Muutke küpsiste eelistusi

E-raamat: Risk Management for Investment Funds: A Practical Guide for European Funds in International Markets

  • Formaat: 512 pages
  • Ilmumisaeg: 14-Feb-2023
  • Kirjastus: McGraw-Hill Education
  • Keel: eng
  • ISBN-13: 9781264267200
Teised raamatud teemal:
  • Formaat - EPUB+DRM
  • Hind: 62,40 €*
  • * hind on lõplik, st. muud allahindlused enam ei rakendu
  • Lisa ostukorvi
  • Lisa soovinimekirja
  • See e-raamat on mõeldud ainult isiklikuks kasutamiseks. E-raamatuid ei saa tagastada.
  • Formaat: 512 pages
  • Ilmumisaeg: 14-Feb-2023
  • Kirjastus: McGraw-Hill Education
  • Keel: eng
  • ISBN-13: 9781264267200
Teised raamatud teemal:

DRM piirangud

  • Kopeerimine (copy/paste):

    ei ole lubatud

  • Printimine:

    ei ole lubatud

  • Kasutamine:

    Digitaalõiguste kaitse (DRM)
    Kirjastus on väljastanud selle e-raamatu krüpteeritud kujul, mis tähendab, et selle lugemiseks peate installeerima spetsiaalse tarkvara. Samuti peate looma endale  Adobe ID Rohkem infot siin. E-raamatut saab lugeda 1 kasutaja ning alla laadida kuni 6'de seadmesse (kõik autoriseeritud sama Adobe ID-ga).

    Vajalik tarkvara
    Mobiilsetes seadmetes (telefon või tahvelarvuti) lugemiseks peate installeerima selle tasuta rakenduse: PocketBook Reader (iOS / Android)

    PC või Mac seadmes lugemiseks peate installima Adobe Digital Editionsi (Seeon tasuta rakendus spetsiaalselt e-raamatute lugemiseks. Seda ei tohi segamini ajada Adober Reader'iga, mis tõenäoliselt on juba teie arvutisse installeeritud )

    Seda e-raamatut ei saa lugeda Amazon Kindle's. 

"The first comprehensive risk management guide to European investment funds from a team of financial experts in international markets"--

The first comprehensive risk management guide to European investment funds

The European investment fund market is one of the biggest financial markets in the world—with a total value of approximately 22 trillion EUR. To help investors understand how risk is managed in this vast market, Risk Management for Investment Funds provides a comprehensive yet practical guide, written by four financial experts from diverse and complementary backgrounds: former heads of risk management, university teachers, professional trainers and an expert with a supervisory financial authority.

Risk Management for Investment Funds offers valuable insights into managing risk for UCITS funds and alternative investment funds, while covering the following aspects:

  • The framework of European investment funds
  • Regulatory requirements related to risk management that apply to funds and fund managers
  • Traditional market, liquidity, credit, counterparty and operational risks faced by funds, their managers and investors
  • Emerging risks related to climate change and technology
  • Analytical methods and innovative techniques developed by successful risk managers to assess and manage risks, as well as the theories underlying them

Packed with a wealth of information that cannot be found in other books on risk management, this authoritative guide to managing the risks of European funds is the most comprehensive publication on this important topic.

