Tolle / Hutter / Rüthemann Structured Products in Wealth Management

1. Auflage 2012
ISBN: 978-1-118-58040-0
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 400 Seiten, E-Book

Reihe: Wiley Finance Editions

* Structured products in the form of equity-linked derrivativeshave seen a rapid rise in popularity in the field of wealthmanagement.
* Structured products are combinations of derivatives andtraditional financial instruments such as stocks and bonds. Thevarious components are combined into a single financial instrumentand securitized.
* Discusses the characteristics and practical applications ofstructured products.
* In addition to providing a description of the structuredproducts, this book focuses on their practical applications,showing how they can generate added value as part of an integratedinvestment process.
* Colourful charts help present the material in an attractive,real-world context.

Autoren/Hrsg.

Tolle, Steffen

Hutter, Boris

Rüthemann, Patrik

Wohlwend, Hanspeter

Inhaltsverzeichnis

Preface.
Authors.
Introduction.
Chapter 1. Derivatives.
Introduction.
Definition and overview.
Background and history.
The advantages of derivatives.
Transaction motives.
Forwards and futures.
Forward contracts.
Futures contracts.
Differences between forwards and futures.
Pricing.
Swaps.
Basic types.
Swap replication.
Swap valuation.
Options.
Forms of trading.
Payoff profiles.
Option strategies.
Factors influencing option pricing.
Put/call parity.
Option replication.
Option pricing.
Greek letters.
Exotic options.
Summary.
Chapter 2. Structured Products.
Introduction.
What are structured products?
Definition.
Overview.
Certificates.
Index certificates.
Basket certificates.
Differences between certificates and mutual funds.
Further product developments.
Maximum return products.
Discount certificates.
Reverse convertibles.
Further product developments.
Capital protection products.
Plain-vanilla capital protection products.
Further product developments.
The market for structured products.
Parties involved.
The lifecycle of structured products.
Summary.
Chapter 3. The Investment Process.
Introduction.
Overview of the investment process.
Investor analysis.
The concept of risk/return classes.
Investor analysis.
Strategic asset allocation definition of investmentsegments.
Determining the strategic weights.
Tactical asset allocation.
Implementation in the portfolio.
The core/satellite approach.
Portfolio management.
Performance reporting.
Return attribution.
Risk measurement.
Summary.
Chapter 4. Using Structured Products in WealthManagement.
Introduction.
The use of structured products in the core portfolio.
Constructing the core portfolio with traditionalinvestments.
Tactical optimization of the core portfolio.
The use of structured products in the satellite portfolio.
Currency management with derivatives.
Risk reporting.
Nominal versus effective exposure: "unbundling".
Effective exposure.
Value-at-risk.
Summary.
Conclusion.
Index.

Über Autor(innen)

Dr. Steffen Tolle studied business administration at theUniversity of St. Gallen, majoring in finance and accounting. Hecompleted his PhD in 1993 with a dissertation on "Dynamic HedgingStrategies with SMI Futures." After joining Wegelin & Co.Private Bankers in 1991, he took over as head of Products andTrading in 1996. He has been a managing partner since 1999. Todayhe is head of Advisory and Wealth Management at Wegelin & Co.
Boris Hutter joined Wegelin & Co. Private Bankers in2001 after studying economics at the University of St. Gallen witha major in finance and capital markets. he is involved on a dailybasis in the launch of new structured products.
Patrik Ruthemann, CFA, studied business administration atthe University of St. Gallen. After completing his studies hejoined the Structured Products department of Wegelin & Co.Private Bankers in 2000. Today he is head of Products and Tradingand became a managing partner in 2007.
Dr. Hanspeter Wohlwend studied business administration atthe University of St. Gallen, Majoring in banking. In 2001, hecompleted his PhD in financial market theory at the same universitywith an empirical study of the Swiss market for structuredproducts, Since 1995, he has held various positions at Wegelin& Co. Private Bankers, including head of Investment Process andPortfolio Management. Today he is responsible for the bank'sOperations as a managing director.