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New Releases Multi-Manager Funds: Long-Only Your Shopping
Special Offers Strategies for Managers and Investors Table of Contents
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Downloads ISBN: 978 1 84374 220 3
No. of Pages: 270 Book Summary
Subtotal: £0.00
Author(s): Sohail Jaffer (ed)
Careers: About the Author VAT: £0.00
Publisher: Euromoney Books
The first definitive guide to the rapidly expanding multi- Total: £0.00
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manager industry. More than 20 leading practitioners
Euromoney Graduate (including product providers, distributors, private and You have items in your
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E-books
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Magazines '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.'
Journals
From the Foreword by Steve Delo Chairman of Association of Institutional Multi-Manager Investing.
Newsletters
Databases The first definitive guide to the rapidly expanding multi-manager industry.
Events 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:
Training
n Who are the major players?
Workbook n What is the value-added of multi-management and does this outweigh the fees?
n What are the balances that investors must strike when investing in multi-management?
Specialist Research Includes special sections on asset allocation, due diligence and risk control for each investor class. Also covers legal and
regulatory issues.
In Focus Articles
ISI Emerging Markets Contents overview:
Reports
n Development of the industry
Euromoney Books n Why invest in multi-manager funds?
Intelligence n Manager of managers versus fund of funds
n Fund structuring
By subject: n Total Expense Ratios
n Issues for pension funds, insurers, trustees and other institutional investors
Aviation Finance n Issues for high-net-worth individuals
n Selecting administrators
Capital Markets - Debt Benchmarking and indexation
n
Capital Markets - Equity n Currency hedging
n Liability driven investment
Corporate Finance Performance measurement and risk control strategies
n
Derivatives n Due diligence
n Accounting considerations
Energy Tax considerations
n
Fund Management & n Legal and regulatory issues
Investment Published March 2006.
Hedge Funds Other titles edited by Sohail Jaffer:
Islamic Finance n Alternative Investment Strategies (published 1998)
n Funds of Hedge Funds (published 2003)
Law, Tax, Accountancy &
n Islamic Asset Management: Forming the Future for Shari'a-Compliant Investment Strategies (published 2004)
Audit
n Islamic Retail Banking and Finance: Global Challenges and Opportunities (published 2005)
Leasing & Asset Finance
Maths, Modelling &
Analysis
Project, Trade & Real
Estate Finance
Risk Management and Table of Contents
Insurance
Structured Finance
Other Foreword
Useful Links
Part I: The growth of multi-manager investing
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Ch 1: Introduction to the multi-manager marketplace - Sohail Jaffer, FWU Group
Get the Catalogue
Contact us Ch 2: The evolution of the multi-manager industry - Thomas Marsh and Ken Yap, Cerulli Associates
Agents
Ch 3: The growth of European assets under multi-management - Patrick Armstrong and Dr. Ana Cukic-Munro, Insight Investment
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Ch 4. “The Great Debate”: Manager of manager funds vs funds of funds - Philippe D'Orgeval, AXA
Help
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
Part III: The perspectives of investors in multi-manager funds
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 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
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
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
Book Summary
In Part 1, ‘The growth of multi-manager investing’, we consider the growth of multi-manager funds and the assets under
management.
In Chapter 1, Sohail Jaffer, the Lead Editor, introduces the multi-manager market-place, and describes some of the key issues that
have driven its development including the different types of multi-manager long only products available, the shift towards open
investment architecture, the positive impact of UCITS III Product directive in Europe and the benefits of pooling for the long term
savings market segment. Benjamin Phillips from Cerulli Associates describes the evolution of the multi-manager industry in Chapter
2, illustrating its growth, and constraints. This is followed by Patrick Armstrong and Ana Cukic-Munro from Insight Investment, who
describe in Chapter 3 multi-manager investment in Europe in the context of pressure on investors from non-traditional assets,
hedge funds, and the benefits, and constraints of multiple-asset investment. In Chapter 4, Philippe Orgeval, from AXA draws some
conclusions from the debate within the multi-manager universe – should investors proceed by the way of manager-of-manager, or
fund-of-fund portfolios or indeed adopt a hybrid approach to multi-manager investing.
