Asian Investment Management School

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Asian Investment Management School

  1. 1. Asian Investment Management School An intensive 5-day training course 8-12 June 2009 Singapore Join us for this 5-day intermediate programme designed to equip investment professionals with practical know-how of new approaches and new asset classes for today’s investment conditions.  Devise asset allocation strategies for a post-credit crunch environment  Alpha analysis and information ratios in theory and practice  Learn and apply the principles of post-modern portfolio theory  Construct superior equity portfolios using behavioural finance theory  Reassess hedge fund investing in light of recent events  Learn how to implement portable alpha strategies via practical applications  Assess the opportunities offered by emerging alternative assets  Develop frameworks to accommodate real and tangible assets in portfolios Course Director: Bernard Duffy Investment Management Specialist Secure your place! Register before 27 April 2009 at www.euromoneytraining.com/asia
  2. 2. Asian Investment Management School An intensive 5-day training course 8-12 June 2009, Singapore COURSE OVERVIEW Registration commences at 8:30 Whether you are involved in Programme runs from 9:00 - 5:00 daily investing in domestic markets or internationally, for institutions, Day 1 pension-holders or private clients, this programme offers Case study: applying information Case study: asset allocation theory the opportunity to advance your ratios real-world investing skills through Quantitative background Delegates will apply asset structured study, group exercises and investment simulations. and tools to enhance the Delegates will apply a number of quantitative techniques in a series allocation theory to explain a number of high profile asset METHODOLOGY investment process of practical exercises to test their allocation moves by Institutional The programme is highly understanding of information Money Managers intensive, requiring full and ratios Post-Modern Portfolio Theory active participation. It provides a (PMPT) Strategic and tactical asset valuable opportunity to network In search of alpha with other industry professionals. allocation – constrained and  Recap of capital asset pricing model  Defining alpha ¢ Practical exercises demonstrate and arbitrage pricing theory unconstrained how to structure portfolios  Ex ante and ex post alpha  First and second order stochastic to match or beat specific  Sources of alpha  A comparison of the different benchmarks or expected returns. dominance  Techniques for forecasting alpha approaches to asset allocation  Problems with standard deviation as a ¢ Comprehensive pre-course  Alpha analysis  Strategic, tactical, integrated and measure of risk  Alpha and portfolio construction insured approaches preparation reading is available  Foundations of PMPT for those wishing to review the  Refined alpha  The Yale Endowment Model fundamentals of fixed income/  Downside deviation and the Minimum  Alpha and residual risk  Core / Satellite approaches equity analysis, CAPM, APT Acceptable Return (MAR)  T-statistics, information ratios and  Unconstrained approaches and other principals of modern  The target rate of return and upside information coefficients  Defining the dimensions of portfolio theory. potential unconstrained and tactical asset  Conclusions of PMPT Global asset allocation simulation allocation frameworks  Practical applications of PMPT  Tactical asset allocation, tactical style allocation and credit yield spreads Case study: applying the Day 2  New approaches to the asset allocation principles of PMPT decision Delegates will assess how new Asset allocation in a Case study: benchmark timing measures of risk compare with more traditional measures and post credit-crunch and tactical asset allocation how they can be used in environment Delegates will develop a composite discussing and formulating tactical asset allocation framework investment strategy with trustees to help reduce the risks to this and plan sponsors. Asset allocation theory important decision.  Components of expected return Information ratios and  Forecasting asset class expected Asset mix rebalancing opportunity sets returns  The covariance and correlation matrix  What is rebalancing and why do it?  The information coefficient and  How useful is correlation in today’s  A comparison of the different manager skill environment? approaches to rebalancing  The information ratio  Building optimal portfolios  Buy-and-hold  The fundamental law of active  Importance of the benchmark and  Constant mix management policy portfolio  Constant proportion portfolio  Inside the information ratio  Historical equity and bond risk premia insurance – CPPI  Residual risk and residual return  Where has the equity risk premium  Options based portfolio insurance –  The opportunity set and residual disappeared to? OBPI frontier Global asset allocation simulation © Copyright Euromoney Training 2009 Course director Bernard Duffy Bernard Duffy is a dedicated training solutions provider to the Global Wealth Management and Fund Management industries. His consultancy specialises in the design and delivery of Investment Management Specialist training programmes across the full spectrum of products and asset classes, both traditional and alternative. He is highly respected for his ability to integrate selling skills training with complex product training in an informative and entertaining style. Bernard began his investment management career with Abbey Life in Dublin before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and was responsible for the company’s successful entry into the single premium bond market. Find out more or register your place today! Web www.euromoneytraining.com/asia
