Advanced Asset Management-InSEAD

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Executive Education

Finance Programmes 2014 2015

Advanced Asset Management

01Advanced Asset Management 2014 2015

Advanced Asset ManagementAchieve superior results with your investment strategiesThe global financial crisis has left the world wondering what is next for the markets. Uncertainty means we have to rethink our investment strategies. How can we do things better? How do we balance risk and return in the post-crisis landscape? To answer these questions asset managers need to know about the latest trends. They need a razor sharp understanding of market fundamentals and dynamics and they must have a strong grasp of behavioural finance in order to select their portfolio strategies and steer their investments to success.

Developed for asset managers from long-only institutions and market-neutral organisations alike, the Advanced Asset Management programme has been designed to provide a state-of-the-art refresh. It will help participants provide better performance for their clients by giving them an in-depth understanding of the major trends and issues in asset management today. Participants will be encouraged to broaden their thinking, emerging from very narrow and specific set of skills used in the day-to-day management life to gain a better understanding of the new trends and issues in finance. They will be taken through modern ideas, as well as detailed techniques of asset management and portfolio selection.

Through a mix of lectures, case discussions and practical illustrations, the programme will cover strategic asset management, stock selection techniques and arbitrage investing. It will also cover alternative investment strategies and vehicles, along with their risk and return potential.

By the end of the programme, participants will have gained an overview of new industry trends and will have been exposed to new ideas that can be turned into strategies in asset allocation. They will learn about and confront the main pitfalls and problems faced by their peers in the asset management industry. They will acquire a new understanding of markets and strategies.

INSEADs finance professors, who are responsible for designing and delivering the programme, are among the most highly ranked in the world for their research. Participants will learn from them and from peers from leading international firms in the famously diverse INSEAD classroom.

Key benefits

Broaden and deepen your understanding of new investment management concepts and explore the latest investment strategies and techniques

Gain new insights into state-of-the-art asset allocation trends and ideas

Acquire new knowledge to provide better performance for your clients

Explore the main pitfalls and problems facing peers in asset management today

Faculty

Programme DirectorMassimo MassaProfessor of FinanceThe Rothschild Chaired Professor of BankingCo-Director of the Hoffmann Research Fund

Core facultyPierre HillionProfessor of FinanceThe de Picciotto Chaired Professor of Alternative InvestmentsProgramme Director of the INSEAD Master of Finance


Programme content

Through a blend of cutting-edge theory and hands-on experience with the concepts studied, the programme will focus on the following topics.

Strategic asset management: trends and new insightsDivided into three manageable and distinct components, with an in-depth exploration of industry strategic insights. These sessions will provide participants with a solid understanding of the fundamental principles of asset management today, together with an overview of the instruments used to deliver results.

First component: Assessment of the asset classes: their role in

modern portfolio allocation

New insights into what risk is from volatility to tail risk and crash risk

Analysis of performance and risk in the long run

The role of strategic asset allocation decisions: core and satellite allocation

Overview of new investment classes: risk and returns of the different hedge fund strategies

How to understand manager selection, from both a quantitative and qualitative point of view.

Second component: Exploration and assessment of different risk

models

Overview of asset management benchmarking and relative risk

Definition of risk analysis and risk decomposition.

Third component: Analysis of the recent evolution of the hedge

fund industry and its evolving regulatory environment

Deepen understanding of liquidity and crisis risk

Analysis of trends in portfolio allocation: from high-frequency to the role of sentiment.

Stock selection techniques: new ideas for long-term investorsFocus on how to take advantage of long-term value creation, with particular emphasis on the determinants of long-term value, including new trends on stock selection for the long run and the link to firms payout policies.

Study of value creation determinants for the long run

Cash flow analysis and technical analysis focusing on the role of profitability

The role of financial statements and liquidity analysis

Corporate events as signals of long-term value

Explore new sources of information based on meta data and media sources

Arbitrage investing: behavioural strategies and arbitrage-based toolsAcquire new insights into new techniques used to implement arbitrage (long-short) strategies. The first component focuses on new approaches with particular emphasis on the main ideas provided by the behavioural finance paradigm. The second component focuses on the analysis of arbitrage-based strategies, expanding on the most recent research into mispricing based on limits to arbitrage and market frictions.

First component: Understanding behavioural biases and their

impact on portfolio selection

Analysis of biases-based trading strategies

Understanding of investment tools based on behavioural biases, with an assessment of the returns and risks involved in these strategies and their main drivers

Recent trends in behavioural focus.


Second component: Short-term portfolio analysis and the most recent sets of tools provided by the behavioural finance paradigm :

Corporate events (e.g. M&As and SEOs) from a short-term portfolio perspective and analysis of how to select stocks for this purpose

Explanation of sources of the mispricing that keep stock valuation misaligned

Analysis of the ease of implementing these strategies and their effectiveness

Comparison of old strategies (merger arbitrage, convertible arbitrage, capital structure and conglomerate arbitrage, etc.) with new techniques and methodologies

Advances in academia and their links to the introduction of new techniques

Sources of performance and risk and how to manage the two using second generation information to build effective trading strategies (i.e. trading volume, mutual fund flows, different types of news).

