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class="vector-toc-numb">2</span> <span>Industry scope</span> </div> </a> <button aria-controls="toc-Industry_scope-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Industry scope subsection</span> </button> <ul id="toc-Industry_scope-sublist" class="vector-toc-list"> <li id="toc-Key_problems_of_running_such_businesses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Key_problems_of_running_such_businesses"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Key problems of running such businesses</span> </div> </a> <ul id="toc-Key_problems_of_running_such_businesses-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Representing_the_owners_of_shares" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Representing_the_owners_of_shares"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Representing the owners of shares</span> </div> </a> <ul id="toc-Representing_the_owners_of_shares-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Size_of_the_global_fund_management_industry" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Size_of_the_global_fund_management_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Size of the global fund management industry</span> </div> </a> <ul id="toc-Size_of_the_global_fund_management_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Philosophy,_process,_and_people" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Philosophy,_process,_and_people"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Philosophy, process, and people</span> </div> </a> <button aria-controls="toc-Philosophy,_process,_and_people-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Philosophy, process, and people subsection</span> </button> <ul id="toc-Philosophy,_process,_and_people-sublist" class="vector-toc-list"> <li id="toc-Ethical_principles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ethical_principles"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Ethical principles</span> </div> </a> <ul id="toc-Ethical_principles-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Investment_managers_and_portfolio_structures" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Investment_managers_and_portfolio_structures"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Investment managers and portfolio structures</span> </div> </a> <button aria-controls="toc-Investment_managers_and_portfolio_structures-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Investment managers and portfolio structures subsection</span> </button> <ul id="toc-Investment_managers_and_portfolio_structures-sublist" class="vector-toc-list"> <li id="toc-Asset_allocation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asset_allocation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Asset allocation</span> </div> </a> <ul id="toc-Asset_allocation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Long-term_returns" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Long-term_returns"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Long-term returns</span> </div> </a> <ul id="toc-Long-term_returns-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Diversification" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Diversification"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Diversification</span> </div> </a> <ul id="toc-Diversification-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Investment_styles" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Investment_styles"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Investment styles</span> </div> </a> <ul id="toc-Investment_styles-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Performance_measurement" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Performance_measurement"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Performance measurement</span> </div> </a> <button aria-controls="toc-Performance_measurement-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Performance measurement subsection</span> </button> <ul id="toc-Performance_measurement-sublist" class="vector-toc-list"> <li id="toc-Risk-adjusted_performance_measurement" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risk-adjusted_performance_measurement"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Risk-adjusted performance measurement</span> </div> </a> <ul id="toc-Risk-adjusted_performance_measurement-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Education_or_certification" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Education_or_certification"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Education or certification</span> </div> </a> <ul id="toc-Education_or_certification-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_management" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Money_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Money management</span> </div> </a> <button aria-controls="toc-Money_management-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Money management subsection</span> </button> <ul id="toc-Money_management-sublist" class="vector-toc-list"> <li id="toc-Comparison_to_wealth_management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Comparison_to_wealth_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.1</span> <span>Comparison to wealth management</span> </div> </a> <ul id="toc-Comparison_to_wealth_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Trading_and_investment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Trading_and_investment"> <div class="vector-toc-text"> <span class="vector-toc-numb">9.2</span> <span>Trading and investment</span> </div> </a> <ul id="toc-Trading_and_investment-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> 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class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Investment management</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 13 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-13" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">13 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9_%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1" title="إدارة الاستثمار – Arabic" lang="ar" hreflang="ar" data-title="إدارة الاستثمار" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0nvestisiya_menecmenti" title="İnvestisiya menecmenti – Azerbaijani" lang="az" hreflang="az" data-title="İnvestisiya menecmenti" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Investitionsmanagement" title="Investitionsmanagement – German" lang="de" hreflang="de" data-title="Investitionsmanagement" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%AF%DB%8C%D8%B1%DB%8C%D8%AA_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C" title="مدیریت سرمایه‌گذاری – Persian" lang="fa" hreflang="fa" data-title="مدیریت سرمایه‌گذاری" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%86%D5%A5%D6%80%D5%A4%D6%80%D5%B8%D6%82%D5%B4%D5%B6%D5%A5%D6%80%D5%AB_%D5%AF%D5%A1%D5%BC%D5%A1%D5%BE%D5%A1%D6%80%D5%B8%D6%82%D5%B4" title="Ներդրումների կառավարում – Armenian" lang="hy" hreflang="hy" data-title="Ներդրումների կառավարում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Gest%C3%A3o_de_investimentos" title="Gestão de investimentos – Portuguese" lang="pt" hreflang="pt" data-title="Gestão de investimentos" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A3%D0%BF%D1%80%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%B8%D0%B5_%D0%B8%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D0%B8%D1%8F%D0%BC%D0%B8" title="Управление инвестициями – Russian" lang="ru" hreflang="ru" data-title="Управление инвестициями" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Portfolio_management" title="Portfolio management – Simple English" lang="en-simple" hreflang="en-simple" data-title="Portfolio management" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Varainhoito" title="Varainhoito – Finnish" lang="fi" hreflang="fi" data-title="Varainhoito" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%86%D0%BD%D0%B2%D0%B5%D1%81%D1%82%D0%B8%D1%86%D1%96%D0%B9%D0%BD%D0%B8%D0%B9_%D0%BC%D0%B5%D0%BD%D0%B5%D0%B4%D0%B6%D0%BC%D0%B5%D0%BD%D1%82" title="Інвестиційний менеджмент – Ukrainian" lang="uk" hreflang="uk" data-title="Інвестиційний менеджмент" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Qu%E1%BA%A3n_l%C3%BD_%C4%91%E1%BA%A7u_t%C6%B0" title="Quản lý đầu tư – Vietnamese" lang="vi" hreflang="vi" data-title="Quản lý đầu tư" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%8A%95%E8%B3%87%E7%AE%A1%E7%90%86" title="投資管理 – Cantonese" lang="yue" hreflang="yue" data-title="投資管理" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%8A%95%E8%B5%84%E7%AE%A1%E7%90%86" title="投资管理 – Chinese" lang="zh" hreflang="zh" data-title="投资管理" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q14864997#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div 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for the benefit of