Balance Sheet Management and Asset Allocation
For both banks and insurance companies, the primary overall objective of the company is to maximize the market value of …
IPS
Banks and Insurers: Overview
Banks The primary function of a bank is to earn profits by taking deposits from savers and making loans to …
Private Foundations
Foundations are nonprofit institutions set up to make grants to support specified charitable causes. The focus of this reading is …
University Endowments
University endowments are funds set up by gifts and donations, which are invested to earn returns that provide ongoing support …
Sovereign Wealth Funds
Sovereign wealth funds (SWFs) are investment funds owned by a government. The International Monetary Fund defines five broad categories of …
Pension Funds
Pension funds are plans designed to save and invest in order to provide income for plan beneficiaries upon retirement. The …
Overview of Institutional Investors
Common Characteristics Note the following five common characteristics that cause institutional investors to differ from individual investors: Scale (size). Institutions tend …
Global Income Tax Structures
There are three primary categories of taxes: Taxes on income: Paid by individuals, corporations, and other legal entities on various …
Portfolio Construction and Monitoring
Portfolio Allocation and Investments for Private Wealth Clients The traditional approach to constructing a private client’s portfolio views risk in …
Investment Policy Statement
The Investment Policy Statement (IPS) is a written planning document that describes a client’s investment objectives and risk tolerance over a …