Participant profile

The Advanced Asset Management programme is designed for experienced investment managers from long-only institutions (e.g. pension funds, insurance companies, mutual funds, endowments), market-neutral investors and executives working in short-term investment houses (e.g. hedge funds, specialised funds). All participants have significant experience and responsibilities in the investment decision-making process.

Investment analysts, asset managers, investment managers, portfolio managers and investment directors are among those who would benefit greatly from the programme.

CFA Institute Continuing Education Qualified Activity

As a participant in the CFA Institute Approved-Provider Programme, INSEAD has determined that this programme qualifies for 32 credit hours. If you are a CFA Institute member, credit for your participation in this programme will be automatically recorded in your Continuing Education tracking tool.

Asia Campus

Campus Information

Europe CampusINSEADs 8-hectare Europe Campus is situated on the edge of the beautiful, historic town of Fontainebleau, France. It nestles in the vast Forest of Fontainebleau yet is less than 1 hour from the centre of Paris and international airports. Facilities are of the highest standard and include: 29 lecture theatres, many classrooms, study areas, 2 restaurants, a bar, a bookshop, extensive library resources, a fully equipped gym and 2 on-campus hotels with a total of 158 rooms.

Abu Dhabi CampusAbu Dhabis city centre is home to INSEADs third campus, just 40 minutes from the airport and 10 minutes from the Corniche. This new, 14-storey, 6,000 square-metre building, purposely designed for Executive Education, has 3 lecture theatres, 2 conference rooms, classrooms, study areas, a library, a restaurant and prayer rooms.

INSEAD is unique among leading business schools in having a 3-campus structure spanning Europe, Asia and Abu Dhabi. Each campus is highly cosmopolitan and has its own world-class faculty in residence. Executive Education programmes run at 1, 2 or even all 3 locations, while Customised Programmes can be held anywhere in the world.

Asia CampusThe Asia Campus in Singapore occupies a 1.8-hectare site in the heart of the citys Buona Vista knowledge hub just 30 minutes from the airport and 15 minutes from the financial district. Its state-of-the-art facilities (currently being extended for the second time) include: 8 lecture theatres, classrooms, study areas, a restaurant, 2 bars, a 24-hour library, a fitness centre and 85 hotel rooms for participants.


Europe Campus Abu Dhabi Campus

Campus Information


Practical information

Application procedure

Places on the programmes are confirmed on a first-come, first-served basis, taking into consideration the applicants level, objectives and the diversity of the classes.

We recommend that you submit your completed application form as early as possible, preferably 6 weeks prior to programme commencement. The Admissions Committee will review your application and advise you on the outcome as soon as possible. Please do not hesitate to contact us if you have any questions about which programme may best suit your objectives or for any additional information.

Note: all our Open-enrolment Programmes are taught in English and participants should be able to exchange complex views, listen and learn through the medium of English.

Calendar 2014 2015

Tuition fees*

The programme fee covers tuition, course materials and lunches on working days as well as the closing dinners. It does not include travel, accommodation and other incidentals. Participants will have to settle accommodation expenses and other incidentals before the end of the programme.

*Fee subject to change. For programmes delivered in France, VAT (20%) to be added for companies based in France, or for European companies where no VAT number is supplied. For programmes delivered in Singapore, GST (7%) to be added for Singapore-registered companies.

Contact us

For further information on Advanced Asset Management programme, contact:

INSEAD Europe Campus Michael Wort Tel: +33 (0)1 60 72 40 30 Fax: +33 (0)1 60 74 55 13 E-mail: [email protected]

INSEAD Asia Campus Mitz Ceriales Tel: +65 6799 5275 Fax: +65 6799 5299 E-mail: [email protected]

Visit our website: http://executive-education.insead.edu/advanced-asset-management


Programme Date Location Length Fee* Level

Advanced Asset Management

811 June 2015 Singapore 4 days SG$ 10,900 Senior Functional Manager Functional ManagerSpecialist

INSEAD Europe Campus Boulevard de Constance 77305 Fontainebleau Cedex, France Tel: +33 (0)1 60 72 42 90 Fax: +33 (0)1 60 74 55 13 Email: [email protected]

INSEAD Asia Campus 1 Ayer Rajah Avenue Singapore 138676 Tel: +65 6799 5288 Fax: +65 6799 5299 Email: [email protected]

INSEAD Abu Dhabi Campus Muroor Road Street N4, P.O. Box 48049 Abu Dhabi, United Arab Emirates Tel: +971 2 651 52 00 Fax: +971 2 443 94 61 Email: [email protected]

http://executive-education.insead.edu

Advanced Asset Management-InSEAD

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