Investment management

Investment management is the professional asset management of various securities, including

shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit
of investors. Investors may be institutions, such as insurance companies, pension funds, corporations,
charities, educational establishments, or private investors, either directly via investment contracts or, more
commonly, via collective investment schemes like mutual funds, exchange-traded funds, or REITs.

The term asset management is often used to refer to the management of investment funds, while the more
generic term fund management may refer to all forms of institutional investment, as well as investment
management for private investors. Investment managers who specialize in advisory or discretionary
management on behalf of (normally wealthy) private investors may often refer to their services as money
management or portfolio management within the context of "private banking". Wealth management by
financial advisors takes a more holistic view of a client, with allocations to particular asset management
strategies.

The term fund manager, or investment adviser in the United States, refers to both a firm that provides
investment management services and to the individual who directs fund management decisions.[1]

According to a Boston Consulting Group study, the assets managed professionally for fees reached a
historic high of US$62.4 trillion in 2012, after remaining flat since 2007,[2] and were then expected to reach
US$70.2 trillion a year later.[3]

The five largest asset managers are holding 22.7 percent of the externally held assets.[4] Nevertheless, the
market concentration, measured via the Herfindahl-Hirschmann Index, could be estimated at 173.4 in 2018,
showing that the industry is not very concentrated.[5]

Industry scope
The business of investment has several facets, the employment of professional fund managers, research (of
individual assets and asset classes), dealing, settlement, marketing, internal auditing, and the preparation of
reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size
demands. Apart from the people who bring in the money (marketers) and the people who direct investment
(the fund managers), there is compliance staff (to ensure accord with legislative and regulatory constraints),
internal auditors of various kinds (to examine internal systems and controls), financial controllers (to
account for the institutions' own money and costs), computer experts, and "back office" employees (to track
and record transactions and fund valuations for up to thousands of clients per institution).

Key problems of running such businesses

Key problems include:

Revenue is directly linked to market valuations, so a major fall in asset prices can cause a
precipitous decline in revenues relative to costs.
Above-average fund performance is difficult to sustain, and clients may not be patient during
times of poor performance.
Successful fund managers are expensive and may be headhunted by competitors.
 Above-average fund performance appears to be dependent on the unique skills of the fund
manager; however, clients are loath to stake their investments on the ability of a few
individuals- they would rather see firm-wide success, attributable to a single philosophy and
internal discipline.
Analysts who generate above-average returns often become sufficiently wealthy that they
avoid corporate employment in favor of managing their personal portfolios.

Representing the owners of shares

Institutions often control huge shareholdings. In most cases, they are acting as fiduciary agents rather than
principals (direct owners). The owners of shares theoretically have great power to alter the companies via
the voting rights the shares carry and the consequent ability to pressure managements, and if necessary out-
vote them at annual and other meetings.

In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because
the owners are many, each with small holdings); financial institutions (as agents) sometimes do. There is a
general belief that shareholders – in this case, the institutions acting as agents—could and should exercise
more active influence over the companies in which they hold shares (e.g., to hold managers to account, to
ensure Board's effective functioning). Such action would add a pressure group to those (the regulators and
the Board) overseeing management.

However, there is the problem of how the institution should exercise this power. One way is for the
institution to decide, the other is for the institution to poll its beneficiaries. Assuming that the institution
polls, should it then: (i) Vote the entire holding as directed by the majority of votes cast? (ii) Split the vote
(where this is allowed) according to the proportions of the vote? (iii) Or respect the abstainers and only vote
the respondents' holdings?

The price signals generated by large active managers holding or not holding the stock may contribute to
management change. For example, this is the case when a large active manager sells his position in a
company, leading to (possibly) a decline in the stock price, but more importantly a loss of confidence by the
markets in the management of the company, thus precipitating changes in the management team.

Some institutions have been more vocal and active in pursuing such matters; for instance, some firms
believe that there are investment advantages to accumulating substantial minority shareholdings (i.e. 10% or
more) and putting pressure on management to implement significant changes in the business. In some cases,
institutions with minority holdings work together to force management change. Perhaps more frequent is the
sustained pressure that large institutions bring to bear on management teams through persuasive discourse
and PR. On the other hand, some of the largest investment managers—such as BlackRock and Vanguard—
advocate simply owning every company, reducing the incentive to influence management teams. A reason
for this last strategy is that the investment manager prefers a closer, more open, and honest relationship with
a company's management team than would exist if they exercised control; allowing them to make a better
investment decision.

