​PE 18-19: Module 5:

Selection & monitoring of external investment managers​

​12 en 19 maart​​

Institutional investors are increasingly relying on specialized external investment managers for implementation of investment strategies. Important drivers of this development are: increasing efficiency of (parts of) financial markets, operational complexity, regulatory pressure, and cost awareness. Asset managers are meeting the business opportunity by offering a wide range of investment products, offering something for everyone. However, do these products really meet the investment objectives of asset owners, and do asset owners really know what they are looking for in the first place? 

In this PE module, we place the process of selection & monitoring external managers in the context of the overall investment policy and governance structure. We also address important considerations such as: mandate structuring, the value (and costs) of active investment mandates, skill versus luck in generating outperformance, the pitfalls of quantitative performance analysis, legal and  operational due diligence. The course provides a good balance between theoretical content and practical applications.

Instructors
Wouter ten Brinke is Managing Director at Anthos Fund & Asset Management in Amsterdam. Responsibilities include: global macro and asset allocation, and client portfolio management. Wouter has over 20 years of experience in financial markets and asset management, of which 8 years in manager selection, due diligence and monitoring at hedge fund firm Theta Capital Management.

Richard Jacobs and Sven Smeets, are both Managing Directors at Kempen Capital Management in Amsterdam. Responsbilities include: private markets and external investment managers. Before joining Kempen Capital Management in 2017, Richard and Sven worked for Altis Investment Management, mananging client portfolios on the basis of manager and mandate selection.

For who
The module is suitable for everyone who is working with external asset managers: as asset owner, investment consultant, portfolio manager, pension fund manager or as a board/committee member.

Program
The first day we will start by placing the manager selection process in the context of the overall investment policy and investment program. We learn how to avoid performance pitfalls and make manager selection a forward-looking process. How much of the manager performance can be attributed to skills and implementation, and how much to the environment (capital market conditions or luck)? Participants will work through a stylized example of a typical manager selection workflow, with a prominent role for setting expectations regarding risk, return and role of the external manager in the overall investment portfolio. 

On the second day, participants will be requested to present one of their own case studies.  An important decision when designing an investment program is the choice between active and passive management: we look at the empirical evidence and factors that may improve the chances of success in active investment management. Blending quantitative risk-return analysis with a structured qualitative due diligence framework, asset owners will need a broad set of skills, capabilities and industry experience to support their process. Finally, during operational and legal due diligence, we assess the operational infrastructure and governance in the context of the investment strategy.

Interested?

• ​​Everyone is welcome. To ensure a balanced interaction with the teacher and fellow students the number of course participants is limited to a maximum of 25.
• The course material will be sent to you upon registration.  
• During the course preparation instructors are supervised by an academic coordinator to ensure the quality of the courses is in accordance with the objectives of CFA Society VBA Netherlands.
• ​​​You will receive a certificate of participation.

Terms and Conditions

Stichting VBA Opleidingsinstituut Morreau (Training Institute) is the education and training institute of CFA Society VBA N​etherlands and as such organizes and executes the society’s PE Modules. 

Registration and payment

Upon registration you will receive an invoice for the course fee, after which there is a 14 day period to change your mind. You will be informed immediately if the course is fully booked.  You can cancel your registration without cost up to four weeks before the start. After four weeks the course will be charged in full.

Changes and cancellation

The Training Institute reserves the right to make changes (including the content, format, instructors, course material, date, time and location) in the announced courses and / or to cancel the announced courses without providing a reason. The Training Institute mandates a minimum number of 10 participants. In case of cancellation full refund will take place. Refunds will be processed within 14 days. The Training Institute is never liable for lost student income.

Ownership and confidentiality

The Training Institute holds the property rights for course materials. The Training Institute declares that all information provided by students is treated as confidential by the Training Institute, its employees and the lecturers.