Investment Portfolio Management Techniques for Fixed Income, Equity and Alternative Investments
|
|
- Joanna Sherman
- 8 years ago
- Views:
Transcription
1 Investment Portfolio Management Techniques for Fixed Income, Equity and Alternative Investments Senior Managers Days 4 1
2 WHY attend this programme? Managing an investment portfolio successfully requires a good combination of knowledge and skill. Applying the right methodologies, tools and techniques is even more important in today s competitive markets which are characterized by risk and uncertainty. This workshop will give you the skills you need to build a portfolio, customized to needs, manage risks, and manage the portfolio profitably. Who is this programme for? This workshop provides vital skills to anyone involved in building an managing investment porfolios in the banking industry, whether it is for the bank s treasury or for clients. Typical participants comes from the following bank functions: From Investment Management: CIO, Portfolio Managers, Buy-Side Market Analysts, Risk Management, Performance Management From Treasury:Treasurer, Department management, ALM officers, Liquidity management officers, Risk Management, Performance Management Senior Managers Leaders with at least 15 years of experience, with P&L responsibility or leading group support functions. Generally, they lead groups of more than 100 people at business unit, division, country, regional and international levels. HOW will you benefit? As a result of participating in this workshop, you will have a solid command of how to customize an investment portfolio, the different types of assets, and what to consider when including them in a portfolio. You will take away tools for valuation and performance measurement in order to better manage the investment portfolio. WHAT will you learn and practice? Module 1: Overview of Portfolio Management and Asset Allocation The different universes of Portfolio Management What is Portfolio Management? Different management for different client segments: Stand-alone management: Mass retail investors Affluent & private banking Institutional Balance-sheet driven portfolio management Own assets: ALM and CPM External managers: LDI s, Tailored mandates & managed accounts Management styles: Passive portfolio management: Traditional strongly benchmarked mutual funds and ETF s Active portfolio management: Longonly algorithmic strategies, Long-only discretionary strategies, Alternative investment strategies Update on Portfolio Management Models The CAPM model: Efficient frontier and investors preferences (utility/value function) The benefits of diversification Asset Pricing Model Market portfolio Statistical tools used in real life to apply Modern Portfolio theory Modelling assets returns Modelling assets risks Modelling inter-assets relations (correlation) Investors characteristics: Modelling utility/value functions Historical approaches vs. forward looking assessment Strategic asset allocation Apply CAPM framework (Assessing the efficient frontier & investor preferences) Reviewing real life constraints (incl. case study) Excel based interactive work-session 2
3 Tactical asset allocation Modelling market views Example of the Black & Litterman model Practical constraints and limitations The overall asset allocation process for balancesheet driven investors Review of the process and operational aspects Check lists for practical elements the implementation of an asset allocation study Real life cases & constraints Impact on governance and organisation Module 2: Fixed Income Portfolio Management Fixed income instruments valuation and sensitivity analysis How to derive zero-coupon curve & discounting factors from the yield curve Valuation of a bond Duration & Convexity Interest rates risk immunisation strategies Interest rates risks vs. credit risks: the risky duration conundrum Limitations Instrument valuation and sensitivity analysis using Excel Practical exercises: forecasting the value of a basic bond portfolio for changes in yield curves. Standard practices for Fixed Income Fund managers How traditional fund managers typically structure and manage their portfolio s given the clients they target Retail funds Institutional funds The specific case of Liability-Driven Investment (LDI funds) Fixed income portfolio management in the context of ALM How portfolio management theory can be used to mitigate the interest rates risks of a financial institution What is ALM? The several dimensions of ALM Differences between the ALM of a bank, of an insurance company and of a pension fund How to model interest rates risks of loan books: Specificities of loan books (e.g. prepayment options, etc.) Currency risks Capital management constraints Liquidity management constraints Use of Repo s, swaps and other fixed income derivatives to manage interest rates & liquidity risks How derivatives can be used in Fixed Income portfolio management and how those impact the risk profile of the portfolio What hedging instruments are available Morphology of interest rates derivatives and of their market How those instruments are used in the context of ALM (steepners, flattners, etc.) Mitigating currency risks Liquidity risks: Using repo s to manage liquidity risks ( Managing cash-flow matching risks using repo s) Consequences of derivatives on liquidity risks (incl. Collateral requirements) What are the high level impacts of Capital Requirements and Accounting (under IFRS) for: Banks (under Basel II/III) Insurances (under Solvency II) Credit risk modeling Consequences of credit risks on Fixed income portfolio management Typology of credit risks and credit spreads Basic building blocks of credit risks modelling Introduction to Credit Portfolio Modeling Credit risks and Credit Portfolio Management (CPM) Loan books specificities Some common credit risks assessment tools and systems Case Study: Moody s KMV Portfolio Manager How is CPM usually implemented in a modern bank Typical credit risk mitigation strategies 3