investors</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Investment_management" title="Special:EditPage/Investment management">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Investment+management%22">"Investment management"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Investment+management%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Investment+management%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Investment+management%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Investment+management%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Investment+management%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">November 2018</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Investment management</b> (sometimes referred to more generally as <b>asset management</b>) is the professional <a href="/wiki/Asset_management" title="Asset management">asset management</a> of various <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>, including shareholdings, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, and other <a href="/wiki/Asset" title="Asset">assets</a>, such as <a href="/wiki/Real_estate" title="Real estate">real estate</a>, to meet specified <a href="/wiki/Investment" title="Investment">investment</a> goals for the benefit of <a href="/wiki/Investor" title="Investor">investors</a>. Investors may be <a href="/wiki/Institutions" class="mw-redirect" title="Institutions">institutions</a>, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment <a href="/wiki/Contract" title="Contract">contracts/mandates</a> or via <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment schemes</a> like <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded funds</a>, or <a href="/wiki/REIT" class="mw-redirect" title="REIT">Real estate investment trusts</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Investment">Investment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=1" title="Edit section: Investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Source:<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Venture the board includes expertly overseeing speculation portfolios for the benefit of clients to accomplish their monetary objectives. This incorporates key resource designation, developing broadened portfolios, and effectively observing execution while relieving gambles. Speculation administrators use exploration and examination to recognize valuable open doors and pursue informed choices, guaranteeing portfolios line up with client targets and hazard resilience. In addition, successful investment management requires adherence to ethical standards, compliance with regulations, and effective communication with clients. </p><p>The term <i>investment management</i> is often used to refer to the management of <a href="/wiki/Investment_funds" class="mw-redirect" title="Investment funds">investment funds</a>, most often specializing in <a href="/wiki/Private_equity" title="Private equity">private</a> and <a href="/wiki/Public_equity" class="mw-redirect" title="Public equity">public equity</a>, <a href="/wiki/Real_assets" title="Real assets">real assets</a>, <a href="/wiki/Alternative_assets" class="mw-redirect" title="Alternative assets">alternative assets</a>, and/or bonds. The more generic term <i>asset management</i> may refer to management of assets not necessarily primarily held for investment purposes. </p><p>Most investment management clients can be classified as either <i>institutional</i> or <i>retail/advisory</i>, depending on if the client is an institution or private individual/<a href="/wiki/Family_trust" class="mw-redirect" title="Family trust">family trust</a>. Investment managers who specialize in <i>advisory</i> or <a href="/wiki/Discretionary_Investment_Management" class="mw-redirect" title="Discretionary Investment Management"><i>discretionary</i> management</a> on behalf of (normally wealthy) private investors may often refer to their services as <a href="/wiki/Money_management" class="mw-redirect" title="Money management">money management</a> or portfolio management within the context of "<a href="/wiki/Private_banking" title="Private banking">private banking</a>". <a href="/wiki/Wealth_management" title="Wealth management">Wealth management</a> by financial advisors takes a more holistic view of a client, with allocations to particular asset management strategies. </p><p>The term fund manager, or <a href="/wiki/Financial_adviser" title="Financial adviser">investment adviser</a> in the United States, refers to both a firm that provides investment management services and to the individual who directs fund management decisions.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The five largest asset managers are holding 22.7 percent of the externally held assets.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Nevertheless, the market concentration, measured via the <a href="/wiki/Herfindahl%E2%80%93Hirschman_Index" class="mw-redirect" title="Herfindahl–Hirschman Index">Herfindahl-Hirschmann Index</a>, could be estimated at 173.4 in 2018, showing that the industry is not very concentrated.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Industry_scope">Industry scope</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=2" title="Edit section: Industry scope"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The business of investment has several facets, the employment of professional fund managers, research (of individual assets and <a href="/wiki/Asset_classes" title="Asset classes">asset classes</a>), dealing, settlement, marketing, <a href="/wiki/Internal_audit" title="Internal audit">internal auditing</a>, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution). </p> <div class="mw-heading mw-heading3"><h3 id="Key_problems_of_running_such_businesses">Key problems of running such businesses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=3" title="Edit section: Key problems of running such businesses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Key problems include: </p> <ul><li>Revenue is directly linked to market valuations, so a major fall in asset prices can cause a precipitous decline in revenues relative to costs.</li> <li>Above-average fund performance is difficult to sustain, and clients may not be patient during times of poor performance.</li> <li>Successful fund managers are expensive and may be headhunted by competitors.</li> <li>Above-average fund performance appears to be dependent on the unique skills of the fund manager; however, clients are loath to stake their investments on the ability of a few individuals- they would rather see firm-wide success, attributable to a single philosophy and internal discipline.</li> <li>Analysts who generate above-average returns often become sufficiently wealthy that they avoid corporate employment in favor of managing their personal portfolios.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Representing_the_owners_of_shares">Representing the owners of shares</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=4" title="Edit section: Representing the owners of shares"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Institutions often control huge shareholdings. In most cases, they are acting as fiduciary agents rather than principals (direct owners). The owners of shares theoretically have great power to alter the companies via the voting rights the shares carry and the consequent ability to pressure managements, and if necessary out-vote them at annual and other meetings. </p><p>In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. Institutional shareholders should exercise more active influence over the companies in which they hold shares (e.g., to hold managers to account, to ensure Board's effective functioning). Such action would add a <a href="/wiki/Advocacy_group" title="Advocacy group">pressure group</a> to those (the regulators and the Board) overseeing management. </p><p>However, there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficiaries. Assuming that the institution polls, should it then: (i) Vote the entire holding as directed by the majority of votes cast? (ii) Split the vote (where this is allowed) according to the proportions of the vote? (iii) Or respect the abstainers and only vote the respondents' holdings? </p><p>The price signals generated by large active managers holding or not holding the stock may contribute to management change. For example, this is the case when a large active manager sells his position in a company, leading to (possibly) a decline in the stock price, but more importantly a loss of confidence by the markets in the management of the company, thus precipitating changes in the management team. </p><p>Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e. 10% or more) and putting pressure on <a href="/wiki/Management" title="Management">management</a> to implement significant changes in the business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other