Despite the accepted fact that a substantial part of the risk and
return of any portfolio comes from asset allocation, we find today
that the majority of investment professionals worldwide are focused
on security selection. Multi-Asset Investing: A Practitioner s
Framework questions this basic structure of the investment process
and investment industry. * Who says we have to separate alpha and
beta? * Are the traditional definitions for risk and risk premium
relevant in a multi-asset class world? * Do portfolios cater for
the real risks in their investment processes? * Does the whole
Emerging Markets demarcation make sense for investing? * Why do
active Asian managers perform much poorer compared to developed
market managers? * Can you distinguish how much of a strategy s
performance comes from skill rather than luck? * Does having a
performance fee for your manager create alignment or misalignment?
* Why is the asset management transitioning from multi-asset
strategies to multi-asset solutions? These and many other questions
are asked, and suggestions provided as potential solutions. Having
worked together for fifteen years, the authors present
implementable solutions which have helped them successfully manage
large asset pools. The Academic Perspective Multi-Asset Investing
asks fundamental questions about the asset allocation investment
processes in use today, and can have a substantial impact on the
future structure of the finance industry. It clarifies and distils
the techniques that investment professionals need to master to add
value to client portfolios. Paul Smith, President & CEO, CFA
Institute Pranay Gupta, Sven Skallsjo, and Bing Li describe the
essential concepts and applications of multi-asset investing. Their
treatment is far ranging and exceptionally lucid, and always with a
nod to practical application. Buy this book and keep it close at
hand. Mark Kritzman, MIT Sloane School of Management Innovative
solutions to some of the most difficult investment problems we are
faced with today. Multi-asset Investing tackles investment issues
which don t have straight forward solutions, but nevertheless are
faced by every investment professional. This book sets the standard
for investment processes of all asset managers. SP Kothari, MIT
Sloane School of Management The Asset Owner Perspective Multi-asset
means different things to different people. This is the first text
that details a comprehensive framework for managing any kind of
multi-asset investment problem. Further, its explanation of the
commercial aspects of managing a multi-asset investment business
for an asset manager, private bank or asset owner make it an
indispensable tool Sadayuki Horie, Dy. Chairman - Investment
Advisory Comm., Government Pension Investment Fund, Japan
Multi-Asset Investing shows the substantial scope there is to
innovate the asset allocation process. With its novel approaches to
allocation, portfolio construction and risk management it
demonstrates the substantial value that can be added to any
portfolio. The solutions proposed by Multi-Asset Investing are
creative, thought provoking, and may well be the way all portfolios
need to be managed in the future. Mario Therrien, Senior Vice
President, Caisse de Depot et Placement du Quebec, Canada The Asset
Manager s Perspective Never has astute asset allocation and
diversification been more crucial than today. Asset Managers which
are able to innovate their investment processes and products in
this area, are more likely to be the winners. Multi-Asset Investing
provides both simple and sophisticated, tested and implementable
techniques for successfully managing multi-asset portfolios.
Vincent Camerlynck, former CEO BNP Paribas Investment Partners,
Asia Pacific The Investment Strategist Perspective For plan
sponsors, portfolio managers, analysts and risk managers,
Multi-Asset Investing is an unparalleled guide for portfolio
management. Its approach to blending the quantitative and
fundamental, top-down and bottom up and the risk and return
frameworks makes it a valuable tool for any kind of investment
professional. It clarifies a complex subject into a series of
practical ideas to help add value to any portfolio. Ajay S. Kapur,
Chief Strategist, BOA Merrill Lynch Asia
General
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