A Guide to Fund Management
Publisher: Risk Books
Published: 2010
Place of publication: United Kingdom
Language: eng
Format: Paperback
Number of pages: 289
Table of contents: title: TABLE OF CONTENTS; title: Preface; title: About the Author; title: Introduction; title: Definitions; title: 1 The Business Model; title: Introduction; title: How the fund management industry evolved; title: The drivers of growth; title: The threats to growth; title: The profit dynamics; title: The cost dynamics; title: The productivity dynamics; title: Overcoming the downward pressure on fees; title: Taking advantage of the economies of scale; title: Delivering ‘value added’ to clients; title: Implementing structured decision making; title: Developing strong distribution capabilities; title: Starting up a new fund management venture; title: Conclusion; title: 2 The Industry; title: Introduction; title: Recent evolution; title: Growth markets; title: The Alpha industry; title: Active return; title: The Beta Industry; title: Systemic return; title: The Asset Class Spectrum; title: Examples of different house styles; title: Segregated funds; title: Comingled, Pooled or Collective funds; title: Industry codes and standards; title: Asset Manager Code of Professional Conduct; title: Research Objectivity Standards; title: Trade Management Guidelines; title: 3 The client spectrum; title: Introduction; title: Targeting the right segment; title: Overview of Institutional investors; title: Pension funds; title: Investment goals; title: Endowments and Foundations; title: Investment goals; title: Insurance companies; title: Investment goals; title: Private Investors; title: Investment goals; title: Safeguarding client assets; title: Conclusion; title: 4 Legal and regulatory landscape; title: Introduction; title: Rules versus principles based compliance; title: Regulatory trade-offs; title: Self regulation versus government regulation; title: How to operate and maintain adequate compliance functions and procedures; title: Understanding the key regulatory concepts; title: Integrity; title: Skill, care and diligence; title: Fiduciary responsibility; title: Prudence; title: Market conduct; title: Money laundering; title: Chinese Walls; title: Fit and Proper; title: The geographic differences in regulation; title: US; title: UK; title: Europe; title: Far East; title: Offshore domiciles; title: Compliance, operations and procedure manuals; title: What should be included in an operations manual?; title: The importance of adequate capital; title: Conclusion; title: 5 Investment process and philosophy; title: Introduction; title: Stating the investment Philosophy; title: Defining an investment process; title: The Investment Policy Checklist; title: Understanding the mathematical relationship between risk and return (CAPM); title: Alternatives to CAPM; title: Active or passive management?; title: Accommodating style tilts and factors; title: Implementation of the investment process; title: Incorporation of models into the investment process; title: How to Index an investment fund; title: Conclusion; title: 6 Skills and Structure in the front office (Portfolio construction and support); title: Introduction; title: Setting a vision; title: Team or star manager approach; title: Avoiding groupthink; title: Incorporating the process driven value proposition into daily activities; title: Top-down; title: Bottom-up; title: Quantitative analysis; title: Qualitative analysis; title: What systems are required by the front office?; title: Front office systems providers; title: What Skills does a portfolio manager require?; title: Training; title: Ethics and Standards of Professional Conduct; title: How the chain of command works in practice; title: Personality type; title: Competence; title: Composition and role of the trading team; title: Conclusion; title: 7 Skills and structure in the middle office (Risk and oversight); title: Introduction; title: Integrating the structure of the middle office with the rest of the firm; title: Risk oversight policy implementation; title: Middle office Risk and Performance systems; title: Monitoring style drift; title: Staff, Skills and Shared Values; title: Responsibility for operational risk; title: Responsibility for business continuity risk; title: Preparing a Business Continuity Plan; title: Counterparty risk; title: Portfolio Risk Control; title: Backtesting and stress-testing portfolios; title: Using factor models and optimization software; title: Undertaking competitor and peer group analysis; title: Monitoring fund leverage; title: Conclusion; title: 8 Skill and structure in the back office (Operations and support); title: Introduction; title: Having robust systems and database; title: Handling derivative instruments; title: Handing day to day fund accounting; title: Ensuring efficient pre and post trade processing; title: Trade processing vendors; title: Implementing Straight-Through Processing (STP); title: Establishing a records retention policy; title: Integrating the accounts function; title: Outsourcing; title: Fund administrators; title: Prime brokerage; title: Adapting to accommodate short selling and securities lending; title: Back-office personnel issues; title: Conclusion; title: 9 Job functions; title: Introduction; title: How to write internal and external job