hand, some of the largest investment managers—such as <a href="/wiki/BlackRock" title="BlackRock">BlackRock</a> and <a href="/wiki/The_Vanguard_Group" title="The Vanguard Group">Vanguard</a>—advocate simply owning every company, reducing the incentive to influence management teams. A reason for this last strategy is that the investment manager prefers a closer, more open, and honest relationship with a company's management team than would exist if they exercised control; allowing them to make a better investment decision. </p><p>The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the <a href="/wiki/Law" title="Law">law</a> as a lever to pressure management teams. In Japan, it is traditional for shareholders to be below in the 'pecking order', which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a <i>stakeholder</i> mentality, in which they seek consensus amongst all interested parties (against a background of strong <a href="/wiki/Trade_union" title="Trade union">unions</a> and labor <a href="/wiki/Legislation" title="Legislation">legislation</a>). </p> <div class="mw-heading mw-heading2"><h2 id="Size_of_the_global_fund_management_industry">Size of the global fund management industry</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=5" title="Edit section: Size of the global fund management industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Conventional <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> of the global fund management industry increased by 10% in 2010, to $79.3 trillion. <a href="/wiki/Pension" title="Pension">Pension</a> assets accounted for $29.9 trillion of the total, with $24.7 trillion invested in mutual funds and $24.6 trillion in insurance funds. Together with alternative assets (sovereign wealth funds, hedge funds, private equity funds, and exchange-traded funds) and funds of wealthy individuals, assets of the global fund management industry totalled around $117 trillion. Growth in 2010 followed a 14% increase in the previous year and was due both to the recovery in equity markets during the year and an inflow of new funds. </p><p>As of 2011<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Investment_management&action=edit">[update]</a></sup> the US remained by far the biggest source of funds, accounting for around a half of conventional <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> or some $36 trillion. The UK was the second-largest centre in the world and by far the largest in Europe with around 8% of the global total.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Philosophy,_process,_and_people"><span id="Philosophy.2C_process.2C_and_people"></span>Philosophy, process, and people</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=6" title="Edit section: Philosophy, process, and people"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The 3-P's (Philosophy, Process, and People) are often used to describe the reasons why the manager can produce above-average results. </p> <ul><li><b>Philosophy</b> refers to the overarching beliefs of the investment organization. For example: (i) Does the manager buy <a href="/wiki/Growth_investing" title="Growth investing">growth</a> or value shares, or a combination of the two (and why)? (ii) Do they believe in market timing (and on what evidence)? (iii) Do they rely on external research or do they employ a team of researchers? It is helpful if all of such fundamental beliefs are supported by proof-statements.</li> <li><b>Process</b> refers to how the overall philosophy is implemented. For example: (i) Which universe of assets is explored before particular assets are chosen as suitable investments? (ii) How does the manager decide what to buy and when? (iii) How does the manager decide what to sell and when? (iv) Who takes the decisions and are they taken by committee? (v) What controls are in place to ensure that a rogue fund (one very different from others and from what is intended) cannot arise?</li> <li><b>People</b> refer to the staff, especially the fund managers. The questions are, Who are they? How are they selected? How old are they? Who reports to whom? How deep is the team (and do all the members understand the philosophy and process they are supposed to be using)? And most important of all, How long has the team been working together? This last question is vital because whatever performance record was presented at the outset of the relationship with the client may or may not relate to (have been produced by) a team that is still in place. If the team has changed greatly (high staff turnover or changes to the team), then arguably the performance record is completely unrelated to the existing team (of fund managers).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Ethical_principles">Ethical principles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=7" title="Edit section: Ethical principles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ethical or religious principles may be used to determine or guide the way in which money is invested. Christians tend to follow the <a href="/wiki/Biblical_money_management" title="Biblical money management">Biblical scripture</a>. Several religions follow <a href="/wiki/Mosaic_law" class="mw-redirect" title="Mosaic law">Mosaic law</a> which proscribed the charging of <a href="/wiki/Interest#History" title="Interest">interest</a>. The <a href="/wiki/Quakers" title="Quakers">Quakers</a> forbade involvement in the <a href="/wiki/History_of_slavery" title="History of slavery">slave trade</a> and so started the concept of <a href="/wiki/Ethical_investment" class="mw-redirect" title="Ethical investment">ethical investment</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Investment_managers_and_portfolio_structures">Investment managers and portfolio structures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=8" title="Edit section: Investment managers and portfolio structures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At the heart of the investment management industry are the managers who invest and divest client investments. </p><p>A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments. </p> <div class="mw-heading mw-heading3"><h3 id="Asset_allocation">Asset allocation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=9" title="Edit section: Asset allocation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Portfolio_optimization" title="Portfolio optimization">Portfolio optimization</a></div> <p>The different <a href="/wiki/Asset_class" class="mw-redirect" title="Asset class">asset class</a> definitions are widely debated, but four common divisions are cash and fixed income (such as certificates of deposit), <a href="/wiki/Share_capital" title="Share capital">stocks</a>, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and <a href="/wiki/Real_estate" title="Real estate">real estate</a>. The exercise of allocating funds among these assets (and among individual securities within each asset class) is what investment management firms are paid for. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of money among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset allocation, and separating individual holdings, to outperform certain benchmarks (e.g., the peer group of competing funds, bonds, and stock indices). </p> <div class="mw-heading mw-heading3"><h3 id="Long-term_returns">Long-term returns</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=10" title="Edit section: Long-term returns"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (e.g. 10+ years) in most countries, equities have generated higher returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this is because equities are riskier (more volatile) than bonds which are themselves riskier than cash. </p> <div class="mw-heading mw-heading3"><h3 id="Diversification">Diversification</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=11" title="Edit section: Diversification"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Against the background of the asset allocation, fund managers consider the degree of <a href="/wiki/Diversification_(finance)" title="Diversification (finance)">diversification</a> that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification was originated by Markowitz (and many others). Effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and <a href="/wiki/Cross-correlation" title="Cross-correlation">cross-correlations</a> between the returns. </p> <div class="mw-heading mw-heading2"><h2 id="Investment_styles">Investment styles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=12" title="Edit section: Investment styles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Investment_style" title="Investment style">Investment style</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Style_investing" title="Style investing">Style investing</a> and <a href="/wiki/Style_drift" title="Style drift">Style