Fund Management in the Public And Nonprofit Sectors

Course Code: FA32

►Course Objective

 

  • This course is designed to provide endowments, and foundations with a basic understanding of institutional investment management.
  •  With the key concepts covered in this course (portfolio construction, the risk and return characteristics of major asset classes, due diligence, investment decision making, and fiduciary responsibility),
  • understand the operations of an institution’s investment pool as well as evaluate investment
  • governance policy issues.

 

►Target Audience

 

  • Finance professionals
  • Fund manager
  • Commercial managers
  • Divisional managers

 

►Course Outline

 

Lecture 1

  • Overview of investing
  • Typology of assets: real, financial, derivative
  • Characteristics of assets (Historical returns, volatility, correlation)
    • Public equities (geography of issuance, market capitalization, growth versus value, emerging versus developed markets)
    • Fixed income (Treasuries, TIPS, corporate, mortgages, asset backed securities); understanding and measuring credit risk and interest rate risk
    • Cash equivalents
  • Key financial concepts:  present value, future value, compound interest, measuring rates of return.

Lecture 2

  • Characteristics of assets (Continued)
    • Real estate, real assets, commodities
    • Gold
    • Currency management
    • Options
    • Private equity
    • Hedge funds

Lecture 3

  • Overview of the institutional investing environment
    • Investors:  sovereign wealth funds, public and corporate pension plans, endowments, foundations, family offices
    • Consultants:  general and specialized asset classes
    • Investment managers:  banks, specialized firms, partnerships
    • Internal investment staff
    • Custodian banks

Lecture 4

  • The role of investment assets in the operation of endowments and foundations; spending levels
  • Fiduciary obligation:  the prudent person and prudent investor standards
  • Documenting the investment policy: elements of an investment policy statement
  • Behavioral finance:  overview of cognitive issues that affect the investment process
  • Alignment of interest:  managing conflicts of interest and agency risk

Lecture 5

  • Regulatory environment:  state not-for-profit corporation laws; financial market regulators; SEC, IRS, ERISA
  • Taxation
  • The investment horizon: spend down, perpetuity, funding specific liabilities
  • Intergenerational equity
  • Defining investment objectives through the investment policy statement


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Date & Location

Date : 17 March 2019

Duration : 5 days

Place : Cairo

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Date : 22 September 2019

Duration : 5 days

Place : Kuala Lumpur

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Date : 17 November 2019

Duration : 5 days

Place : Istanbul

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