{"product_id":"achieving-investment-excellence-a-practical-guide-for-trustees-of-pension-funds-endowments-and-foundations-hardback-9781119437659","title":"Achieving Investment Excellence; A Practical Guide for Trustees of Pension Funds, Endowments and Foundations (Hardback) 9781119437659","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eAchieving Investment Excellence\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eA Practical Guide for Trustees of Pension Funds, Endowments and Foundations\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eKees Koedijk (Author), Alfred Slager (Author), Jaap van Dam (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781119437659, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 22 March 2019\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e328 pages\u003cbr\u003e24.4 x 17.5 x 2.5 cm, 0.703 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003cb\u003eCrucial methods, tactics and tools for successful pension fund management\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003eLow 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the role of pension funds and the fiduciary duty of trustees\u003c\/li\u003e \u003cli\u003eLearn the tools and kills you need to build profound and lasting investment excellence\u003c\/li\u003e \u003cli\u003eAnalyse, diagnose and improve investment quality of funds using concrete tools and instruments\u003c\/li\u003e \u003c\/ul\u003e \u003cul\u003e \u003cli\u003eStudy illustrative examples that demonstrate critical implementation and execution advice\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePacked with expert insight, crucial tools and real-life examples, this book is an important resource for those tasked with governing these. \u003ci\u003eAchieving Investment Excellence \u003c\/i\u003eprovides the expert insight, clear guidance and key wisdom you need to manage these funds successfully.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eAbout the Authors xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eLevels of Excellence: Assessing and Improving Your Practice 6\u003c\/p\u003e \u003cp\u003eHow to Use the Book 8\u003c\/p\u003e \u003cp\u003eChapters of the Book 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Pension Funds: Understanding the Role, Shaping the Mission\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Role of Pension Funds, and the Role of Boards 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Pension Funds 20\u003c\/p\u003e \u003cp\u003eThe Pension Triangle 22\u003c\/p\u003e \u003cp\u003eDuties of Trustees 24\u003c\/p\u003e \u003cp\u003eResponsibility as a Fiduciary 26\u003c\/p\u003e \u003cp\u003eDelegation and Agency Relationships 27\u003c\/p\u003e \u003cp\u003eResponsibilities as a Board Member 30\u003c\/p\u003e \u003cp\u003eResponsibilities as a Shareholder 31\u003c\/p\u003e \u003cp\u003eBalancing the Three Roles 31\u003c\/p\u003e \u003cp\u003eUnderstanding and Managing Your Stakeholders 32\u003c\/p\u003e \u003cp\u003eGovernment 32\u003c\/p\u003e \u003cp\u003eRegulator 32\u003c\/p\u003e \u003cp\u003eFinancial Markets 33\u003c\/p\u003e \u003cp\u003eNon-Governmental Organizations 34\u003c\/p\u003e \u003cp\u003eEndnotes 34\u003c\/p\u003e \u003cp\u003eCase Study—GEPF 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Developing Purpose, Mission, Vision, and Goals 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Functions of a Pension Fund 41\u003c\/p\u003e \u003cp\u003ePurpose 44\u003c\/p\u003e \u003cp\u003eMission 45\u003c\/p\u003e \u003cp\u003eValues 46\u003c\/p\u003e \u003cp\u003eVision 49\u003c\/p\u003e \u003cp\u003eStrategic Goals 50\u003c\/p\u003e \u003cp\u003eEndnotes 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Designing the Process\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Grasping