4 Module 3: Equities and Real Estate Fundamentals of equity valuation The typical equity valuation process Some common equity valuation models (technical overview, applications and limitations) Dividend Discount Model Free Cash Flow Valuation Market Based Multiples Valuation Model calibrations Information sources to perform equity valuations Equity portfolio management Equity risk premiums and benefits of diversification Modelling baskets of equities Stock picking approaches: different selection processes Some typical equity portfolio s Key Risk Indicators Exercise comparing several equity portfolios for their expected risk -return profile given their relative weightings, sectorial & geographical allocation, etc. Risks and benefits of equity portfolios in global asset allocation Estimating the potential benefits and risks of including equity allocations in larger cross-asset class portfolio s Applications in the context of ALM (given economic, accounting & regulatory constraints) for: Banks, Insurance Companies, Pension funds Equity Indices & funds Asset class review (risks & benefits) Modelling equity indices Modeling equity indices futures Modelling benchmarked equity funds ETF s Equity risks fat tails Basic approach to stochastic modeling of equity prices Equity prices leptokurtic behavior ( fat tails ) & the limits of volatility-based models Mitigating tail risks Via dynamic asset allocation strategies Via derivatives strategies Real Estate investments Real estate investments and impact on portfolio management Some different forms of Real-Estate investment & how they can be valued Direct investments REIT s Derivatives Developments vs. existing buildings Some key real estate sectors and their specificities Natural exposure Risks and benefits for different types of investors Retail investors Banks Insurances Pension funds Module 4: Alternative Investments and Risk Hedge Funds A short overview of the universe of Hedge Funds Alpha: a key rationale for investing in hedge funds The limitation of traditional risk return metrics in the case of Hedge Fund Measuring Skewness Typical risks in Hedge Fund investment Necessary due diligence process Hedge fund performance benchmarks and indices Private Equity What to consider when selecting Private equity investments and monitoring their performances Short overview of the private equity market The life cycle of a private equity investment Some typical structure in private equity Typical performances and risk characteristics of private equity Some private equity investment vehicles Infrastructure investments: a particular form of Private Equity What are infrastructure investments The different types of infrastructure investment 4
5 Why are some institutional investors considering infrastructure investments Typical risks in infrastructure investments Key acquisition issues faced by infrastructure investors Some typical ris mitigation practices Real life examples and case studies Summary and Closing This programme description is intellectual property of Management Centre Europe (MCE). Not to be used without permission. Commodities What to consider when selecting Commodities investments and monitoring their performances The forward curve of commodities: Contango, backwardation and seasonal effects Short overview of the major commodities markets Energy Precious Metals Industrial metals Soft Commodities Some important elements of the risk-return profile for the different commodities asset classes Benefits and risks How to invest: Funds, trackers, derivatives and structured investments Some tools to follow commodities price evolution Performance attribution & reporting in portfolio management Overview of performance attribution assessment techniques Asset total return vs. transaction return Return Decomposition Analysis Modified Dietz Return Sub-period returns and segments returns Time- and dollar-weighted rates of return Contribution analysis Attributing Value Added to management decisions CFA Performance measurement standard: the Global Investment Performance Standards (GIPS) Risk management for asset managers Standard practices Trends & evolution Best practices & recommendations Designing Risk & performance dashboards + case studies Goals of a dashboard A proposed methodological framework 5
Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients
Investment Portfolio Management and Effective Asset Allocation for Institutional and Private Banking Clients www.mce-ama.com/2396 Senior Managers Days 4 www.mce-ama.com 1 WHY attend this programme? This
More informationAsset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies.
INSTITUTIONAL TRUST & CUSTODY Asset Management Portfolio Solutions Disciplined Process. Customized Approach. Risk-Based Strategies. As one of the fastest growing investment managers in the nation, U.S.