drift</a></div> <p>There is a range of different <a href="/wiki/Investment_style" title="Investment style">styles</a> of fund management that the institution can implement. For example, <a href="/wiki/Growth_investing" title="Growth investing">growth</a>, value, growth at a reasonable price (GARP), <a href="/wiki/Market_neutral" title="Market neutral">market neutral</a>, small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents, and in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully. </p><p>Large asset managers are increasingly profiling their equity portfolio managers to trade their orders more effectively. While this strategy is less effective with small-cap trades, it has been effective for portfolios with large-cap companies. </p> <div class="mw-heading mw-heading2"><h2 id="Performance_measurement">Performance measurement</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=13" title="Edit section: Performance measurement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Investment_fund" title="Investment fund">Fund</a> <a href="/wiki/Performance" title="Performance">performance</a> is often thought to be the acid test of fund management, and in the institutional context, accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is also measured by external firms that specialize in performance measurement. The leading performance measurement firms (e.g. <a href="/wiki/Russell_Investment_Group" class="mw-redirect" title="Russell Investment Group">Russell Investment Group</a> in the US or BI-SAM<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> in Europe) compile aggregate industry data, e.g., showing how funds in general performed against given <a href="/wiki/Performance" title="Performance">performance</a> <a href="/wiki/Stock_market_index" title="Stock market index">indices</a> and peer groups over various periods. </p><p>In a typical case (let us say an <a href="/wiki/Equity_fund" class="mw-redirect" title="Equity fund">equity fund</a>), the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g., +4.6% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and <a href="/wiki/Decile" title="Decile">decile</a> data and close attention would be paid to the (percentile) ranking of any fund. </p><p>It is probably appropriate for an investment firm to persuade its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out very short-term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industry-wide, there is a serious preoccupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions). One effective solution to this problem is to include a minimum evaluation period in the investment management agreement, whereby the minimum evaluation period equals the investment manager's investment horizon.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>An enduring problem is whether to measure <a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">before-tax</a> or after-tax performance. After-tax measurement represents the benefit to the investor, but investors' tax positions may vary. Before-tax measurement can be misleading, especially in regimens that tax realised capital gains (and not unrealised). It is thus possible that successful active managers (measured before tax) may produce miserable after-tax results. One possible solution is to report the after-tax position of some standard taxpayer. </p> <div class="mw-heading mw-heading3"><h3 id="Risk-adjusted_performance_measurement">Risk-adjusted performance measurement</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=14" title="Edit section: Risk-adjusted performance measurement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Performance measurement should not be reduced to the evaluation of fund returns alone, but must also integrate other fund elements that would be of interest to investors, such as the measure of risk taken. Several other aspects are also part of performance measurement: evaluating if managers have succeeded in reaching their objective, i.e. if their return was sufficiently high to reward the risks taken; how they compare to their peers; and finally, whether the portfolio management results were due to luck or the manager's skill. The need to answer all these questions has led to the development of more sophisticated performance measures, many of which originate in <a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">modern portfolio theory</a>. Modern portfolio theory established the quantitative link that exists between portfolio risk and returns. The <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">capital asset pricing model</a> (CAPM) developed by Sharpe (1964) highlighted the notion of rewarding risk and produced the first performance indicators, be they risk-adjusted ratios (<a href="/wiki/Sharpe_ratio" title="Sharpe ratio">Sharpe ratio</a>, information ratio) or differential returns compared to benchmarks (alphas). The Sharpe ratio is the simplest and best-known performance measure. It measures the return of a portfolio over above the risk-free rate, compared to the total risk of the portfolio. This measure is said to be absolute, as it does not refer to any benchmark, avoiding drawbacks related to a poor choice of benchmark. Meanwhile, it does not allow the separation of the performance of the market in which the portfolio is invested from that of the manager. The information ratio is a more general form of the Sharpe ratio in which the risk-free asset is replaced by a benchmark portfolio. This measure is relative, as it evaluates portfolio performance about a benchmark, making the result strongly dependent on this benchmark choice. </p><p>Portfolio alpha is obtained by measuring the difference between the return of the portfolio and that of a benchmark portfolio. This measure appears to be the only reliable performance measure to evaluate active management. we have to distinguish between normal returns, provided by the fair reward for portfolio exposure to different risks, and obtained through passive management, from abnormal performance (or outperformance) due to the manager's skill (or luck), whether through <a href="/wiki/Market_timing" title="Market timing">market timing</a>, <a href="/wiki/Stock_picking" class="mw-redirect" title="Stock picking">stock picking</a>, or good fortune. The first component is related to allocation and style investment choices, which may not be under the sole control of the manager, and depends on the economic context, while the second component is an evaluation of the success of the manager's decisions. Only the latter, measured by alpha, allows the evaluation of the manager's true performance (but then, only if you assume that any outperformance is due to the skill and not luck). </p><p>Portfolio returns may be evaluated using factor models. The first model, proposed by Jensen (1968), relies on the <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">CAPM</a> and explains portfolio returns with the market index as the only factor. It quickly becomes clear, however, that one factor is not enough to explain the returns very well and that other factors have to be considered. Multi-factor models were developed as an alternative to the <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">CAPM</a>, allowing a better description of portfolio risks and a more accurate evaluation of a portfolio's performance. For example, Fama and French (1993) have highlighted two important factors that characterize a company's risk in addition to market risk. These factors are the book-to-market ratio and the company's size as measured by its market capitalization. Fama and French-, therefore proposed a three-factor model to describe portfolio normal returns (<a href="/wiki/Fama%E2%80%93French_three-factor_model" title="Fama–French three-factor model">Fama–French three-factor model</a>). Carhart (1997) proposed adding momentum as a fourth factor to allow the short-term persistence of returns to be taken into account. Also of interest for performance measurement is Sharpe's (1992) <a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">style analysis</a> model, in which factors are style indices. This model allows a custom benchmark for each portfolio to be developed, using the linear combination of style indices that best replicate portfolio style allocation, and leads to an accurate evaluation of portfolio alpha. However, certain research indicates that internet data may not necessarily enhance the precision of predictive models.