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An indispensable guide to avoiding the legal and financial pitfalls and of retirement plan investment While it has always been true that a well-staffed and managed investment committee is key to the success of a corporate retirement plan, in today's increasingly complex and litigious world it is also a matter of survival. But what constitutes a prudent investment committee selection and operating process? How should a committee be selected and governed? How much reliance should a committee place on outside consultants? Written by an author with extensive, in-the-trenches experience, this book provides complete answers to these and all vital questions concerning the creation, staffing and management of a highly-adept investment committee, along with expert advice and guidance on serving on an investment committee and ensuring that your 401(K) investment program is sound, efficient and in complete compliance. Offers expert advice and guidance on how to serve successfully on an investment committee, facilitate effective management, design and implement a robust investment policy and much more Packed with sample documents, forms, templates, checklists, diagrams and other valuable, ready-to-use resources Features numerous real-world examples drawn from the author’s years of experience as an accredited investment
In today's complex, increasingly-litigious world, you must ensure that your 401(K) investment program is sound and efficient. A well managed investment committee is the key to survival and success. Packed with numerous resources and examples, this clear guide will help you avoid legal and financial pitfalls and find answers to critical questions: * What constitutes a prudent committee selection and operating process? * How should a committee be governed? * How much reliance should a committee place on outside consultants? * How should committee members be selected? * How are best practices articulated and implemented? You will learn how to: * Serve successfully on an investment committee * Enable effective management * Implement a robust investment policy An adept 401(K) investment committee helps you identify crucial issues and get the job done right.
An expert guide designed to help university trustees become effective leaders. Honorable Mention for Eric Hoffer Award (Business Category) by The Hoffer Project We expect college and university trustees to hire the president, advise senior staff, manage investments and financial decisions, and oversee major strategic initiatives. Unfortunately, they sometimes come into this powerful role with little or no understanding of what they are meant to do or how their institutions work. How University Boards Work, by Robert A. Scott, is designed to help trustees understand how to fulfill their responsibilities. Written by a widely respected leader in American higher education and former university president, How University Boards Work is the product of personal experience and considerable research. This concise, straightforward guide includes: • an explanation of the difference between governance and management • tips on how best to prepare for board decisions and discussions • examples of positive and negative board behavior • guidance about board professional development • advice on managing transitions between chief executives How University Boards Work will prove an invaluable resource for those responsible for governing colleges and universities, whether privately financed or state funded. It will also be an illuminating read for board secretaries, campus executives and administrators, faculty leaders, alumni volunteers, and public officials, as well as anybody seeking to understand institutional governance in the light of past and current trends in higher education.
Second Edition
This "primer," written as if addressed to a new investment trustee for a university, is a comprehensive discussion of investment issues relevant not only to investment trustees but also to investment professionals who work with trustees. Taking an individual step by step through the process of responsible trusteeship, it offers a solid introduction to basic investment principles.
Public debt pressures due to the global economic crisis in several countries have impacted higher education, compelling governments to curtail the funding of higher education institutions (HEIs). Various instruments have been proposed as a platform for the private sector to channel funding to HEIs. This book introduces readers to the issues surrounding the financing of HEIs, especially public universities, which are dependent on government budgets. It discusses the sources of funding for HEIs, focusing on philanthropic instruments through endowment and waqf funds. Since both forms of income are obtained via contributions from third parties, such as alumni, individuals, business corporations etc., it is essential that they are managed in such a way to ensure their sustainability and that their benefits can be accessed without interruption. It explains the theory of successful endowment and waqf at HEIs, namely appropriate investment planning, superior investment committees, highly skilled investment managers, alumni networks, diversity of income sources and effective fundraising. These elements have been studied empirically in this book through case studies of several selected Malaysian public universities. The book considers policy implications and offers recommendations of strategies that Universities can adopt, such as the appointment of fund managers. No specific guidelines currently exist for appointing fund managers to enable universities to invest in assets such as bonds, equities, and property. Therefore, the book encourages universities to grow the endowment and waqf funds through proper investment strategies executed by professional fund managers. The book contributes new knowledge to scholars, students and researchers, as well as informing university administrators how to collect, manage and invest funds from endowment and waqf.
