Cloth ISBN: 9780804745215
Whether you are a pension plan sponsor rethinking investment objectives or conducting an asset allocation study, an investor interested in evaluating asset-liability value-at-risk, or an investor who wants the latest techniques to evaluate investment management skills, Innovations in Pension Fund Management gives state-of-the-art guidance on how to implement investment strategy with cutting-edge financial theory and current best practices of plan sponsors and investment managers.
All aspects of fund management will be seen in a fresh light, as professionals read about current practical and theoretical twists and turns in asset allocation, risk management, and performance evaluation and implementation. For example, they will understand why asset liability management decision-making must be fully integrated; have a framework for the use of derivatives in their fund and recognize the benefits of leverage; study unique insights on how to measure risk and techniques to manage it; and learn why plan sponsors worldwide are evaluating the M3 measure and the "luck or skill" measure as a result of research cited here.
These are only a few reasons why Innovations in Pension Fund Management is a must-read for any plan sponsor, investor, academic researcher, or student of the field who wants concepts explained non-technically, primarily by reliance on case studies. Readers who want coverage of analytic foundations are referred to appropriate technical appendices within the book.
The author also looks at advances in human financial resource management, and management control through performance attribution, performance evaluation, and peer comparison. In short, he describes how the management process of planning, implementing, staffing, and control applies to employees within a wide spectrum of financial institutions, including private and government pension systems, endowments, life and casualty insurance programs, and central banks.
About the author
Arun S. Muralidhar is Managing Director at FX Concepts and deals extensively with investment management clients. His prior jobs have been with JP Morgan Fleming Asset Management and the World Bank.
"A must-read for any investor who seeks to establish simple, yet rigorous processes to manage assets."
—From the Foreword by Franco Modigliani
"Not only does Arun Muralidhar know a lot about the implementation of pension fund investment strategy, he also knows the theory. And what he tells us in this new book is right at the frontier of our knowledge."
—David Blake, Director of the Pensions Institute, University of London
"This is a very welcome addition to the burgeoning asset-allocation literature that focuses squarely on one of the most pressing problems of pension fund sponsors today: asset liability management. Dr. Muralidhar strikes a perfect balance between quantitative rigor and practical insights, a rare achievement that will appeal to industry professionals and academics alike."
—Andrew W. Lo, Harris & Harris Group Professor and Director, MIT Laboratory for Financial Engineering, MIT Sloan School of Management
"This book integrally treats the right models and procedures that confront fund managers and pension planners in all policy decisions. Required reading for my asset liability management students and pension fund clients."
—Guus Boender, Professor of Financial Economics, Free University of Amsterdam and Partner of the Econometric Consultancy firm Ortec
"This book shows sponsors, investors, academic researchers, and students of the field how to establish formal processes for efficient asset management in a wide range of financial institutions, including private and government pension systems, endowments, life and casualty insurance programs, and central banks."
—Reference and Research Book News