Tax Aware Investment Management: The Essential Guide

Overview

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

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

In this comprehensive, groundbreaking book, Douglas S. Rogers, CFA, explains why many accepted investment strategies and techniques developed for tax-exempt institutional investors don't work for individuals who are subject to taxes. They...

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Overview

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

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

In this comprehensive, groundbreaking book, Douglas S. Rogers, CFA, explains why many accepted investment strategies and techniques developed for tax-exempt institutional investors don't work for individuals who are subject to taxes. They will end up with substantially lower after-tax returns simply because their portfolios are not structured or managed with tax obligations in mind.

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 to after-tax investment returns
  • How to minimize taxes on stock-and-bond portfolios and employ sophisticated strategies for offsetting gains against losses
  • How to decide which asset categories should be placed in tax-deferred accounts such as IRAs and which should be placed in regular taxable accounts
  • How to incorporate tax-aware techniques and insights into all facets of investment planning, portfolio management, and estate planning

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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Product Details

  • ISBN-13: 9781576601808
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 1/1/2006
  • Series: Bloomberg Financial Series , #4
  • Edition number: 1
  • Pages: 301
  • 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-Aware Investment 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 Tax Efficiency.

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 Concentrated Stock.

11 Practices of Elite Tax-Aware Equity Active Managers.

12 Practices of Elite Tax-Aware Fixed Income Active Managers.

13 The Hedge Fund Dilemma.

14 Amending the Search Process for Tax-Aware Manager Selection.

Part Four: Challenging Traditional Asset Allocation Methods.

15 Challenges with Traditional Investment Policy Development.

16 Developing After-Tax Asset Class Assumptions.

17 Why the Style Box Hurts Taxable Investors.

18 Positioning Assets by the Tax Characteristics of the Entity.

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

Summary.

Appendix.

Continuing Education Exam.

Index.

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