Fiduciary Management

Name: Fiduciary Management | Blueprint for Pension Fund Excellence
Brand: Wiley
Price: 48.99 EUR
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Blueprint for Pension Fund Excellence

A. Van Nunen(Autor*in)

Wiley (Verlag)

Erschienen am 12. Juni 2008

304 Seiten

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978-0-470-22672-8 (ISBN)

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Inhalt

Intro
Fiduciary Management
Contents
Foreword
Preface
Chapter 1: The Pendulum Swings Back in Asset Management
THE FORCES OF HISTORY
THE RISE OF MODERN PORTFOLIO THEORY
SUPPORT FOR SHARES
THE NEW PARADIGM
THE RISE OF INDEXING
DISCONTENT WITH THE PARADIGM
THE NEED FOR FIDUCIARY MANAGERS
Chapter 2: Pension Plans
THE HISTORICAL IDEA OF PENSIONS
A PATCHWORK OF PENSION PROVISIONS
ORGANIZATION AND REGULATION OF THE PENSION SYSTEM IN SEVERAL OECD COUNTRIES5
SIMILARITIES AND DIFFERENCES
COMMONALITIES ON THE ASSET SIDE
Chapter 3: The Role of the Fiduciary Manager as Chief Advisor
THE ASSET-LIABILITY STUDY
THINKING THROUGH RISK AND RETURN
PORTFOLIO CONSTRUCTION
SELECTING AND OVERSEEING INVESTMENT MANAGERS
MEASURING AND BENCHMARKING
EDUCATION
THE TRUSTED COUNSELOR, THE FELLOW FIDUCIARY
Chapter 4: Shaping the Fundamental Investment Policies
LIABILITY-DRIVEN INVESTMENTS
CHOOSING AN ACTIVE INVESTMENT POLICY
INTEGRATING ACTIVE POLICY IN THE OVERALL PORTFOLIO
COMPLETION ACCOUNT AS A NECESSARY ADJUNCT TO ACTIVE POLICY
THE FIDUCIARY PLATFORM TO INTEGRATE ACTIVE POLICY IN THE OVERALL INVESTMENT PORTFOLIO
A SPECIAL CASE: BRIDGING THE DURATION GAP
WHAT A FIDUCIARY MANAGER'S REPORT LOOKS LIKE
Chapter 5: Asset-Liability Modeling and the Fiduciary Manager
THE ROLE OF THE FIDUCIARY MANAGER
THE ASSET-LIABILITY MODEL (ALM)
POLICY INSTRUMENTS USED IN ASSET-LIABILITY MODELING
CALCULATIONS TO COPE WITH UNCERTAINTY
THE CRUCIAL ROLE OF ALM
ASSET-LIABILITY MODELING IN PRACTICE
POLICY CHANGES
WHERE DOES FIDUCIARY MANAGEMENT FIT IN?
Chapter 6: Fiduciary Management in Practice-Portfolio Construction
DEFINING APPROPRIATE ASSET CLASSES
HEDGE FUNDS: WEIGHING THE "NEW" ALTERNATIVE
BURROWING IN: DEFINING SUB-ALLOCATIONS
THINKING ABOUT STYLE
APPORTIONING THE FIXED INCOME PORTFOLIO
MEASURE FOR MEASURE
FORMULATING MANDATES FOR MANAGERS
Chapter 7: Horses for Courses-Selecting and Overseeing Investment Managers
CREATING THE BEAUTY PARADE
INVESTMENT PERFORMANCE
INVESTMENT PROCESS AND PHILOSOPHY
INVESTMENT PEOPLE
OPERATIONAL RISK
MANAGING THE BEAUTY PARADE
MANAGING THE TRANSITION
OVERSEEING THE MANAGERS
Chapter 8: Performance Measurement and Benchmarking
WHY HAS BENCHMARKING GROWN MORE IMPORTANT?
THE USE OF DIFFERENT TYPES OF BENCHMARKS
LIABILITY-DRIVEN BENCHMARKS
STRATEGIC BENCHMARKS
DETAILED BENCHMARKS IN THE CONTEXT OF ACTIVE INVESTMENT POLICY
ACTIVE OVERLAY MANAGEMENT
REBALANCING
MEASUREMENT OF ACTIVE POLICY
Chapter 9: The Fiduciary Manager Experience in the Netherlands and Beyond
CHANGES IN INVESTMENT POLICY
CHANGES IN THE ROLE OF A FUND'S INVESTMENT COMMITTEE
CHANGES IN THE BREADTH AND DEPTH OF DISCUSSIONS WITH ASSET MANAGERS
