Investment Management School


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Investment Management School

  1. 1. Investment Investment 7th Annual Management Management School School Re-vamped for a post credit crunch world 7–15 December 2009 Central London, UK An intensive 9 day training course An intensive 10 day training course Join us here in London for this 9-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: Guest Speakers Bernard Duffy Amin Rajan Investment Management Specialist Bill Rodney “The programme was ambitious and interesting” Past delegate Early bird gift offer Book by 5 October and receive a free digital camcorder see website for terms and conditions Secure your place! Register before 9 November 2009 (Should you miss this booking date please call +44 (0) 20 7779 8780)
  2. 2. Investment 7th Annual Management School An intensive 9 day training course 7–15 December 2009 Central London, UK The last few years have seen a number of forces re-shaping the investment management industry internationally. Equity volatility, new fixed income products, the growth of hedge funds, commodities and real estate – to name but a few – have contributed to dramatic changes in investor preferences, investment styles and asset allocation. Traditional analytical frameworks and performance measures must now be used together with a new group of tools and metrics to interpret data, trends and performance in this new environment and for newer asset classes. Join us here in London for this intensive 9 day Euromoney Training course which will give you all the in-depth information you will need to advance your investing skills. On completion of the course you will be ready to implement your new skills into real-world investing activities, with the ultimate objective of increasing returns, reducing risks and attracting (and retaining) investors. Secure your place! Register before 9 November 2009 at “Very good. I learnt a lot from the course and gained valuable insight on current investment practices” Should you miss this booking date Past delegate please call +44 (0) 20 7779 8780 to check availability past clients who should attend? Abu Dhabi Investment Designed for individuals who Authority wish to make a real impact on ARM Investment Managers their investment management Barclays strategy. We suggest the Caixa Geral de Depositos following investment Dresdner Kleinwort professionals attend: Wasserstein Portfolio / Fund/ European Investment Bank Asset Managers Fidelity Bank Investment Analysts / HSBC Private Bank Advisors / Strategists ING Private Bankers / Investors JP Morgan Chase Heads of Investment The National Economic Pension Fund / Trustee Reconstruction Fund Managers Saudi Aramco Regulators, Auditors The World Bank and Actuaries Securities Salespersons Why not recommend this course to a colleague? © Copyright Euromoney Training 2009
  3. 3. Course directors The course will be delivered by an expert faculty of trainers, consultants, investment managers and advisors. Input will be primarily through lectures and guest presentations. At each stage, practical applications of all the techniques learnt will be consolidated via exercises, case studies, computer spreadsheet analysis and simulation sessions. Course Director: Bernard Duffy Amin Rajan Bill Rodney Bernard Duffy is highly respected for his Amin Rajan is the Chief Executive of the Bill Rodney is an internationally recognised ability to integrate selling skills training with Centre for Research in Employment and authority on the principles and practice of complex product training in an informative Technology in Europe (CREATE) – a pan- real-estate projects, real-estate finance and and entertaining style. European network of prominent researchers real-estate investment. His career combines Bernard began his investment management undertaking high level advisory assignments both direct involvement as a chartered career with Abbey Life in Dublin before for government, financial institutions, surveyor in large scale commercial moving to London in 1985 to work for Irish multinational companies and supra-national development schemes, as well as extensive Life Assurance Plc. At Irish Life, he was agencies. Much of Mr Rajan’s recent research consulting and training experience in the responsible for investment product marketing and consulting has focused on leadership financing of and investment in real estate in and new fund launches and was responsible and strategy in investment management the UK, Europe and internationally. Bill for the company's successful entry into the organisations. With KPMG he has now regularly presents training to a range of clients single premium bond market. published two international studies on including banks, fund managers, corporates, structures and strategies for 21st century government bodies, investment and other He joined County Bank at the end of 1986 as asset management. advisors, where