Institutional Money Management - Corporate Finance - Accounting

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An informative look at institutional investment management methods and practice

The policies, practices, and decisions of institutional investment managers worldwide affect the economic health of not only the institutions themselves, but of countless individual clients as well. Overall, this area of finance has great impact on the capital markets. Filled with in-depth insights and practical advice, Institutional Money Management is an important basis of knowledge regarding both the theory and practice of this ever-evolving area of finance.

Part of the Robert W. Kolb Series in Finance, this book on institutional investment management showcases contributed chapters from professional and academic experts in banking, insurance companies, mutual funds, pension funds, and endowments. It brings together luminaries such as Martin Leibowitz, Steven Schoenfeld, Jonathan Stokes, and Don Chance, among many others. Along the way, issues covered included everything from the role of institutional investors within the financial system and the structures that have emerged and evolved to industry standards of ethical practice and investment performance presentation.

Provides a detailed examination of the objectives, constraints, methods, and stakeholders for the dominant types of institutional investors
Focuses on the portfolio management strategies and techniques used by institutional investors
Contains contributed chapters from numerous thought-leaders in the field of finance

The practice of institutional investment management presents a diverse set of challenges. But with this book as your guide, you'll gain a better understanding of how you can overcome these challenges and manage your portfolio more effectively.

Acknowledgements.

Part I: Foundations.

Market Regulation and Performance Evaluation and Reporting.

Chapter 1: Institutional Money Management.

An Overview (David M. Smith and Hany A. Shawky).

Chapter 2: Regulatory Issues in Institutional Investment Management (David McCaffrey).

Chapter 3: Indexes.

Purpose, Construction and Performance (Vijay Singal).

Chapter 4: Performance Reporting Standards and Verification (Karyn Vincent).

Part II: Key Individuals to the Process.

Chapter 5: The Chief Investment Strategist/Economist (Timothy G. Dalton, Jr.).

Chapter 6: The Portfolio Manager, the Analyst and the Trader (John Walthausen).

Chapter 7: The Institutional Investment Consultant (William H. Desormeau, Jr.).

Part III: Major Investment Approaches.

Chapter 8: Investment Buy- and Sell Decisionmaking (Hany A. Shawky and David M. Smith).

Chapter 9: Index Investing (Albert S. Neubert).

Chapter 10: Quantitative Techniques and Risk Management (Ross M. Miller).

Chapter 11: Active Equity Portfolio Strategies.

Dynamic Quantitative Models (Marc R. ReinganumYing Becker, and Chen He).

Chapter 12: Fixed Income Securities (Matthew T. Buckley, Scott H. Page, Thomas H. Luster, Susan Schiff, Payson F. Swaffield, and Michael Weilheimer).

Chapter 13: Fixed Income Strategies (Thomas M. Metzold, Cynthia J. Clemson, Christine M. Johnston, Jim Evans, and Marc Moran).

Chapter 14: Asset Allocation and Lifecycle Investing (Edgar A. Norton).

Part IV: Types of Institutional Investors.

Chapter 15: Mutual Funds (Ying Wang, Matthew P. Reiner, and Gregory A. Roeder).

Chapter 16: Hedge Funds and Funds of Hedge Funds (Paul Zummo).

Chapter 17: Endowment and Foundation Funds (Hany A. Shawky and David M. Smith).

Chapter 18: Pension Funds (Steven M. Harding).

Chapter 19: Insurance Companies.

A Practitioner's Perspective (Richard A. Witt).

Chapter 20: Sovereign-Wealth Fund Investment and Risk Management Practices (Christopher Balding).

Chapter 21: Venture Capital Funds (Na Dai).

Chapter 22: Wealth Management Firms as Institutional Investors (Dan Trosch).

About the Editors.

Index.

DAVID M. SMITH, PHD, CFA, is Associate Professor of Finance and Director of the Center for Institutional Investment Management (CIIM) at the University at Albany, SUNY. He has published more than twenty refereed articles on various topics in corporate finance and investments. Smith has served on boards or major committees for CFA Institute, the Institute of Certified Management Accountants, the Indexing Association, and the Information Management Network. He received BS and PhD degrees in finance from Virginia Tech and holds the Chartered Financial Analyst (CFA), Certified Financial Manager (CFM), and Certified Management Accountant (CMA) designations.

HANY A. SHAWKY, PHD, is Professor of Finance and Economics at the University at Albany, SUNY. He is the founder of the Center for Institutional Investment Management at the University at Albany and served as its director from September 2002 through December 2007. Shawky specializes in investment management and portfolio performance evaluation and is widely published in academic and applied journals on issues dealing with asset pricing, stock market behavior, international financial markets, and electricity markets. He has published over fifty refereed scholarly articles in finance and economics journals, and was the recipient of the School of Business Research Award in 1996, 2001, and 2004. Shawky received his PhD degree in finance from The Ohio State University.