The national context in which shareholder representation considerations are set is variable and important.
The USA is a litigious society and shareholders use the law as a lever to pressure management teams. In
Japan, it is traditional for shareholders to be below in the 'pecking order,' which often allows management
and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders,
Japanese businesses generally exhibit a stakeholder mentality, in which they seek consensus amongst all
interested parties (against a background of strong unions and labor legislation).

Size of the global fund management industry

Conventional assets under management of the global fund management industry increased by 10% in 2010,
to $79.3 trillion. Pension assets accounted for $29.9 trillion of the total, with $24.7 trillion invested in
mutual funds and $24.6 trillion in insurance funds. Together with alternative assets (sovereign wealth funds,
hedge funds, private equity funds, and exchange-traded funds) and funds of wealthy individuals, assets of
the global fund management industry totalled around $117 trillion. Growth in 2010 followed a 14%
increase in the previous year and was due both to the recovery in equity markets during the year and an
inflow of new funds.

The US remained by far the biggest source of funds, accounting for around a half of conventional assets
under management or some $36 trillion. The UK was the second-largest centre in the world and by far the
largest in Europe with around 8% of the global total.[6]

Philosophy, process, and people

The 3-P's (Philosophy, Process, and People) are often used to describe the reasons why the manager can
produce above-average results.

Philosophy refers to the overarching beliefs of the investment organization. For example: (i)
Does the manager buy growth or value shares, or a combination of the two (and why)? (ii)
Do they believe in market timing (and on what evidence)? (iii) Do they rely on external
research or do they employ a team of researchers? It is helpful if all of such fundamental
beliefs are supported by proof-statements.
Process refers to how the overall philosophy is implemented. For example: (i) Which
universe of assets is explored before particular assets are chosen as suitable investments?
(ii) How does the manager decide what to buy and when? (iii) How does the manager
decide what to sell and when? (iv) Who takes the decisions and are they taken by
committee? (v) What controls are in place to ensure that a rogue fund (one very different from
others and from what is intended) cannot arise?
People refer to the staff, especially the fund managers. The questions are, Who are they?
How are they selected? How old are they? Who reports to whom? How deep is the team
(and do all the members understand the philosophy and process they are supposed to be
using)? And most important of all, How long has the team been working together? This last
question is vital because whatever performance record was presented at the outset of the
relationship with the client may or may not relate to (have been produced by) a team that is
still in place. If the team has changed greatly (high staff turnover or changes to the team),
then arguably the performance record is completely unrelated to the existing team (of fund
managers).

Ethical principles
Ethical or religious principles may be used to determine or guide the way in which money is invested.
Christians tend to follow the Biblical scripture. Several religions follow Mosaic law which proscribed the
charging of interest. The Quakers forbade involvement in the slave trade and so started the concept of
ethical investment.

Investment managers and portfolio structures

At the heart of the investment management industry are the managers who invest and divest client
investments.

A certified company investment advisor should conduct an assessment of each client's individual needs and
risk profile. The advisor then recommends appropriate investments.

Asset allocation

The different asset class definitions are widely debated, but four common divisions are stocks, bonds, real
estate, and commodities. The exercise of allocating funds among these assets (and among individual
securities within each asset class) is what investment management firms are paid for. Asset classes exhibit
different market dynamics, and different interaction effects; thus, the allocation of money among asset
classes will have a significant effect on the performance of the fund. Some research suggests that allocation
among asset classes has more predictive power than the choice of individual holdings in determining
portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset
allocation, and separating individual holdings, to outperform certain benchmarks (e.g., the peer group of
competing funds, bonds, and stock indices).

Long-term returns

It is important to look at the evidence on the long-term returns to different assets, and to holding period
returns (the returns that accrue on average over different lengths of investment). For example, over very
long holding periods (e.g. 10+ years) in most countries, equities have generated higher returns than bonds,
and bonds have generated higher returns than cash. According to financial theory, this is because equities
are riskier (more volatile) than bonds which are themselves riskier than cash.

Diversification

Against the background of the asset allocation, fund managers consider the degree of diversification that
makes sense for a given client (given its risk preferences) and construct a list of planned holdings
accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or
bond. The theory of portfolio diversification was originated by Markowitz (and many others). Effective
diversification requires management of the correlation between the asset returns and the liability returns,
issues internal to the portfolio (individual holdings volatility), and cross-correlations between the returns.

