| Foreword Preface CHAPTER 1 The Pendulum Swings Back in Asset Management The Forces of History The Rise of Modern Portfolio Theory Support for Shares The New Paradigm The Rise of Indexing Discontent with the Paradigm The Need for Fiduciary Managers CHAPTER 2 Pension Plans; The Principal Setting for Fiduciary Management The Historical Idea of Pensions A Patchwork of Pension Provisions Organization and Regulation of the Pension System in several OECD Countries Denmark France Germany The Netherlands Marking to Market Sufficiency Test Sweden Switzerland United Kingdom The United States Australia Similarities and Differences Commonalities on the Asset Side CHAPTER 3 The Role of the fiduciary Manager as Chief Advisor The Asset-Liability Study Thinking through Risk and Return Portfolio Construction Selecting and Overseeing Investment Managers Measuring and Benchmarking Education The Trusted Counselor, the Fellow Fiduciary CHAPTER 4 Shaping the Fundamental Investment Policies Liability-Driven Investments Choosing an Active Investment Policy Integrating Active Policy in the Overall Portfolio Completion Account as a Necessary Adjunct to Active Policy The Fiduciary Platform to Integrate Active Policy in the Overall Investment Portfolio A Special Case: Bridging the Duration Gap What a Fiduciary Manager's Report Looks Like CHAPTER 5 Asset-Liability Modeling and the Fiduciary Manager The Role of the Fiduciary Manager The Asset-Liability Model (ALM) Policy Instruments Used in Asset-Liability Modeling Calculations to Cope with Uncertainty The Crucial Role of ALM Asset-Liability Modeling in Practice Prognosis of Future Reserves without Policy Changes Future Financial Situation with Flexible Premium Levels under the Regime of a Fixed Compound Rate Future Financial Situation with Flexible Premium Levels under the Regime of Compound Rates Equalto Market Interest Rates Future Financial Situation with Changes in Investment Policy …… CHAPTER 6 Fiduciary Management In Practice-Portfolio Construction CHAPTER 7 Horses For Courses-Selecting And Overseeing Investment Managers CHAPTER 8 Performance Measurement and Benchmarking CHAPTER 9 The Fiduciary Manager Experience in the Netherlands and Beyond CHAPTER 10 Summing Up Fiduciary Management:What It Is and Is Not Appendix:Suppliers of Fiduciary Services Notes Bibliography Index |
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