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

Overview

The growth in size and scope of the institutional money management business over the last few decades has propelled the industry into a dominant position in financial markets. Yet, as the industry has grown, it has faced increasing challenges from investors, competitors, and regulators.

Professionals within this field, as well as those aspiring to enter it, need to be well versed in both the methods and practice of this ever-evolving area of finance. That's why Institutional ...

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Overview

The growth in size and scope of the institutional money management business over the last few decades has propelled the industry into a dominant position in financial markets. Yet, as the industry has grown, it has faced increasing challenges from investors, competitors, and regulators.

Professionals within this field, as well as those aspiring to enter it, need to be well versed in both the methods and practice of this ever-evolving area of finance. That's why Institutional Money Management, part of the Robert W. Kolb Series in Finance, has been created.

Composed of contributed chapters from leading practitioners and academics with extensive knowledge of institutional money management, this reliable resource offers valuable insights on the objectives, constraints, and strategies associated with it. Divided into four comprehensive parts, Institutional Money Management skillfully:

  • Details U.S. market regulations designed to guide the management of portfolios and protect investors; discusses the construction and use of benchmark indexes to evaluate performance; and explores portfolio performance measurement and reporting standards for institutional investors
  • Reveals the roles that key individuals—from the chief investment strategist/economist to the portfolio manager and institutional investment consultant—play in an institutional investor's strategy and planning, analysis of investments, and decision-making
  • Describes the various equity and fixed income investment approaches used by institutional investors, while addressing the virtues of active versus passive portfolio investment and the increasing use of quantitative techniques in investment management
  • Examines the numerous types of institutional investors, from mutual funds, pension funds, endowment funds, and insurance companies to hedge funds, sovereign wealth funds, venture capital funds, and wealth-management firms

The practice of institutional investment management presents a diverse set of challenges. But with this book as your guide, you'll gain a firm understanding of how you can overcome these challenges and effectively manage large portfolios in the process.

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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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