Fiduciary Management: Blueprint for Pension Fund Excellence by A. van Nunen (Eng

Description: Fiduciary Management by A. van Nunen Fiduciary Management offers an in-depth explanation of every facet of this fast-growing approach to organizing the management of an institutional investment portfolio. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description 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. Back Cover Fiduciary Management "Dr. van Nunen goes much further than to discuss governance. He discusses all aspects of what should be done in making a defined benefit plan successful, and expresses his views forthrightly. And he not only traces the history of pension arrangements, but supplements it with a fascinating chapter comparing arrangements around what I think of as the funded world. His ideas are relevant to fiduciaries around the funded world ... I hope you find his book as interesting, engaging, and useful as I did." --From the Foreword by Don Ezra, Director of Investment Strategy, Russell Investment Group, and coauthor of Pension Fund Excellence "Many pension funds are too small to ever become cost-effective pension delivery organizations. This book offers a solution to the serious too small problem." --Keith Ambachtsheer, Director of the Rotman International Centre for Pension Management, University of Toronto, founder of KPA Advisory Services Ltd., and author of Pension Revolution "The topic of fiduciary management is now at the leading edge of assets and pensions management, which makes this book extremely timely. It manages to distill a wealth of practice and experience into a short and lucid discussion of the topic. A particular pleasure is that it avoids the trap of pages of obscure and usually irrelevant mathematics. For the many not following into this field, this is a must read." --Con Keating, principal of The Finance Development Centre Ltd., London "As is readily apparent from this book, Dr. van Nunen has thought long and hard about fiduciarymanagement and is one of the worlds leading experts. He comprehensively describes how fiduciary management can improve plan governance, particularly as it relates to manager selection and the management of surplus risk. The book does an excellent job explaining how fiduciary management provides a robust framework and clear separation of duties for investment committee members trying to navigate an increasingly complex investment landscape." --Bob Litterman, Managing Director and Head of Goldman Sachs Asset Managements Quantitative Resources Group, and author of Modern Investment Management: An Equilibrium Approach "I found the book an interesting, engaging, and stimulating read. Fiduciary management is a very timely topic and is especially relevant for smaller pension plans that may lack in-house expertise. Such plans would benefit from outside help. The book covers a lot of ground. Dr. van Nunen shares with us his valuable insights and experience in his discussion of the pitfalls and complexities of asset management. Anyone who manages a defined benefit pension plan can benefit from reading this book." --Josef Lakonishok, CEO and CIO of LSV Asset Management Flap Fiduciary Management "Dr. van Nunen goes much further than to discuss governance. He discusses all aspects of what should be done in making a defined benefit plan successful, and expresses his views forthrightly. And he not only traces the history of pension arrangements, but supplements it with a fascinating chapter comparing arrangements around what I think of as the funded world. His ideas are relevant to fiduciaries around the funded world ... I hope you find his book as interesting, engaging, and useful as I did." --From the Foreword by Don Ezra, Director of Investment Strategy, Russell Investment Group, and coauthor of Pension Fund Excellence "Many pension funds are too small to ever become cost-effective pension delivery organizations. This book offers a solution to the serious too small problem." --Keith Ambachtsheer, Director of the Rotman International Centre for Pension Management, University of Toronto, founder of KPA Advisory Services Ltd., and author of Pension Revolution "The topic of fiduciary management is now at the leading edge of assets and pensions management, which makes this book extremely timely. It manages to distill a wealth of practice and experience into a short and lucid discussion of the topic. A particular pleasure is that it avoids the trap of pages of obscure and usually irrelevant mathematics. For the many not following into this field, this is a must read." --Con Keating, principal of The Finance Development Centre Ltd., London "As is readily apparent from this book, Dr. van Nunen has thought long