Global asset management: strategies, risks, processes, and technologies
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hampshire [u.a.]
Palgrave Macmillan [u.a.]
2013
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXXII, 646 S. graph. Darst. |
| ISBN: | 9781137329479 |
Internformat
MARC
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| 245 | 1 | 0 | |a Global asset management |b strategies, risks, processes, and technologies |c ed. by Michael Pinedo ... |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Hampshire [u.a.] |b Palgrave Macmillan [u.a.] |c 2013 | |
| 300 | |a XXXII, 646 S. |b graph. Darst. | ||
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Datensatz im Suchindex
| _version_ | 1804151347694534656 |
|---|---|
| adam_text | Titel: Global asset management
Autor: Pinedo, Michael
Jahr: 2013
Contents
List of Figures xiv
List of Tables xviii
Preface xx
Notes on Contributors xxii
Part I Global Asset Management -
Introduction and Overview
1 The Asset Management Industry Dynamics of Growth,
Structure and Performance 3
Ingo Walter
1.1 Introduction 3
1.2 Mapping the global asset management industry 4
1.3 Pension funds 6
1.4 Mutual funds 11
1.5 Hedge funds and private equity funds 19
1.6 Insurance 23
1.7 Private banking services 25
1.8 Structural change and competitive dynamics 30
1.9 Summary 32
Notes 34
Bibliography 35
2 What Do We Know About the Mutual Fund Industry? 36
Massimo Massa
2.1 Is there an engine in the car? 36
2.2 How do you sell a car with no engine? 42
2.3 A view to the future 49
2.4 Policy and normative implications 52
References 54
Part II The Crisis of 2007-2008
and its Aftermath
3 Macroeconomic Perspectives on the Financial Crisis
and Its Aftermath 59
Ole Risager
3.1 Introduction 59
3.2 Roots of the crisis: low interest rates, excessive risk
appetite and the boom-bust global housing cycle 60
3.3 Macroeconomic consequences of the financial crisis 63
3.4 The outlook for the global economy 67
3.5 The Euro crisis and the depression in Spain 68
3.6 Conclusion 69
Notes 71
-if
References
Some Lessons from CDO Markets on Mathematical Models 74
David Lando
4.1 Introduction 74
4.2 The modeling of cash flow CDOs and synthetic
CDOs - a non-technical introduction 76
4.3 Conclusions 90
References 92
The Credit Crisis of 2007 and Its Implications for
Risk Management 93
John Hull
5.1 Introduction 93
5.2 The origins of the crisis 93
5.3 The products that were created 96
5.4 Risk management 101
5.5 Conclusions 105
Notes 105
References 106
After the Storm: Four Innovations Changing Investment
Management 107
Adam Schneider
6.1 Introduction 107
6.2 Innovation going forward 108
6.3 Conclusion 120
Notes 12i
Avoiding International Financial Crises: An Incomplete
Reform Agenda 122
Jean Dennine
7.1 Introduction 222
7.2 The Origin of the 2007 financial crisis and the
reform agenda 122
7.3 Three proposals to complete the reform agenda 130
^ 140
7.4 Conclusion
Notes 140
References 142
Part III Key Risk Factors in
Asset Management
8 Managing Growth and Strategic Risk 147
Mathias Schmit and Lin-Sya Chao
8.1 Introduction 147
8.2 Literature overview 147
8.3 A suggested definition of strategic risk 150
8.4 The world s top 50 banks and strategic risk 154
8.5 Impacts of uncontrolled growth on strategic risks 157
8.6 Conclusion 160
Notes 165
References 165
9 Wall Street s Management of Risk: Why It Failed 167
John H. Biggs
9.1 Introduction 167
9.2 The Wall Street style 170
9.3 The accountability model 172
9.4 Sources 173
9.5 Risk management 173
9.6 Steps to take to embed risk management in the
line organization 177
9.7 JPM s 2012 $6 billion hedging loss and MF global s
2011 bankruptcy 177
9.8 Summary and conclusion 179
Appendix: Selected comments on risk management in
public reports of Wall Street firms 181
Notes 184
References 184
10 Reputational Risk and the Financial Crisis 186
Ingo Walter
10.1 Introduction 186
10.2 The special character of financial services 188
10.3 What is reputational risk? 189
10.4 Sources of reputational risk 192