his practical market-focused Research and Development executive in the approach is highly valued. unit trust division. In 1987 he transferred to His work has proved so influential that he the pension fund department, assuming now provides leadership coaching to Chief Until recently Bill was senior lecturer in the responsibility for the management and Executives, executive committees and Real Estate Faculty of Cass (City University) performance of Canadian equity investments. investment specialists in a range of companies, Business School, where he taught the specialist In 1991, he was seconded to the European including: Deutsche Asset Management, Real Estate Investment and Finance Masters equity desk to manage a research project on Dresdner RCM, HSBC Holdings, Invesco, and MBA programmes. Bill has also held other European smaller companies. At the end of Merrill Lynch Investment Managers, UBS specialist roles at: Investment Property Forum’s 1992, he was appointed head of the North Asset Management, PricewaterhouseCoopers Advanced Education Programme, NACORE American equity desk. and Virgin One Account. UK’s Corporate Real Estate Designation As well as appearing on radio and television Programme (Impact of Corporate Real Estate Bernard has a B.A.(Hons) in Economics and Transactions on Financial Statements), RICS Politics, an M.A. in Development Economics regularly, he contributes feature articles to The Financial Times Fund Management delegate to FIG Commission 9. He has advised and an M.B.A. in Finance from the City on Private Finance Initiatives (PFI) to Central University Business School in London. Bulletin and has published numerous books and articles on leadership. In 1998 he was and Local Government Authorities and Bernard has undertaken numerous training awarded the Aspen Institute’s Prize in undertaken a range of consultancies on areas assignments throughout Europe, Asia and Leadership. Prior to establising CREATE, such as enhancing corporate value through the U.S.A. for leading private banks and Mr Rajan worked as an economic advisor for property re-engineering. Bill is a Chartered asset managers. the UK Cabinet Office and HM Treasury. Surveyor and holds an MSc in Real Estate Investment and Finance from City University. Enquire or register your interest today! Web
  4. 4. Investment 7th Annual Management School An intensive 9 day training course Agenda 7–15 December 2009 Central London, UK course overview Whether you are involved in investing in domestic markets Day 1 Day 2 or internationally, for institutions, pension-holders or private clients, Quantitative background and tools to enhance Asset allocation in a post credit-crunch this programme offers the opportunity to advance your the investment process environment real-world investing skills through structured study, group exercises Post-modern portfolio theory Asset allocation theory and investment simulations. This – Recap of capital asset pricing model and arbitrage – Components of expected return ensures that on completion of pricing theory – Forecasting asset class expected returns the course you will be able to – First and second order stochastic dominance – The covariance and correlation matrix apply your new skills to real-world investing activities, with the – Problems with standard deviation as a measure of risk – How useful is correlation in today’s environment? ultimate objective of enhancing – Foundations of post-modern portfolio theory – Building optimal portfolios returns, reducing risks, as well as – Downside deviation and the minimum acceptable – Importance of the Benchmark and policy portfolio attracting (and retaining) investors. return (MAR) – Historical equity and bond risk premia – The target rate of return and upside potential – Where has the equity rate premium disappeared to? metholodgy – Conclusions of post-modern portfolio theory The programme is highly intensive, – Practical applications of Post-Modern Portfolio Theory Case study: asset allocation theory. Delegates will requiring full and active apply asset allocation theory to explain a number of participation. It provides a high profile asset allocation moves by institutional valuable opportunity to network Case study: applying the principles of Post-Modern money managers with other industry professionals. Portfolio Theory. Delegates will assess how new Whilst some early evening work on measures of risk compare with more traditional case-study readings / group work measures and how they can be used in discussing is required, delegates are given Strategic and tactical asset allocation – constrained and formulating investment strategy with trustees and adequate free time to relax, plan sponsors. and unconstrained including two evenings when course dinners are hosted by – A comparison of the different approaches to asset allocation Euromoney Training at local – Strategic, tactical, integrated and insured approaches restaurants. Information