{"product_id":"fiduciary-management-9780470171035","title":"Fiduciary Management","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003ci\u003eFiduciary Management\u003c\/i\u003e offers an in-depth explanation of every facet of this fast-growing approach to organizing the management of an institutional investment portfolio. Expert author Anton van Nunen begins by outlining the historic shift that has brought this strategy to the attention of the investment community and quickly moves on to illustrate fiduciary management in practice; giving advice in terms of asset-liability modeling and financial markets, constructing portfolios, selecting and overseeing investment managers, benchmarking and performance measurement, and reporting.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"Its key message is that fiduciary management is an idea whose time has come…Nunen provides good case study examples\". (\u003ci\u003eInvestment \u0026amp; Pensions Europe,\u003c\/i\u003e April 2008)\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Pendulum Swings Back in Asset Management 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Forces of History 1\u003c\/p\u003e \u003cp\u003eThe Rise of Modern Portfolio Theory 3\u003c\/p\u003e \u003cp\u003eSupport for Shares 4\u003c\/p\u003e \u003cp\u003eThe New Paradigm 6\u003c\/p\u003e \u003cp\u003eThe Rise of Indexing 9\u003c\/p\u003e \u003cp\u003eDiscontent with the Paradigm 10\u003c\/p\u003e \u003cp\u003eThe Need for Fiduciary Managers 12\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Pension Plans: The Principal Setting for Fiduciary Management 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Historical Idea of Pensions 15\u003c\/p\u003e \u003cp\u003eA Patchwork of Pension Provisions 18\u003c\/p\u003e \u003cp\u003eOrganization and Regulation of the Pension System in several OECD Countries 23\u003c\/p\u003e \u003cp\u003eDenmark 23\u003c\/p\u003e \u003cp\u003eFrance 25\u003c\/p\u003e \u003cp\u003eGermany 26\u003c\/p\u003e \u003cp\u003eThe Netherlands 27\u003c\/p\u003e \u003cp\u003eMarking to Market 28\u003c\/p\u003e \u003cp\u003eSufficiency Test 29\u003c\/p\u003e \u003cp\u003eSweden 30\u003c\/p\u003e \u003cp\u003eSwitzerland 31\u003c\/p\u003e \u003cp\u003eUnited Kingdom 31\u003c\/p\u003e \u003cp\u003eThe United States 32\u003c\/p\u003e \u003cp\u003eAustralia 33\u003c\/p\u003e \u003cp\u003eSimilarities and Differences 34\u003c\/p\u003e \u003cp\u003eCommonalities on the Asset Side 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Role of the Fiduciary Manager as Chief Advisor 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Asset-Liability Study 39\u003c\/p\u003e \u003cp\u003eThinking through Risk and Return 41\u003c\/p\u003e \u003cp\u003ePortfolio Construction 42\u003c\/p\u003e \u003cp\u003eSelecting and Overseeing Investment Managers 43\u003c\/p\u003e \u003cp\u003eMeasuring and Benchmarking 43\u003c\/p\u003e \u003cp\u003eEducation 44\u003c\/p\u003e \u003cp\u003eThe Trusted Counselor, the Fellow Fiduciary 46\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Shaping the Fundamental Investment Policies 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLiability-Driven Investments 51\u003c\/p\u003e \u003cp\u003eChoosing an Active Investment Policy 52\u003c\/p\u003e \u003cp\u003eIntegrating Active Policy in the Overall Portfolio 55\u003c\/p\u003e \u003cp\u003eCompletion Account as a Necessary Adjunct to Active Policy 58\u003c\/p\u003e \u003cp\u003eThe Fiduciary Platform to Integrate Active Policy in the Overall Investment Portfolio 59\u003c\/p\u003e \u003cp\u003eA Special Case: Bridging the Duration Gap 67\u003c\/p\u003e \u003cp\u003eWhat a Fiduciary Manager’s Report Looks Like 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Asset-Liability Modeling and the Fiduciary Manager 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of the Fiduciary Manager 74\u003c\/p\u003e \u003cp\u003eThe Asset-Liability Model (ALM) 75\u003c\/p\u003e \u003cp\u003ePolicy Instruments Used in Asset-Liability Modeling 78\u003c\/p\u003e \u003cp\u003eCalculations to Cope with Uncertainty 80\u003c\/p\u003e \u003cp\u003eThe Crucial Role of ALM 81\u003c\/p\u003e \u003cp\u003eAsset-Liability Modeling in Practice 82\u003c\/p\u003e \u003cp\u003ePrognosis of Future Reserves without Policy Changes 