and hard about fiduciarymanagement and is one of the worlds leading experts. He comprehensively describes how fiduciary management can improve plan governance, particularly as it relates to manager selection and the management of surplus risk. The book does an excellent job explaining how fiduciary management provides a robust framework and clear separation of duties for investment committee members trying to navigate an increasingly complex investment landscape." --Bob Litterman, Managing Director and Head of Goldman Sachs Asset Managements Quantitative Resources Group, and author of Modern Investment Management: An Equilibrium Approach "I found the book an interesting, engaging, and stimulating read. Fiduciary management is a very timely topic and is especially relevant for smaller pension plans that may lack in-house expertise. Such plans would benefit from outside help. The book covers a lot of ground. Dr. van Nunen shares with us his valuable insights and experience in his discussion of the pitfalls and complexities of asset management. Anyone who manages a defined benefit pension plan can benefit from reading this book." --Josef Lakonishok, CEO and CIO of LSV Asset Management Author Biography 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. Table of Contents Foreword xi Preface xiii Chapter 1 The Pendulum Swings Back in Asset Management 1 The Forces of History 1 The Rise of Modern Portfolio Theory 3 Support for Shares 4 The New Paradigm 6 The Rise of Indexing 9 Discontent with the Paradigm 10 The Need for Fiduciary Managers 12 Chapter 2 Pension Plans: The Principal Setting for Fiduciary Management 15 The Historical Idea of Pensions 15 A Patchwork of Pension Provisions 18 Organization and Regulation of the Pension System in several OECD Countries 23 Denmark 23 France 25 Germany 26 The Netherlands 27 Marking to Market 28 Sufficiency Test 29 Sweden 30 Switzerland 31 United Kingdom 31 The United States 32 Australia 33 Similarities and Differences 34 Commonalities on the Asset Side 36 Chapter 3 The Role of the Fiduciary Manager as Chief Advisor 39 The Asset-Liability Study 39 Thinking through Risk and Return 41 Portfolio Construction 42 Selecting and Overseeing Investment Managers 43 Measuring and Benchmarking 43 Education 44 The Trusted Counselor, the Fellow Fiduciary 46 Chapter 4 Shaping the Fundamental Investment Policies 47 Liability-Driven Investments 51 Choosing an Active Investment Policy 52 Integrating Active Policy in the Overall Portfolio 55 Completion Account as a Necessary Adjunct to Active Policy 58 The Fiduciary Platform to Integrate Active Policy in the Overall Investment Portfolio 59 A Special Case: Bridging the Duration Gap 67 What a Fiduciary Managers Report Looks Like 68 Chapter 5 Asset-Liability Modeling and the Fiduciary Manager 73 The Role of the Fiduciary Manager 74 The Asset-Liability Model (ALM) 75 Policy Instruments Used in Asset-Liability Modeling 78 Calculations to Cope with Uncertainty 80 The Crucial Role of ALM 81 Asset-Liability Modeling in Practice 82 Prognosis of Future Reserves without Policy Changes 84 Future Financial Situation with Flexible Premium Levels under the Regime of a Fixed Compound Rate 85 Future Financial Situation with Flexible Premium Levels under the Regime of Compound Rates Equal to Market Interest Rates 88 Future Financial Situation with Changes in Investment Policy 100 Policy Changes 102 Where Does Fiduciary Management Fit In? 102 Chapter 6 Fiduciary Management In Practice—Portfolio Construction 105 Defining Appropriate Asset Classes 106 Hedge Funds: Weighing the New Alternative 106 Burrowing In: Defining Sub-Allocations 109 Thinking about Style 111 Apportioning the Fixed Income Portfolio 112 Measure for Measure 112 Formulating Mandates for Managers 114 Chapter 7 Horses For Courses—Selecting And Overseeing Investment Managers 115 Creating the Beauty Parade 116 Investment Performance 117 Investment Process and Philosophy 117 Investment People 118 Operational Risk 119 Managing the Beauty Parade 121 Managing the Transition 122 Overseeing the Managers 123 Chapter 8 Performance Measurement and Benchmarking 127 Why Has Benchmarking Grown More Important? 