ratios and opportunity sets – The Yale Endowment Model – The information co-efficient and manager skill – Core / Satellite approaches course includes – The information ratio – Unconstrained approaches Practical exercises of how to – Defining the dimensions of unconstrained and tactical asset – The fundamental law of active management structure portfolios to match or allocation frameworks beat specific benchmarks or – Inside the information ratio – Residual risk and residual return – Tactical asset allocation, tactical style allocation and expected returns. – The opportunity set and residual frontier credit yield spreads Comprehensive pre-course preparation reading is available – New approaches to the asset allocation decision Case study: applying Information Ratios for those wishing to review the Case study: develop a benchmark timing and composite fundamentals of fixed income / Delegates will apply a number of quantitative techniques in a series of practical exercises to test their tactical asset allocation framework to help reduce the equity analysis, CAPM, APT and risks to this important decision. other principals of modern understanding of information ratios. portfolio theory. In addition to the exclusive In search of alpha course materials, you will receive Asset mix rebalancing a free copy of the best selling text – Defining alpha – What is rebalancing and why do it? book Alternative Investment – Ex-ante and ex-post-alpha – A comparison of the different approaches to rebalancing Strategies by Sohail Jaffer. – Sources of alpha – Buy-and-hold – Techniques for forecasting alpha – Constant mix prerequisite – Alpha analysis Knowledge of the fundamentals of – Constant proportion portfolio insurance – CPPI – Alpha and portfolio construction – Options based portfolio insurance – OBPI modern portfolio theory, fixed – Refined alpha income and equity analysis Case study: style investing was a hot topic at the peak of techniques required. Some previous – Alpha and residual risk – T-statistics, information ratios and information co-efficients the last cycle and examine a number of new approaches formal or on-the-job training in these areas is assumed. Whilst it is to the important issue of equity style management not essential that you have direct Case study: develop a framework for deriving alpha in portfolios. experience of investment analysis forecasts that can be applied. or management but some experience of quantitative Global asset allocation simulation financial analysis either for a Global Asset Allocation Simulation financial institution, corporate or advisory firm is expected. No advanced quantitative or statistical background is required. © Copyright Euromoney Training 2009 Enquire or register your interest today! Web
  5. 5. 9 day course Day 3 Day 4 Reassessing the investment case for real estate Portable alpha and dynamic portfolio approaches Introduction: the product Asset and liability issues – Investment characteristics of real estate – The global pensions crisis – European, UK and – What has changed? US perspectives – What is changing? – The rising costs of funding pension schemes – Performance drivers – The importance of the pension fund to corporate balance sheets How much in real estate? – The relationship between pension assets and liabilities – Measuring and modelling a pension liability – Risk and return – Impact of liabilities on investment strategy – Diversification – Liabilities and funding strategy – Modern portfolio theory and real estate – Pension surplus and the risk-adjusted change in surplus – Why international? – Current issues in asset / liability modelling Exercise: using optimisation – how much in property? Case study: assessing the impact of liabilities on a pension fund’s investment strategy – The case of The How to invest in real estate: direct vs. indirect; Boot’s PLC Pension Fund public vs. private – Available vehicles Dynamic portfolio approaches – Open ended vs. closed ended vehicles – Private vehicles vs. quoted property stocks – Dynamic portfolio analysis with assets and liabilities – Investor preferences – Developing a strategic benchmark in an – Derivatives asset / liability framework – Portfolio optimisation with drawdown constraints Case study: using indirect vehicles for international – Global equity and bond investing for pension funds exposure - a model for the direct market. – The absolute vs. relative return decision for a pension fund – Dynamic investment approaches – Investment models and valuation – Liability matching strategies - duration matching and – Income cashflow matching – Yield, RFR – Strategies with upside - dynamic contingent optimisation – Rent, demand and supply and portable alpha – Forecasting returns – Limiting the sponsor risk - absolute return and – A property return model liability hedging – Opportunities in the public markets – Generating real returns - new asset classes and real alpha – Commercial