More informationWhether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima
Whether you seek to BROADEN, DEEPEN, OR SIMPLY REFRESH YOUR SKILLS, Consider F nultima F nultima Our trainers have successfully delivered training programmes for some of the top global organizations (
More informationCONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12
SYLLABUS OVERVIEW 1 CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 CHAPTER 1 The Investment Industry: A Top-Down View MODULE 2: ETHICS AND REGULATION 6 CHAPTER 2 CHAPTER 3 Ethics and Investment Professionalism
More informationAXA s approach to Asset Liability Management. HELVEA Insurance Capital Adequacy and Solvency Day April 28th, 2005
AXA s approach to Asset Liability Management HELVEA Insurance Capital Adequacy and Solvency Day April 28th, 2005 ALM in AXA has always been based on a long-term view Even though Solvency II framework is
More informationCPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?
CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment
More informationThe Master of Science in Finance (English Program) - MSF. Department of Banking and Finance. Chulalongkorn Business School. Chulalongkorn University
The Master of Science in Finance (English Program) - MSF Department of Banking and Finance Chulalongkorn Business School Chulalongkorn University Overview of Program Structure Full Time Program: 1 Year
More informationAsset Liability Management / Liability Driven Investment Optimization (LDIOpt)
Asset Liability Management / Liability Driven Investment Optimization (LDIOpt) Introduction ALM CASH FLOWS OptiRisk Liability Driven Investment Optimization LDIOpt is an asset and liability management
More informationPowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1
PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios
More informationASSET MANAGEMENT ALM FRAMEWORK
ASSET MANAGEMENT within an ALM FRAMEWORK LE MÉRIDIEN SINGAPORE SEPTEMBER 6 7, 2007 Charles L. Gilbert, FSA, FCIA, CFA Traditional Asset Management Focus on asset returns Assets managed against benchmark
More informationFinancial Markets elearning learn inform inspire
Financial Markets elearning learn inform inspire Release 29: 2013 Financial Markets Courses Introduction to Financial Markets Financial Markets - An Introduction Money Markets - An Introduction Foreign
More informationNASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline (Effective 1/1/2010)
NASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline (Effective 1/1/2010) CONTENT AREA # of Items 1. Economic Factors and Business Information 19 (14%) A. Basic economic
More informationCommodities Portfolio Approach
Commodities Portfolio Approach Los Angeles Fire and Police Pension System February 2012 Summary The Board approved a 5% allocation to Commodities, representing approximately $690 million of the $13.75
More informationFinance. Undergraduate Program of Study. Graduate Program of Study. Courses. Certificate in Risk Management and Insurance. Doctor of Philosophy
University of Iowa 2015-16 General Catalog 1 Finance Chair Erik Lie Undergraduate major: finance (B.B.A.) Graduate degree: finance subprogram for the Ph.D. in business administration Faculty: http://tippie.uiowa.edu/finance/faculty.cfm
More informationdecidedly different Catalyst Mutual Funds Investor Overview
decidedly different Catalyst Mutual s Investor Overview Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of an
More informationFINANCIAL PLANNING ASSOCIATION OF MALAYSIA
FINANCIAL PLANNING ASSOCIATION OF MALAYSIA MODULE 4 INVESTMENT PLANNING Course Objectives To understand the concepts of risk and return, the financial markets and the various financial instruments available,
More informationPortfolio Management for institutional investors
Portfolio Management for institutional investors June, 2010 Bogdan Bilaus, CFA CFA Romania Summary Portfolio management - definitions; The process; Investment Policy Statement IPS; Strategic Asset Allocation
More informationdecidedly different Catalyst Mutual Funds Investor Overview
decidedly different Catalyst Mutual Funds Investor Overview Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of
More information1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates
More informationANALYSIS AND MANAGEMENT
ANALYSIS AND MANAGEMENT T H 1RD CANADIAN EDITION W. SEAN CLEARY Queen's University CHARLES P. JONES North Carolina State University JOHN WILEY & SONS CANADA, LTD. CONTENTS PART ONE Background CHAPTER 1
More informationAsset Liability Management and Investment Seminar May 2012. Session1: Asset Allocation for Insurance Company Liability Driven Investment.