Acknowledgments xiii
Foreword xv
Introduction xix
PART I Framework of European Investment Funds
1(114)
Chapter 1 Risk and Risk Management
3(8)
1.1 Risk
3(2)
1.2 Risk Management
5(6)
Chapter 2 Description of Investment Funds
11(8)
2.1 Characteristics of Investment Funds
11(2)
2.2 UCITS Funds
13(3)
2.3 Alternative Investment Funds
16(3)
Chapter 3 Investment Fund Markets
19(16)
3.1 History of Investment Funds
19(3)
3.2 Global Investment Fund Market
22(3)
3.3 European Investment Funds in International Markets
25(6)
3.4 US Investment Fund Market
31(4)
Chapter 4 Investment Strategies
35(20)
4.1 Introduction
35(2)
4.2 Main UCITS Fund and AIF Investment Strategies
37(3)
4.3 Traditional and Alternative Strategies
40(2)
4.4 Overview of Traditional Investment Strategies
42(3)
4.5 Alternative Investment Strategies
45(7)
4.6 Development Trends in Fund Strategies
52(3)
Chapter 5 Players in the European Investment Fund Industry
55(20)
5.1 Investors
55(3)
5.2 Investment Fund Managers
58(3)
5.3 Portfolio Managers
61(2)
5.4 Fund Administration
63(2)
5.5 Fund Distributors
65(3)
5.6 Depositary
68(2)
5.7 Fund Auditors
70(2)
5.8 National Competent Authorities
72(3)
Chapter 6 Regulatory Framework of Risk Management
75(16)
6.1 Introduction
75(1)
6.2 European System of Financial Supervision
76(2)
6.3 European Securities and Markets Authority
78(3)
6.4 European Systemic Risk Board
81(1)
6.5 Influence of the G20
82(2)
6.6 Role of the International Organization of Securities Commissions
84(1)
6.7 Risk Management in the UCITS Directives
84(4)
6.8 Risk Management in the AIFMD Context
88(3)
Chapter 7 Risk-Management Governance
91(24)
7.1 Roles of Senior Management and the Board of Directors
91(1)
7.2 Permanent Risk-Management Function
92(1)
7.3 Responsibilities of a PRMF
93(5)
7.4 Risk-Management Policy
98(1)
7.5 Risk Reporting
99(11)
7.6 Delegation of Risk Management
110(5)
PART II Risk Management for UCITS Funds
115(120)
Chapter 8 Market Risk Management
117(22)
8.1 Introduction and Definition
117(1)
8.2 Global Exposure and Self-Assessment
118(2)
8.3 Commitment Approach
120(4)
8.4 VaR Approach
124(4)
8.5 VaR Backtesting
128(2)
8.6 Stress Testing
130(5)
8.7 Fund Leverage
135(2)
8.8 Other Market Risk Measurement Methods
137(2)
Chapter 9 Liquidity Risk Management
139(44)
9.1 Introduction and Definition
139(3)
9.2 Asset Liquidity Risk
142(16)
9.3 Liability Liquidity Risk
158(8)
9.4 Integrating Asset and Liability Liquidity Risk
166(3)
9.5 Liquidity Stress Testing
169(7)
9.6 Liquidity-Management Tools
176(7)
Chapter 10 Credit and Counterparty Risk Management
183(22)
10.1 Introduction and Definitions
183(2)
10.2 Credit Risk
185(7)
10.3 Counterparty Risk
192(8)
10.4 European Market Infrastructure Regulation
200(5)
Chapter 11 Operational Risk for UCITS Funds
205(30)
11.1 Operational Risk in the Financial Sector
205(2)
11.2 Operational Risk for Funds
207(12)
11.3 Convergence of Operational Risk Causes and ManCo Activities
219(5)
11.4 Measuring and Managing Operational Risk for Funds
224(11)
PART III Risk Management for European Alternative Investment Funds
235(48)
Chapter 12 Market Risk Management for Alternative Investment Funds
237(12)
12.1 Introduction and Definition
237(4)
12.2 Market Risk Measurement KRIs
241(3)
12.3 Stress Testing
244(2)
12.4 Leverage
246(3)
Chapter 13 Liquidity Risk Management for Alternative Investment Funds
249(18)
13.1 Liquid Versus Illiquid Assets
250(2)
13.2 AIF Life Cycles and Liquidity Risk
252(3)
13.3 Asset Liquidity Risk
255(2)
13.4 Liability Liquidity Risk
257(2)
13.5 Risk from Other Cash Flows
259(1)
13.6 Integrating Asset and Liability Liquidity and Other Cash Flows
260(1)
13.7 Characteristics of Major AIF Strategies
260(4)
13.8 Stress-Testing and Liquidity-Management Tools
264(3)
Chapter 14 Credit and Counterparty Risk Management for Alternative Investment Funds
267(6)
14.1 Credit Risk
267(4)
14.2 Counterparty Risk
271(2)
Chapter 15 Operational Risk Management for Alternative Investment Funds
273(10)
15.1 Introduction and Framework
273(2)
15.2 AIF Life Cycle
275(1)
15.3 Valuation Risk
275(1)
15.4 Main Specific Operational Risks
276(5)
15.5 Operational Risk in Hedge Funds
281(2)
