Singer / Fedorinchik Investment Leadership and Portfolio Management

The Path to Successful Stewardship for Investment Firms
1. Auflage 2009
ISBN: 978-0-470-54331-3
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 224 Seiten, E-Book

Reihe: Wiley Finance Editions

An industry leader candidly examines the role of investmentleadership in portfolio management
Investment Leadership & Portfolio Management providesa top down analysis of successful strategies, structures, andactions that create an environment that leads to strong macroinvestment performance and rewarding investor outcomes. Byexamining how to manage and lead an investment firm throughsuccessful investment decision-making processes and actions, thisbook reveals what it will take to succeed in a radically changedinvestment landscape. From firm governance and firm structure-forsingle capability, multi-capability, and investment and productfirms-to culture, strategy, vision, and execution, authors BrianSinger, Barry Mandinach, and Greg Fedorinchik touch upon key topicsincluding the differences between leading and managing; investmentphilosophy, process, and portfolio construction; communication andtransparency; and ethics and integrity.
* Leadership issues in investment firms are a serious concern,and this book addresses those concerns
* Details the strong correlation between excellence in investmentleadership and excellence in portfolio management
* Written by a group of experienced professionals in the field,including the Chairman of the CFA Institute Board of Governors
Understanding how to operate in today's dynamic investmentenvironment is critical. Investment Leadership & PortfolioManagement contains the insights and information needed to makesignificant strides in this dynamic arena.

Autoren/Hrsg.

Singer, Brian

Fedorinchik, Greg

Inhaltsverzeichnis

Preface.
Acknowledgments.
Chapter 1 Characteristics of Successful Asset ManagementFirms.
You Can Take the Boy Out of the Culture, but You Can't Take theCulture Out of the Boy.
Size Matters, but Not in the Way Most People Believe
Governance: The Guardian of an Investment-Driven Firm
Fostering Collaborative Freedom: Everybody is a Peer
Integrity: An Unquestionable Characteristic of Success
Conclusion
Chapter 2 Building a Cathedral: A Framework forTurning the Mission into Collective Action.
A Framework for Effective Leadership and Management.
Establishing and Living Organizational Values.
Creating Mission and/or Investment Philosophy Statements.
Strategic Goals and Key Performance Indicators.
Conclusion.
Chapter 3 Building a Meritocracy: Understanding,Evaluating and Rewarding Employee Contributions.
Performance: A Deeper Dive.
Horizon: The Fallacy of the Three Year Trade Record.
Performance Analysis: Practically Speaking.
Top-down and Bottom-up Approach to Determining Performance.
Designing Your Rating System to Help Make the DifficultDecisions.
What Does the Performance Score Really Mean?
Criticality: A Deeper Dive.
Merit Zones: Putting It All Together.
Communication of Performance and Criticality.
Values and Compensation.
Conclusion.
Chapter 4 Investment Philosophy and Process: ALofty Cathedral Needs a Deep Foundation.
The Importance of Investment Philosophy and Process inInvestment Organizations.
Investment Philosophy: Core Beliefs.
Investment Process: Control and Anarchy.
Avoiding the Pitfalls of Behavioral Biases.
Conclusion.
Chapter 5 Investment Process in an Evolving World.
Implementation Overview: "The How" of the InvestmentProcess.
Fundamental Valuation.
Market Behavior and How It Challenges the FundamentalInvestor.
Team Behavior: Lessons for the CIO from Jelly Beans andFreud.
Portfolio Design.
Conclusion.
Chapter 6 Communication for Superior Client Outcomes.
The Problem: Human Nature.
A Classic Tale.
Case 1: Individual Investors, the Impact of PerformanceChasing.
Case 2: Are Institutional Investors the "SmartMoney?"
The Reality of Investing in Equities.
The Mathematics of Recovery.
Dilemma: Investment Firm or Distribution Shop?
The Importance of Culture.
Sales and Marketing in an Investment Firm.
Conclusion.
Appendix: Client Communication in Extreme Market Conditions.
Chapter 7 Where are the Clients' Yachts?: ReasonableFee Structures.
The "Gamma Trade".
Anatomy of a Blowup.
Catch 22.
Faults of Existing Fee Structures.
Our Recommendation: High Integrity Fee Structures.
Conclusion.
Chapter 8 Final Thoughts.
Characteristics of Great Asset Management Firms.
It Starts With a Shared Mission and Values.
True Meritocracy.
Avoiding the Pitfalls.
For Successful Client Outcomes: Communicate, Communicate,Communicate.
It's All About Incentives.
Integrity.
Notes.
Bibliography.
About the Authors.
Index.

Über Autor(innen)

BRIAN SINGER is Chief Investment Officer of Singer Partnersand Chairman of the CFA Institute Board of Governors. Previously,he was head of global investment solutions at UBS Global AssetManagement (formerly Brinson Partners, Inc.), responsible for assetallocation and currency strategies. Singer is also Emeritus BoardMember of the Research Foundation of CFA Institute and an advisoryboard member of the Journal of Performance Measurement. He is arecipient of the 1991 Graham and Dodd Award and a 2001 recipient ofthe Dietz Award. Singer holds an MBA from the University ofChicago.
GREG FEDORINCHIK is head of investor solutions at MesirowAdvanced Strategies, Inc., an institutional fund of hedge fundsfirm based in Chicago. Prior to joining Mesirow, he was a seniorstrategist with the global investment solutions team at UBS GlobalAsset Management (formerly Brinson Partners, Inc.) and a member ofthe asset allocation and currency committee. Fedorinchik holds anMBA from the Kellogg School of Management, NorthwesternUniversity.