Investment Governance for Fiduciaries
Investment Governance for Fiduciaries

Author: Michael E. Drew

Publisher: CFA Institute Research Foundation

Published: 2019-04-22

Total Pages: 142

ISBN-13: 1944960708

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Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.

Fiduciary Management
Fiduciary Management

Author: A. van Nunen

Publisher: John Wiley & Sons

Published: 2011-08-10

Total Pages: 207

ISBN-13: 1118160746

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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.

The Trustee Governance Guide
The Trustee Governance Guide

Author: Christopher K. Merker

Publisher: Springer

Published: 2019-06-25

Total Pages: 145

ISBN-13: 303021088X

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More than 80% of the financial assets in the United States fall under the purview of a trustee. That's a big responsibility for an estimated 1% (around 1.5 million people) of the U.S. working population charged with overseeing investments for millions and millions of beneficiaries, public sector, and non-profit organizations. In a world proliferated by investment products, increasingly dominated by indexes, faced—particularly in the pension world—with increasing liabilities, more regulation, and a growing number of social and sustainability objectives, what's a trustee to do? The Trustee Governance Guide is here to help guide today’s board trustee through the brave new world of 21st century investing. The book focuses on the critical aspects of the Five Imperatives: Governance, Knowledge, Diversification, Discipline, and Impact. Based on more than a decade of research, practice, and discussions with many key decision makers and influencers across the industry, this book addresses the many topics related to better governance, greater mission-driven financial performance, and impact. The questions the book addresses include: · What is good governance, how do we know it when we see it, and why does it matter? · How much knowledge is necessary to be a competent board member? · How big should my endowment be? · What are the key elements of a diversified portfolio? · How much does cost matter? · What's the difference between socially responsible and ESG investing? · Can I focus on sustainability and still be a good fiduciary? This book provides a way for boards to improve and benchmark their own governance performance alongside their peers, and uniquely covers related investment topics in each chapter.

Cambridge Handbook of Institutional Investment and Fiduciary Duty
Cambridge Handbook of Institutional Investment and Fiduciary Duty

Author: James P. Hawley

Publisher: Cambridge University Press

Published: 2015-07-02

Total Pages: 512

ISBN-13: 9781107562080

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The Cambridge Handbook of Institutional Investment and Fiduciary Duty is a comprehensive reference work exploring recent changes and future trends in the principles that govern institutional investors and fiduciaries. A wide range of contributors offer new perspectives on dynamics that drive the current emphasis on short-term investment returns. Moreover, they analyze the forces at work in markets around the world which are bringing into sharper focus the systemic effects that investment practices have on the long-term stability of the economy and the interests of beneficiaries in financial, social and environmental sustainability. This volume provides a global and multi-faceted commentary on the evolving standards governing institutional investment, offering guidance for students, researchers and policy-makers interested in finance, governance and other aspects of the contemporary investment world. It also provides investment, business, financial media and legal professionals with the tools they need to better understand and respond to new financial market challenges of the twenty-first century.

Fiduciary Obligations in Business
Fiduciary Obligations in Business

Author: Arthur B. Laby

Publisher:

Published: 2021-09-09

Total Pages: 375

ISBN-13: 110848512X

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Leading scholars analyze key issues in fiduciary duties in business―one of the most salient applications of fiduciary law and theory.

21st Century Investing
21st Century Investing

Author: William Burckart

Publisher: Berrett-Koehler Publishers

Published: 2021-04-13

Total Pages: 154

ISBN-13: 1523091096

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How institutions and individuals can address complex social, financial, and environmental problems on a systemic level—and invest in a more secure future. Investment today has evolved from the basic, conventional approach of the past. Investors have come to recognize the importance of sustainable investment and are more frequently considering environmental and social factors in their decisions. Yet the complexity of the times forces us to recognize and transition to a third stage of investment practice: system-level investing. In this paradigm-shifting book, William Burckart and Steve Lydenberg show how system-level investors support and enhance the health and stability of the social, financial, and environmental systems on which they depend for long-term returns. They preserve and strengthen these fundamental systems while still generating competitive or otherwise acceptable performance. This book is for those investors who believe in that transition. They may be institutions, large or small, concerned about the long-term stability of the environment and society. They may be individual investors who want their children and grandchildren to inherit a just and sustainable world. Whoever they may be, Burckart and Lydenberg show them the what, why, and how of system-level investment in this book: what it means to manage system-level risks and rewards, why it is imperative to do so now, and how to integrate this new way of thinking into their current practice. “Burckart and Lydenberg are the Wayne Gretzkys of investing: Showing us not where investing is, but where it’s going.” —Jon Lukomnik, Managing Partner, Sinclair Capital; Senior Fellow, High Meadows Institute

Pioneering Portfolio Management
Pioneering Portfolio Management

Author: David F. Swensen

Publisher: Simon and Schuster

Published: 2009-01-06

Total Pages: 433

ISBN-13: 1416554033

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In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

Fiduciary Finance
Fiduciary Finance

Author: Martin Gold

Publisher: Edward Elgar Publishing

Published: 2011

Total Pages: 209

ISBN-13: 0857930362

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This multi-faceted analysis of institutional investment defines fiduciary finance institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis, and provides an unashamedly critical review of the business disciplines which can dominate investment practices. It clarifies the economic significance of the investment industry (circa $60 trillion in assets) and the features which differentiate fiduciary finance from traditional financial institutions such as banks and insurers. Martin Gold reviews the intellectual foundations of the investment discipline and synthesizes the literature into the principal scientific paradigms . He explores the legal frameworks (prudential investment standards) that govern mainstream portfolio management practices which, combined with the commercial imperatives of the investment industry, can create marked differences from textbook depictions of investment management. Recent events have again called into question the worth of the now ubiquitous collective investments such as pension funds and mutual funds, and the integrity of the financial markets. Given the trillions of government funds which have been committed to financial bailouts, and the volatility experienced by investors, the author asserts that a critical analysis of fiduciary finance must question whether better outcomes can be achieved. Tellingly, most fiduciary finance institutions remain outside the perimeter of macro-prudential regulations. This challenging and multidisciplinary work promises to provide a fascinating read for academics focusing on economics and finance, money and banking, as well as for investment and financial services practitioners, policymakers and market regulators.

Prudent Practices for Investment Stewards
Prudent Practices for Investment Stewards

Author: Fiduciary360

Publisher:

Published: 2006

Total Pages: 56

ISBN-13: 9780978796600

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This book details a prudent investment process for Investment Stewards--persons who have the legal responsibility for managing someone else's money, including trustees and investment committee members. It is used in conjunction with Fiduciary360's training programs in fiduciary responsibility.