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Global asset management : strategies, risks, processes and technologies

Author: Michael Pinedo; Ingo Walter
Publisher: Houndmills, Basingstoke, Hampshire : Palgrave Macmillan, 2013.
Edition/Format:   Print book : EnglishView all editions and formats
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This book focuses on all major aspects of the asset management industry including its regulations, strategies, processes, applied technologies and risks. It provides a serious resource for readers  Read more...

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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Michael Pinedo; Ingo Walter
ISBN: 9781137329479 1137329475
OCLC Number: 846546387
Description: xxxii, 646 pages : illustrations ; 24 cm
Contents: pt. I Global Asset Management --
Introduction and Overview --
1. The Asset Management Industry Dynamics of Growth, Structure and Performance / Ingo Walter --
1.1. Introduction --
1.2. Mapping the global asset management industry --
1.3. Pension funds --
1.4. Mutual funds --
1.5. Hedge funds and private equity funds --
1.6. Insurance --
1.7. Private banking services --
1.8. Structural change and competitive dynamics --
1.9. Summary --
Notes --
Bibliography --
2. What Do We Know About the Mutual Fund Industry? / Massimo Massa --
2.1. Is there an engine in the car? --
2.2. How do you sell a car with no engine? --
2.3.A view to the future --
2.4. Policy and normative implications --
References --
pt. II The Crisis of 2007-2008 and its Aftermath --
3. Macroeconomic Perspectives on the Financial Crisis and Its Aftermath / Ole Risager --
3.1. Introduction --
3.2. Roots of the crisis: low interest rates, excessive risk appetite and the boom --
bust global housing cycle --
3.3. Macroeconomic consequences of the financial crisis --
3.4. The outlook for the global economy --
3.5. The Euro crisis and the depression in Spain --
3.6. Conclusion --
Notes --
References --
4. Some Lessons from CDO Markets on Mathematical Models / David Lando --
4.1. Introduction --
4.2. The modeling of cash flow CDOs and synthetic CDOs --
a non-technical introduction --
4.3. Conclusions --
References --
5. The Credit Crisis of 2007 and Its Implications for Risk Management / John Hull --
5.1. Introduction --
5.2. The origins of the crisis --
5.3. The products that were created --
5.4. Risk management --
5.5. Conclusions --
Notes --
References --
6. After the Storm: Four Innovations Changing Investment Management / Adam Schneider --
6.1. Introduction --
6.2. Innovation going forward --
6.3. Conclusion --
Notes --
7. Avoiding International Financial Crises: An Incomplete Reform Agenda / Jean Dermine --
7.1. Introduction --
7.2. The Origin of the 2007 financial crisis and the reform agenda --
7.3. Three proposals to complete the reform agenda --
7.4. Conclusion --
Notes --
References --
pt. III Key Risk Factors in Asset Management --
8. Managing Growth and Strategic Risk / Lin-Sya Chao --
8.1. Introduction --
8.2. Literature overview --
8.3.A suggested definition of strategic risk --
8.4. The world's top 50 banks and strategic risk --
8.5. Impacts of uncontrolled growth on strategic risks --
8.6. Conclusion --
Notes --
References --
9. Wall Street's Management of Risk: Why It Failed / John H. Biggs --
9.1. Introduction --
9.2. The Wall Street style --
9.3. The accountability model --
9.4. Sources --
9.5. Risk management --
9.6. Steps to take to embed risk management in the line organization --
9.7. JPM's 2012 $6 billion hedging loss and MF global's 2011 bankruptcy --
9.8. Summary and conclusion --
Appendix: Selected comments on risk management in public reports of Wall Street firms --
Notes --
References --
10. Reputational Risk and the Financial Crisis / Ingo Walter --
10.1. Introduction --
10.2. The special character of financial services --
10.3. What is reputational risk? --
10.4. Sources of reputational risk --