PART IV Recent Trends In Risk Management For Funds
283(32)
Chapter 16 Sustainability Risk
285(12)
16.1 Environmental Context
285(1)
16.2 SFDR and EU Taxonomy
286(2)
16.3 Sustainability Risk Management
288(1)
16.4 Climate Risk Management
289(8)
Chapter 17 Cyber Risk
297(6)
Chapter 18 New Technology and Crypto Assets
303(12)
18.1 Challenge of New Technologies
303(1)
18.2 Introduction to Crypto Assets and Framework
304(3)
18.3 History of Crypto Assets, Crypto Markets, and Crypto Funds
307(2)
18.4 Risks Linked to Crypto Assets
309(6)
PART V Fundamentals for Risk Managers of Investment Funds
315(86)
Chapter 19 Introduction to Statistics
317(24)
19.1 Scale Level
317(3)
19.2 Definition of Returns
320(2)
19.3 Measures of Location
322(3)
19.4 Measures of Dispersion
325(4)
19.5 Tracking Difference and Tracking Error
329(2)
19.6 Boxplot and Ouantiles
331(1)
19.7 Measures of Correlation
332(3)
19.8 Linear Regression
335(4)
19.9 Multiple Regression
339(2)
Chapter 20 Probability and Probability Distributions
341(24)
20.1 Conditional Probability
343(1)
20.2 Bayes' Theorem
344(2)
20.3 Probability Distribution
346(1)
20.4 Binomial Distribution
347(3)
20.5 Gaussian Distribution
350(3)
20.6 Further Distributions
353(4)
20.7 Extreme-Value Theory
357(4)
20.8 Statistical Tests
361(4)
Chapter 21 Basics of Portfolio Management and Financial Time-Series Modeling
365(22)
21.1 Diversification Effect
366(3)
21.2 Capital Asset Pricing Model
369(4)
21.3 Information Ratio
373(2)
21.4 Multifactor Models
375(1)
21.5 Modeling of Financial Time Series
376(11)
Chapter 22 Elements of Fund Valuation
387(14)
22.1 Fair Value and Fundamental Valuation Approaches
388(2)
22.2 Multiples Approach
390(1)
22.3 Discounted Cash Flows
391(3)
22.4 Option Valuation
394(7)
Appendix A Value-at-Risk 401(24)
Appendix B Liquidity Value-at-Risk 425(4)
Appendix C Examples of Liquidity Stress Tests 429(4)
Notes 433(26)
Index 459
Luc Neuberg, Ph.D, is a founding partner of Fair Cost Index.  He is also the Chairman of the Board of ALRiM, the Luxembourg Association for Risk Management. Luc is a Member of the Advisory Committees of the CSSF. In the past, he was the CEO and the head of risk management of BCEE-AM, as well as a board member of diverse investment fund management companies and investment funds. He teaches risk management courses at universities and for professional training institutes. Luc has published numerous articles in peer-reviewed journals.

François Petit leads a division of the Commission de Surveillance du Secteur Financier (CSSF), the supervisory authority of the Luxembourg financial sector, which is dedicated to the supervision of investment fund managers. Before that position, François was in charge of the division responsible for risk management and macro-prudential supervision of investment funds. Prior to joining the CSSF, François was the head of risk and compliance for Amundi Luxembourg. He also led different risk management departments at KBL Luxembourg (now Quintet Luxembourg). He speaks or coaches on risk management and fund management at numerous conferences and seminars. He also teaches courses on strategy at a French university.

Martin Vogt, PhD, is a Professor for Business Intelligence, especially Advanced Analytics, at Trier University of Applied Sciences. He is also a member of the boards of directors of several funds with diverse strategies. Martin previously gained extensive experience in the fund industry as a managing director, a head of risk management and a consultant for several well-known asset managers. The research that he published has received several awards.

Paul Kleinbart has over 35 years of experience in financial services. Since 2001, he has been a trainer in financial services and risk management, both at the university level and for professional training institutes. He has been a member of ALRiM's Board of Directors since 2003 and is responsible for ALRiMs risk management training program. During his professional career, Paul served as the general manager of European Financial Data Services (now IFDS), a transfer agency, and he held several product management positions at Cedel (now Clearstream).