the Investment Essentials 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Goals 56\u003c\/p\u003e \u003cp\u003eUnderstanding Return Concepts 57\u003c\/p\u003e \u003cp\u003eReturn 57\u003c\/p\u003e \u003cp\u003eExpectations 57\u003c\/p\u003e \u003cp\u003eUnderstanding Risk Concepts 59\u003c\/p\u003e \u003cp\u003eRisk is not Volatility 60\u003c\/p\u003e \u003cp\u003eRisk Premium 61\u003c\/p\u003e \u003cp\u003eGetting Risk Measures Right 62\u003c\/p\u003e \u003cp\u003eRisk Is about Behavior 63\u003c\/p\u003e \u003cp\u003eSteering Your Portfolio 64\u003c\/p\u003e \u003cp\u003eBenchmarks 65\u003c\/p\u003e \u003cp\u003eDiversification 66\u003c\/p\u003e \u003cp\u003eConventional vs. Alternative Assets 67\u003c\/p\u003e \u003cp\u003eActive vs. Passive Investing 68\u003c\/p\u003e \u003cp\u003eBetter Beta: Styles and Factors 70\u003c\/p\u003e \u003cp\u003eResponsible Investing 70\u003c\/p\u003e \u003cp\u003eMotives or Mission 71\u003c\/p\u003e \u003cp\u003eInstruments 72\u003c\/p\u003e \u003cp\u003eEndnotes 72\u003c\/p\u003e \u003cp\u003eCase Study—PFZW 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Investment Beliefs as Guiding Tools 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Investment Beliefs Matter 78\u003c\/p\u003e \u003cp\u003eBasics of an Investment Belief 81\u003c\/p\u003e \u003cp\u003eDeveloping a Set of Investment Beliefs 82\u003c\/p\u003e \u003cp\u003eWhen, If Ever, Is the Time to Change Investment Beliefs? 83\u003c\/p\u003e \u003cp\u003eHow (Not) to Use Investment Beliefs 87\u003c\/p\u003e \u003cp\u003eEndnotes 88\u003c\/p\u003e \u003cp\u003eCase Study—New Zealand Superannuation Fund 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Designing the Investment Management Process 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Investment Process 94\u003c\/p\u003e \u003cp\u003eSetting Objectives: Aligning Goals and Risk Appetite 95\u003c\/p\u003e \u003cp\u003eInvestment Objectives 99\u003c\/p\u003e \u003cp\u003eFormulating Expectations 100\u003c\/p\u003e \u003cp\u003ePortfolio Construction 101\u003c\/p\u003e \u003cp\u003eImplementation and Monitoring 103\u003c\/p\u003e \u003cp\u003eImplementation 103\u003c\/p\u003e \u003cp\u003eMonitoring 103\u003c\/p\u003e \u003cp\u003eThe Investment Policy Statement 105\u003c\/p\u003e \u003cp\u003eEndnotes 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Organizing the Investment Function 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInventorizing Investment Models 110\u003c\/p\u003e \u003cp\u003eModel 1: Traditional Asset Allocation Model 112\u003c\/p\u003e \u003cp\u003eModel 2: Endowment Model 112\u003c\/p\u003e \u003cp\u003eModel 3: Factor Allocation Model 114\u003c\/p\u003e \u003cp\u003eModel 4: Opportunity Cost or Reference Portfolio Model 116\u003c\/p\u003e \u003cp\u003eModel 5: Dual Strategic\/Operational Benchmark Model 119\u003c\/p\u003e \u003cp\u003eModel 6: Risk Parity Model 120\u003c\/p\u003e \u003cp\u003eDeveloping Your Own Investment Approach 122\u003c\/p\u003e \u003cp\u003eEndnotes 123\u003c\/p\u003e \u003cp\u003eCase Study – GPFG 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Implementing the Investments\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Implementing the Investment Strategy 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrganizing the Implementation 130\u003c\/p\u003e \u003cp\u003eThe Rationale for Managing Costs 132\u003c\/p\u003e \u003cp\u003eSelection of Managers 134\u003c\/p\u003e \u003cp\u003eActive vs. Passive Management 136\u003c\/p\u003e \u003cp\u003eInternal vs. External Management 138\u003c\/p\u003e \u003cp\u003eRelationship with Suppliers 139\u003c\/p\u003e \u003cp\u003eBridging the Implementation Gap 141\u003c\/p\u003e \u003cp\u003eEndnotes 142\u003c\/p\u003e \u003cp\u003eCase Study—ATP 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Building the Investment Portfolio 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFramework for the Investment Portfolio 148\u003c\/p\u003e \u003cp\u003eThe Board’s Role in Portfolio Construction 151\u003c\/p\u003e \u003cp\u003eWhat Is a Good Investment Portfolio? 