An indispensable collection of essays from one of the investment world’s leading lights In Figuring It Out: Answers to the Most Difficult Investment Questions, world-renowned investing and finance guru Charles D. Ellis delivers a robust collection of incisive essays on an array of perennial and contemporary investing issues, from the rise and fall of performance investing to a compilation of essential investing guidelines. In the book, you’ll also find eye-opening discussions of: Whether bonds are an appropriate investment vehicle for long-term investors The costs of excessive liquidity in the typical portfolio The characteristics of successful investment firms, and how to spot them A can’t-miss resource for the everyday retail investor, author Charles Ellis draws on a lifetime of distinguished client service in the financial markets to reward readers with common-sense and accessible advice that deserves to be followed by anyone with an interest in maximizing their investment returns over the long haul.
Federal guidance on nutrition and diet is intended to reflect the state of the science and deliver the most reliable recommendations possible according to the best available evidence. This guidance, updated and presented every 5 years in the Dietary Guidelines for Americans (DGA), serves as the basis for all federal nutrition policies and nutrition assistance programs, as well as nutrition education programs. Despite the use of the guidelines over the past 30 years, recent challenges prompted Congress to question the process by which food and nutrition guidance is developed. This report assesses the process used to develop the guidelines; it does not evaluate the substance or use of the guidelines. As part of an overall, comprehensive review of the process to update the DGA, this first report seeks to discover how the advisory committee selection process can be improved to provide more transparency, eliminate bias, and include committee members with a range of viewpoints for the purpose of informing the 2020 cycle.
STRATEGIC RISK MANAGEMENT Having just experienced a global pandemic that sent equity markets into a tailspin in March 2020, risk management is a more relevant topic than ever. It remains, however, an often poorly understood afterthought. Many portfolios are designed without any thought given to risk management before they are handed off to a dedicated—but separate—risk management team. In Strategic Risk Management: Designing Portfolios and Managing Risk, Campbell R. Harvey, Sandy Rattray, and Otto Van Hemert deliver a reimagining of the risk management process. The book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world’s largest publicly listed hedge fund, Man Group. The authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will learn about how the book’s new approach to risk management fared during the recent market drawdown at the height of the COVID-19 pandemic. You will also discover why the traditional risk weighting approach only works on certain classes of assets. The book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. Finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing. Perfect for people working in the asset management industry and financial policy makers, Strategic Risk Management: Designing Portfolios and Managing Risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets. PRAISE FOR STRATEGIC RISK MANAGEMENT “Strategic Risk Management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. This should clearly be best practice for all asset managers.” —Jase Auby, Chief Investment Officer, the Teacher Retirement System of Texas “This book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. I was pleased to shepherd some of the key ideas in this book through the publication process at The Journal of Portfolio Management.” —Frank J. Fabozzi, Editor, The Journal of Portfolio Management “Financial markets today are quite different from those of the last century. Understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. In that sense, bringing risk management from ‘control’ to ‘front office’ should be a priority for asset managers. This book explains how to do it.” —Marko Kolanovic, Chief Global Market Strategist, J.P. Morgan A powerful new approach to risk management in volatile and uncertain markets While the COVID-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. Using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management. Strategic Risk Management: Designing Portfolios and Managing Risk delivers a fresh approach to risk management in difficult market conditions. The accomplished author team advocates for the amalgamation of portfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design. The book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the COVID-19 pandemic and how they can help you protect your assets against unpredictable—but inevitable—future bear markets. Ideal for professionals in the asset management industry, Strategic Risk Management: Designing Portfolios and Managing Risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.
How can not-for-profit organizations be sure they play by the rules when the rules aren't clear? Due to recent, very public accounting scandals and the resulting Sarbanes-Oxley Act and other regulations, public companies have strict guidance on financial governance and accounting, including the functions and responsibilities of audit committee members. Though not-for-profit organizations are subject to increased scrutiny, there has been no detailed guidance for their audit committees. This book fills the void and helps not-for-profit organizations answer these questions: * In today's skeptical environment, how can responsible financial governance and reporting reassure wary donors and supporters, and perhaps give the organization a competitive advantage? * How should the audit committee be structured? * Which Sarbanes-Oxley requirements (if any) should the audit committee adopt? * Which best practices best fit the organization's structure and financial reporting needs? Complete with checklists, sample questions, and an index for quick reference, Not-for-Profit Audit Committee Best Practices covers: * Different types and unique characteristics of not-for-profit organizations * The audit committee's role in preventing and detecting fraud * Important internal controls and the internal audit function * The relationship of the audit committee and the independent auditor This heads-up, hands-on guide helps audit committee members select and structure appropriate best practices and function in the most effective manner for their unique not-for-profit organizations. It's also a valuable reference for board members, managers, independent auditors, and advisors of not-for-profit organizations.