderson and Isaac Poole of Oreana Portfolio Advisory Services will be discussing: 

• Alternative strategies and how Managed Account portfolio managers think about them
• The role of Alternatives in portfolios and the level of exposure appropriate in portfolios
• Whether Alternative strategies be thought of as part of the way of managing volatility or as a return generator
• Their short and medium term outlook for investment markets and how that colours their view of the use of Alternatives

TIP hover your mouse over & click on  to select each topic start time

IMAP in conjunction with Findex and Jana present the 2nd podcast in the Independent Thought Series

In this podcast Greg Barter of Findex and Michael Karagianis of JANA Investment Advisers will be discussing:

• What are the key challenges in serving the NFP market?
• What are the differences between NFP and taking on an individual client?
• ESG or ethical considerations are obviously more likely to be significant. How do these tend to manifest in their requirements?
• What pointers do you have for advice practices that would like to develop a NFP component to their business

TIP hover your mouse over & click on  to select each topic start time

IMAP in conjunction with BetaShares and Lonsec present the first Podcast in the Independent Thought series .

Introduced by Toby Potter IMAP Chair, this Podcast features Lukasz de Pourbaix (Lonsec) and Peter Harper (BetaShares) who discuss:

• What use is made of ETFs in managed account portfolios & is this changing as FUM in managed accounts grows?
• What issues can this give rise to?
• How are these issues addressed?
• What are the roles of the various participants in particular the issuer and market makers?
• What are the particular challenges of fixed interest ETFs?
• How can a portfolio manager efficiently switch between similar ETFs?

This podcast series is not meant for retail investors and does not constitute general or personal advice, but instead is meant for financial advisers and investment professionals.

The information discussed is intended to provide general background information only. It is not a Product Disclosure Statement under the Corporations Act 2001 (Cth), nor does it constitute investment, tax, legal or any other form of advice, recommendation or opinion to be relied upon by any retail or wholesale investor when making an investment or other decision.

Any opinions and forecasts in this podcast reflect the judgment and assumptions of  the investment and finanical advice professionals on the basis of information available as at the date of publication, and may later change without notice.

The content of any podcast in this IMAP series does not constitute an offer or solicitation to subscribe for units in any investmetn, fund or an offer to buy or sell any financial product. Past performance is not a reliable indicator of future performance.

While reasonable care has been taken in the preparation of information in this series of podcasts, no representation or warranty is given as to the accuracy of any of the information provided, including any forecasts.

To the maximum extent permitted by law,  the guest presenters, IMAP,  its related bodies corporate, directors, employees and representatives are not liable and take no responsibility for the accuracy or completeness of any material. No investment should be made without fully reviewing the information, the disclosures and the disclaimers contained in the relevant product Issuers' disclosure documents.