Narciso Munoz

Functions as a College/University

International commercial bank

Functions as a College/University

Barclay Capital employs a highly quantitative approach that is based on sophisticated analytics. The firm provides clients with a globally integrated perspective across products and geographies. Their products and services include: commodities, convertible bonds, emerging markets, equities, equity derivatives, foreign exchange, Government bonds, investment grade credit, high yield credit, inflation-linked securities, securitization and structured credit. Barclays Capital offers clients the ability to establish Investment Philosophy Portfolio Multiple Accounts (IPPMA). Under this relationship, the firm provides discretionary or nondiscretionary services based on a comprehensive strategic asset allocation that takes into account the clients investment goals, risk tolerance and other information. The strategic asset allocation is set forth in the Investment Policy Statement (IPS). Where Barclays Capital provides non-discretionary investment advice, clients may invest their assets among the various securities, financial instruments, investment products and services that are available through the firm's platform. Investment products include affiliated and unaffiliated investment managers that participate in various managed account programs sponsored by Barclays Capital (Managed Account Programs), US exchange-listed, exchange traded funds, collective investment vehicles such as mutual funds and private investment funds, including those for which Barclays Capital may serve as the investment advisor or placement agent, individual equity and fixed-income instruments and cash and cash equivalents. Where Barclays Wealth provides non-discretionary advisory services, clients retain sole responsibility for making all decisions relating to the allocation, investment and disposition of their IPPMA assets and may accept or decline any recommendation provided by the firm. A client may also grant Barclays Wealth discretionary authority over IPPMA assets. If so, Barclays Capital generally has the authority to implement the asset class recommendations that have been agreed upon between the client and the firm by investing in the investment products without prior client notification or consent. However, a client's ability to impose reasonable restrictions on the underlying investment products in which the IPPMA assets are invested depends on the nature of the investment product. Clients may impose reasonable restrictions on the management of separate accounts including by restricting particular securities or types of securities, as long as Barclays Capital or the relevant investment manager (in the case of the Managed Account Programs) accepts those restrictions. Clients may not restrict investments made by collective investment vehicles such as mutual funds and private investment funds. However, a client may choose to reasonably restrict the collective investment vehicles in which the clients IPPMA assets are invested. Barclays Capital serves as the investment advisor to a range of private investment funds known as Barclays Wealth Advisor Series (BWAS). The BWAS funds employ a master-feeder structure comprised of a Cayman Islands exempted limited partnership (the Master Fund), a Delaware limited partnership and a Cayman Island exempted limited company (collectively, the Feeder Funds and together with the Master Fund, the BWAS Funds). For all BWAS Funds except the BWAS Multi-Manager International Equity Fund, Barclays Capital serves as the investment advisor to the BWAS Funds and delegates discretion and responsibilities with respect to the management of the BWAS Funds portfolios to unaffiliated top-tier long-only asset managers (BWAS Managers). For the BWAS Multi-Manager International Equity Fund, the firm invests the funds assets in other BWAS Funds, as well as certain other investments including separately managed accounts and private investment funds that may or may not be on the Barclays Capital platform. Clients that may be investors in the BWAS Funds do not have the ability to impose restrictions on the investments made by the BWAS Funds. Barclays Capital and the BWAS Managers manage the BWAS Funds in accordance with the investment objectives and constituent documents of each portfolio. Barclays Capital's Alternatives Accommodation Platform is available for clients seeking access to certain third party private investment funds that are not provided on the Barclays Capital platform, nor are they recommended by Barclays Capital. Access to the Alternatives Accommodation Platform is typically permitted when a new client had a prior relationship with another firm at which they invested in a private investment fund and for continuity and reporting purposes, would like to transfer their investment to the Barclays Capital platform. The client is responsible for having independently, or with the assistance of advisors other than Barclays Capital, evaluated the merits and risks of investing in the private investment fund and determined that the client is able to bear any risks. On occasion, Barclays Capital may build asset allocation models that reflect the firm's investment view regarding strategic asset allocation and make them available to third-party investment advisors. They may also make research personnel available to consult with third party investment advisors regarding the assumptions and relevant inputs on which the models are based. The models are not customized to reflect the personal financial circumstances, investment objectives or investment restrictions of any investment advisor or the clients of any investment adviser. Neither Barclays Capital nor their research personnel provide specific investment recommendations to implement the models. Each third-party investment advisor is responsible for interposing their own independent judgment and the exercise of its investment discretion in connection with the use of the models. Barclays Capital sponsors Managed Account Programs including the Barclays Wealth Select Advisors Program (BWSA), the Barclays ETF Tactical Allocation Program (BETA), the Barclays Wealth Accommodation Manager Program (Accommodation Program) and the Investment Advisory Representatives Program (IAR). BWSA offers a comprehensive fee-based investment advisory service designed to assist clients in identifying an investment manager or a group of investment managers that are best suited to their goals. The BETA program is a comprehensive fee-based investment advisory service designed to assist clients in investing in a multi-asset class or single-asset class portfolio primarily through the use of ETFs. Through the firm's Accommodation Program, certain clients may request the use of specific investment managers and/or investment strategies that are not otherwise available on the Barclays Capital platform. Under this program, the client is solely responsible for the selection, retention and termination of the investment managers. Through the IAR, certain individuals within Barclays Capital's advisory business who have demonstrated relevant expertise and have prior experience in the industry, may serve as investment advisory representatives and offer discretionary and non-discretionary advisory services to Barclays Capital clients for a fee. In the Managed Account Programs, a client pays a single, all-inclusive fee for the investment advisory services provided by Barclays Capital, which include investment management services under the Managed Account Programs, as well as custodial, execution and reporting services.