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Education_or_certification">Education or certification</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=15" title="Edit section: Education or certification"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable floatright" width="200"> <tbody><tr align="center"> <td colspan="1">Investment management certifications </td></tr> <tr> <td rowspan="2"> <ul><li><a href="/wiki/Chartered_Alternative_Investment_Analyst" title="Chartered Alternative Investment Analyst">Chartered Alternative Investment Analyst</a> (CAIA)</li> <li><a href="/wiki/Chartered_Financial_Analyst" title="Chartered Financial Analyst">Chartered Financial Analyst</a> (CFA)</li> <li><a href="/wiki/Chartered_Investment_Manager" class="mw-redirect" title="Chartered Investment Manager">Chartered Investment Manager</a> (CIM)</li> <li><a href="/wiki/Chartered_Institute_for_Securities_%26_Investment#Qualifications" title="Chartered Institute for Securities & Investment">Chartered Wealth Manager</a> (CWM)</li> <li><a href="/wiki/Certified_International_Investment_Analyst" title="Certified International Investment Analyst">Certified International Investment Analyst</a> (CIIA)</li></ul> </td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Financial_analyst#Qualification" title="Financial analyst">Financial analyst § Qualification</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Professional_certification_in_financial_services#Investments" title="Professional certification in financial services">Professional certification in financial services § Investments</a>, and <a href="/wiki/Outline_of_finance#Education" title="Outline of finance">Outline of finance § Education</a></div> <p>At the <a href="/wiki/Undergraduate" class="mw-redirect" title="Undergraduate">undergraduate</a> level, several <a href="/wiki/Business_school" title="Business school">business schools</a> and universities internationally offer "Investments" as a subject <sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> within their degree; further, some universities, in fact, confer a specialist <a href="/wiki/Bachelor%27s_degree" title="Bachelor's degree">bachelor's degree</a>, <a href="/wiki/Tagged_degree" class="mw-redirect" title="Tagged degree">with title</a> in "Investment Management" or in "Asset Management" or in "Financial Markets". <sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> <sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Increasingly, <sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> those with aspirations to work as an investment manager, require further education beyond a bachelor's degree in business, finance, or economics. </p> <ul><li>Designations such as the <a href="/wiki/Chartered_Financial_Analyst" title="Chartered Financial Analyst">Chartered Financial Analyst</a> (CFA), internationally, or the more local <a href="/wiki/Chartered_Investment_Manager" class="mw-redirect" title="Chartered Investment Manager">Chartered Investment Manager</a> (CIM) in Canada, and the <a href="/wiki/Certified_International_Investment_Analyst" title="Certified International Investment Analyst">Certified International Investment Analyst</a> (CIIA) in Europe and Asia, are increasingly required for advancement; even to gain entry-level positions in the industry, enrollment / partial completion of exams is often helpful.</li> <li>Further, a <a href="/wiki/Graduate_degree" class="mw-redirect" title="Graduate degree">graduate degree</a> - typically the <a href="/wiki/MBA" class="mw-redirect" title="MBA">MBA</a> or <a href="/wiki/Master_of_Finance" title="Master of Finance">MSF</a>, or the more specialized <a href="/wiki/Master_of_Finance#Structure" title="Master of Finance">Masters in Investment Management</a> - may also be required for advancement to senior roles; and lately for entry-level roles.</li></ul> <p>There is much discussion as to the various factors that can affect the performance of an investment manager, including the manager's qualifications. Some conclude <sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> that there is no evidence that any particular qualification enhances the manager's ability to select investments that result in above-average returns. But see also <a href="/wiki/Chartered_Financial_Analyst#Efficacy_of_the_CFA_program" title="Chartered Financial Analyst">Chartered Financial Analyst § Efficacy of the CFA program</a> re related research. </p> <div class="mw-heading mw-heading2"><h2 id="Money_management">Money management</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=16" title="Edit section: Money management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><b>Money management</b> is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one's money, which includes investment management and <a href="/wiki/Wealth_management" title="Wealth management">wealth management</a>. </p><p>Money management is a strategic technique to make money yield </p><p>the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon. The idea of money management techniques has been developed to reduce the amount that individuals, firms, and institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets. <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a>, in one of his documentaries, admonished prospective investors to embrace his highly esteemed "frugality" ideology. This involves making every financial transaction worth the expense: </p><p>1. avoid any expense that appeals to vanity or snobbery<br /> 2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)<br /> 3. favor expenditures on interest-bearing items over all others<br /> 4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system. </p><p>These techniques are investment-boosting and portfolio-multiplying. There are certain companies as well that offer services, provide counseling and different models for managing money. These are designed to manage grace assets and make them grow.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Comparison_to_wealth_management">Comparison to wealth management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=17" title="Edit section: Comparison to wealth management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Wealth_management" title="Wealth management">Wealth management</a>, where <a href="/wiki/Financial_adviser" title="Financial adviser">financial advisors</a> perform <a href="/wiki/Financial_plan" title="Financial plan">financial planning</a> for clients, has traditionally served as an intermediary to investment managers in the United States and less so in Europe.<sup id="cite_ref-:0_21-0" class="reference"><a href="#cite_note-:0-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> However, as of 2019, the lines were becoming blurred.<sup id="cite_ref-:0_21-1" class="reference"><a href="#cite_note-:0-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Trading_and_investment">Trading and investment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=18" title="Edit section: Trading and investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Money management is used in investment management and deals with the question of how much <a href="/wiki/Risk" title="Risk">risk</a> a decision maker should take in situations where <a href="/wiki/Uncertainty" title="Uncertainty">uncertainty</a> is present. More precisely what <a href="/wiki/Percentage" title="Percentage">percentage</a> or what part of the decision maker's wealth should be put into <a href="/wiki/Risk" title="Risk">risk</a> in order to maximize the decision maker's <a href="/wiki/Utility_function" class="mw-redirect" title="Utility function">utility function</a>.<sup id="cite_ref-Harris2002_22-0" class="reference"><a href="#cite_note-Harris2002-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Money management can mean gaining greater control over outgoings and incomings, both in a personal and business perspective. Greater money management can be achieved by establishing budgets and analyzing costs and income etc. </p><p>In stock and <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a>, money management plays an important role in every success of a trading system. This is closely related with trading expectancy: </p><p>“Expectancy” which is the average amount you can expect to win or lose per dollar at risk. Mathematically: </p><p>Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss) </p><p>So for example even if a trading system has 60% losing probability and only 40% winning of all trades, using money management a trader can set his average win substantially higher compared to his average loss in order to produce a profitable trading system. If he set his average win at around $400 per trade (this can be done using proper exit strategy) and managing/limiting the losses to around $100 per trade; the expectancy is around: </p><p>Expectancy = (Trading system Winning probability * Average Win) – (Trading system losing probability * Average Loss) Expectancy = (0.4 x 400) - (0.6 x 100)=$160 - $60 = $100 net average profit per trade (of course commissions are not included in the computations). </p><p>Therefore, the key to successful money management is maximizing every winning trades and minimizing losses (regardless whether you have a winning or losing trading system, such as %Loss probability > %Win probability).