Asset Management A PRESENTATION BY MARCO BEKAVACRAMSBACHER AND MATHIAS BRUCK
Table of Contents Definition Process Key – Problems Representation of Owners The 3 P’s of Investing Approaches Asset Allocation Performance Measurement
Definition - “is the professional management of various securities (shares, bonds and other securities) and assets (e. g. , real estate) in order to meet specified investment goals for the benefit of the investors. ”
Process Specification of investment objectives & constraints Choice of the asset mix Formulation of portfolio strategy Selection of securities Portfolio Execution Portfolio Revision Performance Evaluation
Key - Problems revenue is directly linked to market valuations above-average fund performance is difficult to sustain, successful fund managers are expensive above-average fund performance appears to be dependent on the unique skills of the fund manager
Representation of Owners The owners of shares theoretically have great power to alter the companies via the voting rights In practice, the ultimate owners of shares often do not exercise the power they collectively hold
The 3 P’s of Investing Philosophy Ø refers to the over-arching beliefs of the investment organization Process Ø refers to the way in which the overall philosophy is implemented People Ø refers to the staff, especially the fund managers
Approaches Fundamental approach Psychological approach Academic approach Eclectic approach
Asset Allocation There are four different divisions: Ø Stocks Ø Bonds Ø Real – Estate Ø Commodities
Performance Measurement Fund performance is often thought to be the acid test of fund management, and in the institutional context, accurate measurement is a necessity
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