In Part II, we consider the question of the additional value that multi-management can provide. Value for the additional layer of fees
is the constant leitmotif in managed fund investment, and in this section of the book, we bring together a number of different
perspectives. Shashank Kothare from Russell Investment Group opens the debate in Chapter 5 by enunciating the key benefits to
investors of the multi-manager approach. Tony Earnshaw from Northern Trust continues the discussion in Chapter 6, elaborating
on what is best practice for pension funds, how to ensure that they get the best from the philosophy of multi-management, how to
find the specialists, and how to get the best from the fee structure. In Chapter 7, Patrick Armstrong and Ana Cukic-Munro from
Insight Investment describe the performance of multi-manager funds, and how they can provide solutions, but also drawbacks, to
investors. John Owen, from MLC, provides us with the Australian perspective in Chapter 8. He considers the benefits of a high-
conviction strategy alternative in multi-manager investing, where the specialist managers are retained who include only their
preferred stocks, without ‘fillers’ to balance the portfolio. This part concludes with a discussion from Ed Moisson at Lipper
Fitzrovia, in Chapter 9, who discusses the total expense ratio of multi-manager funds now required by European regulators – how
actually do fees impact on fund performance?
Part III specifically concerns investors in multi-manager funds, both institutional investors and high net worth individuals. In Chapter
10 Andrew Slater at SEI considers the specific issues that institutional investors, including pension funds and insurers but also
charities and foundations, need to consider, particularly in the light of pension deficits in the UK. Further, he addresses the issues
of what are the institutional requirements for multi-management, and in what cases can they benefit from outsourcing investment
management. In Chapter 11, Angus Duncan from Aon discusses the use of multi-manager funds specifically within unit-linked life
and pensions products. In Chapter 12, Adrian Bramier-Jones from Fleming Family & Partners considers the specific investment
issues affecting the decision to use multi-manager funds by family offices. Praveen Jagwani at Standard Chartered discusses
investment issues for high net worth investors in Chapter 13, considering the issues that would drive high net worth investors to
multi-manager investment. In Chapter 14, Steven Bleiberg and Legg Mason consider the behavioural biases of these individual
investors, and why multi-managed funds provide some comforting solutions.
In Part IV, we consider investment, management and operational issues from the perspective of the multi-manager fund manager.
We begin with two chapters from Pierre Carras, who in Chapter 15, provides a comparison of the operational processes in
manager-of-manager and funds-of-funds He follows this in Chapter 16 with a discussion on fund selection, and why selecting the
right administrator is essential for a successful fund. Chapter 17, David Steiger and William Ramsay at EFG consider multi-manager
investing from the perspective of a private bank, and discuss how to select the right fund and how to change funds. Paul
Osborne at Bramdean describes liability-driven investment structures in Chapter 18 and using the liabilities of a pension scheme at
the centre of an investment strategy to improve the risk profile of an investment scheme. He discusses the role of multi-managers
within this.
In Chapter 19, Robert Jaeger and Keith Stransky from EACM consider the use of multi-manager portfolios within a single asset
class, and the potential to create a single portfolio with acceptable levels of tracking error against the index.
In Part V, we consider specific issues of performance measurement and risk control. Tom Hoffman at Managers Investment Group
considers the compelling issues of performance measurement in Chapter 20, discussing the impact of fees, the use of
benchmarks, how to analyse different styles and the results of multi-manager funds next to the fund universe across a variety of
fund classes. This is followed by Nancy Curtin at Fortune Asset Mangement who, in Chapter 21, discuses the due diligence
process in manager selection and what are the strategies to be adopted to ensure effective risk control. Chapter 22, Marcus West
at Aon discusses roles, responsibilities and interdependency of the main service partners within a manager of managers
structure. Finally, in Chapter 23, Mathieu Gilbert from Rothschild discusses the issue of currency risk involved in multi-manager
investing – the vast expansion of cross-border buying of funds, fund of fund managers are now subject to considerable foreign
exchange risk.
The final section of this book, Part VI, discusses the regulatory and taxation issues affecting investors, managers and trustees.
We begin with two chapters from the lawyers, Dillon Eustace. In Chapter 24, Andrew Bates from that firm, discusses the
compliance issues that affect the selection of managers, designing mandates, and due diligence checklists. Andrew follows this in
Chapter 25 with a discussion of the regulatory framework applicable to manager of manager funds and funds of funds in the two
largest European investment jurisdictions – Ireland and Luxembourg. In Chapter 26, Nicholas Harries from Macfarlanes discusses
the regulatory issues affecting UK trustees. In Chapter 27, Daniel Martineau from Close Trustees considers the more general
trustee issues. Finally, to close the book, in Chapter 28 Ali Kazimi from Ernst and Young looks at the taxation dimension to multi-
manger investing.
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