受托管理：出色的养老基金规划Fiduciary Management : Blueprint for Pension Fund Excellence 下载 极速 rtf epub 在线 word txt pdf

Fiduciary Management offers an in-depth explanation of every facet of this fast-growing approach to organizing the management of an institutional investment portfolio. Expert author Anton van Nunen begins by outlining the historic shift that has brought this strategy to the attention of the investment community and quickly moves on to illustrate fiduciary management in practice; giving advice in terms of asset-liability modeling and financial markets, constructing portfolios, selecting and overseeing investment managers, benchmarking and performance measurement, and reporting.

作者简介：

ANTON VAN NUNEN,PHD, has headed Van Nunen & Partners, a consulting firm serving both institutional and individual investors, since 1998. His clients have included a number of major institutional investors in the Netherlands and beyond. Van Nunen has not only spelled out the concepts of fiduciary management, he has also implemented them at such institutions as VGZ-IZA, a major Dutch health insurance company, the Campina Pension Fund, and the Yarden Insurance Company. Van Nunen earned a PhD in economics from Tilburg University, where he went on to spend twelve years as an assistant professor.

Foreword

Preface

CHAPTER 1

The Pendulum Swings Back in Asset Management

　　The Forces of History

　　The Rise of Modern Portfolio Theory

　　Support for Shares

　　The New Paradigm

　　The Rise of Indexing

　　Discontent with the Paradigm

　　The Need for Fiduciary Managers

CHAPTER 2

Pension Plans; The Principal Setting for Fiduciary Management

　　The Historical Idea of Pensions

　　A Patchwork of Pension Provisions

　　Organization and Regulation of the Pension System in

　　　several OECD Countries

　　　Denmark

　　　France

　　　Germany

　　　The Netherlands

　　　　Marking to Market

　　　　Sufficiency Test

　　　Sweden

　　　Switzerland

　　　United Kingdom

　　　The United States

　　　Australia

　　　Similarities and Differences

　　　Commonalities on the Asset Side

CHAPTER 3

The Role of the fiduciary Manager as Chief Advisor

　　The Asset-Liability Study

　　Thinking through Risk and Return

　　Portfolio Construction

　　Selecting and Overseeing Investment Managers

　　Measuring and Benchmarking

　　Education

　　The Trusted Counselor, the Fellow Fiduciary

CHAPTER 4

Shaping the Fundamental Investment Policies

　　Liability-Driven Investments

　 Choosing an Active Investment Policy

　 Integrating Active Policy in the Overall Portfolio

　　Completion Account as a Necessary Adjunct to Active Policy

　　The Fiduciary Platform to Integrate Active Policy in the Overall Investment Portfolio

　 A Special Case: Bridging the Duration Gap

　 What a Fiduciary Manager's Report Looks Like

CHAPTER 5

Asset-Liability Modeling and the Fiduciary Manager

　 The Role of the Fiduciary Manager

　　The Asset-Liability Model (ALM)

　　Policy Instruments Used in Asset-Liability Modeling

　　Calculations to Cope with Uncertainty

　　The Crucial Role of ALM

　　Asset-Liability Modeling in Practice

　　 Prognosis of Future Reserves without Policy Changes

　　 Future Financial Situation with Flexible Premium

　　 　Levels under the Regime of a Fixed Compound Rate

　　　Future Financial Situation with Flexible Premium

　　　　Levels under the Regime of Compound Rates Equalto Market Interest Rates

　　　Future Financial Situation with Changes in Investment Policy

　　……

CHAPTER 6

Fiduciary Management In Practice-Portfolio Construction

CHAPTER 7

Horses For Courses-Selecting And Overseeing Investment Managers

CHAPTER 8

Performance Measurement and Benchmarking

CHAPTER 9

The Fiduciary Manager Experience in the Netherlands and Beyond

CHAPTER 10

Summing Up Fiduciary Management:What It Is and Is Not

Appendix:Suppliers of Fiduciary Services

Notes

Bibliography

Index

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Fiduciary Management offers an in-depth explanation of every facet of this fast-growing approach to organizing the management of an institutional investment portfolio. Expert author Anton van Nunen begins by outlining the historic shift that has brought this strategy to the attention of the investment community and quickly moves on to illustrate fiduciary management in practice; giving advice in terms of asset-liability modeling and financial markets, constructing portfolios, selecting and overseeing investment managers, benchmarking and performance measurement, and reporting.