Asset Liability and Investment Seminar May 2012 Session1: Asset Allocation for Insurance Company Liability Driven Investment Genghui Wu Asset Liability Liability Driven Investment Genghui Wu FSA, CFA,
More informationLong duration bond benchmarks for corporate pension plans
By: Yoshie Phillips, CFA, Senior Research Analyst OCTOBER 2011 Long duration bond benchmarks for corporate pension plans Issue: With the growth of liability-driven investing (LDI), many corporate pension
More informationPortfolio Management Consultants Perfecting the Portfolio
Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes
More informationCALIFORNIA STATE TEACHERS RETIREMENT SYSTEM COMMODITY PORTFOLIO POLICY
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM COMMODITY PORTFOLIO POLICY INVESTMENT BRANCH NOVEMBER 2010 P. Commodity Portfolio Policy INTRODUCTION In accordance with the Investment Policy and Management
More informationTypology of investment methods
Typology of investment methods Janvier 2012 Describe an Expertise: the consultant approach (mandates) People Company description Investment Team in charge of the expertise : experience and background Investment
More informationAsset and Wealth Management
Asset and Wealth Management Initial Training Programme Edinburgh 2016 London Edinburgh New York Dubai Singapore www.capitalcitytraining.com 1 Introduction Why this programme? In Edinburgh and Glasgow,
More informationInterest Rates and Inflation: How They Might Affect Managed Futures
Faced with the prospect of potential declines in both bonds and equities, an allocation to managed futures may serve as an appealing diversifier to traditional strategies. HIGHLIGHTS Managed Futures have
More informationExchange-traded Funds
Mitch Kosev and Thomas Williams* The exchange-traded fund (ETF) industry has grown strongly in a relatively short period of time, with the industry attracting greater attention as it grows in size. The
More informationIntroduction to Equity Derivatives
Introduction to Equity Derivatives Aaron Brask + 44 (0)20 7773 5487 Internal use only Equity derivatives overview Products Clients Client strategies Barclays Capital 2 Equity derivatives products Equity
More informationCFA Institute Contingency Reserves Investment Policy Effective 8 February 2012
CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012 Purpose This policy statement provides guidance to CFA Institute management and Board regarding the CFA Institute Reserves
More informationLiability-Driven Investment Policy: Structuring the Hedging Portfolio
Strategic Research November 2007 Liability-Driven Investment Policy: Structuring the Hedging Portfolio KURT WINKELMANN Managing Director and Head Global Investment Strategies kurt.winkelmann@gs.com (212)
More information2013 GSAM Insurance Survey & Industry Investment Trends
Global Insurance Asset Management AASCIF Annual Workshop Fall 23 23 GSAM Insurance Survey & Industry Investment Trends Michael Siegel, PhD Global Head of GSAM Insurance Asset Management September 3, 23
More informationStonegate Wealth Management. Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.
Stonegate Wealth Management Registered Investment Advisor 17-17 Route 208 Fair Lawn, N.J. 07410 (201) 791-0085 www.stonegatewealth.com Stonegate Wealth Management $200 Million in assets under management.
More informationMSc Finance LM550 (REVAMPED)
MSc Finance LM550 (REVAMPED) 1. Objectives The objectives of this 2-year part-time programme are two-fold: first to provide you with a strong foundation in both the theoretical principles and practice
More informationLast update: December 19, 2013. Global Master of Finance Dual Degree Course Descriptions. Foundation Courses. FIN B62 510. Introduction to Finance
Last update: December 19, 2013 Global Master of Finance Dual Degree Course Descriptions Foundation Courses FIN B62 510. Introduction to Finance The main topics to be covered in this course are (1) principles
More informationInternational Investments
2008 AGI-Information Management Consultants May be used for personal purporses only or by libraries associated to dandelon.com network. International Investments Bruno Solnik H.E.C. SCHOOL of MANAGEMENT
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Standard No. 13 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS STANDARD ON ASSET-LIABILITY MANAGEMENT OCTOBER 2006 This document was prepared by the Solvency and Actuarial Issues Subcommittee in consultation
More informationApplication of Interest Rate Swaps in Indian Insurance Industry Amruth Krishnan Rohit Ajgaonkar Guide: G.LN.Sarma
Institute of Actuaries of India Application of Interest Rate Swaps in Indian Insurance Industry Amruth Krishnan Rohit Ajgaonkar Guide: G.LN.Sarma 21 st IFS Seminar Indian Actuarial Profession Serving the
More informationCertified Personal Financial Advisor (CPFA) for Examination
NATIONAL INSTITUTE OF SECURITIES MARKETS Certified Personal Financial Advisor (CPFA) for Examination Test Objectives 1. Concept of Financial Planning 1.1 Understand what financial planning constitutes
More informationWealth Management Solutions
Wealth Management Solutions Invest in the Future Life has significant moments. Making sure you re prepared for them is important. But what can you do when the pace of your life leaves you little time to
More informationSOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 2a: Capital Market Drives Investment Strategy.
SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session 2a: Capital Market Drives Investment Strategy Genghui Wu Capital Market Drives Investment Strategy Genghui Wu FSA, CFA, FRM, MAAA
More informationGood Practice Checklist
Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment
More informationScore. Stifel CONQUEST Portfolios. Research-Driven Portfolios PORTFOLIO STRATEGY EXCHANGE TRADED FUNDS. Ease of Diversification
Stifel CONQUEST Portfolios PORTFOLIO STRATEGY The Washington Crossing Advisors Stifel CONQUEST Portfolios seek to add value by actively allocating assets among U.S. equities, bonds, commodities, and foreign
More informationCertification Program on Corporate Treasury Management
Certification Program on Corporate Treasury Management Introduction to corporate treasury management Introduction to corporate treasury management: relevance, scope, approach and issues Understanding treasury
More informationCore/Satellite Investing
For professional investors only Core/Satellite Investing Core/satellite portfolio construction aims to combine the most effective characteristics of index and alpha-generating strategies offering flexibility
More informationExchange Traded Funds A Brief Introduction
Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF
More informationActuarial Risk Management
ARA syllabus Actuarial Risk Management Aim: To provide the technical skills to apply the principles and methodologies studied under actuarial technical subjects for the identification, quantification and
More informationCALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR GLOBAL EQUITY. October 13, 2014
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR GLOBAL EQUITY October 13, 2014 This policy is effective immediately upon adoption and supersedes all previous Global Equity
More informationAmended as of June 23, 2015
THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of June 23, 2015 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady
More informationMaster Limited Partnerships (MLPs):
Master Limited Partnerships (MLPs): Frequently Asked Questions Yorkville Capital Management LLC www.yorkvillecapital.com 950 Third Avenue, 23 rd Floor New York, NY 10022 (212) 755-1970 Table of Contents
More informationComments from a corporate plan sponsor with approximately $5 billion in DC assets as of 9/30/14
Comments from a corporate plan sponsor with approximately $5 billion in DC assets as of 9/30/14 Our defined contribution 401(k) plan contains a core investment menu of ten options. The options include
More informationdecidedly different Catalyst Mutual Funds Brochure
decidedly different Catalyst Mutual Funds Brochure Our Mission We strive to provide innovative strategies to support financial advisors and their clients in meeting the investment challenges of an ever
More informationPortfolio Implications of Triple Net Returns. Journal of Wealth Management Forthcoming. Abstract
Portfolio Implications of Triple Net Returns Journal of Wealth Management Forthcoming Peter Mladina Director of Research Waterline Partners 6701 Center Drive West, Suite 955 Los Angeles, CA 90045 310.256.2576
More informationStrategic Focus: High Dividend Stock Strategy
Strategic Focus: High Dividend Stock Strategy September 2011 333 South Grand Avenue, Los Angeles, CA 90071 WHY ARE HIGH DIVIDEND STOCKS APPEALING? I Support from Robust Corporate Profits and Improving
More informationTHE USE OF FIXED INCOME DERIVATIVES AT TAL GLOBAL ASSET MANAGEMENT
GLOBAL ASSET MANAGEMENT INC. THE USE OF FIXED INCOME DERIVATIVES AT TAL GLOBAL ASSET MANAGEMENT Paul Bourdeau, CFA Page 1 September 2002 AGENDA Overview of TAL Overview of the Use of Derivatives at Use
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December
More informationmaster of SCienCe in Wealth management
Master of Science in Wealth Management The Master of Science in Wealth Management is jointly offered by the Wealth Management Institute (WMI), Singapore Management University () and Swiss Finance Institute
More informationA Comprehensive Guide to Exchange- Traded Funds (ETFs) (a summary)
A Comprehensive Guide to Exchange- Traded Funds (ETFs) (a summary) Joanne M. Hill, Dave Nadig, and Matt Hougan Published 2015 by the CFA Institute Research Foundation Summary prepared by Joanne M. Hill,
More informationExchange Traded Funds A Brief Introduction
Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,
More informationUnderstanding Fixed Income
Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding
More informationIntro on Hedge Funds AQF-2005
Intro on Hedge Funds AQF-2005 1 Hedge Funds What are hedge funds? Why is their performance measurement different from that of regular mutual funds? How should we analyze their performance? 2 What is a
More informationModule Description. Master Programme. International Business and Finance (M.A.)