Investment styles
There is a range of different styles of fund management that the institution can implement. For example,
growth, value, growth at a reasonable price (GARP), market neutral, small capitalisation, indexed, etc. Each
of these approaches has its distinctive features, adherents, and in any particular financial environment,
distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing
earnings) are especially effective when the companies able to generate such growth are scarce; conversely,
when such growth is plentiful, then there is evidence that value styles tend to outperform the indices
particularly successfully.

Large asset managers are increasingly profiling their equity portfolio managers to trade their orders more
effectively. While this strategy is less effective with small-cap trades, it has been effective for portfolios with
large-cap companies.

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. For that purpose, institutions measure the performance of each fund
(and usually for internal purposes components of each fund) under their management, and performance is
also measured by external firms that specialize in performance measurement. The leading performance
measurement firms (e.g. Russell Investment Group in the US or BI-SAM[7] in Europe) compile aggregate
industry data, e.g., showing how funds in general performed against given performance indices and peer
groups over various periods.

In a typical case (let us say an equity fund), the calculation would be made (as far as the client is concerned)
every quarter and would show a percentage change compared with the prior quarter (e.g., +4.6% total
return in US dollars). This figure would be compared with other similar funds managed within the
institution (for purposes of monitoring internal controls), with performance data for peer group funds, and
with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The
specialist performance measurement firms calculate quartile and decile data and close attention would be
paid to the (percentile) ranking of any fund.

It is probably appropriate for an investment firm to persuade its clients to assess performance over longer
periods (e.g., 3 to 5 years) to smooth out very short-term fluctuations in performance and the influence of
the business cycle. This can be difficult however and, industry-wide, there is a serious preoccupation with
short-term numbers and the effect on the relationship with clients (and resultant business risks for the
institutions). One effective solution to this problem is to include a minimum evaluation period in the
investment management agreement, whereby the minimum evaluation period equals the investment
manager's investment horizon.[8]

An enduring problem is whether to measure before-tax or after-tax performance. After-tax measurement

represents the benefit to the investor, but investors' tax positions may vary. Before-tax measurement can be
misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that
successful active managers (measured before tax) may produce miserable after-tax results. One possible
solution is to report the after-tax position of some standard taxpayer.

Risk-adjusted performance measurement

Performance measurement should not be reduced to the evaluation of fund returns alone, but must also
integrate other fund elements that would be of interest to investors, such as the measure of risk taken.
Several other aspects are also part of performance measurement: evaluating if managers have succeeded in
reaching their objective, i.e. if their return was sufficiently high to reward the risks taken; how they compare
to their peers; and finally, whether the portfolio management results were due to luck or the manager's skill.
The need to answer all these questions has led to the development of more sophisticated performance
measures, many of which originate in modern portfolio theory. Modern portfolio theory established the
quantitative link that exists between portfolio risk and returns. The capital asset pricing model (CAPM)
developed by Sharpe (1964) highlighted the notion of rewarding risk and produced the first performance
indicators, be they risk-adjusted ratios (Sharpe ratio, information ratio) or differential returns compared to
benchmarks (alphas). The Sharpe ratio is the simplest and best-known performance measure. It measures
the return of a portfolio over above the risk-free rate, compared to the total risk of the portfolio. This
measure is said to be absolute, as it does not refer to any benchmark, avoiding drawbacks related to a poor
choice of benchmark. Meanwhile, it does not allow the separation of the performance of the market in
which the portfolio is invested from that of the manager. The information ratio is a more general form of the
Sharpe ratio in which the risk-free asset is replaced by a benchmark portfolio. This measure is relative, as it
evaluates portfolio performance about a benchmark, making the result strongly dependent on this
benchmark choice.

Portfolio alpha is obtained by measuring the difference between the return of the portfolio and that of a
benchmark portfolio. This measure appears to be the only reliable performance measure to evaluate active
management. we have to distinguish between normal returns, provided by the fair reward for portfolio
exposure to different risks, and obtained through passive management, from abnormal performance (or
outperformance) due to the manager's skill (or luck), whether through market timing, stock picking, or good
fortune. The first component is related to allocation and style investment choices, which may not be under
the sole control of the manager, and depends on the economic context, while the second component is an
evaluation of the success of the manager's decisions. Only the latter, measured by alpha, allows the
evaluation of the manager's true performance (but then, only if you assume that any outperformance is due
to the skill and not luck).

