Asset Management
Grundlagen des Asset Management
Grundlagen des Asset Management
Kartei Details
| Karten | 59 |
|---|---|
| Sprache | English |
| Kategorie | Finanzen |
| Stufe | Universität |
| Erstellt / Aktualisiert | 10.02.2017 / 24.02.2019 |
| Lizenzierung | Keine Angabe (eigene Karteikarten) |
| Weblink |
https://card2brain.ch/box/20170210_asset_management
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| Einbinden |
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Bsp. Securities (mind. 3)
- commercial paper
- investment grade bonds
non-investment grade bonds
-equities
-private placements
-venture capital
-private equity
Big & important players (Top 5)
- Black Rock Inc.
- Vanguard Group Inc.
- State Street Global Advisors
- Fidelity Investments
- JP Morgan AM
Registered Investement Companies include...
- mutual funds
- closed-end funds
ETF's
- unit investment trust
most important asset classes
- actively managed funds
- ETF's
- fixed income
- specialities
Reasons for employing an Asset Manager
1. Economies of scale & transaction costs
- easier information acquisition
- access to markets & securities
2. Hedging motives
- to reduce risks in the own book
- too meet liabilities due much later ( asset-liability) management
3. Legal constraints
- pension funds are usually only allowed to invest in investment grade bonds
- meet constraints defined by the fund sponsors
4. Risk reduction
- fund assets are usually separated from asset manager's assets ( Sondervermögen)
- less balance sheet risk
5. Customer service
- high quality report of results
- record keeping for eg. tax-statements
Temptations of asset management that make investors susceptible to active strategies lose?
1. Investors do stock picking
- the pick the wrong stocks
- haben nicht alle Informationen
- viele vers. Produkte am Markt ( Investoren haben keinen Überblick)
- fehlende diversification
2. Investors do market timing
- they do it wrong
Top-down process (portfolio construction)
1. Strategic Asset Allocation
- setting target (Ziel) allocations to asset classes
-periodically rebalancing the portfolio back to those targets as investment returns skew the original asset allocation percentages
2. Tactical Asset Allocation
- allows for a range of percentages in each asset class (such as stocks = 40-50%) and thereby allows to adopt the portfolio to (temporary) changes of market conditions
3. Security selection
- is about the final decisions in which securities (bonds, stocks, funds, options etc.) to invest.
Finacial Markets - 2 Forms
1. Exchange traded or market priced
2. OTC