Fakultät für Wirtschaft Module Description Master Programme International Business and Finance (M.A.) (Version: 2014-10-01) Introduction: The official requirements for the degree program 'International
More informationMarket Insight: Analyzing Hedges for Liability-Driven Investors
Market Insight: Lisa R. Goldberg and Sang-Hoon Kim Abstract: Managing surplus risk enables pension plans and endowments to align their asset allocations with their future obligations. BarraOne s Correlation
More informationFOUNDATION MODULE 1) FINANZANALYTIKER UND VERMÖGENSVERWALTER 2) FINANZ- UND ANLAGEEXPERTEN 3) EXPERTEN IN FINANZMARKTOPERATIONEN. Copyright 2014, AZEK
FOUNDATION MODULE 1) FINANZANALYTIKER UND VERMÖGENSVERWALTER 2) FINANZ- UND ANLAGEEXPERTEN 3) EXPERTEN IN FINANZMARKTOPERATIONEN Copyright 2014, AZEK AZEK, Feldstrasse 80, 8180 Bülach, T +41 44 872 35
More informationDiscussion Topics. Investment Risk Appetite. Risk Appetite Risk Management. Financial Disaster Preparedness Checklist Rebalancing.
Insurance Investment Practices during an Economic Downturn March 16, 2011 9:45 11 am Marc A. Tourville, CFA, CIPM Cardinal Investment Advisors, LLC Discussion Topics Risk Appetite Risk Management Tactical
More informationAPT Integrated risk management for the buy-side
APT Integrated risk management for the buy-side SUNGARD S APT: INTEGRATED RISK MANAGEMENT FOR THE BUY-SIDE SunGard APT helps your business to effectively monitor and manage its investment risks. Whatever
More informationInsights. Property & Casualty Insurance CFO Survey #3. Investment Strategies
Insights September 2012 Property & Casualty Insurance CFO Survey #3 Investment Strategies The third installment of Towers Watson s Property & Casualty Insurance CFO Survey examines CFO perspectives on
More informationMorningstar Highlights
Morningstar Highlights Second quarter Data as of June 30, 2015 Invesco offers funds that have competitive performance relative to their peers across most style boxes. Below are Invesco funds with four-
More informationMaster of Applied Finance. Victoria Business School Orauariki
2016 Master of Applied Finance Victoria Business School Orauariki - 2 - CONTENTS Applied Finance at Victoria... 5 Careers... 5 Qualifications.......................................... 6 Accreditation...
More information(Part.1) FOUNDATIONS OF RISK MANAGEMENT
(Part.1) FOUNDATIONS OF RISK MANAGEMENT 1 : Risk Taking: A Corporate Governance Perspective Delineating Efficient Portfolios 2: The Standard Capital Asset Pricing Model 1 : Risk : A Helicopter View 2:
More informationMERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES
MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at
More informationThird Edition. Philippe Jorion GARP. WILEY John Wiley & Sons, Inc.
2008 AGI-Information Management Consultants May be used for personal purporses only or by libraries associated to dandelon.com network. Third Edition Philippe Jorion GARP WILEY John Wiley & Sons, Inc.
More informationFIN 432 Investment Analysis and Management Review Notes for Midterm Exam
FIN 432 Investment Analysis and Management Review Notes for Midterm Exam Chapter 1 1. Investment vs. investments 2. Real assets vs. financial assets 3. Investment process Investment policy, asset allocation,
More informationIRSG Response to IAIS Consultation Paper on Basic Capital Requirements (BCR) for Global Systemically Important Insurers (G-SIIS)
EIOPA-IRSG-14-10 IRSG Response to IAIS Consultation Paper on Basic Capital Requirements (BCR) for Global Systemically Important Insurers (G-SIIS) 1/10 Executive Summary The IRSG supports the development
More informationEssentials of Fixed Income
Essentials of Fixed Income State Universities Retirement System April 2010 (This page left blank intentionally) Benefits of Fixed Income Main reasons to invest in fixed income: Diversification Return potential
More informationExchange Traded Funds
LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are
More informationMutual Fund Investing Exam Study Guide
Mutual Fund Investing Exam Study Guide This document contains the questions that will be included in the final exam, in the order that they will be asked. When you have studied the course materials, reviewed
More informationExchange-Traded Funds
Exchange-Traded Funds Exchange Traded Funds (ETF s) are becoming popular investment vehicles for many investors. Most ETF s are cost effective, broad market funds. We have put together a layman s explanation
More informationCOMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL
INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.
More informationGlossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
More informationThe University of Texas Investment Management Company Derivative Investment Policy
Effective Date of Policy: August 12, 2010 Date Approved by U. T. System Board of Regents: August 12, 2010 Date Approved by UTIMCO Board: July 14, 2010 Supersedes: approved August 20, 2009 Purpose: The
More informationDefining Treasury Success. Establishing and Automating Treasury Metrics
Defining Treasury Success Establishing and Automating Treasury Metrics B How do we know when treasury is operating effectively? That is the key question many of our corporate clients are asking. They are
More informationMorningstar Highlights
Morningstar Highlights Third quarter Data as of September 30, 2015 Invesco offers funds that have competitive performance relative to their peers across most style boxes. Below are Invesco funds with four-
More informationWealth Management Workshops
Date: 17 th, 19 th March, 2015 (Tuesday, Thursday) GFM Training co-hosts the Wealth Management Workshop Series with the Hong Kong Society of Financial Analysts for practitioners wishing to deepen their
More informationEnterprise Risk Management
Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s
More informationChanges to the OklahomaDream 529 Plan
Supplement dated December 31, 2015 to Oklahoma Dream Advisor Sold 529 Program Plan Disclosure Statement for Investors Using a Financial Advisor (Classes A and C) Dated November 3, 2014 This Supplement
More informationClose Brothers Group plc
Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Close Brothers Group plc Pillar 3 disclosures for the year ended 31 July 2008 Contents 1. Overview 2. Risk management objectives
More informationArizona State Retirement System Investment Committee Fixed Income Asset Class Review
Arizona State Retirement System Investment Committee Fixed Income Asset Class Review June 22, 2015 EXECUTIVE SUMMARY U.S. Equity Arizona Asset State Class Retirement Overview System Fixed Income Asset
More informationCFA Examination PORTFOLIO MANAGEMENT Page 1 of 6
PORTFOLIO MANAGEMENT A. INTRODUCTION RETURN AS A RANDOM VARIABLE E(R) = the return around which the probability distribution is centered: the expected value or mean of the probability distribution of possible
More informationRisk Budgeting. Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA
Risk Budgeting Northfield Information Services Newport Conference June 2005 Sandy Warrick, CFA 1 What is Risk Budgeting? Risk budgeting is the process of setting and allocating active (alpha) risk to enhance
More informationPortfolio Management for Banks
Enterprise Risk Solutions Portfolio Management for Banks RiskFrontier, our industry-leading economic capital and credit portfolio risk management solution, along with our expert Portfolio Advisory Services
More informationEvolution of GTAA Investment Styles. In This Issue: June 2012
June 2012 ALPHA GROUP TOPIC The Alpha Group researches investment managers. In This Issue: n Evolution of GTAA Investment Styles n Risk-Parity vs. GTAA Managers n Implementation n Investing in a GTAA Strategy
More informationOntario Securities Commission
Ontario Securities Commission OSC Staff Notice 81-727 Report on Staff s Continuous Disclosure Review of Mutual Fund Practices Relating to Portfolio Liquidity June 25, 2015 Purpose of this Notice Staff
More informationBest Styles: Harvesting Risk Premium in Equity Investing
Strategy Best Styles: Harvesting Risk Premium in Equity Investing Harvesting risk premiums is a common investment strategy in fixed income or foreign exchange investing. In equity investing it is still
More informationQuantitative Asset Manager Analysis
Quantitative Asset Manager Analysis Performance Measurement Forum Dr. Stephan Skaanes, CFA, CAIA, FRM PPCmetrics AG Financial Consulting, Controlling & Research, Zurich, Switzerland www.ppcmetrics.ch Copenhagen,
More informationmaster of SCienCe in Wealth management
Master of Science in Wealth Management The Master of Science in Wealth Management is jointly offered by the Wealth Management Institute (WMI), Singapore Management University () and Swiss Finance Institute
More informationCOMMERCIAL BANK. Moody s Analytics Solutions for the Commercial Bank
COMMERCIAL BANK Moody s Analytics Solutions for the Commercial Bank Moody s Analytics Solutions for the Commercial Bank CATERING TO ALL DIVISIONS OF YOUR ORGANIZATION The Moody s name is synonymous with
More information