Cutting-Edge Asset Management
Traditional asset management is dead - Catch the fast train to New Normal
Overview

Overview & Objective

Cutting-Edge Asset Management is a unique training program for asset management professionals. It is the only asset management program in the world that is academically structured and also brings in the current market conditions and up-to-date knowledge. The program provides the participants with a greater ability to see what the future has in store and to have a well-informed conversation on key topical asset management issues (e.g. factor investing, private equity, and fintech). 

Cutting-Edge Asset Management does not get into technical details, rather it gives you the big picture to help you understand where all the theories are coming from – their ins and outs, pitfalls and benefits. It is a concentrated program that covers a lot of ground in a short space of time. 


Key benefits

By attending the program, you can expect to:

  • Get up to date with the latest developments and trends within the asset management industry
  • Understand the pitfalls of current practices
  • Learn to allocate assets in a systematic, rigorous and cost-efficient way
  • Understand both the theory and empirical evidence behind the business case of robot investing
  • Understand the unique and serious challenges of illiquid assets
  • Learn how to design superior and coherent benchmarks in liquid and illiquid assets
  • Understand the growth of the ETF industry, of passive investing, of smart beta, and of private equity
  • Gain confidence in investing in this low interest environment 

 

Content

Day 1

LIQUID ASSETS

How should financial markets function?

  • Market efficiency
  • Active versus passive management
  • Technical analysis
  • Losers game
  • Evaluation of investment opportunities
  • Arbitrage
  • Short selling
  • Diversification
  • Rebalancing premium

Goal based investing

  • Mean-variance optimization
  • Life cycle portfolios
  • Efficient frontier 
  • Risk parity
  • Asset liability matching
  • Tax optimization
  • Goal based investing
  • Fintech
  • Tailored portfolios
  • Risk management
  • Hedging

Professionals?! What professionals?

  • Performance evaluation
  • Non-linear risk and benchmarks
  • Closet indexers
  • Survivorship bias
  • Incubation
  • Sharpe ratio
  • Conflicts of interest and scandals
  • ETFs
  • Fintech

How financial markets do function? 

  • Factor investing
  • Limits to arbitrage
  • Data mining
  • Back testing
  • Value investing
  • Momentum
  • Asset growth
  • Unexpected earnings and profitability factors
  • Minimum-volatility portfolios
  • Smart beta
  • Factor based investing


Talk and dine with a disruptor: Adina Grigoriu 

Adina Grigoriu, founder of Active Asset Allocation, will present her views on the current landscape in asset management and how her Fintech company seeks to address optimal portfolio allocation in the current environment. 

 

Day 2

ILLIQUID ASSETS

Round-the-world trip of asset allocation strategies

  • Private equity
  • Infrastructure
  • Real assets
  • Real estate
  • Timber
  • Yale endowment model
  • Canadian model
  • Private partnerships
  • In-sourced asset management

Illiquid asset returns: so high, so good? 

  • Private equity
  • Leveraged buyouts
  • Benchmarking illiquid assets
  • Internal rate of return
  • Public market equivalent
  • Factor investing with illiquid assets

Illiquid myths

  • Volatility of illiquid assets
  • Evaluating diversification benefits of illiquids
  • Alignment of interests
  • Fee structures
  • Risk measurement for illiquid assets
  • Performance persistence
  • Illiquidity premium
  • Carried interest
  • Catch up
  • Hurdle rates
  • Limtied partnership agreements
  • Portfolio company fees

The Yale model is dead?! Are we all Canadians now?!

  • Disintermediation
  • Co-investment
  • Direct investing
  • Human resource decisions as implicit asset allocation choices
  • Secondary market for private equity fund stakes
  • Fire sales
  • Commitment risk

 

Day 3

HIT THE GROUND RUNNING

It is now time to bridge the program material to practical and specific situations. At this point we are up to speed with empirical evidence, theory, the mega trends, and the disruptors. We are also starting to have an integrated view of liquid and illiquid assets.


Testimony from an asset management veteran with Fons Lute

Fons Lute will give his perspectives on the mega trends in the asset management industry and take questions from participants, drawing on his extensive experience in the industry. Participants are also encouraged to present their own case to the group (an issue related to this program and that they are working on).

Fons has been managing pension assets in The Netherlands since 1984. He is a Client Portfolio Manager at Russell Investments, and has previously worked with the Printers Pension Fund (PGB), Hoogovens Pension Fund, Delta Lloyd Asset Management, Fortis Investments, Blue Sky Group, PGGM, Cyrte, and BlackRock. In the past Fons Lute has held various positions at investment committees and boards, including chairman of the Accreditation Committee for Permanent Education at the Dutch Association of Investment Professionals (VBA).

Case study

 

Who should attend

Cutting-Edge Asset Management will benefit a broad range of professionals. Everyone with an interest in the issues faced by asset owners should benefit (from journalists and regulators, to pension fund board members).

Minimal knowledge of financial markets is assumed. Participants need to know the definition of a mutual fund, a hedge fund, short selling, volatility, put options, beta, alpha. Their role in the asset management industry does not matter.

 

 

Faculty
Ludovic Phalippou 

Ludovic PhalippouLudovic Phalippou is Associate Professor of Finance at the Saïd Business School, University of Oxford. In 2014 he was named as one of the 40 best business school professors in the world under 40. In 2016 he was listed among the 20 most influential people in private equity. He has advised the Norwegian sovereign wealth fund and the largest Dutch pension funds. He seats on the investment committee of a $400 million endowment and he is a renowned academic at the forefront of academic research. He is routinely cited in leading financial newspapers (e.g. Financial Times, Wall Street Journal) and has written a report for the Dutch ministry of finance about the Dutch pension funds asset management strategies.

 

Accreditation

CFA Institute - CE credit hours
Amsterdam Institute of Finance is registered with CFA Institute as an Approved Provider of continuing education programs. This program is eligible for 18 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary.
CFA Institute_CE Qualified Activity

 

VBA - PE points
The VBA in the Netherlands is the association for investment professionals and their customers.  For members of the VBA, this program has been granted 20 PE points as part of their continuing education (PE - Permanente Educatie) program.

VBA_20_PE

 


Dates & fees
15 - 17 November 2017 € 3,500

Program fee includes all study materials, books and software that are required for the program as well as daily luncheons.
Program fee is exempt from VAT for clients located in the Netherlands. For other EU and Non-EU clients, VAT may be due by client and will not be charged by AIF. Fees may be subject to change.
Testimonials

100% of the attendees in the December 2016 session would recommend the Cutting-Edge Asset Management program to their colleagues.

________________


“I would recommend this program as active managers need to have a better understanding of passive and factor-based approaches."
Portfolio Manager
Thorpe Abbotts Capital
United Kingdom

 

“Just a great course to increase your knowledge."
Business Controller
APG Asset Management

The Netherlands

 

“Good to get academic/objective viewpoint. Thought provoking, makes one reconsider own investment process, gives ideas for development."
Head of Portfolio Management
FIM Asset Management

Finland

 

 

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