Tax Aware Investment Management: The Essential Guide

Overview

Investment returns are uncertain, especially intoday’s economic environment. But taxes are a sure thing.

That's one reason why tax-aware investment management isessential for building and maintaining wealth.

In this comprehensive, groundbreaking book, Douglas S. Rogers,CFA, explains why many accepted investment strategies andtechniques developed for tax-exempt institutional investors don'twork for individuals who are subject to taxes. They will...

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Overview

Investment returns are uncertain, especially intoday’s economic environment. But taxes are a sure thing.

That's one reason why tax-aware investment management isessential for building and maintaining wealth.

In this comprehensive, groundbreaking book, Douglas S. Rogers,CFA, explains why many accepted investment strategies andtechniques developed for tax-exempt institutional investors don'twork for individuals who are subject to taxes. They will end upwith substantially lower after-tax returns simply because theirportfolios are not structured or managed with tax obligations inmind.

This book shows:

  • How to measure and compare the tax-efficiency of mutual funds,hedge funds, and individual investment managers
  • How the widely used style-box matrix can prove detrimental toafter-tax investment returns
  • How to minimize taxes on stock-and-bond portfolios and employsophisticated strategies for offsetting gains against losses
  • How to decide which asset categories should be placed intax-deferred accounts such as IRAs and which should be placed inregular taxable accounts
  • How to incorporate tax-aware techniques and insights into allfacets of investment planning, portfolio management, and estateplanning

Detailing new research, new analytic tools, and new thinking, this book details the trading strategies and fund evaluation criteria essential to the task and presents critical considerations for investment managers.

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What People Are Saying

From the Publisher
"If you've ever tried playing two games of chess simultaneouslyand then, to your horror, realized that a move on one board wasactually impacting your other game, you can understand how privateinvestors feel about investments and taxes. Until Doug Rogerstackled this complex and confounding topic, professionals andinvestors alike had few resources to guide them. From being a voicein the wilderness in the 1990s to being a most respected guru inthe field, Doug Rogers contributes mightily to the wealthmanagement industry with Tax-Aware InvestmentManagement."
Charlotte B. Beyer
Founder and CEO, Institute for Private Investors

"If you believe it's not what you make but what you keep,this is must-reading. Practical, pragmatic and professional,Doug Rogers brings a wealth of knowledge and common sense totax-aware investment management. Planning, measuring andimplementing, product and process—it's all here."
Harold Evensky
Chairman, Evensky & Katz
Author, Wealth Management

"Finally! A to-do manual on how best to keep the moneyour investments make! Most investors—and mostinvestment managers—invest as though taxes can’t bemanaged (or worse, don't exist). Doug Rogers has studied theseissues as much as almost anyone in the finance world and hasassembled a commonsense guide to help navigate our investmentchoices with an eye on the tax man's take."
Robert D. Arnott
Chairman, Research Affiliates, LLC
Editor, Financial Analysts Journal

"Doug Rogers combines his many years of experience with a highdegree of technical knowledge to create an innovative guide with afresh perspective on tax-aware strategies.  In my opinion, itis an essential tool for private investors and wealth managementprofessionals to manage portfolios holistically andeffectively."
Ralph C. Rittenour Jr.
Chairman and Chief Executive Officer, CTC Consulting, Inc.

"This is the definitive work on this complex and rapidlyevolving subject. Doug Rogers covers an array oftopics—including security analysis, portfolio constructionmethodologies, the manager search process, asset allocation, andtechnology developments—in a way that everyone canimmediately apply to more effectively manage wealth from anafter-tax perspective. Whether you are an investor, portfoliomanager, investment consultant, private banker, financial adviser,accountant, or estate attorney, Tax-Aware InvestmentManagement will give you the knowledge to allow you todifferentiate yourself in today's competitiveenvironment."
Thomas J. Boczar, CFA, Esq.
Chairman, Private Wealth Management Committee,
New York Society of Security Analysts (NYSSA)

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Product Details

  • ISBN-13: 9781576601808
  • Publisher: Wiley
  • Publication date: 1/1/2006
  • Series: Bloomberg Financial Series , #4
  • Edition number: 1
  • Pages: 301
  • Sales rank: 1,105,510
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.75 (d)

Meet the Author

Douglas S. Rogers, CFA, is a nationally known authority on tax-aware investment management. He is a managing director and senior consultant at CTC Consulting Inc., a subsidiary of U.S. Trust Corporation, where he serves ultra-high-net-worth families. Rogers is currently chair of the CFA Institute (formerly AIMR) Subcommittee for After-Tax Return Reporting. He is a former chief investment officer and director of manager research for nationally known investment advisory firms and holds an MBA in finance from Southern Methodist University. A chartered financial analyst (CFA), Rogers is a frequent speaker on tax-aware investment management and after-tax reporting standards at industry conferences.

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Table of Contents

Acknowledgments.

Introduction.

Part One: Evolution of Knowledge Pertaining to Tax-AwareInvestment Management.

1 The Evolution of Tax-Aware Investment Management.

2 The Sources and Impact of Taxes on Investment Returns.

3 Seminal Research.

4 The Tax-Aware Practitioner.

5 Creating the Triumvirate of Qualified Professionals.

Part Two: After-Tax Reporting and Measures of TaxEfficiency.

6 Mutual Fund After-Tax Reporting.

7 Separate Account After-Tax Reporting.

8 Measures of Tax Efficiency.

Part Three: Tax-Aware Portfolio Management.

9 Outperforming the Index Fund.

10 Quantitative Tax-Aware Portfolio Management and ConcentratedStock.

11 Practices of Elite Tax-Aware Equity Active Managers.

12 Practices of Elite Tax-Aware Fixed Income ActiveManagers.

13 The Hedge Fund Dilemma.

14 Amending the Search Process for Tax-Aware ManagerSelection.

Part Four: Challenging Traditional Asset AllocationMethods.

15 Challenges with Traditional Investment PolicyDevelopment.

16 Developing After-Tax Asset Class Assumptions.

17 Why the Style Box Hurts Taxable Investors.

18 Positioning Assets by the Tax Characteristics of theEntity.

19 The Role of Systems Solutions in Tax-Aware Investing.

Summary.

Appendix.

Continuing Education Exam.

Index.

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