Strategic Risk Management

David Iverson 지음

Wiley 2013년 09월 03일 출간

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A comprehensive guide to the key investment decisions all investors must make and how to manage the risk that entailsSince all investors seek maximize returns balanced against acceptable risks, successful investment management is all about successful risk management. Strategic Risk Management uses that reality as a starting point, showing investors how to make risk management a process rather than just another tool in the investor's kit. The book highlights and explains primary investment risks and shows readers how to manage them across the key areas of any fund, including investment objectives, asset allocation, asset class strategy, and manager selection. With a strong focus on risk management at the time of asset allocation and at the time of implementation, the book offers important guidance for managers of benefit plans, endowments, defined contribution schemes, and family trusts.Offers a thorough examination of the role of risk management in the decision-making process for asset allocation, manager selection, and other duties of fund managersWritten by the current head of portfolio design for the New Zealand Superannuation FundAddresses the fundamental importance of risk management in today's post-crisis fund management landscapeStrategic Risk Management is a comprehensive and easy-to-read guide that identifies the primary risks investors face and reveals how best to manage them.

목차

Acknowledgments xiPreface xiiiChapter 1 Strategic Risk Management Framework 1Organizing Framework 1What Risks Does the Fund Face at Each Level? 4Summary 11Putting the Ideas into Action 12Chapter 2 Governance Risk 17Why Governance Matters 17Good Governance 17Signs of Poor Governance 26Chapter 3 Investment Beliefs 31Why Have Investment Beliefs? 31Knowledge and Investment Beliefs 33Investment Beliefs and Strategy 33Categories of Investment Beliefs 34Examples of Investment Beliefs 35Approach to Developing Investment Beliefs 35Putting the Ideas into Action 42Chapter 4 Fund&'s Purpose 45Clear Definition 45Possible Ways to Express Objectives 46Examples 47Chapter 5 Strategic Asset Allocation 49Guiding Principles 49Key Steps 50Capital Market Assumptions 51Candidate Portfolios 58Chapter 6 Hedge Funds 87Not an Asset Class 87Types of Strategies 88Characteristics of Hedge Funds 89Risks of Investing in Hedge Funds 91Risk and Return Characteristics 96Good Implementation 100Reasonable Risk and Return Expectations 102Chapter 7 Private Equity 103Types of Private Equity 104Stages of Investment 104Features of Private Equity 105Risks of Private Equity 106Managing the Risks 107Fund of Funds 110Suitability for an Investor&'s Portfolio 111Risk and Return Characteristics 111Reasonable Risk and Return Expectations 112Achieving Private Equity Allocations 113Chapter 8 Benchmarks 115What Are Benchmarks For? 115Characteristics of Good Benchmarks 116Market Capitalization and Benchmarks 119Chapter 9 Tactical Asset Allocation 121Tactical versus Strategic Asset Alloca

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저자(글) David Iverson

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DAVID IVERSON is Head of Asset Allocation with New Zealand Superannuation Fund. He was previously Director of Institutional Investment Services #38; Quantitative Research at Goldman Sachs JBWere and has also held positions with Russell Investment Group, ING Investment Management, and ABN AMRO.