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Investment Management

Transform your career in financial investing & learn technical analysis
  • Day 1

    Asset Allocation and Portfolio Optimisation


    New Paradigms in Asset Allocation

    • The changing world of asset allocation

    • The demise of risk-free assumptions

    • Assets are undergoing structural change

    • Risk-on, risk-off mentalities

    • Why new approaches are needed

    • Relative Vs Absolute Vs Unconstrained investment approaches

    • How ETFs are disrupting the old landscape

    • Capturing risk premiums as cheaply as possible

    Case Study: Introducing a complex case study – initial steps in asset allocation


    Asset Allocation Theory

    • Inputs to the asset allocation decision

    • Models with alternative risk definitions

    • Correlations and the covariance matrix

    • Efficient frontiers and optimal portfolios

    • Utility functions and indifference curves

    • Static approaches to asset allocation – strategic asset allocation

    • Dynamic approaches to asset allocation – integrated, tactical and insured

    • Asset allocation rebalancing approaches

    Case Study: Quantitative exercises in asset allocation

    Asset Allocation, Asymmetric Returns and Post Modern Portfolio Theory

    • Asymmetric investment returns and how to achieve them

    • What fund managers need to know about PMPT

    • Applying the principles of PMPT to portfolios

    • The search for assets with asymmetric return distributions

    • Downside deviation and the minimum acceptable return

    • Target rate of return and upside potential ratio

    Case Study: Applying the principles of PMPT


    Dynamic Asset Allocation and Unconstrained Investment Approaches

    • The move towards more dynamic portfolio management

    • Multi-asset and multi-manager approaches

    • Constant active management and conviction driven decision making

    • Active risk budgets and volatility management

    • Downside risk management

    • Portable alpha and alpha transportation

    • Capturing the upside whilst controlling the downside

    Case Study: Structuring the portfolio for an Asset Allocation


    Day 2

    Quantitative Equity Investing, Relative Value Investing and Investing in Private Equity and Venture Capital


    Quantitative EPM Strategies

    • Principles guiding quantitative equity portfolio management

    • Moving beyond Markowitz mean-variance optimisation

    • Insights from Black-Litterman and Bayesian approaches

    • Factor choice, factor exposure and factor forecasting

    • Quantitative portfolio construction and management in emerging markets – challenges and pitfalls

    • Quantitative unconstrained portfolio management when conviction is high

    • Minimum-variance portfolios, construction and performance

    • Portable alpha in theory and practice

    • 130/30 strategies

    • ETFs – the vehicle of choice?

    Case Study: Calculating the Risk/Return Characteristics of an Unconstrained (high conviction) Equity Portfolio

    Relative Value Strategies

    • What does relative value market-neutral mean?

    • Pair trades – identification and exploitation

        • Examples of relative value strategies in practice


    - Equity market neutral/statistical arbitrage

    - Convertible bond arbitrage

    - Fixed income arbitrage

    - Credit arbitrage

    - Capital structure arbitrage

    Case Study: Relative Value Exercises

    Private Equity

    • A brief history of private equity investing

    • The different routes to investing in private equity

    • Main differences between private equity investing Vs public equity investing

    • The J-curve of a private equity investment

    • Value drivers in a private equity investment

    • How LBOs work and how private equity managers make money on deals

    Case Study : Analysing an LBO Deal


    Venture Capital

    • A brief history of venture capital investing

    • The various rounds and stages of venture capital investing

    • Do the returns compensate for the risk

    • The unique cash flow and risk dynamics of early-stage ventures

    • Valuing early-stage ventures

    • Why traditional valuation methods don’t work for early-stage ventures

    • Structure of venture capital funds

    • Understanding how venture capital firms think

    • Term sheets – what each side tries to achieve in a term sheet

    • Terms for splitting the rewards and allocating control

    • Aligning the interests of founders/management and investors

    Case Study: Silicon Valley and the Venture Capital Industry


    Day 3

    Fixed Income Portfolio Management – Tools of the Trade
    Sovereign Bond Analysis Today

    • The changing character of sovereign debt

    • Sovereign bonds and risk-free returns

    • Key drivers of sovereign credit quality today

    • Sovereign risk analysis and CDS spreads

    Trainer Led Discussion: Reassessing sovereign debt risk in light of the credit crisis


    Interest Rates, Yield Measures and Yield Curves

    • Overview of yield measures – current yield, yield-to-maturity, horizon yield

    • Nominal yields, real yields, index linked yields and inflation

    • Factors affecting bond yields and the term structure of interest rates

    • Overview of sovereign term structure theories

    • The treasury yield curve and how to interpret it

    • Analysis and interpretation of spot, forward, par and swap curves

    • The importance of the forward curve and forward rates

    • Interest rate and yield curve modelling

    Case Study: Yield Curve Interpretation


    Bond Price Volatility and Interest Rate Risk:

    • Duration and Convexity

    • Basics of interest rate risk

    • Determinants of bond price volatility

    • PVBP (PV01) and the price value of a basis point

    • Duration concepts – modified, effective and key rate

    • The importance of duration in managing a portfolio

    • Convexity, meaning and application

    Hedging Sovereign Bonds

    • Principles of hedging sovereign bond portfolios

    • Choices of instruments for hedging

    • Calculating hedge ratios

    • Regression-based hedge ratios

    • Duration-based hedge ratios

    • Yield betas

    • Convexity hedging

    Case Study: Duration-based hedging

    Day 4

    Risk and Performance Measurement and Investing in Infrastructure

    Risk Management and Modelling in Portfolio Management

    • Identification of risks in asset management

    • Integrating risk into the investment process

    • Different types of risk and how to measure them

    • Tracking error, VaR, downside risk, shortfall probability

    • Defining acceptable risk levels

    • Extreme event distributions

    • Exposure based risk models

    • The total level of active risk in the portfolio

    • Active risk and active risk budgeting

    Case Study: Integrating risk management into the investment process


    Performance Measurement and Attribution Analysis

    • Time-weighted and money-weighted returns

    • Risk-adjusted performance analysis and measurement

    • Meaning and interpretation and application of the following measures :

    • Sharpe ratio

    • Sortino ratio

    • Treynor ratio

    • Jensen ratio

    • Fama ratio

    • The skill/luck matrix

    • Standard error of the information ratio

    • Cross sectional comparison performance

    • Returns-based performance analysis

    • Components of investment performance

    • Performance attribution analysis

    • Selection effects Vs allocation effects

    Case Study: Attribution Analysis calculations


    Investing in Infrastructure

    • History of infrastructure investing

    • Principle players in the infrastructure industry

    • Why infrastructure investing is not a fad and is here to stay

    • The unique characteristics of infrastructure as an asset class

    • Risks and rewards of infrastructure as an asset class

    • Characteristics of infrastructure investing that appeal to investors

    • Ways to invest in infrastructure

    • Opportunities and pitfalls of infrastructure investing

    Case Study: Ways to Invest in Infrastructure


    Day 5

    Exchange Traded Funds – The New Building Blocks
    Characteristics of ETFs

    • A brief history of the evolution of ETFs

    • Stimulants and catalysts behind the growth of ETFs

    • Why the ETF market is poised for further growth

    • An overview of the different types of exchange traded product

    • An overview of what is needed to create an ETF

    • Key differences between ETFs and tracker funds

    • Key differences between ETFs and open-ended mutual funds

    • Key differences between ETFs and closed-ended funds

    Case Study: Comparing ETFs with other investment vehicles


    Mechanics of ETF Creation and Redemption

    • The rationale for share creation and redemption during the trading day

    • Players involved in the ETF creation process

    • The role of authorised participants (AP) in the ETF creation and redemption process

    • The role and importance of creation units

    • Portfolio composition files (PCFs)

    • Market pricing of ETFs

    • Continual ETF pricing – how it works

    • NAV calculations for ETFs

    • Intraday indicative values (IIVs) and indicative NAVs (iNAVs)

    • ETF premiums and discounts and their calculation

    • Authorised participants and the creation and redemption arbitrage mechanism

    • How ETF prices are kept close to their NAV price

    • Synthetic ETFs

    • Swap-based ETF models Vs portfolio-based models

    Case Study: Calculation of intraday indicative values

    ETFs and Portfolio Strategies

    • Factors to consider in deciding the appropriate ETF investment strategy

    • Active ETFs are on the way

    • Strategic asset allocation, passive investing and ETFs

    • Tactical asset allocation, market timing and ETFs

    • ETFs, alpha and beta

    • Active sector allocation and rotation via ETFs

    • Active style rotation via ETFs

    • Active theme allocation via ETFs

    • Core-explore-satellite approaches via ETFs

    • Lifecycle investing via ETFs

    • Target date investing via ETFs

    • ETFs and equity investing

    • ETFs and fixed income investing

    • ETFs and commodities investing

    Case Study: Choosing an appropriate ETF portfolio investment strategy

    Launching an ETF

    • Making the decision to launch an ETF

    • What you need to have in place to get it right first time

    • The 3 phases to a successful ETF launch

    • Choosing your service providers

    • Filing for regulatory approvals

    • Choosing a market maker/specialist firm

    • Reviewing the draft prospectus and Authorised Participant (AP) agreements

    • Deciding on a listing exchange and launch date

    • Deciding on your distribution strategy

    • Educating your distribution partners

    • Communicating the investment benefits

    Case Study: Launching an ETF and devising a marketing strategy 


  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme



    Bernard Duffy began his investment management career with Abbey Life in Dublin before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and was responsible for the company’s successful entry into the single premium bond market. He joined County Bank at the end of 1986 as Research and Development executive in the unit trust division. In 1987 he transferred to the pension fund department, assuming responsibility for the management and performance of Canadian equity investments. In 1991, he was seconded to the European equity desk to manage a research project on European smaller companies. At the end of 1992, he was appointed head of the North American equity desk. He has a B.A.(Hons) in Economics and Politics, an M.A. in Development Economics and an M.B.A. in Finance from the City university Business School in London. He is the course director and lead trainer on a number of Euromoney training programmes including the Investment Management School, Private Wealth Management, Hedge Funds and Investing in Art.