  3. 3. Day 3  Strategieswith upside – dynamic contingent optimisation and portable Day 4 Case study: style allocation and style management Dynamic portfolio alpha Behavioural finance,  Limiting the sponsor risk – absolute analysis in an asset / return and liability hedging style management and Performance attribution and liability context  Generating real returns – new asset performance attribution analysis classes and real alpha and analysis  The skill / luck matrix  Standard error of the information ratio Asset and liability issues Case study: asset allocation and  Cross sectional comparison fund manager selection  The global pensions crisis – European, Introducing behavioural performance U.K. and U.S. perspectives Delegates will analyse the case of finance  Returns-based performance analysis  The rising costs of funding pension  Components of investment a Pension Fund with an asset / schemes liability mismatch and a  What is behavioural finance? performance  The importance of the pension fund to  Efficient market hypothesis and  Performance attribution analysis corresponding inappropriate asset corporate balance sheets allocation policy. They will be behavioural finance  Risk adjusted performance analysis  The relationship between pension  What can behavioural finance teach us and measurement required to: assets and liabilities – Analyse the potential impact about investing? – Sharpe ratio  Measuring and modelling a pension  Systematic errors in investment – Sortino ratio of the pension deficit on the liability company’s balance sheet thinking – Treynor measure  Impact of liabilities on investment  The major foundations of behavioural – Jensen measure – Analyse the impact of the fund’s strategy liabilities on overall investment finance theory: Limited arbitrage and – Fama measure  Liabilities and funding strategy investor sentiment strategy  Pension surplus and the risk-adjusted – Devise an appropriate funding  Common behavioural finance traits: Global asset allocation simulation change in surplus strategy – Framing and coding  Current issues in asset / liability – Over-confidence – Devise an appropriate strategic modeling benchmark and asset allocation – Over-reaction bias – Myopic loss aversion for the fund Case study: assessing the impact – Develop an appropriate of liabilities on a pension fund’s investment philosophy for the Case study: behavioural finance investment strategy – The case of fund The Boot’s PLC Pension Fund – Appoint external managers for Delegates will examine recent the fund asset bubbles and subsequent Dynamic portfolio approaches crashes and explain both phenomena using the precepts of  Dynamic portfolio analysis with assets Portable alpha in theory and behavioural finance. and liabilities practice  Developing a strategic benchmark in  What is portable alpha and how does it Style allocation and style an asset/liability framework  Portfolio optimisation with drawdown work? management  The components of a portable alpha constraints  What is style management and why do  Global equity and bond investing for strategy  Alpha-beta separation it? pension funds  Growth / Value betas and alphas  Portable alpha and asset allocation  The absolute vs. relative return  Extremes in growth and value stocks  Portable alpha in a world of low decision for a pension fund  Growth / Value barbell portfolios  Dynamic investment approaches returns  What drives style cycles  Portable alpha implementation  Liability matching strategies –  Style and expectations formation in duration matching and cashflow the equity markets matching Global asset allocation simulation He joined County Bank at the end of 1986 as Research and Development executive in the unit Investing in Art. He has undertaken numerous training assignments throughout Europe, Asia and trust division. In 1987 he transferred to the pension fund department, assuming responsibility the U.S.A. for leading private banks and asset managers. for the management and performance of Canadian equity investments. In 1991, he was seconded to the European equity desk to manage a research project on European smaller In 2007, Bernard founded Emotional Assets Management and Research, a boutique asset companies. At the end of 1992, he was appointed head of the North American equity desk. manager focused on researching and investing in a broad range of emotional assets from fine art Bernard has a B.A.(Hons) in Economics and Politics, an M.A. in Development Economics and an and contemporary design to movie rights and rare manuscripts. M.B.A. in Finance from the City University Business School in London. Bernard is the course director and lead trainer on a number of Euromoney training programmes including the Investment Management School, Private Wealth Management, Hedge Funds and