128 The Use of Different Types of Benchmarks 131 Liability-Driven Benchmarks 133 Strategic Benchmarks 134 Fixed Income 136 Equities 137 Real Estate 139 Detailed Benchmarks in the Context of Active Investment Policy 140 Active Overlay Management 143 Rebalancing 144 Measurement of Active Policy 145 Chapter 9 The Fiduciary Manager Experience in the Netherlands and Beyond 151 Changes in Investment Policy 152 Changes in the Role of a Funds Investment Committee 153 Changes in the Breadth and Depth of Discussions with Asset Managers 153 Changes in the Communication Process 154 Changes in the Level and Structure of Costs 155 Changes in the Importance of the Custodian 156 Overseeing the Fiduciary 157 Future Developments of the Market for Fiduciary Services 159 Beyond the Netherlands 165 Fiduciary Management Plus 165 Chapter 10 Summing Up Fiduciary Management: What It Is and Is Not 167 Goals, Policy, and Responsibilities 167 Fiduciary Management Can Enhance Productivity 173 What Fiduciary Management Is Not: A Simplification 174 Comparisons with Other Investment Management Models 175 The Concepts Claims 176 Appendix: Suppliers of Fiduciary Services 181 Notes 259 Bibliography 265 Index 269 Review "Its key message is that fiduciary management is an idea whose time has come…Nunen provides good case study examples". (Investment & Pensions Europe, April 2008) Long Description Fiduciary Management "Dr. van Nunen goes much further than to discuss governance. He discusses all aspects of what should be done in making a defined benefit plan successful, and expresses his views forthrightly. And he not only traces the history of pension arrangements, but supplements it with a fascinating chapter comparing arrangements around what I think of as the funded world. His ideas are relevant to fiduciaries around the funded world ... I hope you find his book as interesting, engaging, and useful as I did." From the Foreword by Don Ezra, Director of Investment Strategy, Russell Investment Group, and coauthor of Pension Fund Excellence "Many pension funds are too small to ever become cost-effective pension delivery organizations. This book offers a solution to the serious too small problem." Keith Ambachtsheer, Director of the Rotman International Centre for Pension Management, University of Toronto, founder of KPA Advisory Services Ltd., and author of Pension Revolution "The topic of fiduciary management is now at the leading edge of assets and pensions management, which makes this book extremely timely. It manages to distill a wealth of practice and experience into a short and lucid discussion of the topic. A particular pleasure is that it avoids the trap of pages of obscure and usually irrelevant mathematics. For the many not following into this field, this is a must read." Con Keating, principal of The Finance Development Centre Ltd., London "As is readily apparent from this book, Dr. van Nunen has thought long and hard about fiduciarymanagement and is one of the worlds leading experts. He comprehensively describes how fiduciary management can improve plan governance, particularly as it relates to manager selection and the management of surplus risk. The book does an excellent job explaining how fiduciary management provides a robust framework and clear separation of duties for investment committee members trying to navigate an increasingly complex investment landscape." Bob Litterman, Managing Director and Head of Goldman Sachs Asset Managements Quantitative Resources Group, and author of Modern Investment Management: An Equilibrium Approach "I found the book an interesting, engaging, and stimulating read. Fiduciary management is a very timely topic and is especially relevant for smaller pension plans that may lack in-house expertise. Such plans would benefit from outside help. The book covers a lot of ground. Dr. van Nunen shares with us his valuable insights and experience in his discussion of the pitfalls and complexities of asset management. Anyone who manages a defined benefit pension plan can benefit from reading this book." Josef Lakonishok, CEO and CIO of LSV Asset Management Review Text "Its key message is that fiduciary management is an idea whose time has come?Nunen provides good case study examples". (Investment & Pensions Europe, April 2008) Review Quote "Its key message is that fiduciary management is an idea whose time has come...Nunen provides good case study examples". ( Investment & Pensions Europe, April 2008) "...an illuminating read." Financial Times Monday 21 April 2008 Details ISBN0470171030 Short Title FIDUCIARY MGMT Language English ISBN-10 0470171030 ISBN-13 9780470171035 Media Book Format Hardcover Year 2007 Subtitle Blueprint for Pension Fund Excellence Edition 1st Series Wiley Finance DOI 10.1604/9780470171035 Series Number 415 UK Release Date 2007-12-28 AU Release Date 2007-12-28 NZ Release Date 2007-12-28 US Release Date 2007-12-28 Author A. van Nunen Pages 288 Publisher John Wiley & Sons Inc Publication Date 2007-12-28 Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States DEWEY 331.252068 Illustrations Screen captures: 45 B&W, 0 Color; Tables: 31 B&W, 0 Color Audience Professional & Vocational We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:12510164;

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