Institutional Money Management: An Inside Look at Strategies, Players, and Practices

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The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Institutional Money Management aims to provide a comprehensive understanding of the objectives, constraints, and strategies ...
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Overview

The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Institutional Money Management aims to provide a comprehensive understanding of the objectives, constraints, and strategies associated with this important discipline.

The world's growing reliance on capital markets as a source of financing and risk transfer, together with demographic trends such as the aging of developed countries' populations, have increased the importance of institutional investors. Becoming familiar with the methods, practice, and participants associated with this evolving area of finance is essential. That's why David Smith and Hany Shawky have created Institutional Money Management.

Composed of contributed chapters from leading practitioners and academics with extensive experience in and knowledge of this field, Institutional Money Management covers a wide range of topics. Opening with a review of U.S. market regulations designed to guide the management of portfolios and protect investors—as well as an exploration of portfolio performance measurement and reporting standards for institutional investors—this reliable guide quickly moves on to introduce the key players involved in the institutional money management process.

From there, it takes the time to discuss the major investment approaches associated with this discipline and address the various types of institutional investors in today's market—from mutual funds and endowments to hedge funds and sovereign wealth funds. And with each chapter written by experts in the specific topic covered, you'll gain the best insights into any array of institutional money management issues.

The institutional money management landscape has changed. In order to excel within this arena, you must change with it. This book can show you how.

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Product Details

  • ISBN-13: 9780470610145
  • Publisher: Wiley
  • Publication date: 11/29/2011
  • Series: Robert W. Kolb Series , #16
  • Edition number: 1
  • Pages: 404
  • Product dimensions: 7.30 (w) x 10.00 (h) x 1.50 (d)

Meet the Author

DAVID M. SMITH, PHD, CFA, is Associate Professor of Finance and Director of the Center for Institutional Investment Management (CIIM) at the University at Albany, SUNY. He has published more than twenty refereed articles on various topics in corporate finance and investments. Smith has served on boards or major committees for CFA Institute, the Institute of Certified Management Accountants, the Indexing Association, and the Information Management Network. He received BS and PhD degrees in finance from Virginia Tech and holds the Chartered Financial Analyst (CFA), Certified Financial Manager (CFM), and Certified Management Accountant (CMA) designations.

HANY A. SHAWKY, PHD, is Professor of Finance and Economics at the University at Albany, SUNY. He is the founder of the Center for Institutional Investment Management at the University at Albany and served as its director from September 2002 through December 2007. Shawky specializes in investment management and portfolio performance evaluation and is widely published in academic and applied journals on issues dealing with asset pricing, stock market behavior, international financial markets, and electricity markets. He has published over fifty refereed scholarly articles in finance and economics journals, and was the recipient of the School of Business Research Award in 1996, 2001, and 2004. Shawky received his PhD degree in finance from The Ohio State University.

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Table of Contents

Acknowledgments xi

PART I Foundations: Market Regulation and Performance Evaluation and Reporting

1 Institutional MoneyManagement: An Overview 3
David M. Smith and Hany A. Shawky

2 Regulatory Issues in Institutional Investment Management 13
David McCaffrey

3 Indexes: Purpose, Construction, and Performance 35
Vijay Singal

4 Performance Reporting Standards and Verification 55
Karyn D. Vincent

PART II Key Individuals to the Investment Process

5 The Chief Investment Strategist/Economist 73
Timothy G. Dalton Jr.

6 The Portfolio Manager, the Analyst, and the Trader 89
John Walthausen

7 The Institutional Investment Consultant 99
William H. Desormeau Jr.

PART III Major Investment Approaches

8 Investment Buy and Sell Decision Making 115
Hany A. Shawky and David M. Smith

9 Index Investing 129
Albert S. Neubert

10 Quantitative Techniques and Risk Management 143
Ross M. Miller

11 Active Equity Portfolio Strategies: Dynamic Quantitative Models 161
Marc R. Reinganum, Ying L. Becker, and Chen He

12 Fixed Income Securities 181
Matthew T. Buckley, Scott H. Page, Thomas H. Luster, Susan Schiff, Payson F. Swaffield, and Michael W. Weilheimer

13 Fixed Income Strategies 205
Thomas M. Metzold, Cynthia J. Clemson, Christine M. Johnston, James H. Evans, Marc R. Moran, Evan C. Rourke, and Adam A. Weigold

14 Asset Allocation and Life Cycle Investing 217
Edgar A. Norton

PART IV Types of Institutional Investors

15 Mutual Funds 239
Ying Wang, Matthew P. Reiner, and Gregory A. Roeder

16 Hedge Funds and Funds of Hedge Funds 263
Paul Zummo

17 Endowment and Foundation Funds 295
Hany A. Shawky and David M. Smith

18 Pension Funds 309
Steven M. Harding

19 Insurance Companies: A Practitioner’s Perspective 327
Richard A. Witt

20 SovereignWealth Fund Investment and Risk Management Practices 349
Christopher Balding

21 Venture Capital Funds 359
Na Dai

22 Wealth Management Firms as Institutional Investors 375
Dan Trosch

About the Editors 391

Index 393

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