  4. 4. 5-day course CONTINUING PROFESSIONAL DEVELOPMENT Although Euromoney Training cannot warrant that the attendance of this Day 5 Commodities programme would automatically be recognised by your country’s Securities and Futures Commission, Alternative investments  Commodities  Risk, as an asset class return and correlation it is highly likely that Euromoney in a post credit-crunch characteristics of commodity markets Training courses can fulfil CPT requirements as they maintain  Overview of major commodity markets world  Should commodities be considered a and enhance delegates’ technical knowledge and professional expertise. strategic or a tactical asset class? Please check directly with your Myth vs. reality in the hedge  Is the bull argument for commodities employer as the corporate licensee still in place? of your SFC registration, who is fund world responsible for determining whether a training course satisfies CPT  Are hedge funds a “busted flush” and Emerging alternative assets requirements. what does the future hold?  Infrastructureas an asset class  Cause and effects of the hedge fund  Forestryand farmland as an asset class implosion  Carbon emissions as an asset class  Do hedge fund-of-funds have a future  Environmental assets in light of recent events?  Emotional assets  Separating alpha from beta in the hedge fund space  Revisiting the drivers of hedge fund Global asset allocation simulation returns  Outlook for the following strategies : – Relative value – Opportunistic – Event driven – Global macro  The outlook for Asian hedge funds Case study: hedge funds in the new environment Private equity – revisiting the investment case  Characteristics of private equity as an asset class  The different routes to investing in private equity  The drivers of private equity returns Secure your place!  The J-curve of a private equity investment Register before  How do private equity managers add value? 27 April 2009 at  How will private equity perform in a credit constrained environment?  The outlook for private equity in Asia www.euromoneytraining.com/asia Case study: private equity SAVE TIME AND MONEY WITH IN-HOUSE TRAINING In-house training is an efficient and cost effective way to ensure that your employees are equipped with the knowledge and skills needed to make a real impact in your organisation. Training can be arranged for anything from small groups to entire divisions and will take place at a time chosen by and convenient to you. For more information on holding this, or any other Euromoney Training course in-house, please contact: Joanne Ma, Division Manager, Financial Training Tel: +852 2111 6620 Email: joanne.ma@euromoneyasia.com Book by 27 April 2009 to secure your place. Email Telephone Facsimile enquiry@euromoneyasia.com +852 2520 1481 +852 2866 7340
  5. 5. The last few years have seen a number of forces VENUE All of our courses are held in re-shaping the investment management industry 4 – 5 star hotels, chosen for their location, facilities and level of internationally. Equity volatility, new fixed service. You can be assured of a comfortable, convenient learning environment throughout the income products, the growth of hedge funds, duration of the course. commodities and real estate – to name but a Due to the variation in delegate numbers, we will send confirmation of the venue to you few – have contributed to dramatic changes in approximately 2 weeks before the start of the course. investor preferences, investment styles and asset ABOUT US allocation. Traditional analytical frameworks Euromoney Training courses are designed for ambitious and performance measures must now be used professionals who wish to gain practical skills based knowledge. With offices located in Asia, together with a new group of tools and metrics Europe and the USA and as part of the global media group, to interpret data, trends and performance in this Euromoney Institutional Investor PLC, we are in the perfect position new environment and for newer asset classes. to provide you with relevant, up- todate and international expertise. With an extensive range of legal, financial and audit training courses we have met the training Join us for this intensive 5-day training course needs of over 40,000 market professionals globally. which will give you all the in-depth information Our courses are held on a you will need to advance your investing skills. public or in-house basis, a full list of which can be found On completion of the course you will be ready on our website. Visit www. euromoneytraining.com/asia. Find out how in-house training can save to implement your new skills into real-world you both time and money. Email enquiry@euromoneyasia.com or investing activities, with the ultimate objective of call +852 2520 1481. increasing returns, reducing risks and attracting (and retaining) investors. “The programme was ambitious and interesting” Past delegate, European Investment Management School PREREQUISITE WHO SHOULD ATTEND? Knowledge of the fundamentals Designed for individuals of modern portfolio theory, who wish to make a real fixed income and equity impact on their investment analysis techniques required. management strategy. We Some previous formal or on- suggest the following investment the-job training in these areas professionals attend: is assumed. Whilst it is not ¢ Portfolio/ Fund/ Asset essential that you have direct Managers experience of investment analysis ¢ Investment Analyst/ Advisors/ or management, some experience Strategists of quantitative financial ¢ Private Banker/ Investors analysis either for a financial ¢ Heads of Investment institution, corporate or advisory ¢ Pension Fund/ Trustee firm is expected. No advanced Managers quantitative or statistical ¢ Regulators, Auditors and background is required. Actuaries ¢ Securities Salespersons
