Since our foundation, we have sought to inform our clients and friends through workshops and seminars. We have embraced the new way of communicating through webinars and video conferencing. We have produced a series of COVID related investment outlooks trying to make sense of the world and its impact on economies and investment markets.Recent Events Gallery
How could we have known that those first two weeks of lockdown in March 2020 would become more than a year of confinement? Home-based office work, online meetings, endless telephone calls, faces masked and elbow-tapping greetings have become the norm.
While we held our first meeting about the impact of the virus in late January, discussing the potential impact on our clients’ investments and the potential for a Wuhan style lockdown, we had absolutely no sense of the fundamental global change it would bring about. As the crisis impacted, we spent many long hours analysing the global economic output, simultaneously analysing our funds, reaching out to our fund managers to understand their thinking and the decisions they were making. Thanks to my colleague Graham, whose analysis was excellent, we made the right decisions and gave the right recommendations.
The question rapidly turned to “how would business continue, under these new and unfamiliar conditions?”. All through the years we have enjoyed the personal contact with our clients and as a team, it was important to us that we continue to stay close to them and provide them with the best solutions in order to grow and protect their financial futures. While we were a little uncertain about the value of Zoom and Docusign when we introduced them, both have enabled us to do just that. They have also helped our efficiency and smooth operation. Of course, sharing screens and fluctuating WiFi signals did prove to be challenging at times, but we got there. Thanks to the excellent work of my colleagues Anne-Kirsten and Donal our administration processes are streamlined. We have done a great deal of work to enhance our compliance processes and to minimise costs (paper, fuel, time). The word “envelope” no longer represents a rectangular piece of paper, rather, now, it conjures up an image of sequences of numbers and letters that confirm the right document reached the correct recipient electronically and was returned safely to the sender!!
As the vaccine programme continues, we are beginning to see more clients in 3D again. Technology may have enhanced the speed with which we work, but it will not replace the warm contact shared with another, so we look forward to the re-introduction of our physical seminars, in tandem with digital webinars.
Covid-19 has affected everyone and continues to leave its mark on society. Like the rest of us, TierOne will continue to meet its challenges, to deliver the best we can provide to our clients and we will continue to adapt to the inevitable unpredictability of our time.
As Lockdown was announced, TierOne Managing Director Kevin Coghlan, along with friends Paul O’Grady and Noreen Lawless started a campaign to provide pizzas for frontline staff in St Vincent’s Hospital who, facing the unknown, put their health and wellbeing on the line to save lives, treat patients and help to reduce the spread of Covid-19.
With the help of over one hundred generous donors the campaign delivered more than 1,800 pizzas from Casanova Restaurant in Stillorgan. On Easter Sunday, we delivered Easter eggs donated by Supervalu, Mount Merrion. Thanks to everyone who supported. While the campaign kept nurses and doctors fed, it also helped to remind them that we appreciated their selfless commitment and professionalism. We won’t forget them and plan another initiative to show our continued appreciation. More information to follow.
Our Managing Director, Kevin Coghlan, is Chair of the Association of Pension Trustees. In 2019, APTI took a High Court action against the Minister for Employment Affairs and Social Protection preventing the imposition of rules which would negatively impact private sector self managed pensions. These changes would prevent many investors from being able to buy direct property in pensions. They would also substantially increase administration costs but provide no additional protection or benefit for pension investors.
TierOne was delighted to host a presentation on the topic of property investment on Friday 17th January in RDS with guest speaker Ronan Lyons of Trinity College and Daft.ie. Ronan has spoken for us a number of times over the years and always delivers. His messages are direct, his communication skills are outstanding and his analysis is clear. The demand for seats outstripped supply so we are hoping to run a similar event later in the year.
As he says, “we don’t have a housing crisis, we have an apartment crisis”. In his view, demographic trends will mean future demand will be for smaller units close to city centres with Dublin continuing to provide greatest demand. Smaller units are likely to provide the greatest yield. He also believes that demand will continue to outstrip supply for many years.
Recently we held a seminar entitled “Selling your Business” – a topic foremost on the mind of many SME owners and one which is key to their retirement planning. We were delighted to welcome Mark Flood of Renatus Capital and Frank Harrington of Harrington International Corporate Finance who both gave us the benefit of their extensive experience. Both gave some excellent pointers and tangible issues to consider.
Damian Gallagher, recently retired entrepreneur, gave us a thoughtful and inspirational insight into how to approach retirement, redefining what it is to retire, and how to be happy and purposeful in the years beyond work while continuing to meet our financial commitments.
Subsequently we hosted a series of Investment Workshops for our clients which was lead by our Director of Investment and Ireland’s leading investment fund researcher Graham O’Neill. Sessions were limited to 15 to facilitate interaction and debate! During the sessions, Graham explained how he develops his view on the world economy and the experience of meeting and interrogating a fund manager. He spoke about the rise of infrastructure funds and why Absolute Return/Alternative funds are structurally unable to make returns. He concluded by explaining how we construct our portfolio recommendations in this challenging economic environment.