10.5. Valuing reputational risk --
10.6. Conclusions --
Notes --
References --
11. Risk Management for Pension Funds and Endowments / Aaron Brown --
11.1. Motivation and goals --
11.2.A generic pension fund/endowment --
11.3. Why is an independent risk manager needed? --
11.4. End to end --
11.5. Getting data right --
11.6. Constant, rigorous, exact, objective verification --
11.7. Conclusion --
Notes --
12.A Stitch in Time ... / Kosrow Dehnad --
12.1. Introduction --
12.2. Examples of quality control and error-detection techniques --
12.3. Conclusion --
References --
pt. IV Regulations and Governance --
13. Corporate Governance and the Financial Crisis / Steen Thomsen --
13.1. Introduction --
13.2. Agency problems in financial institutions --
13.3. Executive pay --
13.4. Board supervision --
13.5. Information systems --
13.6. Active ownership --
13.7. Capital structure --
13.8. Reputation --
13.9. Conclusion --
References --
14. Governance and the Financial Crisis: More Convergence, Less Risk? / Renee Adams --
14.1. Introduction --
14.2. What is a well-governed financial firm? --
14.3. The governance of financial firms-what are the facts? --
14.4. Is governance to blame for the problems at banks? --
14.5. Variation in governance practices decreased following governance reform --
14.6. What lessons can we learn? --
Notes --
References --
15. Financial Regulation and Risk Governance / Caspar Rose --
15.1. Introduction --
15.2. New regulation often follows a crisis --
15.3. The many faces of the regulatory failure --
15.4. Why we cannot live without financial regulation --
15.5. The regulatory framework for risk management --
15.6. Tougher regulation under way for EU banks --
15.7. How to move forward --
References --
16. Game Change in Asset Management / Mirzha de Manuel Aramendia --
16.1. Introduction --
16.2. The asset management industry --
16.3. The UCITS regime --
16.4. Creating an EU regime for àlternative' funds --
16.5. Money market funds --
16.6. The interaction with MIFID --
16.7. Impact of the changing supervisory setup --
16.8. Towards a horizontal asset management regime --
16.9. Conclusion --
Notes --
References. 17. The Asset Manager's Guide to Sustainable Regulatory Advantage / Carsten Kunkel --
17.1. Introduction --
17.2.A history of regulation --
17.3. Impact of regulation on the operations of asset managers --
17.4. Implications of regulation for software design --
17.5. Fundamental concepts --
17.6. Applying the fundamental concepts in practice --
17.7. Regulatory lessons learned --
17.8. Summary --
Notes --
References --
pt. V Operational Processes and Costs --
18. The Interrelationships between Processes, Costs and Risks in Asset Management / Michael Pinedo --
18.1. Introduction --
18.2. Processes, costs and risks in general --
18.3. Processes, costs, and risks in asset management --
18.4. Trade-offs and optimization in asset management --
18.5. Conclusions and new research directions --
References --
19.A Best Practices Framework for Operational Infrastructure and Controls in Asset Management / Reha Tutuncu --
19.1. Introduction --
19.2. The importance of governance in the investment management process --
19.3. Key issues pertaining to operational best practices --
19.4. Operational and control issues related to the management of multiple portfolios --
19.5. Outsourcing investment management operations --
19.6. Summary and conclusions --
Notes --
References --
20. Managing Costs at Investment Management Firms / Adam Schneider --
20.1. Overview --
20.2. Key issues in examining investment management firm cost structures --
20.3. Value chain, processes and functions --
20.4. Cost management and benchmarking --
20.5. Cost management and benchmarking in practice --
20.6. Investment manager cost control --
20.7. Summary --
Notes --
21. Strategic and Tactical Cost Management in the Asset Management Industry / Marcelo Cruz --
21.1. Introduction --