Portfolio returns may be evaluated using factor models. The first model, proposed by Jensen (1968), relies
on the CAPM and explains portfolio returns with the market index as the only factor. It quickly becomes
clear, however, that one factor is not enough to explain the returns very well and that other factors have to
be considered. Multi-factor models were developed as an alternative to the CAPM, allowing a better
description of portfolio risks and a more accurate evaluation of a portfolio's performance. For example,
Fama and French(1993) have highlighted two important factors that characterize a company's risk in
addition to market risk. These factors are the book-to-market ratio and the company's size as measured by
its market capitalization. Fama and French-, therefore proposed a three-factor model to describe portfolio
normal returns (Fama–French three-factor model). Carhart (1997) proposed adding momentum as a fourth
factor to allow the short-term persistence of returns to be taken into account. Also of interest for
performance measurement is Sharpe's (1992) style analysis model, in which factors are style indices. This
model allows a custom benchmark for each portfolio to be developed, using the linear combination of style
indices that best replicate portfolio style allocation, and leads to an accurate evaluation of portfolio alpha.

Education or certification
Investment management
At the undergraduate level, several business schools and universities
certifications
internationally offer "Investments" as a subject [9] [10] [11] within their
degree; further, some universities, in fact, confer a specialist bachelor's Chartered Alternative
degree, with title in "Investment Management" or in "Asset Management" Investment Analyst (CAIA)
or in "Financial Markets". [12] [13] [14] [15] Chartered Financial Analyst
(CFA)
Increasingly, [16] those with aspirations to work as an investment manager, Chartered Investment
require further education beyond a bachelor's degree in business, finance, Manager (CIM)
or economics. Chartered Wealth Manager
(CWM)
Certified International
Designations such as the Chartered Financial Analyst (CFA),
Investment Analyst (CIIA)
internationally, or the more local Chartered Investment
Manager (CIM) in Canada, and the Certified International
Investment Analyst (CIIA) in Europe and Asia, are increasingly required for advancement;
 even to gain entry-level positions in the industry, enrollment / partial completion of exams is
often helpful.
Further, a graduate degree - typically the MBA or MSF, or the more specialized Masters in
Investment Management - may also be required for advancement to senior roles; and lately
for entry-level roles.

There is no evidence that any particular qualification enhances the most desirable characteristic of an
investment manager, that is, the ability to select investments that result in an above-average (risk-weighted)
long-term performance.

Money management
Money management is the process of expense tracking, investing, budgeting, banking and evaluating
taxes of one's money, which includes investment management and wealth management.

Money management is a strategic technique to make money yield

the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of
whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money
management techniques has been developed to reduce the amount that individuals, firms, and institutions
spend on items that add no significant value to their living standards, long-term portfolios, and assets.
Warren Buffett, in one of his documentaries, admonished prospective investors to embrace his highly
esteemed "frugality" ideology. This involves making every financial transaction worth the expense:

1. avoid any expense that appeals to vanity or snobbery

2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)
3. favor expenditures on interest-bearing items over all others
4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the
standard of living value system.

These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well
that offer services, provide counseling and different models for managing money. These are designed to
manage grace assets and make them grow.[17]

Comparison to wealth management

Wealth management, where financial advisors perform financial planning for clients, has traditionally served
as an intermediary to investment managers in the United States and less so in Europe.[18] However, as of
2019, the lines were becoming blurred.[18]

Trading and investment

Money management is used in investment management and deals with the question of how much risk a
decision maker should take in situations where uncertainty is present. More precisely what percentage or
what part of the decision maker's wealth should be put into risk in order to maximize the decision maker's
utility function.[19]

Money management can mean gaining greater control over outgoings and incomings, both in a personal
and business perspective. Greater money management can be achieved by establishing budgets and
analyzing costs and income etc.
In stock and futures trading, money management plays an important role in every success of a trading
system. This is closely related with trading expectancy:

“Expectancy” which is the average amount you can expect to win or lose per dollar at risk. Mathematically:

Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability *
Average Loss)

So for example even if a trading system has 60% losing probability and only 40% winning of all trades,
using money management a trader can set his average win substantially higher compared to his average loss
in order to produce a profitable trading system. If he set his average win at around $400 per trade (this can
be done using proper exit strategy) and managing/limiting the losses to around $100 per trade; the
expectancy is around:

Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability *
Average Loss) Expectancy = (0.4 x 400) - (0.6 x 100)=$160 - $60 = $100 net average profit per trade (of
course commissions are not included in the computations).