<sup id="cite_ref-StockTwitsEdge_23-0" class="reference"><a href="#cite_note-StockTwitsEdge-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=19" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Active_management" title="Active management">Active management</a></li> <li><a href="/wiki/Alpha_capture_system" title="Alpha capture system">Alpha capture system</a></li> <li><a href="/wiki/Asset_management_company" class="mw-redirect" title="Asset management company">Asset management company</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/Exchange_fund" title="Exchange fund">Exchange fund</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a></li> <li><a href="/wiki/Factor_investing" title="Factor investing">Factor investing</a></li> <li><a href="/wiki/Financial_management" title="Financial management">Financial management</a></li> <li><a href="/wiki/Financial_risk_management#Investment_management" title="Financial risk management">Financial risk management § Investment management</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Investment" title="Investment">Investment</a></li> <li><a href="/wiki/Investment_style" title="Investment style">Investment style</a></li> <li><a href="/wiki/List_of_asset_management_firms" title="List of asset management firms">List of asset management firms</a></li> <li><a href="/wiki/Low-volatility_investing" title="Low-volatility investing">Low-volatility investing</a></li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Passive_management" title="Passive management">Passive management</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Performance_attribution" title="Performance attribution">Performance attribution</a></li> <li><a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">Portfolio</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Quantitative_investing" class="mw-redirect" title="Quantitative investing">Quantitative investing</a></li> <li><a href="/wiki/Securities_lending" title="Securities lending">Securities lending</a></li> <li><a href="/wiki/Separately_managed_account" title="Separately managed account">Separately managed account</a></li> <li><a href="/wiki/Sovereign_Wealth_Fund" class="mw-redirect" title="Sovereign Wealth Fund">Sovereign Wealth Fund</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a> <ul><li><a href="/wiki/Style_drift" title="Style drift">Style drift</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li></ul></li> <li><a href="/wiki/Tracking_error" title="Tracking error">Tracking error</a></li> <li><a href="/wiki/Transition_management" title="Transition management">Transition management</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li> <li><a href="/wiki/Outline_of_finance#Portfolio_theory" title="Outline of finance">Outline of finance § Portfolio theory</a></li> <li><a href="/wiki/Outline_of_management" title="Outline of management">Outline of management</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=20" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output 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0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFAsif" class="citation web cs1">Asif, Noor. <a rel="nofollow" class="external text" href="https://wanpays.com/5-popular-investment-trends-for-the-start-of-2024/">"5 Popular Investment Trends For The Start of 2024"</a>. <i>Wanpays</i>.</cite><span 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href="/wiki/University_of_Fort_Hare" title="University of Fort Hare">University of Fort Hare</a></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.uj.ac.za/university-courses/bcom-hons-investment-management/">BCom Hons Investment Management</a>, <a href="/wiki/University_of_Johannesburg" title="University of Johannesburg">University of Johannesburg</a></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.forbes.com/sites/investopedia/2013/05/30/should-you-get-a-cfa-mba-or-both/">"Should You Get A CFA, MBA Or Both?"</a>. <i>Forbes</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150627035728/http://www.forbes.com/sites/investopedia/2013/05/30/should-you-get-a-cfa-mba-or-both/">Archived</a> from the original on 27 June 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">13 May</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Forbes&rft.atitle=Should+You+Get+A+CFA%2C+MBA+Or+Both%3F&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Finvestopedia%2F2013%2F05%2F30%2Fshould-you-get-a-cfa-mba-or-both%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">See e.g. <i>Active Portfolio Management</i> by Grinold and Kahn (<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0070248823" title="Special:BookSources/978-0070248823">978-0070248823</a>)</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://fairinvestments.se/identifiera-dina-mal-och-forvalta-kapital-ratt/">Asset and Money Management</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150711142353/http://fairinvestments.se/identifiera-dina-mal-och-forvalta-kapital-ratt/">Archived</a> 2015-07-11 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Retrieved 5-08-2015. <span class="languageicon">(in Swedish)</span></span> </li> <li id="cite_note-:0-21"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_21-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_21-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltbach2019" class="citation news cs1">Altbach, Gabriel (21 March 2019). <a rel="nofollow" class="external text" href="https://www.ft.com/content/b5112ee5-922b-34ea-9b5f-eb5b249bf46d">"Market pressure blurs the line between US asset and wealth managers"</a>. <i>Financial Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200329005051/https://www.ft.com/content/b5112ee5-922b-34ea-9b5f-eb5b249bf46d">Archived</a> from the original on 2020-03-29<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-03-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Market+pressure+blurs+the+line+between+US+asset+and+wealth+managers&rft.date=2019-03-21&rft.aulast=Altbach&rft.aufirst=Gabriel&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fb5112ee5-922b-34ea-9b5f-eb5b249bf46d&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></span> </li> <li id="cite_note-Harris2002-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-Harris2002_22-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarris2002" class="citation news cs1">Harris, Michael (May 2002). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20061017000340/http://www.activetradermag.com/pdf/May2002.pdf">"Facing the facts of risk and money management"</a> <span class="cs1-format">(PDF)</span>. <i>Trading Strategies</i>. <a href="/w/index.php?title=Active_Trader_(magazine)&action=edit&redlink=1" class="new" title="Active Trader (magazine) (page does not exist)">Active trader</a>. p. 33. Archived from <a rel="nofollow" class="external text" href="http://www.activetradermag.com/pdf/May2002.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2006-10-17<span class="reference-accessdate">. Retrieved <span class="nowrap">2006-11-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Trading+Strategies&rft.atitle=Facing+the+facts+of+risk+and+money+management&rft.pages=33&rft.date=2002-05&rft.aulast=Harris&rft.aufirst=Michael&rft_id=http%3A%2F%2Fwww.activetradermag.com%2Fpdf%2FMay2002.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></span> </li> <li id="cite_note-StockTwitsEdge-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-StockTwitsEdge_23-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGomez,_SteveLindloff,_Andy2011" class="citation book cs1"><a href="/wiki/Today_Trader" title="Today Trader">Gomez, Steve</a>; Lindloff, Andy (2011). <i>Change is the only Constant. IN: <a href="/wiki/Howard_Lindzon" title="Howard Lindzon">Lindzon, Howard</a>; Pearlman, Philip; Ivanhoff, Ivaylo. The StockTwits Edge: 40 Actionable Trade Set-Ups from Real Market Pros</i>. Wiley Trading. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1118029053" title="Special:BookSources/978-1118029053"><bdi>978-1118029053</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Change+is+the+only+Constant.+IN%3A+Lindzon%2C+Howard%3B+Pearlman%2C+Philip%3B+Ivanhoff%2C+Ivaylo.+The+StockTwits+Edge%3A+40+Actionable+Trade+Set-Ups+from+Real+Market+Pros&rft.pub=Wiley+Trading&rft.date=2011&rft.isbn=978-1118029053&rft.au=Gomez%2C+Steve&rft.au=Lindloff%2C+Andy&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=21" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBillingsCowdellCowdell2001" class="citation book cs1">Billings, Mark; Cowdell, Jane; Cowdell, Paul (2001). <i>Investment Management</i>. Canterbury, U.K.: Financial World Publishing. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780852976135" title="Special:BookSources/9780852976135"><bdi>9780852976135</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/47637275">47637275</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Management&rft.place=Canterbury%2C+U.K.