21.2. Survivor mode: analyzing how asset managers are faring in the long winter after the crisis --
21.3. Cost reduction programs at asset managers --
21.4. Using risk management as a productivity tool for asset managers --
21.5. Conclusions --
References --
22. Transaction Costs and Asset Management / Haim Mendelson --
22.1. Introduction --
22.2. What are transaction costs? --
22.3. The structure of transaction costs --
22.4. Transaction costs and asset returns --
22.5. Implications for asset managers --
22.6. Concluding remarks --
Notes --
References --
pt. VI Operational Platforms and IT Strategies --
23. Operational Platform and Growth: A Strategic Challenge / Jacob Elsborg --
23.1. The consequences of lacking an operational platform strategy --
23.2. The strategic framework --
23.3. Model framework of an operational platform --
23.4. The basics of an operational platform analysis --
23.5. The analysis --
23.6. Basic analytical framework: process analysis --
23.7. Conclusion --
References --
24. Addressing the Data Management Challenge in Asset Management / Howie San --
24.1. Introduction --
24.2. The current data problem(s) --
24.3. The inevitable consequences --
24.4. The answer(s) to the problem(s) --
24.5. Making the impossible possible --
24.6. Conclusions --
Notes --
References --
25. The Use of Advanced Technology in Global Asset Management / Anders Kirkeby --
25.1. Introduction --
25.2. Cloud computing --
25.3. Global business architecture --
25.4. Global operating models --
25.5. Data and analytics --
25.6. End-user application platforms --
25.7. Security and operational risk --
25.8. Conclusions --
Note --
References --
26. Fit-For-Future Enterprise Architecture: Supporting Strategic Business Challenges / Marc Schroter --
26.1. Introduction --
26.2. Post-crisis strategic business challenges for asset managers --
26.3. Traditional enterprise architectures --
26.4.A fit-for-future enterprise architecture --
26.5. Conclusion --
Notes --
References --
pt. VII Future Challenges and Growth --
27. The Strategic Imperative of Creating and Capturing Value / Paul Verdin --
27.1. Introduction: uncertain and challenging times --
27.2. An increasingly competitive business --
27.3. Value creation and innovation --
27.4. Beyond cost-cutting and lean programs --
27.5.A renewed focus on creating value for the customer --
27.6. From value attributes to value proposition --
27.7. Value attributes and the dynamics of competition --
27.8.A strategic roadmap for growth --
27.9. Conclusion: are you r̀eady for growth'? --
Notes --
References --
28. Check or Checkmate? Game-Changing Strategies for the Asset Management Industry / Johannes Elsner --
28.1. Introduction --
28.2. Analyzing the state of play --
28.3. Aligning to the new chessboard --
28.4. Mastering the changing chessboard --
28.5. Outlook --
29. Designing Products for Reluctant Investors: Applications of Behavioral Finance / Alistair Byrne --
29.1. Introduction --
29.2. The growing importance of Defined Contribution --
29.3. Research method --
29.4. Governance of DC investment? --
29.5. Default funds --
29.6. Investment choice --
29.7. Recent trends --
29.8. Conclusion --
Notes --
References --
30. Current and Future Challenges Faced by Investment Funds / Martin I. Gruber --
30.1. Introduction --
30.2. Risk challenges --
30.3. Cost challenges --
30.4. Growth challenges --
30.5. Conclusions --
Note --
31. Current and Future Challenges Faced by Asset Managers / Stephen I. Brown --
31.1. Introduction --
31.2. Risk challenges --
31.3. Cost challenges --
31.4. Challenges --
31.5. Interconnection of risk, growth and cost --
31.6. Conclusions --
Notes --
32. Current and Future Challenges Faced by Pension Funds / Massimo Massa --
32.1. Overarching issues --
32.2. Risk challenges --
32.3. Cost challenges --
32.4. Growth challenges --
32.5. Conclusions --
Note.
Responsibility: edited by Michael Pinedo and Ingo Walter.
