Tammas-Hastings Liability-Driven Investment
1. Auflage 2021
ISBN: 978-1-119-44195-3
Verlag: Wiley & Sons
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Buch, Englisch, Reihe: Wiley Finance
176 Seiten, Gebunden, Format (B × H): 170 mm x 244 mm, Gewicht: 783 g
From Analogue to Digital, Pensions to Robo-Advice
1. Auflage 2021,
176 Seiten, Gebunden, Format (B × H): 170 mm x 244 mm, Gewicht: 783 g
Reihe: Wiley Finance
ISBN: 978-1-119-44195-3
Verlag: Wiley & Sons
Seite exportieren
- versandkostenfreie Lieferung
- Lieferfrist: bis zu 10 Tage
Preface
Chapter 1: Liability Driven Investment and Multi-Asset Class Investing
1.1 Moving Beyond Modern Portfolio Theory: Introducing the world of Liability Driven Investment
1.2 The Cult of Equity
1.3 The Pension Protection Fund
Chapter 2: Introduction to Investment Risk
2.1 Risk Management
2.2 The importance of Risk vs Return
2.3 Quantifying Risk
2.4 Creating A Risk Profile
2.5 Summary: Some Basic Rules of Investment Risk
Chapter 3: Introductory steps into the world of multi-asset class investment
3.1 Some Handy Definitions
3.1.1 Defined Benefit
3.1.2 Defined Contribution
3.1.3 Suitability
3.2 The Starting Point
3.3 Introducing Modern Portfolio Theory
3.4 Some Handy Definitions
3.4.1 Beta
3.4.2 Market Portfolio
3.4.3 Passive Investing
3.4.4 Return
3.4.5 Risk
3.4.6 Volatility
3.5 But how does the Asset Allocation Decision work?
3.6 Developing a strategy for multiple asset classes
3.7 Quick Aside
3.8 Summary
Chapter 4: Building Investment Portfolios Part 1 - Security Selection
4.1 Fundamental, Technical and Quantitative Techniques.
4.2 An Introduction to Single Stock Selection
4.3 The types of Analysis
4.4 Fundamental Analysis of Securities
4.4.1 Liquidity and Solvency Ratios
4.4.2 Current ratio
4.4.3 The Quick Ratio or Acid Test
4.4.4 Cash Ratio
4.4.5 Financial Leverage or Debt Ratios
4.6 Technical Analysis of Securities
4.6.1 The main assumptions of Technical Analysis
4.7 Quantitative Analysis
4.7.1 Passive Investors
4.8 The Passive vs Active Debate
4.8.1 Introducing the Efficient Market Hypothesis
4.8.2 So why use active managers?
4.8.3 So Passive or Active
4.9 Summary
Chapter 5: Building Investment Portfolios Part 2 - Fund Selection
5.1 Choosing the Manager
5.2 Moving on to Operational Due Diligence
5.3 An example (non-exhaustive) list of operational checks
5.3.1 Quick Aside: Replicating Private Equity and a Passive Venture Capital Fund
5.4 Part 3 Portfolio Selection
Chapter 6: Moving towards Liability Driven Investing
6.1 The Time Value of Money
6.2 The Basics cont..: Real versus Nominal Discounting
6.3 A simple and brief look at bonds
6.3.1 How to Price a Bond
6.3.2 Key terms
6.4 Immunisation Theory and Frank Redington
6.5 An Introduction to Interest Rate Swaps
6.5.1 What is an interest rate swap
6.5.2 The mechanics
6.5.3 Some terms used in the market
6.5.4 A quick aside: Forward Rate Agreements (FRAs)
6.6 An Introduction to Inflation-Linked Securities
6.6.1 Why do governments issue inflation-linked bonds
6.7 The Basic Mechanics
6.7.1 Inflation Linked Swaps
6.7.2 The Global Market
6.7.3 Payers vs Receivers
6.7.4 The Zero-Coupon swap
Chapter 7: The Defined Benefit Pension Plan and Explicit Liabilities
7.1 The Boots Example
7.2 The Stakeholders in a typical plan
7.3 What are the Liabilities
Chapter 8: ESG, Governance and the Pensions Industry
8.1 The UN PRI
8.2 The increasing importance of ESG
8.3 The main approaches to ethical investing
8.4 ESG: A screening approach
8.5 ESG: An integration-based approach
8.6 Impact based ESG investing
8.7 Engagement based ESG investing
8.8 ESG in history: The case of Cowan vs Scargill
8.9 Incorporating ESG into the SIP
Chapter 9: Moving Beyond Liability Driven Investment
9.1 The World of CDI
9.2 What is the difference between LDI and CDI?
9.3 Credit where it's Due
9.4 Cash Flow Driven Investment in action
9.4.1 The ABC scheme
9.4.2 What are the objectives of our typical CDI scheme?
Chapter 10: The Statement of Investment Principles
10.1 A Sample Statement of Investment Principles
10.2 Statement of Investment Principles for the ABC Plan
10.2.1 Investment objective and strategy
10.2.2 Investment strategy
10.2.3 Investment restrictions
10.2.4 Investment risk
10.2.5 Realising investments
10.2.6 Responsible investment
10.3 Additional Voluntary Contributions (AVCs)
Chapter 11: Liability Driven RoboAdvice and the Development and Digitisation of the Industry