152\u003c\/p\u003e \u003cp\u003eCapital Market Assumptions 156\u003c\/p\u003e \u003cp\u003eDiversification 157\u003c\/p\u003e \u003cp\u003eRebalancing 160\u003c\/p\u003e \u003cp\u003eEndnotes 160\u003c\/p\u003e \u003cp\u003eCase Study—OTPP 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Monitoring and Evaluation 164\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMonitoring 165\u003c\/p\u003e \u003cp\u003eWhat to Monitor? 167\u003c\/p\u003e \u003cp\u003eMonitoring as a Multidimensional Process 168\u003c\/p\u003e \u003cp\u003eMonitoring the Policy 169\u003c\/p\u003e \u003cp\u003eThe Position of Monitoring on the Investment Committee’s Agenda 170\u003c\/p\u003e \u003cp\u003eWhat Is the Optimal Frequency for Monitoring? 171\u003c\/p\u003e \u003cp\u003eMonitoring Should Be Based on a Sound Approach: It Should Never\u003c\/p\u003e \u003cp\u003eBe a Mechanical Exercise 171\u003c\/p\u003e \u003cp\u003eWhat to Look for in Monitoring 171\u003c\/p\u003e \u003cp\u003eWhen Does a Board Move from Monitoring to Evaluation? 175\u003c\/p\u003e \u003cp\u003eEvaluation 176\u003c\/p\u003e \u003cp\u003eEndnotes 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Organizing the Board\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Becoming an Effective Board 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eResponsibilities of the Board 181\u003c\/p\u003e \u003cp\u003eBoard Composition 185\u003c\/p\u003e \u003cp\u003eWhat is Expected from Board Members? 187\u003c\/p\u003e \u003cp\u003eWhat is Expected of the Chair? 188\u003c\/p\u003e \u003cp\u003eAppointing New Board Members 189\u003c\/p\u003e \u003cp\u003eGovernance Budget of the Board 191\u003c\/p\u003e \u003cp\u003eBoard Decision-Making Culture 193\u003c\/p\u003e \u003cp\u003eSupporting the Board: Executive Office and Staff 194\u003c\/p\u003e \u003cp\u003eIngredients of an Effective Board 197\u003c\/p\u003e \u003cp\u003ePeople and Board Composition 197\u003c\/p\u003e \u003cp\u003eProcess 198\u003c\/p\u003e \u003cp\u003ePerspective 198\u003c\/p\u003e \u003cp\u003eThe Right Altitude, Horizon and Distance 198\u003c\/p\u003e \u003cp\u003ePower and Delegation 198\u003c\/p\u003e \u003cp\u003eLearning 199\u003c\/p\u003e \u003cp\u003eEndnotes 199\u003c\/p\u003e \u003cp\u003eCase Study—CalPERS 200\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Establishing the Investment Committee 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRoles and Responsibilities 204\u003c\/p\u003e \u003cp\u003eAdvise the Board on an Investment Policy Statement 205\u003c\/p\u003e \u003cp\u003eEvaluate the Managers’ Performance and Take Appropriate Actions 205\u003c\/p\u003e \u003cp\u003eDocument the Investment Process and Decisions Made 205\u003c\/p\u003e \u003cp\u003eMembers of the Investment Committee 207\u003c\/p\u003e \u003cp\u003eForming an Effective Investment Committee 208\u003c\/p\u003e \u003cp\u003eThe Role of the Chairman of the Investment Committee 210\u003c\/p\u003e \u003cp\u003eA Model for an Effective Investment Committee Meeting 210\u003c\/p\u003e \u003cp\u003eThe Investment Committee Agenda 211\u003c\/p\u003e \u003cp\u003eCommittee Preparation: Quality, Clarity and Timeliness and Extent of Materials 212\u003c\/p\u003e \u003cp\u003eRoles 213\u003c\/p\u003e \u003cp\u003eThe Results of the Meeting 214\u003c\/p\u003e \u003cp\u003eEvaluation and Learning 214\u003c\/p\u003e \u003cp\u003eEndnotes 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Managing the Investment Management Organization 216\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roles