Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: firstname.lastname@example.org
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Portfolio Performance Measurement & Attribution Analysis
Portfolio performance measurement is the quality control element of the investment decision process. It provides the necessary information to enable asset managers and clients to assess exactly how their money has been invested and the results of the process. Performance measurement is a core part of the decision process providing essential information to several key stakeholders.
Performance return attribution is defined as quantifying the excess returns of the active decisions of the investment management process. In recent years the developments in performance measurement, standards, risk and attribution (particularly Fixed Income Attribution) have accelerated considerably. This course brings all analysts, investors, risk managers and other stakeholders up to date with current developments.
Summary of course content
- Understand the concept of performance measurement
- Learn the different ways to derive returns (and why the results can vary)
- Understand how cashflows affect returns
- Analyse the principles of benchmarking
- Ascertain why risk measurement and management are important and what the measures mean
- Discern the role of attribution, the challenges in getting it right, and how it should be used
- Understand the differences and difficulties of fixed income attribution
- Learn the status and application of the different international performance measurement standards
You should have a basic knowledge of Excel and are likely to have a basic working knowledge of the asset management industry and the main asset classes.
You will receive comprehensive course notes as well as copies of the Excel spreadsheet exercises for use after the course.
Computer Based Excercises
Delegates are required to bring their laptops to facilitate in-class studies and exercises.
Who should attend this training course?
- Pension fund trustees
- Portfolio managers
- Senior management
- Performance measurers
- Risk controllers
- Compliance staff
- Sales and marketing staff and operations staff
- What is performance measurement?
- The performance measurement process
- Basic calculations
- Currency effect
- Time weighted or money weighted?
- Attributes of good benchmarks
- Peer groups, indexes or random portfolios?
- Index calculations
- Excess returns - geometric or arithmetic?
- Performance fees
- Attribution as a management tool
- The Brinson model
- Geometric attribution
- Why do it?
- Future governance
Measuring portfolio risk
- Risk types in asset management
- Risk control
- Ex-post, Ex-ante risk
- Absolute, relative and regression risk measures
- Sharpe ratio
- Information ratio
- Regression statistics
- Jensen’s alpha
- Fama decomposition
- GH1 and GH2
Risk-adjusted performance measurement for hedge funds
- Skewness and kurtosis
- Bera- Jacque test
- Downside risk
- Sortino ratio
- Upside potential ratio
- Adjusted sharpe ratio
- Modified sharpe ratio
- Prospect ratio
- Sterling ratio
- Calmar ratio
- Burke ratio
- Sterling-Calmar ratio
- Pain index
- Ulcer index
- Pain ratio
- Marin ratio
- Omega excess return
- Hurst index
- Effective risk control actions
- Risk infrastructure
Day 3Further attribution
- Multi-currency attribution
- Ankrim and Hensel
- Karnosky and Singer
- Attribution issues
- The evolution of attribution methodologies
- Security level attribution
- Multi-level attribution
- Smoothing algorithms
Fixed Income attribution
- Campesi framework
- Weighted duration (Van Breukelen) attribution
- Yield curve decomposition
- Market neutral
- 130/30 funds
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 – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 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 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyThe Course Director joined StatPro Group plc as Chairman in April 2000. StatPro provides sophisticated data and software solutions to the asset management industry. He also runs his own consultancy business providing advice to asset managers on risk and performance measurement.Prior to that, he was Director of Risk Control and Performance at Foreign & Colonial Management Ltd, Vice President Head of Performance (Europe) for JP Morgan Investment Management Inc., and Head of Performance for Royal Insurance Asset Management.A founder member of both the Investment Performance Council and GIPS®, he is ex-Chair of the GIPS Executive Committee, ex-Chair of both the Verification and Interpretation sub-Committees. He is a member of the UK Investment Performance Committee and a member of the Advisory Board of the Journal of Performance Measurement. He is also the founder of “The Freedom Index Company”.He is also the author of “Practical Portfolio Performance Measurement & Attribution” (Wiley), “Practical Risk-Adjusted Performance Measurement” (Wiley), numerous articles and papers and editor of “Advanced Portfolio Attribution Analysis”. He holds a B.Sc. Hons. in Mathematics from Manchester University.