Der Bankrechtstag 2018 widmete sich u.a. der „Umsetzung der Datenschutz-Grundverordnung in der Kreditwirtschaft", der „Digitalisierung von Bankprodukten im Lichte des BGB", sowie der „Vorfälligkeitsentschädigung" und beleuchtete das Thema „Daten als wirtschaftliches Gut - Regulierung,...

Constructing a multi-asset portfolio with a constraint of tail risk aversion is challenging because (1) the individual asset classes have poor tail risk characteristics and (2) diversification between asset classes is minimal. A better portfolio can be achieved using a multi-strategy framework...

The asset management industry widely assumes that asset growth in a fund automatically follows superior performance. In this paper, we illustrate that while there is truth to this, it is not as straight forward as many would imagine. Performance is important, but is not sufficient to guarantee...

The majority of active Asian equity strategies claim to derive their value addition by focussing their skill on security selection. We investigate if empirically this is the most appropriate area for an active Asian manager to focus on, in comparison to focussing on asset allocation as the...

While institutional investment management has evolved to become more sophisticated and performance driven, private wealth management has largely been neglected from an investment process perspective. Although similar to the institutional investment problem in many respects, the parameters...

Tail risk arises at multiple stages in the investment management process – from the high level asset allocation decision down to the individual portfolio manager's process for selecting securities. We believe that conventional practices followed in these investment decision processes, largely...

Most plan sponsors formulate a single long term asset allocation for their assets, and then spend a great deal of effort to select a number of active managers within each silo of asset class or style. This process, they hope, combines their top down asset class return expectations (beta) with...