mortgage backed securities – European real-estate investment trusts Key case study: asset allocation and fund manager selection. Exercise: international appraisal approaches. Delegates will analyse the case of a pension fund with an asset / liability mismatch and a corresponding inappropriate asset allocation policy. You will be required to perform the following tasks: Analyse the potential impact of the pension deficit on the company’s balance sheet Analyse the impact of the fund’s liabilities on overall investment strategy Devise an appropriate funding strategy Devise an appropriate strategic benchmark and asset allocation for the fund Develop an appropriate investment philosophy for the fund Appoint external managers for the fund Portable Alpha in Theory and Practice – What is portable alpha and how does it work – The components of a portable alpha strategy – Alpha-beta separation – Portable alpha and asset allocation – Portable alpha in a world of low returns – Portable alpha implementation Global Asset Allocation Simulation Book by 9 November 2009 to secure your place. (Should you miss this booking date please call +44 (0) 20 7779 8780) Email Telephone Facsimile +44 (0)207 779 8780 +44 (0)207 779 8693
  6. 6. Investment 7th Annual Management School An intensive 9 day training course Agenda 7–15 December 2009 Central London, UK Day 5 Day 6 Hedge funds, private equity and commodities : Morning: 8.30 - 11.30 broken promises and busted flushes Case study work. Myth versus reality in the hedge fund world Rest of day off - delegates are free to undertake leisure and – Are hedge funds a busted flush and what does sightseeing activities. the future hold? Day 7 – Are hedge funds even a stand-alone asset class – Why hedge funds should never have been sold as absolute return vehicles – Cause and effects of the hedge fund implosion – Separating alpha from beta in the hedge fund space Behavioural finance, style management and – Revisiting the drivers of hedge fund returns performance attribution and analysis – Do hedge fund-of-funds have a future in light of recent events? Introducing behavioural finance – Implications of external regulation on the hedge – What is behavioural finance fund industry – Efficient market hypothesis and behavioural finance – What can behavioural finance teach us about investing Outlook for hedge fund strategies in a post-credit – Systematic errors in investment thinking crunch world – The major foundations of behavioural finance theory: Limited arbitrage and investor sentiment – Outlook for the following strategies : – Common behavioural finance traits : – Relative Value strategies – Framing and Coding – Opportunistic strategies – Over-confidence – Event Driven strategies – Over-reaction bias – Global Macro strategies – Myopic loss aversion Case study : hedge funds in the new environment Case study: Behavioural finance Delegates will examine recent asset bubbles and Private equity - revisiting the investment case subsequent crashes and explain both phenomena using the precepts of behavioural finance – Characteristics of private equity as an asset class – The different routes to investing in private equity – The drivers of private equity returns Style allocation and style management – The J-curve of a private equity investment – What is style management and why do it? – How do private equity managers add value – Growth/Value betas and alphas – How will private equity perform in a credit – Extremes in growth and value stocks constrained environment – Growth/Value barbell portfolios – Can private equity outperform public equity without the – What drives style cycles use of leverage? – Style and expectations formation in the equity markets Case study : Private equity Case study: Style allocation and style management Commodities – Desmond Fitzgerald Performance Attribution and Analysis – Commodities as an asset class – The skill / luck matrix – Risk, return and correlation characteristics of – Standard error of the information ratio commodity markets – Cross sectional comparison performance – Overview of major commodity markets – Returns-based performance analysis – Should commodities be considered a strategic or a – Components of investment performance tactical asset class? – Performance attribution analysis – Is the bull argument for commodities still in place? – Risk adjusted performance analysis and measurement – Sharpe ratio Case study: assess and select a number of hedge fund – Sortino ratio manager profiles and rank them against pre-defined – Treynor measure qualitative and quantitative criteria. – Jensen measure – Fama measure Global asset allocation simulation Global Asset Allocation Simulation © Copyright Euromoney Training 2009 Enquire or register your interest today! Web
