Portfolio Construction and Management
First published:
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The asset management challenge
Markus Aakko
The asset management challenge
Foreword: Preparing for change: Notes from an asset management leader
Preface
Introduction
The evolution of portfolio theory
Factor investing for practitioners
Introduction to alternative risk premium investing
Systematic credit investing
Enhanced risk parity and factor investing: ATP’s surplus investment strategy based on risk allocation to investment factors
Integrating climate risk considerations within portfolios: An investor’s viewpoint
Bridging theory and practice: Setting investment objectives
Bridging theory and practice: Developing an investment strategy and implementing a solution
Optimisation of trading portfolios under regulatory capital constraints
The wealth management perspective
The asset management challenge
Ignorance is bliss: Applying risk management techniques from alternatives to long only investing
The digitalisation of portfolio construction – Part 1
The digitalisation of portfolio construction – Part 2
The asset management industry performs an important function in facilitating investment between asset owners and the capital markets. The role of the asset management industry is to provide a service by selecting the most attractive investment opportunities from the entire investment universe on behalf of investors, and provide vehicles, such as funds, to facilitate these investments. From a portfolio construction perspective, most asset owners use these vehicles as their building blocks – in other words, rather than purchasing individual securities and weighing the relative merits of one security against another, asset owners tend to select investment managers and their products to build their overall investment portfolios.
Asset owners represent the demand side for investment management products and services due to needs arising from their portfolio construction process. This analysis would be incomplete without an understanding of the challenges of the supply side, looking at the asset management industry from a business perspective. Client needs evolve over time, and products and services provided by investment managers need to evolve in lockstep with demand. However, to
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