Therefore the key to successful money management is maximizing every winning trades and minimizing
losses (regardless whether you have a winning or losing trading system, such as %Loss probability > %Win
probability).[20]

See also
Active management
Alpha capture system
Asset management company
Corporate governance
Exchange fund
Exchange-traded fund
Factor investing
Financial management
Financial risk management § Investment management
Fund governance
Investment
List of asset management firms
Passive management
Pension fund
Portfolio
Private equity
Quantitative investing
Securities lending
Separately managed account
Sovereign Wealth Fund
Transition management
Outline of finance § Portfolio theory

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entifiera-dina-mal-och-forvalta-kapital-ratt/) 2015-07-11 at the Wayback Machine Retrieved
5-08-2015. (in Swedish)
18. Altbach, Gabriel (21 March 2019). "Market pressure blurs the line between US asset and
wealth managers" (https://www.ft.com/content/b5112ee5-922b-34ea-9b5f-eb5b249bf46d).
Financial Times. Archived (https://web.archive.org/web/20200329005051/https://www.ft.com/
content/b5112ee5-922b-34ea-9b5f-eb5b249bf46d) from the original on 2020-03-29.
Retrieved 2020-03-29.
19. Harris, Michael (May 2002). "Facing the facts of risk and money management" (https://web.ar
chive.org/web/20061017000340/http://www.activetradermag.com/pdf/May2002.pdf) (PDF).
Trading Strategies. Active trader. p. 33. Archived from the original (http://www.activetraderma
g.com/pdf/May2002.pdf) (PDF) on 2006-10-17. Retrieved 2006-11-19.
20. Gomez, Steve; Lindloff, Andy (2011). Change is the only Constant. IN: Lindzon, Howard;
Pearlman, Philip; Ivanhoff, Ivaylo. The StockTwits Edge: 40 Actionable Trade Set-Ups from
Real Market Pros. Wiley Trading. ISBN 978-1118029053.

Further reading
Billings, Mark; Cowdell, Jane; Cowdell, Paul (2001). Investment Management. Canterbury,
U.K.: Financial World Publishing. ISBN 9780852976135. OCLC 47637275 (https://www.worl
dcat.org/oclc/47637275).
David Swensen, "Pioneering Portfolio Management: An Unconventional Approach to
Institutional Investment," New York, NY: The Free Press, May 2000.
Rex A. Sinquefeld and Roger G. Ibbotson, Annual Yearbooks dealing with Stocks, Bonds,
Bills and Inflation (relevant to long-term returns to US financial assets).
Harry Markowitz, Portfolio Selection: Efficient Diversification of Investments, New Haven:
Yale University Press
S.N. Levine, The Investment Managers Handbook, Irwin Professional Publishing (May
1980), ISBN 0-87094-207-7.
 V. Le Sourd, 2007, "Performance Measurement for Traditional Investment – Literature
Survey", EDHEC Publication.
D. Broby, "A Guide to Fund Management", Risk Books, (Aug 2010), ISBN 1-906348-18-9.
C. D. Ellis, "A New Paradigm: The Evolution of Investment Management." Financial Analysts
Journal, vol. 48, no. 2 (March/April 1992):16–18.
Markowitz, H.M. (2009). Harry Markowitz: Selected Works (https://web.archive.org/web/2011
0223194057/http://www.worldscibooks.com/economics/6967.html). World Scientific-Nobel
Laureate Series: Vol. 1. World Scientific. p. 716. ISBN 978-981-283-364-8. Archived from the
original (http://www.worldscibooks.com/economics/6967.html) on 2011-02-23. Retrieved
2011-12-22.
Elton, Edwin J; Gruber, Martin J (2010). Investments and Portfolio Performance (https://web.a
rchive.org/web/20101208183524/http://www.worldscibooks.com/economics/8034.html).
World Scientific. p. 416. ISBN 978-981-4335-39-3. Archived from the original (http://www.wor
ldscibooks.com/economics/8034.html) on 2010-12-08. Retrieved 2011-12-22.
Balsara, Nauzer J. (1992). Money Management Strategies for Futures Traders (https://archiv
e.org/details/moneymanagements00bals). Wiley Finance. ISBN 0-471-52215-5. Retrieved
2006-10-29.

External links
Official website (http://www.ici.org/) of the Investment Company Institute – US industry body
Official website (http://www.investmentuk.org/) of the Investment Management Association –
UK industry body

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