11.1 WealthTech: How wealth managers and their clients are embracing new technologies
11.2 From WealthTech to Robo-Advice
11.2.1 Robo-advice in ten points
11.3 A Brief Introduction to Robo-Advice
11.4 Advice or Guidance: Robo-advice or Partially Automated Digital Guidance
11.5 Further Developments in LDI
11.5.1 The Evolution of LDI and the creation of Cash Flow Driven Investment.
11.5.2 What is Cash Flow Driven Investment
11.6 The Evolution of LDI
Preface
Chapter 1: Liability Driven Investment and Multi-Asset Class Investing
1.1 Moving Beyond Modern Portfolio Theory: Introducing the world of Liability Driven Investment
1.2 The Cult of Equity
1.3 The Pension Protection Fund
Chapter 2: Introduction to Investment Risk
2.1 Risk Management
2.2 The importance of Risk vs Return
2.3 Quantifying Risk
2.4 Creating A Risk Profile
2.5 Summary: Some Basic Rules of Investment Risk
Chapter 3: Introductory steps into the world of multi-asset class investment
3.1 Some Handy Definitions
3.1.1 Defined Benefit
3.1.2 Defined Contribution
3.1.3 Suitability
3.2 The Starting Point
3.3 Introducing Modern Portfolio Theory
3.4 Some Handy Definitions
3.4.1 Beta
3.4.2 Market Portfolio
3.4.3 Passive Investing
3.4.4 Return
3.4.5 Risk
3.4.6 Volatility
3.5 But how does the Asset Allocation Decision work?
3.6 Developing a strategy for multiple asset classes
3.7 Quick Aside
3.8 Summary
Chapter 4: Building Investment Portfolios Part 1 - Security Selection
4.1 Fundamental, Technical and Quantitative Techniques.
4.2 An Introduction to Single Stock Selection
4.3 The types of Analysis
4.4 Fundamental Analysis of Securities
4.4.1 Liquidity and Solvency Ratios
4.4.2 Current ratio
4.4.3 The Quick Ratio or Acid Test
4.4.4 Cash Ratio
4.4.5 Financial Leverage or Debt Ratios
4.6 Technical Analysis of Securities
4.6.1 The main assumptions of Technical Analysis
4.7 Quantitative Analysis
4.7.1 Passive Investors
4.8 The Passive vs Active Debate
4.8.1 Introducing the Efficient Market Hypothesis
4.8.2 So why use active managers?
4.8.3 So Passive or Active
4.9 Summary
Chapter 5: Building Investment Portfolios Part 2 - Fund Selection
5.1 Choosing the Manager
5.2 Moving on to Operational Due Diligence
5.3 An example (non-exhaustive) list of operational checks
5.3.1 Quick Aside: Replicating Private Equity and a Passive Venture Capital Fund
5.4 Part 3 Portfolio Selection
Chapter 6: Moving towards Liability Driven Investing
6.1 The Time Value of Money
6.2 The Basics cont..: Real versus Nominal Discounting
6.3 A simple and brief look at bonds
6.3.1 How to Price a Bond
6.3.2 Key terms
6.4 Immunisation Theory and Frank Redington
6.5 An Introduction to Interest Rate Swaps
6.5.1 What is an interest rate swap
6.5.2 The mechanics
6.5.3 Some terms used in the market
6.5.4 A quick aside: Forward Rate Agreements (FRAs)
6.6 An Introduction to Inflation-Linked Securities
6.6.1 Why do governments issue inflation-linked bonds
6.7 The Basic Mechanics
6.7.1 Inflation Linked Swaps
6.7.2 The Global Market
6.7.3 Payers vs Receivers
6.7.4 The Zero-Coupon swap
Chapter 7: The Defined Benefit Pension Plan and Explicit Liabilities
7.1 The Boots Example
7.2 The Stakeholders in a typical plan
7.3 What are the Liabilities
Chapter 8: ESG, Governance and the Pensions Industry
8.1 The UN PRI
8.2 The increasing importance of ESG
8.3 The main approaches to ethical investing
8.4 ESG: A screening approach
8.5 ESG: An integration-based approach
8.6 Impact based ESG investing
8.7 Engagement based ESG investing
8.8 ESG in history: The case of Cowan vs Scargill
8.9 Incorporating ESG into the SIP
Chapter 9: Moving Beyond Liability Driven Investment
9.1 The World of CDI
9.2 What is the difference between LDI and CDI?
9.3 Credit where it's Due
9.4 Cash Flow Driven Investment in action
9.4.1 The ABC scheme
9.4.2 What are the objectives of our typical CDI scheme?
Chapter 10: The Statement of Investment Principles
10.1 A Sample Statement of Investment Principles
10.2 Statement of Investment Principles for the ABC Plan
10.2.1 Investment objective and strategy
10.2.2 Investment strategy
10.2.3 Investment restrictions
10.2.4 Investment risk
10.2.5 Realising investments
10.2.6 Responsible investment
10.3 Additional Voluntary Contributions (AVCs)
Chapter 11: Liability Driven RoboAdvice and the Development and Digitisation of the Industry
11.1 WealthTech: How wealth managers and their clients are embracing new technologies
11.2 From WealthTech to Robo-Advice
11.2.1 Robo-advice in ten points
11.3 A Brief Introduction to Robo-Advice
11.4 Advice or Guidance: Robo-advice or Partially Automated Digital Guidance
11.5 Further Developments in LDI
11.5.1 The Evolution of LDI and the creation of Cash Flow Driven Investment.
11.5.2 What is Cash Flow Driven Investment
11.6 The Evolution of LDI
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