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Multi-Asset Investing

A practical guide to modern portfolio management

By Yoram Lustig

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About the Author

Yoram Lustig

Yoram joined AXA Investment Managers in 2013 as Head of Multi-Asset Investments UK and Deputy Global Head of Multi-Asset Investments. From 2009 to 2012, Yoram was Head of Multi-Asset Funds at Aviva Investors, leading the multi-asset team and managing a range of multi-billion, multi-asset portfolios. From 2002 to 2009 he was head of portfolio construction at Merrill Lynch, responsible for managing ... Read more on Yoram Lustig

Contents Listing

About the Author
Acknowledgements
Preface
Introduction

Part 1: Establishing Objectives
Introduction
1. Return Objectives
2. Benchmarks
3. Risk Objectives
4. Rational or Irrational Markets
5. The Relationship Between Reward and Risk
6. Investment Constraints

Part 2: Setting an Investment Strategy
Introduction
7. Strategic Asset Allocation
8. Historical Performance of Asset Classes
9. Combining Asset Classes
10. Diversification
11. Capital Market Assumptions
12. Optimisation

Part 3: Implementing a Solution
Introduction
13. Tactical Asset Allocation
14. Forecasting
15. Economic Cycle
16. Investment Selection
17. Investment Selection Process
18. Active Versus Passive Investments
19. Investment Vehicles
20. Single-Manager Versus Multi-Manager
21. Single Asset Classes
22. Investment Management Process
23. Portfolio Construction
24. Implementation
25. Derivatives
26. Currency
27. Risk Budgeting
28. Risk Management
29. Investment Strategies

Part 4: Reviewing
30. Portfolio Review
31. Performance Attribution

Conclusion
Bibliography
Endnotes
Index
About the Author
Acknowledgements
Preface
Introduction

Part 1: Establishing Objectives
Introduction
1. Return Objectives
2. Benchmarks
3. Risk Objectives
4. Rational or Irrational Markets
5. The Relationship Between Reward and Risk
6. Investment Constraints

Part 2: Setting an Investment Strategy
Introduction
7. Strategic Asset Allocation
8. Historical Performance of Asset Classes
9. Combining As ...

Jacket Text

Planning, constructing and managing a multi-asset portfolio

A multi-asset investment management approach provides diversification benefits, enhances risk-adjusted returns and enables a portfolio to be tailored to a wide range of investing objectives, whether these are generating returns or income, or matching liabilities.

This book is divided into four parts that follow the four stages of the multi-asset investment management process:

1. Establishing objectives: Defining the return objectives, risk objectives and investment constraints of a portfolio.

2. Setting an investment strategy: Setting a plan to achieve investment objectives by thinking about long-term strategic asset allocation, combining asset classes and optimisation to derive the most efficient asset allocation.

3. Implementing a solution: Turning the investment strategy into a portfolio using short-term tactical asset allocation, investment selection and risk management. This section includes examples of investment strategies.

4. Reviewing: Evaluating the performance of a portfolio by examining results, risk, portfolio positioning and the economic environment.

By dividing the multi-asset investment process into these well-defined stages, Yoram Lustig guides the reader through the various decisions that have to be made and actions that have to be taken. He builds carefully from defining investment objectives, formulating an investment strategy and the steps of selecting investments, leading to constructing and managing multi-asset portfolios.

At each stage the considerations and strategies to be undertaken are detailed, and the description of the process is supported with relevant financial theory as well as practical, real-life examples.

'Multi-asset Investing' is an essential handbook for the modern approach to investment portfolio management.

Professional Reviews

"This authoritative book uses economic and financial theories as its basis, but takes a practical approach to investment." - Pensions World


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Media Coverage

FT Adviser

The objectives vary, from generating returns or income, through matching liabilities or saving for retirement, to providing for the family. Multi-asset investing can be a solution for all these ...

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Pensions World

Multi-asset investing is of concern to almost all investors says the ex-Merill Lynch author, Yoram Lustig. It can provide diversification benefits, enhance risk-adjusted returns and link portfolios ...

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Investment Europe

GUILD TO MULTI-ASSET INVESTING

Multi-asset investing has recently soared in popularity as investors seek portfolios that combine diversification, dynamic asset allocation and rick management.
As ...

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World Finance

VIDEO: Asset management and financial industries in general have changed dramatically since the 2008 crisis

World Finance asked Yoram Lustig, author of Multi-Asset Investing, how regulated the ...

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