  7. 7. 9 day course Day 8 Day 9 venue All of our training courses are held in 4 - 5 star venues throughout central London. Emerging alternative investments Strategic Issues facing the fund The training venues are selected management industry by both their location and training Environmental and alternative energy and refreshment facilities, this – Overview of the economics of climate change Top performing investment teams and creative ensures that you will only learn in comfortable and convenient – Factors driving the growing appetite for environmental assets collaboration for investment professionals environments. Due to the variation – Ways to invest in environmental assets of delegate numbers, confirmation – Venture capital funding of clean tech companies – The markets are an expensive place to discover your of the central London venue, full – Carbon as an asset class personality address and details of how to get – The basics of carbon emissions trading – Do top investment professionals share common traits? there can only be sent to you – Biofuels – Carrying out a self-diagnosis approximately three weeks prior – Solar and wind installation – Teamwork in today’s investment environment to the course start. – The reemergence of nuclear – Collaborative techniques for investment teams – Enhancing the creativity of investment teams accommodation Case study: Playing the environmental theme. If you require accommodation for the duration of the course, Guest Speaker – Dr. Amin Rajan Euromoney Training has Infrastructure, forestry and farmland negotiated discounted rates – What are infrastructure assets Forming and managing the ‘Top Investment Team’ on your behalf for standard rooms. – Key factors behind the emergence of infrastructure assets We strongly advise to make your hotel reservation early. To book a – Characteristics of infrastructure assets Creating an information advantage room and for the most competitive – The debt market for private infrastructure financing rates currently available, please – The impact of the credit crunch on the outlook for – Information and active portfolio management visit our website: infrastructure investing – Information analysis and transforming information into portfolios – Characteristics of forestry and farmland as an asset class – The information horizon and the shelf life of information accommodation – The investment case for forestry and farmland – Determinants of forestry and farmland returns – Different types of active forecast – Consensus expected returns and naïve forecasts about us – Tax efficiency of forestry and farmland as asset classes Euromoney Training courses – The risks of investing in forestry and farmland – Refined forecasts: forecasting rules of thumb are designed for ambitious – T-statistics, information ratios and information coefficients professionals and provide you Case study : Incorporating infrastructure, forestry and – Data mining and information analysis with the practical tools for rapid farmland into an asset allocation policy. career progression. Based in the Case study: assess the value-added of information from heart of London, since 1987 Euromoney Training has been various sources and how it can be integrated into the Emotional assets the leading provider of practical investment process. financial training to the world’s – What are emotional assets largest financial institutions. – The long term case for investing in emotional assets With our extensive range of – Risk, return and correlation characteristics of this Performance attribution and analysis specialised courses we have met unique asset class the training needs of over 30,000 – The skill / luck matrix market professionals globally and – Are these assets suitable for institutional investors? – Standard error of the information ratio can adapt any of these courses to – Revisiting the British Rail Pension Fund – Cross sectional comparison performance meet the specific needs of your Case study: assess the merits and demerits of a range of – Returns-based performance analysis organisation. equity portfolio construction techniques. – Statistical and investment theory refinements Enquire today about our in-house – Portfolio based performance analysis training solutions, please contact – Components of investment performance us, Euromoney Training Financial – Performance attribution analysis UK & Ireland. – Risk adjusted performance analysis and measurement t: +44 (0)207 779 8780 or – Sharpe ratio e: – Sortino ratio – Treynor measure – Jensen measure – Fama measure Case study: assess the merits of how and when to apply different performance measures to a range of equity portfolios. Course summary and close (course ends at approx. 1600 hours) Book by 9 November 2009 to secure your place. (Should you miss this booking date please call +44 (0) 20 7779 8780) Email Telephone Facsimile +44 (0)207 779 8780 +44 (0)207 779 8693