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Roots of the crisis: low interest rates, excessive risk appetite and the boom -- bust global housing cycle -- 3.3. Macroeconomic consequences of the financial crisis -- 3.4. The outlook for the global economy -- 3.5. The Euro crisis and the depression in Spain -- 3.6. Conclusion -- Notes -- References -- 4. Some Lessons from CDO Markets on Mathematical Models / David Lando -- 4.1. Introduction -- 4.2. The modeling of cash flow CDOs and synthetic CDOs -- a non-technical introduction -- 4.3. Conclusions -- References -- 5. The Credit Crisis of 2007 and Its Implications for Risk Management / John Hull -- 5.1. Introduction -- 5.2. The origins of the crisis -- 5.3. The products that were created -- 5.4. Risk management -- 5.5. Conclusions -- Notes -- References -- 6. After the Storm: Four Innovations Changing Investment Management / Adam Schneider -- 6.1. Introduction -- 6.2. Innovation going forward -- 6.3. Conclusion -- Notes -- 7. Avoiding International Financial Crises: An Incomplete Reform Agenda / Jean Dermine -- 7.1. Introduction -- 7.2. The Origin of the 2007 financial crisis and the reform agenda -- 7.3. Three proposals to complete the reform agenda -- 7.4. Conclusion -- Notes -- References -- pt. III Key Risk Factors in Asset Management -- 8. Managing Growth and Strategic Risk / Lin-Sya Chao -- 8.1. Introduction -- 8.2. Literature overview -- 8.3.A suggested definition of strategic risk -- 8.4. The world's top 50 banks and strategic risk -- 8.5. Impacts of uncontrolled growth on strategic risks -- 8.6. Conclusion -- Notes -- References -- 9. Wall Street's Management of Risk: Why It Failed / John H. Biggs -- 9.1. Introduction -- 9.2. The Wall Street style -- 9.3. The accountability model -- 9.4. Sources -- 9.5. Risk management -- 9.6. Steps to take to embed risk management in the line organization -- 9.7. JPM's 2012 $6 billion hedging loss and MF global's 2011 bankruptcy -- 9.8. Summary and conclusion -- Appendix: Selected comments on risk management in public reports of Wall Street firms -- Notes -- References -- 10. Reputational Risk and the Financial Crisis / Ingo Walter -- 10.1. Introduction -- 10.2. The special character of financial services -- 10.3. What is reputational risk? -- 10.4. Sources of reputational risk -- 10.5. Valuing reputational risk -- 10.6. Conclusions -- Notes -- References -- 11. Risk Management for Pension Funds and Endowments / Aaron Brown -- 11.1. Motivation and goals -- 11.2.A generic pension fund/endowment -- 11.3. Why is an independent risk manager needed? -- 11.4. End to end -- 11.5. Getting data right -- 11.6. Constant, rigorous, exact, objective verification -- 11.7. Conclusion -- Notes -- 12.A Stitch in Time ... / Kosrow Dehnad -- 12.1. Introduction -- 12.2. Examples of quality control and error-detection techniques -- 12.3. Conclusion -- References -- pt. IV Regulations and Governance -- 13. Corporate Governance and the Financial Crisis / Steen Thomsen -- 13.1. Introduction -- 13.2. Agency problems in financial institutions -- 13.3. Executive pay -- 13.4. Board supervision -- 13.5. Information systems -- 13.6. Active ownership -- 13.7. Capital structure -- 13.8. Reputation -- 13.9. Conclusion -- References -- 14. Governance and the Financial Crisis: More Convergence, Less Risk? / Renee Adams -- 14.1. Introduction -- 14.2. What is a well-governed financial firm? -- 14.3. The governance of financial firms-what are the facts? -- 14.4. Is governance to blame for the problems at banks? -- 14.5. Variation in governance practices decreased following governance reform -- 14.6. What lessons can we learn? -- Notes -- References -- 15. Financial Regulation and Risk Governance / Caspar Rose -- 15.1. Introduction -- 15.2. New regulation often follows a crisis -- 15.3. The many faces of the regulatory failure -- 15.4. Why we cannot live without financial regulation -- 15.5. 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