&rft.pub=Financial+World+Publishing&rft.date=2001&rft_id=info%3Aoclcnum%2F47637275&rft.isbn=9780852976135&rft.aulast=Billings&rft.aufirst=Mark&rft.au=Cowdell%2C+Jane&rft.au=Cowdell%2C+Paul&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></li> <li><a href="/wiki/David_Swensen" class="mw-redirect" title="David Swensen">David Swensen</a>, "Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment," New York, NY: The Free Press, May 2000.</li> <li>Rex A. Sinquefeld and <a href="/wiki/Roger_G._Ibbotson" title="Roger G. Ibbotson">Roger G. Ibbotson</a>, Annual Yearbooks dealing with Stocks, Bonds, Bills and Inflation (relevant to long-term returns to US financial assets).</li> <li><a href="/wiki/Harry_Markowitz" title="Harry Markowitz">Harry Markowitz</a>, Portfolio Selection: Efficient Diversification of Investments, New Haven: Yale University Press</li> <li>S.N. Levine, The Investment Managers Handbook, Irwin Professional Publishing (May 1980), <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-87094-207-7" title="Special:BookSources/0-87094-207-7">0-87094-207-7</a>.</li> <li>V. Le Sourd, 2007, "Performance Measurement for Traditional Investment – Literature Survey", EDHEC Publication.</li> <li>D. Broby, "A Guide to Fund Management", Risk Books, (Aug 2010), <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-906348-18-9" title="Special:BookSources/1-906348-18-9">1-906348-18-9</a>.</li> <li>C. D. Ellis, "A New Paradigm: The Evolution of Investment Management." Financial Analysts Journal, vol. 48, no. 2 (March/April 1992):16–18.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarkowitz,_H.M.2009" class="citation book cs1">Markowitz, H.M. (2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110223194057/http://www.worldscibooks.com/economics/6967.html"><i>Harry Markowitz: Selected Works</i></a>. World Scientific-Nobel Laureate Series: Vol. 1. World Scientific. p. 716. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-283-364-8" title="Special:BookSources/978-981-283-364-8"><bdi>978-981-283-364-8</bdi></a>. Archived from <a rel="nofollow" class="external text" href="http://www.worldscibooks.com/economics/6967.html">the original</a> on 2011-02-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-12-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Harry+Markowitz%3A+Selected+Works&rft.series=World+Scientific-Nobel+Laureate+Series%3A+Vol.+1&rft.pages=716&rft.pub=World+Scientific&rft.date=2009&rft.isbn=978-981-283-364-8&rft.au=Markowitz%2C+H.M.&rft_id=http%3A%2F%2Fwww.worldscibooks.com%2Feconomics%2F6967.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFElton,_Edwin_JGruber,_Martin_J2010" class="citation book cs1">Elton, Edwin J; Gruber, Martin J (2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101208183524/http://www.worldscibooks.com/economics/8034.html"><i>Investments and Portfolio Performance</i></a>. World Scientific. p. 416. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-4335-39-3" title="Special:BookSources/978-981-4335-39-3"><bdi>978-981-4335-39-3</bdi></a>. Archived from <a rel="nofollow" class="external text" href="http://www.worldscibooks.com/economics/8034.html">the original</a> on 2010-12-08<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-12-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investments+and+Portfolio+Performance&rft.pages=416&rft.pub=World+Scientific&rft.date=2010&rft.isbn=978-981-4335-39-3&rft.au=Elton%2C+Edwin+J&rft.au=Gruber%2C+Martin+J&rft_id=http%3A%2F%2Fwww.worldscibooks.com%2Feconomics%2F8034.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalsara1992" class="citation book cs1">Balsara, Nauzer J. (1992). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/moneymanagements00bals"><i>Money Management Strategies for Futures Traders</i></a></span>. Wiley Finance. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-52215-5" title="Special:BookSources/0-471-52215-5"><bdi>0-471-52215-5</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2006-10-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Money+Management+Strategies+for+Futures+Traders&rft.pub=Wiley+Finance&rft.date=1992&rft.isbn=0-471-52215-5&rft.aulast=Balsara&rft.aufirst=Nauzer+J.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmoneymanagements00bals&rfr_id=info%3Asid%2Fen.wikipedia.org%3AInvestment+management" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Investment_management&action=edit&section=22" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="http://www.ici.org/">Official website</a></span></span> of the Investment Company Institute – US industry body</li> <li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="http://www.investmentuk.org/">Official website</a></span></span> of the Investment Management Association – UK industry body</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul 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title="Special:EditPage/Template:Investment management"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Investment_management384" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Investment management</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Investment_fund" title="Investment fund">Investment <br />fund<br />structures</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_contractual_fund" title="Common contractual fund">Common contractual fund</a> (CCF)</li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a> (ETF)</li> <li><a href="/wiki/Fonds_commun_de_placement" title="Fonds commun de placement">Fonds commun de placement</a> (FCP)</li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge fund</a></li> <li><a href="/wiki/Labour-sponsored_venture_capital_corporation" title="Labour-sponsored venture capital corporation">Labour-sponsored venture capital corporation</a></li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment company</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></li> <li><a href="/wiki/Open-ended_fund_company" title="Open-ended fund company">Open-ended fund company</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">Open-ended investment company</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></li> <li><a href="/wiki/Qualifying_investor_alternative_investment_fund" title="Qualifying investor alternative investment fund">Qualifying investor alternative investment fund</a> (QIAIF)</li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a> (REIT)</li> <li><a href="/wiki/Royalty_trust" title="Royalty trust">Royalty trust</a></li> <li><a href="/wiki/Short-term_investment_fund" title="Short-term investment fund">Short-term investment fund</a></li> <li><a href="/wiki/SICAV" title="SICAV">SICAV</a></li> <li><a href="/wiki/Split_capital_investment_trust" title="Split capital investment trust">Split capital investment trust</a></li> <li><a href="/wiki/Tax_transparent_fund" title="Tax transparent fund">Tax transparent fund</a></li> <li><a href="/wiki/Umbrella_fund" title="Umbrella fund">Umbrella fund</a></li> <li><a href="/wiki/Unit_investment_trust" title="Unit investment trust">Unit investment trust</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trust</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised insurance fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment styles</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Active_management" title="Active management">Active</a> / <a href="/wiki/Passive_management" title="Passive management">passive management</a></li> <li><a href="/wiki/Hedge_fund" title="Hedge fund">Hedge Funds</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Manager_of_managers_fund" class="mw-redirect" title="Manager of managers fund">Manager of managers</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a></li> <li><a href="/wiki/Social_trading" title="Social trading">Social trading</a></li> <li><a href="/wiki/Thematic_investing" title="Thematic investing">Thematic investing</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value</a> / <a href="/wiki/Growth_investing" title="Growth investing">growth investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investor</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a></li> <li><a href="/wiki/Performance_fee" title="Performance fee">Performance fee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> (<a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a>, <a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a>)</li> <li><a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Noisy_market_hypothesis" title="Noisy market hypothesis">Noisy market hypothesis</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Commodity_pool_operator" title="Commodity pool operator">Commodity pool operator</a></li> <li><a href="/wiki/Robo-advisor" title="Robo-advisor">Robo-advisor</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directives" class="mw-redirect" title="Undertakings for Collective Investment in Transferable Securities Directives">UCITS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Investment_management_companies" title="Category:Investment management