10.5 Valuing reputational risk 195
10.6 Conclusions 205
206
Notes
References 208
11 Risk Management for Pension Funds and Endowments 209
Aaron Brown
11.1 Motivation and goals 209
11.2 A generic pension fund/endowment 210
11.3 Why is an independent risk manager needed? 211
11.4 End to end 212
11.5 Getting data right 213
11.6 Constant, rigorous, exact, objective verification 214
11.7 Conclusion 215
Notes 216
12 A Stitch in Time... 217
Kosrow Dehnad
12.1 Introduction 217
12.2 Examples of quality control and error-detection
techniques 218
12.3 Conclusion 230
References 231
Part IV Regulations and Governance
13 Corporate Governance and the Financial Crisis 235
Steen Thomsen
13.1 Introduction 235
13.2 Agency problems in financial institutions 236
13.3 Executive pay 237
13.4 Board supervision 239
13.5 Information systems 240
13.6 Active ownership 241
13.7 Capital structure 241
13.8 Reputation 242
13.9 Conclusion 243
References 244
14 Governance and the Financial Crisis: More Convergence,
Less Risk? 247
Renee Adams
14.1 Introduction 247
14.2 What is a well-governed financial firm? 249
14.3 The governance of financial firms-what are the facts? 253
14.4 Is governance to blame for the problems at banks? 263
14.5 Variation in governance practices decreased following
governance reform 266
14.6 What lessons can we learn? 268
Notes 270
References 271
15 Financial Regulation and Risk Governance 274
Caspar Rose
15.1 Introduction 274
15.2 New regulation often follows a crisis 274
15.3 The many faces of the regulatory failure 275
15.4 Why we cannot live without financial regulation 278
15.5 The regulatory framework for risk management 279
15.6 Tougher regulation under way for EU banks 280
15.7 How to move forward 285
References 286
16 Game Change in Asset Management 288
Karel Lannoo and Mirzha de Manuel Aramendia
16.1 Introduction 288
16.2 The asset management industry 289
16.3 The UCITS regime 291
16.4 Creating an EU regime for alternative funds 294
16.5 Money market funds 296
16.6 The interaction with MiFID 296
16.7 Impact of the changing supervisory setup 299
16.8 Towards a horizontal asset management regime 299
16.9 Conclusion 301
Notes 306
References 306
17 The Asset Manager s Guide to Sustainable Regulatory Advantage 308
Anders Bidsted Andersen and Carsten Kunkel
17.1 Introduction 308
17.2 A history of regulation 309
17.3 Impact of regulation on the operations of asset managers 314
17.4 Implications of regulation for software design 315
17.5 Fundamental concepts 318
17.6 Applying the fundamental concepts in practice 327
17.7 Regulatory lessons learned 334
17.8 Summary 338
Notes 340
References 341
Part V Operational Processes and Costs
18 The Interrelationships between Processes, Costs and Risks
in Asset Management 345
Michael Pinedo
18.1 Introduction 345
18.2 Processes, costs and risks in general 347
18.3 Processes, costs, and risks in asset management 348
18.4 Trade-offs and optimization in asset management 350
18.5 Conclusions and new research directions 352
References 353
19 A Best Practices Framework for Operational Infrastructure
and Controls in Asset Management 354
Omit Alptuna, Manos Hatzakis and Reha Tutiincii
19.1 Introduction 354
19.2 The importance of governance in the investment
management process 355
19.3 Key issues pertaining to operational best practices 358
19.4 Operational and control issues related to the
management of multiple portfolios 370
19.5 Outsourcing investment management operations 371
19.6 Summary and conclusions 373
Notes 374
References 375
20 Managing Costs at Investment Management Firms 377
Adam Schneider
20.1 Overview 377
20.2 Key issues in examining investment management
firm cost structures 378
20.3 Value chain, processes and functions 382
20.4 Cost management and benchmarking 383
20.5 Cost management and benchmarking in practice 385
20.6 Investment manager cost control 387
20.7 Summary 390
Notes 392
21 Strategic and Tactical Cost Management in the
Asset Management Industry 393
Marcelo Cruz