  6. 6. Asian Investment Management School An intensive 5-day training course 8-12 June 2009, Singapore Join us for this 5-day intermediate programme designed to equip investment professionals with practical know-how of new approaches and new asset classes for today’s investment conditions.  Devise asset allocation strategies for a post-credit crunch environment  Alpha analysis and information ratios in theory and practice  Learn and apply the principles of post-modern portfolio theory  Construct superior equity portfolios using behavioural finance EUROMONEY TRAINING theory CERTIFICATE Delegates who successfully 5 easy ways to register complete this course will Please quote reference WEB  Reassess hedge fund investing in light of recent events receive the prestigious Euromoney Training Certificate 1. Web  Learn how to implement portable alpha strategies via practical - a statement of excellence www.euromoneytraining.com/asia applications recognised worldwide. 2. Email FREE SUBSCRIPTION enquiry@euromoneyasia.com  Assess the opportunities offered by emerging alternative assets Delegates will receive a free 3-month subscription to 3. Telephone  Develop frameworks to accommodate real and tangible assets in Asiamoney magazine at the +852 2520 1481 portfolios conclusion of the course. 4. Facsimile FUNDING SUPPORT +852 2866 7340 Course Director: Participants may be eligible for Financial Sector Development 5. Mail Bernard Duffy Fund (FSDF) support on a case 17/F, Printing House Investment Management Specialist by case basis. More details on 6 Duddell Street, Central the FSDF can be found at http:// Hong Kong www.mas.gov.sg. Registration form Standard fee: US$6,200 Discounted fee: US$5,580*  Yes, please register me for Asian Investment Management School (ST4246) *Discount of 10% for second and subsequent delegates if 3 delegates from the same institution attend the same programme, increasing to 12% for 4 delegates and 15% for 5 delegates. on 8-12 June 2009, Singapore This discount cannot be used in conjunction with any other offer. Can’t make this date? We schedule our courses throughout the year. Please contact us to check for Delegates registering from Singapore will have to bear the prevailing GST at the date of invoice. alternative dates and locations. Please note, payment must be received prior to course start. Delegate details Payment details (please tick as appropriate) # Surname Mr/Mrs/Ms  Cheque  Invoice  Credit card # To make a payment by credit card, please call +852 2520 1481, or visit www.euromoneytraining.com/asia, First name select this course and follow the ‘register now’ link to use our secure online payment system. Position Department I have read and understood the booking terms and conditions Company Signature Date Address Approving Manager Telephone Fax Surname First name Mr/Mrs/Ms Email Position Department How did you hear about the course? Signature Date Disclaimer Data protection Cancellation policy Incorrect mailing Euromoney Training reserves the right to The information you provide will be If any registered delegate cannot attend our Discount vouchers are transferable within Please accept our apologies for mail which alter any part of the published programme or safeguarded by the Euromoney Institutional course, a replacement is always welcome. the same organisation, but not to be used in is incorrectly addressed. Should you wish to faculty. In the event of course cancellation Investor PLC group whose subsidiaries may Cancellations must be made in writing conjunction with any other discount schemes. amend the address/ addressee details, please by Euromoney Training due to unforeseen use it to keep you informed of relevant (letter or fax) with Euromoney Training’s Discount vouchers will not be issued for send or fax us a copy of the relevant mailing circumstances, Euromoney Training limits products and services. We occasionally allow acknowledgement. Written cancellations no-shows without cancellation. Euromoney label (on the envelope or brochure) and we its liabilities to refunding the tuition fee of reputable companies outside the Euromoney must reach this office 30 days before the Training reserves the right to the final decision will update our records accordingly. the course. Institutional Investor PLC group to contact programme commences. A full refund less an if any dispute arises. you with details of products that may be of administration charge of US$150 will be given. Fee includes tuition, documentation, lunch interest to you. As an international group we For any written cancellation requests that and refreshments. Delegates are responsible may transfer your data on a global basis for reach us less than 30 days before the event, for their own flights and accommodation. the purposes indicated above. If you object to no refunds will be given. However, if you wish An invoice will be sent upon receipt of contact by telephone fax or email to attend another Euromoney Training course registration form. please tick the relevant box. If you do not in the Asia-Pacific region, a 75% discount want us to share your information with other voucher which values not more than 75% reputable companies please tick this box of the initial payment will be issued. Please A Euromoney Institutional Investor note that the subsequent course must take group company place within 1 year of the initial registration. © Copyright Euromoney Training 2009

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