Kees Koedijk, Alfred Slager, Jaap van Dam

Achieving Investment Excellence (eBook, PDF)

A Practical Guide for Trustees of Pension Funds, Endowments and Foundations

• Format: PDF

Produktbeschreibung

Crucial methods, tactics and tools for successful pension fund management Achieving Investment Excellence offers trustees and asset managers a comprehensive handbook for improving the quality of their investments. With a stated goal of substantially and sustainably improving annual returns, this book clarifies and demystifies important concepts surrounding trustee duties and responsibilities, investment strategies, analysis, evaluation and much more. Low interest rates are making the high cost of future pension payouts fraught with tension, even as the time and knowledge required to manage these funds appropriately increases -- it is no wonder that pensions are increasingly seen as a financial liability. Now more than ever, it is critical that trustees understand exactly what contributes to investment success -- and what detracts from it. This book details the roles, the tools and the strategies that make pension funds pay off. * Understand the role of pension funds and the fiduciary duty of trustees * Learn the tools and kills you need to build profound and lasting investment excellence * Analyse, diagnose and improve investment quality of funds using concrete tools and instruments * Study illustrative examples that demonstrate critical implementation and execution advice Packed with expert insight, crucial tools and real-life examples, this book is an important resource for those tasked with governing these. Achieving Investment Excellence provides the expert insight, clear guidance and key wisdom you need to manage these funds successfully.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 328
• Erscheinungstermin: 31. Januar 2019
• Englisch
• ISBN-13: 9781119437697
• Artikelnr.: 55138263

Autorenporträt

KEES KOEDIJK is dean and director of TIAS Business School and a professor of finance at Tilburg University, the Netherlands. He is managing editor for the Journal of International Money and Finance, and his work has been published in numerous peer-reviewed journals. Kees Koedijk has served on many investment committees and advisory boards. ALFRED SLAGER is professor of pension fund management at TIAS Business School, and a trustee for the Dutch Pension Fund for General Practitioners. His extensive practical experience makes him a frequently invited advisor to pension funds and speaker at international events on pensions and asset management. JAAP VAN DAM is principal director of investment strategy at PGGM, where he is responsible for the strategic change agenda for the pension fund. He chairs the European Chapter of the 300 Club and serves as member on numerous advisory boards, including the Research Committee of the International Centre for Pension Management.

Inhaltsangabe

About the Authors xiii

Acknowledgments xv

Foreword xvii

Introduction 1

Levels of Excellence: Assessing and Improving Your Practice 6

How to Use the Book 8

Chapters of the Book 9

Part One Pension Funds: Understanding the Role, Shaping the Mission

Chapter 1 The Role of Pension Funds, and the Role of Boards 19

The Role of Pension Funds 20

The Pension Triangle 22

Duties of Trustees 24

Responsibility as a Fiduciary 26

Delegation and Agency Relationships 27

Responsibilities as a Board Member 30

Responsibilities as a Shareholder 31

Balancing the Three Roles 31

Understanding and Managing Your Stakeholders 32

Government 32

Regulator 32

Financial Markets 33

Non-Governmental Organizations 34

Endnotes 34

Case Study--GEPF 36

Chapter 2 Developing Purpose, Mission, Vision, and Goals 39

The Functions of a Pension Fund 41

Purpose 44

Mission 45

Values 46

Vision 49

Strategic Goals 50

Endnotes 51

Part Two Designing the Process

Chapter 3 Grasping the Investment Essentials 55

Investment Goals 56

Understanding Return Concepts 57

Return 57

Expectations 57

Understanding Risk Concepts 59

Risk is not Volatility 60

Risk Premium 61

Getting Risk Measures Right 62

Risk Is about Behavior 63

Steering Your Portfolio 64

Benchmarks 65

Diversification 66

Conventional vs. Alternative Assets 67

Active vs. Passive Investing 68

Better Beta: Styles and Factors 70

Responsible Investing 70

Motives or Mission 71

Instruments 72

Endnotes 72

Case Study--PFZW 74

Chapter 4 Investment Beliefs as Guiding Tools 77

Why Investment Beliefs Matter 78

Basics of an Investment Belief 81

Developing a Set of Investment Beliefs 82

When, If Ever, Is the Time to Change Investment Beliefs? 83

How (Not) to Use Investment Beliefs 87

Endnotes 88

Case Study--New Zealand Superannuation Fund 90

Chapter 5 Designing the Investment Management Process 93

The Investment Process 94

Setting Objectives: Aligning Goals and Risk Appetite 95

Investment Objectives 99

Formulating Expectations 100

Portfolio Construction 101

Implementation and Monitoring 103

Implementation 103

Monitoring 103

The Investment Policy Statement 105

Endnotes 108

Chapter 6 Organizing the Investment Function 109

Inventorizing Investment Models 110

Model 1: Traditional Asset Allocation Model 112

Model 2: Endowment Model 112

Model 3: Factor Allocation Model 114

Model 4: Opportunity Cost or Reference Portfolio Model 116

Model 5: Dual Strategic/Operational Benchmark Model 119

Model 6: Risk Parity Model 120

Developing Your Own Investment Approach 122

Endnotes 123

Case Study - GPFG 124

Part Three Implementing the Investments

Chapter 7 Implementing the Investment Strategy 129

Organizing the Implementation 130

The Rationale for Managing Costs 132

Selection of Managers 134

Active vs. Passive Management 136

Internal vs. External Management 138

Relationship with Suppliers 139