21.1 Introduction 393
21.2 Survivor mode: analyzing how asset managers are
faring in the long winter after the crisis 395
21.3 Cost reduction programs at asset managers 397
21.4 Using risk management as a productivity tool for
asset managers 403
21.5 Conclusions 413
References 413
22 Transaction Costs and Asset Management 414
Yakov Amihud and Haim Mendelson
22.1 Introduction 414
22.2 What are transaction costs? 415
22.3 The structure of transaction costs 417
22.4 Transaction costs and asset returns 418
22.5 Implications for asset managers 420
22.6 Concluding remarks 430
Notes 430
References 431
Part VI Operational Platforms
and IT Strategies
23 Operational Platform and Growth: A Strategic Challenge 435
Jacob Elsborg
23.1 The consequences of lacking an operational
platform strategy 435
23.2 The strategic framework 439
23.3 Model framework of an operational platform 440
23.4 The basics of an operational platform analysis 443
23.5 The analysis 446
23.6 Basic analytical framework: process analysis 450
23.7 Conclusion 453
References 455
24 Addressing the Data Management Challenge in
Asset Management 456
Howie San
24.1 Introduction 456
24.2 The current data problem(s) 458
24.3 The inevitable consequences 462
24.4 The answer(s) to the problem(s) 463
24.5 Making the impossible possible 468
24.6 Conclusions 472
Notes 473
References 474
25 The Use of Advanced Technology in Global Asset Management 475
Anders Kirkeby
25.1 Introduction 475
25.2 Cloud computing 477
25.3 Global business architecture 479
25.4 Global operating models 479
25.5 Data and analytics 481
25.6 End-user application platforms 484
25.7 Security and operational risk 489
25.8 Conclusions 493
Note 494
References 494
26 Fit-For-Future Enterprise Architecture: Supporting Strategic
Business Challenges 495
Marc Schrbter
26.1 Introduction 495
26.2 Post-crisis strategic business challenges for asset managers 496
26.3 Traditional enterprise architectures 503
26.4 A fit-for-future enterprise architecture 509
26.5 Conclusion 522
Notes 522
References 523
Part VII Future Challenges and Growth
27 The Strategic Imperative of Creating and Capturing Value 527
Paul Verdin
27.1 Introduction: uncertain and challenging times 527
27.2 An increasingly competitive business 529
27.3 Value creation and innovation 533
27.4 Beyond cost-cutting and lean programs 536
27.5 A renewed focus on creating value for the customer 537
27.6 From value attributes to value proposition 539
27.7 Value attributes and the dynamics of competition 541
27.8 A strategic roadmap for growth 542
27.9 Conclusion: are you ready for growth ? 543
Notes 544
References 546
28 Check or Checkmate? Game-Changing Strategies for the Asset
Management Industry 548
Martin Huber, Philipp Koch and Johannes Eisner
28.1 Introduction 548
28.2 Analyzing the state of play 549
28.3 Aligning to the new chessboard 554
28.4 Mastering the changing chessboard 558
28.5 Outlook 561
29 Designing Products for Reluctant Investors: Applications
of Behavioral Finance 562
Alistair Byrne
29.1 Introduction 562
29.2 The growing importance of Defined Contribution 562
29.3 Research method 564
29.4 Governance of DC investment? 564
29.5 Default funds 570
29.6 Investment choice 575
29.7 Recent trends 577
29.8 Conclusion 580
Notes 581
References 581
30 Current and Future Challenges Faced by Investment Funds 582
Martin J. Gruber
30.1 Introduction 584
30.2 Risk challenges 584
30.3 Cost challenges 589
30.4 Growth challenges 594
30.5 Conclusions 599
Note 600
31 Current and Future Challenges Faced by Asset Managers 601
Stephen J. Brown
31.1 Introduction 602
31.2 Risk challenges 603
31.3 Cost challenges 608
31.4 Challenges 612
31.5 Interconnection of risk, growth and cost 615
31.6 Conclusions 616
Notes 617
32 Current and Future Challenges Faced by Pension Funds 618
Massimo Massa
32.1 Overarching issues 620
32.2 Risk challenges 62i
32.3 Cost challenges 626
32.4 Growth challenges 630
32.5 Conclusions 635
Note
Index
636
637
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