descriptions; title: Criteria for 'good' and 'bad' remuneration policies; title: How to decide on compensation; title: Performance-related compensation; title: The Chief Executive Officer; title: Transitioning to a New Chief Executive; title: The Chief Operating Officer; title: The Chief Financial Officer; title: The Chief Investment Officer; title: The Head of Trading; title: The Head of Technology; title: The Compliance Officer; title: The Risk manager; title: The Marketing manager; title: The relationship manager; title: Head of Performance; title: Establishing and employee review process; title: Maintaining an employee handbook; title: How to build a team spirit; title: Conclusion; title: 10 Client acquisition; title: Introduction; title: Business development as a means to win new clients; title: Basic Foundations of client relationships; title: Communicating the right message; title: The role of Investment Consultants; title: Answering Request for Proposals; title: Writing Fact Sheets; title: Equity fact sheets; title: Debt fact sheets; title: Lead management and the importance of monitoring client contact; title: Marketing analytics; title: How to undertake systematic brand management; title: Building reputation; title: Addressing poor performance from a communications perspective; title: Having a public relations strategy; title: Employing third party marketeers; title: Drafting investment mandates; title: Adding constraints to an investment mandate; title: The internets role in client acquisition.; title: How to ensure efficient ‘Client on-boarding’; title: Conclusion; title: 11 Client retention; title: Introduction; title: Communicating with clients; title: Communicating with Consultants; title: Using open architecture as a distribution channel; title: Understanding core-satellite asset allocation and its implications for client retention; title: The ‘Know your client’ requirement; title: Handling tracking error and investment constraints; title: Understand and surpassing expectations; title: Obtaining feedback from existing clients; title: Fostering good press and media relations; title: Goals and Objectives when dealing with the media; title: Crisis management when things go wrong; title: Managing client functions; title: Preparing performance reviews and client visits; title: How to treat the competition; title: Buying a fund management company7; title: Due diligence: Organization and Good Standing; title: Due diligence: Financial Information; title: Due diligence: Physical Assets; title: Due diligence: Employees and Employee Benefits; title: Due diligence: Mandates and funds; title: Due diligence: Taxes; title: Due diligence: Material Contracts; title: Due diligence: Open Ended Funds and Closed Ended Funds; title: Due diligence: Customer Information; title: Due diligence: Litigation; title: Due diligence: Incidentals; title: Conclusion; title: 12 Performance reporting and valuation; title: Introduction; title: Choosing appropriate benchmarks; title: Understanding attribution analysis; title: The Brinson Hood Beebower Model; title: Building a Reporting interface; title: Fair reporting; title: Accurate reporting; title: Timely reporting; title: Utilising factor models in reporting; title: Value at Risk as a tool to understand risk; title: The performance report format; title: The asset allocation report format; title: The transaction report format; title: Pricing and valuation; title: Global Investment Performance Standards; title: Soft Dollar Standards; title: Conclusion; title: 13 Product design; title: Introduction; title: Building the Product; title: Composition and structure of the product team; title: Establishing a timeline for product intorduction; title: Determining fee levels for new products; title: When to use performance fees.; title: Choosing the legal structure for new products; title: Open ended; title: Closed ended; title: Master feeder funds; title: Multi-Class Funds; title: Taking taxation into consideration; title: Design considerations; title: When to incorporate leverage; title: Handling the liquidity of the underlying instruments; title: Taking capacity into account; title: Clearly stating fees; title: What to put in the ‘Prospectus’; title: Recent product innovations; title: How to structure solutions for clients; title: Wrap funds; title: Offshore products; title: How to design Index Funds; title: How to address investment fund board independence; title: Conclusion; title: 14 Alternatives; title: Introduction; title: Socially Responsible Investment (SRI); title: Shari'ah Compliant Investment; title: The use of leverage; title: The use of derivatives; title: Structured products; title: Hedge funds; title: Counterparty credit risk exposure; title: Trading practices of hedge funds; title: Hedge fund fees; title: Commitment Period (lock-ups); title: The use of side letters; title: Selecting a Maximum Fund Size; title: Imposing redemption terms (gates); title: Types of hedge fund; title: Convertible Arbitrage funds; title: Distressed Securities funds; title: Fixed Income Arbitrage funds; title: Long/Short funds; title: Macro funds; title: Risk/Merger Arbitrage funds; title: Private Equity; title: The role of Limited Partnerships; title: Property; title: Closed-ended funds; title: Open-ended funds; title: Investment trusts; title: Conclusion