CHANGES IN THE COMMUNICATION PROCESS
CHANGES IN THE LEVEL AND STRUCTURE OF COSTS
CHANGES IN THE IMPORTANCE OF THE CUSTODIAN
OVERSEEING THE FIDUCIARY
FUTURE DEVELOPMENTS OF THE MARKET FOR FIDUCIARY SERVICES
BEYOND THE NETHERLANDS
FIDUCIARY MANAGEMENT PLUS
Chapter 10: Summing Up Fiduciary Management: What It Is and Is Not
GOALS, POLICY, AND RESPONSIBILITIES
FIDUCIARY MANAGEMENT CAN ENHANCE PRODUCTIVITY
WHAT FIDUCIARY MANAGEMENT IS NOT: A SIMPLIFICATION
COMPARISONS WITH OTHER INVESTMENT MANAGEMENT MODELS
THE CONCEPT'S CLAIMS
Appendix Suppliers of Fiduciary Services
BEYOND FIDUCIARY MANAGEMENT
FOCUS ON CLIENTS' SPECIFIC SITUATION
COMPLETE STRATEGIC SERVICE LEADS TO TAILOR MADE SOLUTION
STRATEGIC INVESTMENT POLICY ADVICE
TOTAL ASSET MANAGEMENT
ORGANIZATIONAL SUPPORT
CLIENT SERVICING
ING COMMITTED TO FIDUCIARY MANAGEMENT
AXA MULTIMANAGER
FINANCIAL ENGINEERING
LIABILITY DRIVEN SOLUTIONS
PENSION GROUP/INVESTMENT SOLUTIONS
FIDUCIARY MANAGEMENT PROCESS
ACCRUING BENEFITS OF FIDUCIARY MANAGEMENT
PHILOSOPHY
PRACTICE
STRATEGIC ADVICE
RISK MANAGEMENT
REPORTING
THE BENEFITS OF FIDUCIARY MANAGEMENT
COMPANY BACKGROUND
INSOURCING OR OUTSOURCING?
TWO CHALLENGES IN MULTIASSET, LIABILITY-DRIVEN PORTFOLIOS
FIDUCIARY MANAGEMENT AS CIO SUPPORT
TECHNICAL SKILLS: THE ABILITY TO ANALYZE
EXPERTISE: THE ABILITY TO DRAW CONCLUSIONS FROM ANALYSIS
SUMMARY
SMART: OPTIMIZING, MONITORING AND REPORTING
MANAGER RESEARCH AND SELECTION PROCESS
DYNAMIC MANAGEMENT OF PORTFOLIOS
NONRISK ASSETS
RISK ASSETS
MONITORING AND REPORTING
RISK MANAGEMENT AND OPTIMIZATION OF THE RISK/RETURN PROFILE
WHAT DOES THE FINANCIAL PENSION MANAGEMENT PROCESS LOOK LIKE?
STEP 1. DETERMINATION OF THE STRATEGIC OBJECTIVES
STEP 2. ALM STUDIES ON THE BASIS OF MARKET VALUE AND DERIVATIVES STRATEGIES
STEP 3. PORTFOLIO CONSTRUCTION
STEP 4. IMPLEMENTATION
STEP 5. MONITORING, REPORTING AND ADJUSTMENT
MANAGING LIABILITY RISK
ALTERNATIVE INVESTMENTS
STATE-DEPENDENT DURATION MANAGEMENT
REALISTIC ALPHA MANAGEMENT
FIDUCIARY RESPONSIBLE FEES
WIN-WIN SITUATION
INTRODUCTION
THE CONCEPT OF INTEGRAL INSOURCING
FIDUCIARY RISK MANAGEMENT
TO CONCLUDE
ON THE ADDED VALUE OF FIXED INCOME TACTICAL ASSET ALLOCATION
FIDUCIARY MANAGEMENT AND LIABILITY DRIVEN INVESTMENT
CURRENT ENVIRONMENT
LIABILITY-DRIVEN INVESTMENTS
WHY ABN AMRO ASSET MANAGEMENT?
PENSION RISK MANAGEMENT FOR INDIVIDUALS
INTRODUCTION
FIDUCIARY MANAGEMENT
SUMMARY
FIDUCIARY MANAGEMENT: TAKING THE CONCEPT FURTHER
A FOCUS ON SOLVING OUR CLIENTS' PROBLEMS
A MODULAR APPROACH
STRATEGIC INVESTMENT ADVICE
ASSET-LIABILITY MANAGEMENT STUDY
SMART BENCHMARKING AND STRATEGIC RISK MANAGEMENT
PORTFOLIO MANAGEMENT SERVICES
CONTINUOUS INVESTMENT " OVERSIGHT"
DYNAMIC RISK OPTIMIZATION
MANAGER AND FUND SELECTION, IMPLEMENTATION AND MONITORING
SMART REBALANCING
SMART DASHBOARD REPORTING
CONCLUSION
STRATEGIC ADVICE ON INVESTMENT POLICY
ASSET MANAGEMENT SOLUTIONS
ORGANIZATIONAL AND OPERATIONAL SUPPORT
CLIENT SERVICES
Notes
Bibliography
Index

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