Advanced Asset Management-InSEAD

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Expand your horizon. Make an impact.
Executive Education
Finance Programmes
2014 – 2015
Advanced Asset
Management
01
Advanced Asset Management 2014 – 2015
Advanced Asset
Management
Achieve superior results with your
investment strategies
The 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.
INSEAD’s 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 Director
Massimo Massa
Professor of Finance
The Rothschild Chaired Professor of Banking
Co-Director of the Hoffmann Research Fund
Core faculty
Pierre Hillion
Professor of Finance
The de Picciotto Chaired Professor of
Alternative Investments
Programme Director of the INSEAD Master
of Finance
02
Advanced Asset Management 2014 – 2015
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
insights
Divided 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 investors
Focus 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 tools
Acquire 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.
03
Advanced Asset Management 2014 – 2015
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 Campus
INSEAD’s 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 Campus
Abu Dhabi’s city centre is home to INSEAD’s
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 Campus
The Asia Campus in Singapore occupies a
1.8-hectare site in the heart of the city’s 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.
04 Advanced Asset Management 2014 – 2015
Europe Campus Abu Dhabi Campus
Campus Information
05 Advanced Asset Management 2014 – 2015
Practical information
Application procedure
Places on the programmes are confirmed on
a first-come, first-served basis, taking into
consideration the applicant’s 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
06
Advanced Asset Management 2014 – 2015
Programme Date Location Length Fee* Level
Advanced Asset
Management
8–11 June 2015 Singapore 4 days SG$ 10,900 Senior Functional
Manager
Functional Manager
Specialist
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 N°4, 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

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