Long-Term Investment Management

2020 ◽  
pp. 263-285
Author(s):  
Gordon L. Clark ◽  
Ashby H.B. Monk
Keyword(s):  
Investment Management

Asset Owners, Investment Management, and Commitment: An Organizational Framework

2019 ◽  
Keyword(s):  
Management Practices ◽  
Performance Metrics ◽  
Investment Strategy ◽  
Management Problem ◽  
Investment Management ◽  
Investment Performance ◽  
Principal Agent Problem ◽  
External Relationships ◽  
Asset Managers

This article focuses on asset owners, such as pension funds, and their models of investment management and describes the choice between insourcing, outsourcing, and re-intermediation. Drawing on the principal-agent problem and emphasizing the challenges facing asset owners when attempting to realize value from asset managers, the authors identify the dimensions of the management “problem.” Implications are drawn for the management practices of asset owners and the implementation of investment strategy combining in-house capabilities with external relationships. The authors also identify a set of metrics of performance that is consistent with superior long-term investment performance metrics to a range of asset owners, large and small.

The Virtues of Long-Term Commitment: Australia’s Future Fund

2013 ◽  
Author(s):  
Gordon L. Clark ◽  
Adam D. Dixon ◽  
Ashby H. B. Monk
Keyword(s):  
Best Practice ◽  
Investment Management ◽  
Australian Government ◽  
Sovereign Wealth Funds ◽  
First Case ◽  
Political Interests ◽  
Political Advantage

This chapter presents the first case study, looking past the geopolitical concerns that have plagued sovereign wealth funds (SWFs) and focusing on the competing domestic political interests embedded in sponsoring countries. In other words, the chapter examines the domestic, political claims on SWFs and the principles and practice of governance used to discipline those interests. It shows that there is an ever-present temptation that faces SWF sponsors: the option of spending the assets for current political advantage. Through the case study of Australia's Future Fund (FF), it examines how governance can, in effect, tame political temptation. Indeed, the Australian government specifically addressed the question of political temptation in its design of its SWF. The chapter focuses on the principles used to design the FF and references recent research on the principles of best-practice investment management.

SEC’s Division of Investment Management voices concerns over registered funds investing in cryptocurrencies and cryptocurrency-related products

2018 ◽  
Vol 19 (2) ◽  
pp. 8-12
Author(s):  
Vadim Avdeychik ◽  
Justin Capozzi
Keyword(s):  
Securities And Exchange Commission ◽  
Exchange Traded Funds ◽  
Investment Management ◽  
Investment Company ◽  
Investment Funds ◽  
Content Type ◽  
Additional Information ◽  
Investment Companies ◽  
Management Staff

Purpose This paper aims to provide an overview of recent US Securities and Exchange Commission (SEC) Division of Investment Management staff (“Staff”) guidance related to investment funds registered under the Investment Company Act of 1940 that seeks to provide exposure to cryptocurrencies or cryptocurrency-related products. Design/methodology/approach This paper provides analysis regarding the Staff’s view on registered investment companies that intend to invest in cryptocurrencies or cryptocurrency-related products, including an overview of the questions posed by the Staff with respect to registered investment companies that seek to hold cryptocurrencies or cryptocurrency-related products, which are divided into five categories: valuation, liquidity, custody, arbitrage (for exchange-traded funds) and potential manipulation and other risks. Findings The Staff is asking for additional information from industry participants to fully analyze and evaluate registered investment companies that seek to invest in cryptocurrencies. Practical implications The industry should continue to provide information to the Staff with the short-term goal of fostering an open dialogue and with the long-term goal of launching a registered investment company that invests in cryptocurrencies or cryptocurrency-related products. Originality/value This paper provides practical guidance from experienced lawyers of the Investment Company Act and Securities Act.

scholarly journals Effective investment management with elements of simulation modelling

2019 ◽  
Vol 135 ◽  
pp. 04028
Author(s):  
Lidia Shkurina ◽  
Maria Maslova ◽  
Viktor Podsorin ◽  
Natalia Tereshina
Keyword(s):  
Development Program ◽  
Simulation Modelling ◽  
Investment Management ◽  
Game Simulation

Topical issues of investment management for the implementation of the Long-term Development Program of Russian Railways until 2025 are discussed in the article. It is proposed to use game simulation modelling for an investment plans’ development in the context of limited investment resources.

Conclusion: Form and Function in the Twenty-First Century

2013 ◽  
Author(s):  
Gordon L. Clark ◽  
Adam D. Dixon ◽  
Ashby H. B. Monk
Keyword(s):  
Decision Making ◽  
Investment Decision ◽  
First Century ◽  
Investment Management ◽  
Form And Function ◽  
Investment Decision Making ◽  
And Function ◽  
Conceptual Foundations ◽  
Current Paradigm

This chapter looks to the future and rehearses the argument about form and function, recognizing that today's ideal form of the sovereign wealth fund (SWF) is based on two sets of rules: those related to who is responsible for investment decision-making and those related to the conceptual foundations of investment practice. Thereafter, it suggests that the form of SWFs may not be stable over the long term; the challenge facing SWFs is, in part, about transcending traditional forms of investment management in favor of a genuine commitment to long-term investment in the interest of both the SWF and the sovereign. The chapter argues that transcending the current paradigm may necessitate the transformation of the form of SWFs such that they become strategic investors rather than portfolio investors, knitting together their sponsors' geopolitical interests with investment management.

scholarly journals Analisis Kebijakan Pendanaan Jangka Panjang (Studi Kasus Pada Perusahaan Pt Sat Nusa Persada Tbk)

2019 ◽  
Vol 7 (1) ◽  
pp. 138-144
Author(s):  
Adithya Aria Nugraha ◽  
Jan Horas V Purba ◽  
Heri Sastra
Keyword(s):  
Debt Ratio ◽  
Investment Management ◽  
Funding Policy ◽  
Short Term ◽  
Equity Analysis ◽  
Internal Sources ◽  
Retained Earnings ◽  
Operating Activities

Funding policy discusses sources of funds to be used in running a feasibly worthy investment. Management undertakes funding policy to obtain sources of funds to run company’s operating activities. This study’s goal is to identify sources of funding taken efficiently from internal sources such as shares capital, retained earnings, current year profit, or the source of the funds derived from external parties, in this case short-term and long-term debts. In this research, the author used ratios which are profitability, liquidity, activity, solvability and equity analysis. Based on the research, we can conclude that the company’s sales and liabilities are decreasing. The sales is unstable, and it is affecting the company in a way that it will possible not fit to apply for a larger loans. Thus, sales stability will affect on debt ratio.     

Part I Assessment and Pre-Investment Management of Political Risk, 1 Political Risk

2020 ◽  
Author(s):  
Rubins Noah ◽  
Papanastasiou Thomas-Nektarios ◽  
Kinsella N Stephan
Keyword(s):  
Natural Disasters ◽  
Supply And Demand ◽  
Political Risk ◽  
Investment Management ◽  
Government Control ◽  
Foreign Investors ◽  
Host State ◽  
Political Risks

This chapter discusses the types of political risk that foreign investors are likely to encounter, the factors that contribute to political risk, and some practical steps that investors might take to measure political risks in a particular State before investing capital. For investors concerned with political risk, the primary distinction to be made is between detriment (loss) proximately caused by the host State or its agents, and that caused by the commercial realities of supply and demand, or by natural disasters. This line is far harder to draw in practice than in theory: the scenarios investors face in carrying out a long-term business project on foreign soil are complex and affected by a range of factors, both within and outside government control.

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