of the Investment Management Organization 217\u003c\/p\u003e \u003cp\u003eFunctions and Typical Evolution of the IMO 219\u003c\/p\u003e \u003cp\u003eOutsourcing 222\u003c\/p\u003e \u003cp\u003eSubsidiaries: Majority or Fully Owned by the Pension Fund 223\u003c\/p\u003e \u003cp\u003ePros and Cons of a Proprietary IMO 225\u003c\/p\u003e \u003cp\u003eIssues in Dealing with an Investment Organization 225\u003c\/p\u003e \u003cp\u003eThe Service Level Agreement 227\u003c\/p\u003e \u003cp\u003eMonitoring and Evaluating the Investment Management Organization 228\u003c\/p\u003e \u003cp\u003eEndnotes 228\u003c\/p\u003e \u003cp\u003eCase Study—Future Fund 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five Learning, Adapting and Improving\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Learning to Decide and to Take Advice 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePsychology of Decision-Making: Biases, Preferences, and Habits 236\u003c\/p\u003e \u003cp\u003eGroup Processes on the Right Track 241\u003c\/p\u003e \u003cp\u003eLearning to Make Complex Decisions 243\u003c\/p\u003e \u003cp\u003eUsing Expert Opinions 245\u003c\/p\u003e \u003cp\u003eThe Investment Consultant 247\u003c\/p\u003e \u003cp\u003eChallenges and Dilemmas in Taking Advice 249\u003c\/p\u003e \u003cp\u003eDecision-Making under Pressure 251\u003c\/p\u003e \u003cp\u003eEndnotes 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Achieving Investment Excellence 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Five Activities Driving Towards Excellence 256\u003c\/p\u003e \u003cp\u003eActivity 1: Setting the Strategy (Chapters 1–2) 257\u003c\/p\u003e \u003cp\u003eActivity 2: Designing the Investment Process (Chapters 3–6) 257\u003c\/p\u003e \u003cp\u003eActivity 3: Implementing the Investments (Chapters 7–9) 259\u003c\/p\u003e \u003cp\u003eActivity 4: Organizing the Board (Chapters 10–12) 259\u003c\/p\u003e \u003cp\u003eActivity 5: Learning to Adapt (Chapter 13) 261\u003c\/p\u003e \u003cp\u003eThe Learning Board and the Characteristics of the Levels of Excellence 261\u003c\/p\u003e \u003cp\u003eLeadership 262\u003c\/p\u003e \u003cp\u003eResources 262\u003c\/p\u003e \u003cp\u003eMind-Set and Culture 262\u003c\/p\u003e \u003cp\u003eMeasures and Scorecards 263\u003c\/p\u003e \u003cp\u003eMaintenance and Education 264\u003c\/p\u003e \u003cp\u003eLevels of Excellence and the Board Learning Perspective 264\u003c\/p\u003e \u003cp\u003eThe Board’s Journey towards Achieving Excellence 264\u003c\/p\u003e \u003cp\u003eStep 1: Determine Where You Are Now 264\u003c\/p\u003e \u003cp\u003eStep 2: Define Your Long-Term Ambition 266\u003c\/p\u003e \u003cp\u003eStep 3: Define the Roadmap 266\u003c\/p\u003e \u003cp\u003eStep 4: Execute the Roadmap 267\u003c\/p\u003e \u003cp\u003eEnduring Investment Excellence 267\u003c\/p\u003e \u003cp\u003eEndnotes 269\u003c\/p\u003e \u003cp\u003eSelf-Reflection Questions 270\u003c\/p\u003e \u003cp\u003eAppendix A 282\u003c\/p\u003e \u003cp\u003eAppendix B 284\u003c\/p\u003e \u003cp\u003eReferences 293\u003c\/p\u003e \u003cp\u003eIndex 301\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Business \u0026amp; management [\u003ca title=\"See our other books on Business \u0026amp; management\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Business%20\u0026amp;%20management%20%5BKJ%5D%22\"\u003eKJ\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52165884018968,"sku":"9781119437659","price":54.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781119437659_307205.jpg?v=1781101390","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/achieving-investment-excellence-a-practical-guide-for-trustees-of-pension-funds-endowments-and-foundations-hardback-9781119437659","provider":"Freshly Printed Books","version":"1.0","type":"link"}