84\u003c\/p\u003e \u003cp\u003eFuture Financial Situation with Flexible Premium Levels under the Regime of a Fixed Compound Rate 85\u003c\/p\u003e \u003cp\u003eFuture Financial Situation with Flexible Premium Levels under the Regime of Compound Rates Equal to Market Interest Rates 88\u003c\/p\u003e \u003cp\u003eFuture Financial Situation with Changes in Investment Policy 100\u003c\/p\u003e \u003cp\u003ePolicy Changes 102\u003c\/p\u003e \u003cp\u003eWhere Does Fiduciary Management Fit In? 102\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Fiduciary Management In Practice—Portfolio Construction 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Appropriate Asset Classes 106\u003c\/p\u003e \u003cp\u003eHedge Funds: Weighing the ‘‘New’’ Alternative 106\u003c\/p\u003e \u003cp\u003eBurrowing In: Defining Sub-Allocations 109\u003c\/p\u003e \u003cp\u003eThinking about Style 111\u003c\/p\u003e \u003cp\u003eApportioning the Fixed Income Portfolio 112\u003c\/p\u003e \u003cp\u003eMeasure for Measure 112\u003c\/p\u003e \u003cp\u003eFormulating Mandates for Managers 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Horses For Courses—Selecting And Overseeing Investment Managers 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCreating the Beauty Parade 116\u003c\/p\u003e \u003cp\u003eInvestment Performance 117\u003c\/p\u003e \u003cp\u003eInvestment Process and Philosophy 117\u003c\/p\u003e \u003cp\u003eInvestment People 118\u003c\/p\u003e \u003cp\u003eOperational Risk 119\u003c\/p\u003e \u003cp\u003eManaging the Beauty Parade 121\u003c\/p\u003e \u003cp\u003eManaging the Transition 122\u003c\/p\u003e \u003cp\u003eOverseeing the Managers 123\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Performance Measurement and Benchmarking 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Has Benchmarking Grown More Important? 128\u003c\/p\u003e \u003cp\u003eThe Use of Different Types of Benchmarks 131\u003c\/p\u003e \u003cp\u003eLiability-Driven Benchmarks 133\u003c\/p\u003e \u003cp\u003eStrategic Benchmarks 134\u003c\/p\u003e \u003cp\u003eFixed Income 136\u003c\/p\u003e \u003cp\u003eEquities 137\u003c\/p\u003e \u003cp\u003eReal Estate 139\u003c\/p\u003e \u003cp\u003eDetailed Benchmarks in the Context of Active Investment Policy 140\u003c\/p\u003e \u003cp\u003eActive Overlay Management 143\u003c\/p\u003e \u003cp\u003eRebalancing 144\u003c\/p\u003e \u003cp\u003eMeasurement of Active Policy 145\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Fiduciary Manager Experience in the Netherlands and Beyond 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChanges in Investment Policy 152\u003c\/p\u003e \u003cp\u003eChanges in the Role of a Fund’s Investment Committee 153\u003c\/p\u003e \u003cp\u003eChanges in the Breadth and Depth of Discussions with Asset Managers 153\u003c\/p\u003e \u003cp\u003eChanges in the Communication Process 154\u003c\/p\u003e \u003cp\u003eChanges in the Level and Structure of Costs 155\u003c\/p\u003e \u003cp\u003eChanges in the Importance of the Custodian 156\u003c\/p\u003e \u003cp\u003eOverseeing the Fiduciary 157\u003c\/p\u003e \u003cp\u003eFuture Developments of the Market for Fiduciary Services 159\u003c\/p\u003e \u003cp\u003eBeyond the Netherlands 165\u003c\/p\u003e \u003cp\u003eFiduciary Management Plus 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Summing Up Fiduciary Management: What It Is and Is Not 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGoals, Policy, and Responsibilities 167\u003c\/p\u003e \u003cp\u003eFiduciary Management Can Enhance Productivity 173\u003c\/p\u003e \u003cp\u003eWhat Fiduciary Management Is Not: A Simplification 174\u003c\/p\u003e \u003cp\u003eComparisons with Other Investment Management Models 175\u003c\/p\u003e \u003cp\u003eThe Concept’s Claims 176\u003c\/p\u003e \u003cp\u003eAppendix: Suppliers of Fiduciary Services 181\u003c\/p\u003e \u003cp\u003eNotes 259\u003c\/p\u003e \u003cp\u003eBibliography 265\u003c\/p\u003e \u003cp\u003eIndex 269\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402298270039,"sku":"9780470171035","price":43.12,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470171035.jpg?v=1730479986","url":"https:\/\/bookcurl.com\/products\/fiduciary-management-9780470171035","provider":"Book Curl","version":"1.0","type":"link"}