companies">Category</a> <span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_asset_management_firms" title="List of asset management firms">List</a></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="General_areas_of_finance28" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance" title="Template:Finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance" title="Template talk:Finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Finance" title="Special:EditPage/Template:Finance"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="General_areas_of_finance28" style="font-size:114%;margin:0 4em">General areas of <a href="/wiki/Finance" title="Finance">finance</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Super_angel" title="Super angel">Super angel</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">Financial technology</a> (Fintech)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greater_fool_theory" title="Greater fool theory">Greater fool theory</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/International_finance" title="International finance">International finance</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a class="mw-selflink selflink">Investment management</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Position_of_trust" title="Position of trust">Position of trust</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a></li> <li><a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_Development_Goals" title="Sustainable Development Goals">Sustainable Development Goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li> <li><a href="/wiki/Valuation_using_discounted_cash_flows" title="Valuation using discounted cash flows">Valuation using discounted cash flows</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_risk_and_financial_risk_management192" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_risk" title="Template:Financial risk"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_risk" title="Template talk:Financial risk"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_risk" title="Special:EditPage/Template:Financial risk"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_risk_and_financial_risk_management192" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a> and <a href="/wiki/Financial_risk_management" title="Financial risk management">financial risk management</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Categories</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_credit_risk" title="Consumer credit risk">Consumer credit risk</a></li> <li><a href="/wiki/Sovereign_credit_risk" title="Sovereign credit risk">Sovereign credit risk</a></li> <li><a href="/wiki/Settlement_risk" title="Settlement risk">Settlement risk</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default risk</a></li> <li><a href="/wiki/Concentration_risk" title="Concentration risk">Concentration risk</a></li> <li><a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Market_risk" title="Market risk">Market risk</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_risk" title="Commodity risk">Commodity risk</a> (e.g. <a href="/wiki/Volume_risk" title="Volume risk">Volume risk</a>, <a href="/wiki/Basis_risk" title="Basis risk">Basis risk</a>, <a href="/wiki/Shape_risk" title="Shape risk">Shape risk</a>, <a href="/wiki/Holding_period_risk" title="Holding period risk">Holding period risk</a>, <a href="/wiki/Price_area_risk" class="mw-redirect" title="Price area risk">Price area risk</a>)</li> <li><a href="/wiki/Equity_risk" title="Equity risk">Equity risk</a></li> <li><a href="/wiki/Valuation_risk" title="Valuation risk">Valuation risk</a></li> <li><a href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">FX risk</a></li> <li><a href="/wiki/Margining_risk" title="Margining risk">Margining risk</a></li> <li><a href="/wiki/Interest_rate_risk" title="Interest rate risk">Interest rate risk</a></li> <li><a href="/wiki/Inflation_risk" class="mw-redirect" title="Inflation risk">Inflation risk</a></li> <li><a href="/wiki/Volatility_risk" title="Volatility risk">Volatility risk</a></li> <li><a href="/wiki/Liquidity_risk" title="Liquidity risk">Liquidity risk</a> (e.g. <a href="/wiki/Refinancing_risk" title="Refinancing risk">Refinancing risk</a>, <a href="/wiki/Deposit_risk" title="Deposit risk">Deposit risk</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Operational_risk" title="Operational risk">Operational risk</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Operational_risk_management" title="Operational risk management">Operational risk management</a></li> <li><a href="/wiki/Business_risk" class="mw-redirect" title="Business risk">Business risk</a></li> <li><a href="/wiki/Model_risk" title="Model risk">Model risk</a></li> <li><a href="/wiki/Reputational_risk" class="mw-redirect" title="Reputational risk">Reputational risk</a></li> <li><a href="/wiki/Country_risk" title="Country risk">Country risk</a></li> <li><a href="/wiki/Political_risk" title="Political risk">Political risk</a></li> <li><a href="/wiki/Legal_risk" title="Legal risk">Legal risk</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Execution_risk" class="mw-redirect" title="Execution risk">Execution risk</a></li> <li><a href="/wiki/Profit_risk" title="Profit risk">Profit risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Non-financial_risk" title="Non-financial risk">Non-financial risk</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Financial_risk_modeling" title="Financial risk modeling">Modeling</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a></li> <li><a href="/wiki/Replicating_portfolio" title="Replicating portfolio">Replicating portfolio</a></li> <li><a href="/wiki/Cashflow_matching" title="Cashflow matching">Cash flow matching</a></li> <li><a href="/wiki/Expected_shortfall" title="Expected shortfall">Conditional Value-at-Risk (CVaR)</a></li> <li><a href="/wiki/Copula_(probability_theory)" class="mw-redirect" title="Copula (probability theory)">Copula</a></li> <li><a href="/wiki/Drawdown_(economics)" title="Drawdown (economics)">Drawdown</a></li> <li><a href="/wiki/First-hitting-time_model" title="First-hitting-time model">First-hitting-time model</a></li> <li><a href="/wiki/Immunization_(finance)" title="Immunization (finance)">Interest rate immunization</a></li> <li><a href="/wiki/Market_portfolio" title="Market portfolio">Market portfolio</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Omega_ratio" title="Omega ratio">Omega ratio</a></li> <li><a href="/wiki/Risk-adjusted_return_on_capital" title="Risk-adjusted return on capital">RAROC</a></li> <li><a href="/wiki/Risk-free_interest_rate" class="mw-redirect" title="Risk-free interest rate">Risk-free rate</a></li> <li><a href="/wiki/Risk_parity" title="Risk parity">Risk parity</a></li> <li><a href="/wiki/Sharpe_ratio" title="Sharpe ratio">Sharpe ratio</a></li> <li><a href="/wiki/Sortino_ratio" title="Sortino ratio">Sortino ratio</a></li> <li><a href="/wiki/Survival_analysis" title="Survival analysis">Survival analysis</a> (<a href="/wiki/Proportional_hazards_model" title="Proportional hazards model">Proportional hazards model</a>)</li> <li><a href="/wiki/Tracking_error" title="Tracking error">Tracking error</a></li> <li><a href="/wiki/Value_at_risk" title="Value at risk">Value-at-Risk (VaR)</a> and extensions (<a href="/wiki/Profit_at_risk" title="Profit at risk">Profit at risk</a>, <a href="/wiki/Margin_at_risk" title="Margin at risk">Margin at risk</a>, <a href="/wiki/Liquidity_at_risk" title="Liquidity at risk">Liquidity at risk</a>, <a href="/wiki/Cash_flow_at_risk" class="mw-redirect" title="Cash flow at risk">Cash flow at risk</a>, <a href="/wiki/Earnings_at_risk" title="Earnings at risk">Earnings at risk</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">Asset allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">Asset and liability management</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Expected_return" title="Expected return">Expected return</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_adviser" title="Financial adviser">adviser</a></li> <li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li></ul></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hazard" title="Hazard">Hazard</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge</a></li> <li><a class="mw-selflink selflink">Investment management</a></li> <li><a href="/wiki/Risk" title="Risk">Risk</a></li> <li><a href="/wiki/Risk_pool" title="Risk pool">Risk pool</a></li> <li><a href="/wiki/Risk_of_ruin" title="Risk of ruin">Risk of ruin</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Moral_hazard" title="Moral hazard">Moral hazard</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Financial_economics" title="Financial economics">Financial economics</a></li> <li><a class="mw-selflink selflink">Investment management</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" 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