Multi-Manager Funds: long-only strategies for managers and investors

Erscheinungsjahr 2006
ISBN: 978-1-84374-220-3
Verlag: Euromoney

Buch, Englisch, 270 Seiten

'Showing impeccable timing and impressive insight, this Euromoney book looks in detail at the workings of multi-management and explores how and why it has become an irresistible force set to dominate the investment world.'
From the Foreword by Steve Delo Chairman of Association of Institutional Multi-Manager Investing.

The first definitive guide to the rapidly expanding multi-manager industry.

More than 20 leading practitioners (including product providers, distributors, private and institutional investors, trustees and consultants) provide you with a global overview of the industry:

Who are the major players?
What is the value-added of multi-management and does this outweigh the fees?
What are the balances that investors must strike when investing in multi-management?

Includes special sections on asset allocation, due diligence and risk control for each investor class. Also covers legal and regulatory issues.

Contents overview:

Development of the industry
Why invest in multi-manager funds?
Manager of managers versus fund of funds
Fund structuring
Total Expense Ratios
Issues for pension funds, insurers, trustees and other institutional investors
Issues for high-net-worth individuals
Selecting administrators
Benchmarking and indexation
Currency hedging
Liability driven investment
Performance measurement and risk control strategies
Due diligence
Accounting considerations
Tax considerations
Legal and regulatory issues

Published March 2006.

Other titles edited by Sohail Jaffer:

Alternative Investment Strategies (published 1998)
Funds of Hedge Funds (published 2003)
Islamic Asset Management: Forming the Future for Shari'a-Compliant Investment Strategies (published 2004)
Islamic Retail Banking and Finance: Global Challenges and Opportunities (published 2005)

Autoren/Hrsg.

Jaffer, Sohail

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing

Inhaltsverzeichnis

Foreword

Part I: The growth of multi-manager investing

Ch 1: Introduction to the multi-manager marketplace - Sohail Jaffer, FWU Group

Ch 2: The evolution of the multi-manager industry - Thomas Marsh and Ken Yap, Cerulli Associates

Ch 3: The growth of European assets under multi-management - Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment

Ch 4. “The Great Debate”: Manager of manager funds vs funds of funds - Philippe D'Orgeval, AXA

Part II: Benefits and costs of multi-manager investing
Ch 5: What are the benefits of multi-manager investing? – Shashank Kothare, Russell Investment Group

Ch 6: The benefits, misperceptions and rationale for the multi-manager approach – Tony Earnshaw, Northern Trust Global Advisors

Ch 7: The performance of multi-manager funds – problems and solutions for investors - Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment

Ch 8: Investing in high conviction portfolios: the Australian experience - John Owen, MLC

Ch 9: Impact of fees: tracking the total expense ratio of multi-manager funds - Ed Moisson, Lipper Fitzrovia

Part III: The perspectives of investors in multi-manager funds
Ch 10: Multi-manager investing for pension funds, insurers and other institutional investors - Andrew Slater, SEI Investments

Ch 11: The use of manager of managers funds within unit linked life and pension products in Europe - Angus Duncan, Aon

Ch 12: Investment issues for family offices in multi-manager funds – Richard Howard, Fleming Family & Partners

Ch 13: Investing in multi-manager funds: issues for high net worth investors - Praveen Jagwani, Standard Chartered

Ch 14: Overcoming behavioural biases in multi-manager investing - Steven Bleiberg, Legg Mason

Part IV: Investment, management and operational challenges
Ch 15: Manager of manager funds versus funds of funds: A comparison of operation processes - Pierre Carras

Ch 16: Fund administration: why selecting the right administrator is essential for a successful fund -Pierre Carras

Ch 17: Multi- manager investing in equity mutual funds: a private bank perspective - William Ramsay and David Steiger, EFG

Ch 18: High-performance multi-manager funds and liability-driven investment -Paul Osborne, Bramdean

Ch 19: Tracking the Index: how do you do it? - Robert A. Jaeger and Keith L. Stransky, EACM

Part V: Performance measurement and risk control
Ch 20: Performance measurement issues from an institutional investor's perspective - Tom Hoffman, Managers Investment Group

Ch 21: Risks of multi-manager fund selection: the due diligence process- Nancy Curtin, Fortune Asset Management

Ch 22: Performance measurement from the administrator's perspective - Marcus West, Aon

Ch 23: How to manage the currency risk in multi-manager long-only portfolios - Mathieu Gilbert, Rothschild and Fernando Pablos Contreras, ETS

Part VI: Legal, regulatory and taxation issues
Ch 24: Compliance issues for Multi-Manager Funds - Andrew Bates, Dillon Eustace

Ch 25: Investing in multi-manager funds: key legal and regulatory considerations for investors - Andrew Bates, Dillon Eustace

Ch 26: Multi-manager investing from a UK trustee's perspective - Nicholas Harries, Macfarlanes

Ch 27: Multi-manager issues affecting trustees - Daniel Martineau, Close Trustees

Ch 28: Multi-manager investing and the taxation dimension - Ali Kazimi, Ernst & Young

Über Autor(innen)

Sohail Jaffer is a Partner and CIO within the FWU Group, the international financial services group headquartered in Munich. FWU Group’s core activities comprise asset management, life insurance (Family Takaful and unit-linked investment plans) and pensions.

As Managing Director of Premium Select Lux SA, an asset management subsidiary of FWU AG in Luxembourg, his responsibilities include fund product development, the evaluation and selection of external asset managers for multi-manager programmes and building international distribution across bank and other financial intermediary channels for a broad array of private label wealth management solutions including a Dynamic Quant global equity investment strategy and socially responsible investment products.

From June 1998 until June 1999 he was Senior Vice President within the International Mutual Funds Group of Scudder, Stevens and Clark Ltd, based in London and responsible for international product development in Europe and Japan. From 1989 to 1998 Mr Jaffer worked in Citibank London. He was with the Financial Institutions Group until 1996 and later was Director within Citibank’s Alternative Investment Strategies Group, which formed part of Citibank Global Asset Management.

His responsibilities included international business and product development, designing structured fund products linked to a broad spectrum of alternative investments, and the sales and marketing of a wide range of Alternative Investment Funds to institutional investors in Europe and the Middle East region. He is a UK qualified accountant (FCCA) and was an Audit Partner with PricewaterhouseCoopers.

A Council Member of the Alternative Investment Management Association (AIMA) for the Benelux region, he was also Chairman of AIMA for two consecutive terms from 1997 to 2000. He is also an active member of AIMA’s Investment Research Committee. He has written extensively on alternative investments throughout the financial media, and is the editor of Alternative Investment Strategies, Funds of Hedge Funds for Professional Investors and Managers, Islamic Retail Banking and Finance and Islamic Asset Management, all published by Euromoney books.
Sohail is a member of ALFI’s Asset Management Advisory Committee and of ALFI’s Hedge Fund Committee. ALFI is the Association of the Luxembourg Fund Industry.