  8. 8. 7th Annual Investment Management School An intensive 9 day training course 7–15 December 2009 Central London, UK Join us here in London for this 9-day intermediate programme designed to equip investment professionals with practical know-how of new approaches and new asset classes for today’s investment conditions. A 9-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 4 easy ways to register Alpha analysis and information ratios in theory and practice Please quote reference 209GE3 Learn and apply the principles of Post-modern portfolio theory 1. Web Construct superior equity portfolios using behavioural finance theory 2. Email Reassess hedge fund investing in light of recent events Learn how to implement portable alpha strategies via practical 3. Telephone applications +44 (0)207 779 8780 4. Facsimile +44 (0)207 779 8693 Course Director: Guest Speakers Bernard Duffy Amin Rajan Register by 9 November 2009 to secure your place. Investment Management Specialist Bill Rodney Should you miss this booking date please call +44 (0) 20 7779 8780 Book by 5 October and receive a free digital camcorder Registration form Yes, please register me for Investment Management School (EIF2826), Fees £6,650 + (£997.50 VAT @ 15%) Total £7,647.50 on 7–15 December 2009 Fees include tuition, documentation, lunch and refreshments. Delegates are responsible for their own accommodation. Can’t make this date? We schedule our courses throughout the year. An invoice will be sent upon receipt of registration form Please contact us to check for alternative dates and locations. Payment details (please tick as appropriate) Delegate details VAT exempt EU no. Surname Mr/Mrs/Ms cheque invoice First name credit card - Amex / Visa / Mastercard* *For security purposes, we can only accept credit card payments online at: Position Department Company Address Signature Date Telephone Fax Sponsor details I wish to register the delegate indicated Email Surname Mr/Mrs/Ms First name I have read and understood the booking terms and conditions Position Department Signature Date Signature Date Disclaimer Data protection Cancellation policy VAT Euromoney Training reserves the right to The information you provide will be Cancellation or transfer requests must be Under UK Exise regulations by The type of supply provided delegates from all change or cancel any part of its published safeguarded by the Euromoney Institutional made in writing (letter or fax) and reach countries are required to pay VAT at 15% on Euromoney Training is that of a delegate programme due to unforeseen circumstances. Investor PLC group whose subsidiaries may this office 20 working days before the course all courses taking EU 6th Directive, Article space. Under the place in the UK. A UK VAT use it to keep you informed of relevant commencement date. A full refund less a reclaim form is available upon registration. 9.2 c, the place of supply of this type of products and services. We occasionally allow £100 administration fee will be given. service is where they are physically carried group discounts reputable companies outside the Euromoney Delegates who cancel less than 20 days before out. Since, the events are held in the UK, Institutional Investor PLC group to contact the course commencement date, or who do Incorrect mailing the UK and therefore the place of supply is A division of you with details of products that may be of not attend, are liable to pay the full course fee Please accept our apologiesat 17.5%. which UK VAT has to be charged for mail A VAT available – interest to you. As an international group we and no refunds will granted.If you wish is incorrectly will be provided upon request. reclaim form addressed. Should you wish to Euromoney Institutional Investor PLC amend the addressaddressee details, please Registered Office: may transfer your data on a global basis for the purposes indicated above. If you object to to transfer to a different course within a six month period, and you have paid your course Incorrect mailing send or fax us a copy of the relevant mailing contact us to contact by by telephone or fax or email to contact telephone fax , email please tick fee in full, you will be invoiced a 25% label (on the envelope or brochure) and we Please accept our apologies for mail which Euromoney Training Nestor House, Playhouse Yard please tick the relevant do not want us to the relevant box. If you box. If you do not want your information with other with other share us to share your information reputable additional charge to transfer your registration and any difference in course prices. You will will update our records accordingly. wish to is incorrectly addressed. Should you amend the address/ addressee details, please find out more. London EC4V 5EX, United Kingdom reputable companies this box companies please tickplease tick this box . not incur any additional charges if you wish send or fax us a copy of the relevant mailing to send a replacement delegate and your label (on the envelope or brochure) and we Registration No. 954730 England registration meets the above terms. will update our records accordingly. © Copyright Euromoney Training 2009