Brian Singer, Greg Fedorinchik

Investment Leadership

• Gebundenes Buch

Produktbeschreibung

An industry leader candidly examines the role of investment leadership in portfolio management

Investment Leadership & Portfolio Management provides a top down analysis of successful strategies, structures, and actions that create an environment that leads to strong macro investment performance and rewarding investor outcomes. By examining how to manage and lead an investment firm through successful investment decision-making processes and actions, this book reveals what it will take to succeed in a radically changed investment landscape. From firm governance and firm structure-for single capability, multi-capability, and investment and product firms-to culture, strategy, vision, and execution, authors Brian Singer, Barry Mandinach, and Greg Fedorinchik touch upon key topics including the differences between leading and managing; investment philosophy, process, and portfolio construction; communication and transparency; and ethics and integrity.
Leadership issues in investment firms are a serious concern, and this book addresses those concerns
Details the strong correlation between excellence in investment leadership and excellence in portfolio management
Written by a group of experienced professionals in the field, including the Chairman of the CFA Institute Board of Governors

Understanding how to operate in today's dynamic investment environment is critical. Investment Leadership & Portfolio Management contains the insights and information needed to make significant strides in this dynamic arena.

Produktdetails

• Wiley Finance
• Verlag: Wiley & Sons
• 1. Auflage
• Seitenzahl: 224
• Erscheinungstermin: 1. Oktober 2009
• Englisch
• Abmessung: 235mm x 157mm x 17mm
• Gewicht: 401g
• ISBN-13: 9780470435403
• ISBN-10: 0470435402
• Artikelnr.: 26489105

Autorenporträt

BRIAN SINGER is Chief Investment Officer of Singer Partners and Chairman of the CFA Institute Board of Governors. Previously, he was head of global investment solutions at UBS Global Asset Management (formerly Brinson Partners, Inc.), responsible for asset allocation and currency strategies. Singer is also Emeritus Board Member of the Research Foundation of CFA Institute and an advisory board member of the Journal of Performance Measurement. He is a recipient of the 1991 Graham and Dodd Award and a 2001 recipient of the Dietz Award. Singer holds an MBA from the University of Chicago. GREG FEDORINCHIK is head of investor solutions at Mesirow Advanced Strategies, Inc., an institutional fund of hedge funds firm based in Chicago. Prior to joining Mesirow, he was a senior strategist with the global investment solutions team at UBS Global Asset Management (formerly Brinson Partners, Inc.) and a member of the asset allocation and currency committee. Fedorinchik holds an MBA from the Kellogg School of Management, Northwestern University.

Inhaltsangabe

Preface. Acknowledgments. Chapter 1 Characteristics of Successful Asset
Management Firms. You Can Take the Boy Out of the Culture, but You Can't
Take the Culture Out of the Boy. Size Matters, but Not in the Way Most
People Believe Governance: The Guardian of an Investment-Driven Firm
Fostering Collaborative Freedom: Everybody is a Peer Integrity: An
Unquestionable Characteristic of Success Conclusion Chapter 2 Building a
Cathedral: A Framework for Turning the Mission into Collective Action. A
Framework for Effective Leadership and Management. Establishing and Living
Organizational Values. Creating Mission and/or Investment Philosophy
Statements. Strategic Goals and Key Performance Indicators. Conclusion.
Chapter 3 Building a Meritocracy: Understanding, Evaluating and Rewarding
Employee Contributions. Performance: A Deeper Dive. Horizon: The Fallacy of
the Three Year Trade Record. Performance Analysis: Practically Speaking.
Top-down and Bottom-up Approach to Determining Performance. Designing Your
Rating System to Help Make the Difficult Decisions. What Does the
Performance Score Really Mean? Criticality: A Deeper Dive. Merit Zones:
Putting It All Together. Communication of Performance and Criticality.
Values and Compensation. Conclusion. Chapter 4 Investment Philosophy and
Process: A Lofty Cathedral Needs a Deep Foundation. The Importance of
Investment Philosophy and Process in Investment Organizations. Investment
Philosophy: Core Beliefs. Investment Process: Control and Anarchy. Avoiding
the Pitfalls of Behavioral Biases. Conclusion. Chapter 5 Investment Process
in an Evolving World. Implementation Overview: "The How" of the Investment
Process. Fundamental Valuation. Market Behavior and How It Challenges the
Fundamental Investor. Team Behavior: Lessons for the CIO from Jelly Beans
and Freud. Portfolio Design. Conclusion. Chapter 6 Communication for
Superior Client Outcomes. The Problem: Human Nature. A Classic Tale. Case
1: Individual Investors, the Impact of Performance Chasing. Case 2: Are
Institutional Investors the "Smart Money?" The Reality of Investing in
Equities. The Mathematics of Recovery. Dilemma: Investment Firm or
Distribution Shop? The Importance of Culture. Sales and Marketing in an
Investment Firm. Conclusion. Appendix: Client Communication in Extreme
Market Conditions. Chapter 7 Where are the Clients' Yachts?: Reasonable Fee
Structures. The "Gamma Trade". Anatomy of a Blowup. Catch 22. Faults of
Existing Fee Structures. Our Recommendation: High Integrity Fee Structures.
Conclusion. Chapter 8 Final Thoughts. Characteristics of Great Asset
Management Firms. It Starts With a Shared Mission and Values. True
Meritocracy. Avoiding the Pitfalls. For Successful Client Outcomes:
Communicate, Communicate, Communicate. It's All About Incentives.
Integrity. Notes. Bibliography. About the Authors. Index.