Магистратура 2020/2021

Управление активами

Лучший по критерию «Полезность курса для расширения кругозора и разностороннего развития»

Статус: Курс по выбору (Стратегическое управление финансами фирмы)

Направление: 38.04.08. Финансы и кредит

Кто читает: Школа финансов

Где читается: Факультет экономических наук

Когда читается: 2-й курс, 1, 2 модуль

Формат изучения: без онлайн-курса

Преподаватели: Родина Виктория Алексеевна

Прогр. обучения: Стратегическое управление финансами фирмы

Язык: английский

Кредиты: 5

Контактные часы: 40

Course Syllabus

Abstract

The course encompasses the study and practice of asset management. The course provides students with a learning experience primarily from a practical perspective ensuring that graduates are ready and able to fulfil their potential as future successful asset managers. For this purpose the course is comprehensive of leading-edge applied academic research and commercial best practice at a global level. The course focuses primarily on investment-centric topics leaving aside client-centric topics. It gives an insight into asset management as it is currently understood and practiced to make sound and balanced investment decision-making. In addition to a path of an asset manager the course is useful for pursuing a career of a wealth manager, plan sponsor , investment officer, in-house or independent financial advisor, and financial analyst. The course gives students the opportunity to study topics for the level I and level II CFA exam.

Learning Objectives

• To give students an integrated and systemic view of asset management with a blend of commercial best practice and market-facing research
• To familiarize students with the modern shape of the asset management industry and key factors governing demand and supply
• To familiarize students with basic investment strategies and techniques as well as with emerging trends in asset allocation
• To give students an opportunity to learn analytical and technical financial skills and investment decision-making skills to successfully perform in an increasingly complex finance environment

Expected Learning Outcomes

• Understand the logic of the investment management process, its key concepts and qualitative and quantitative techniques
• Evaluate relevance of a range of financial and non-financial assets to designated investment objectives
• Possess sufficient knowledge and flexibility in developing each stage of the investment management process and in taking qualified decisions at each stage
• Employ fundamental and advanced theory and practice to manage investment portfolios efficiently and effectively

Course Contents

• Organization and legislature in asset management
  Investment-centric and client-centric approaches; wealth management and asset management concepts; stages of asset management; investment policy statement; regulatory and legal landscape; types of collective investment schemes; types of investors
• Fixed-income portfolio management
  Types of bonds; bond pricing principles; quantitative analysis for bonds; qualitative analysis for bonds; analysis of spot rates; strategies to reduce price volatility; immunization
• Equity portfolio management
  Selection of stocks and diversification of portfolios; pitfalls in portfolios optimization in practice; top-down and bottom-up analysis; E-I-C analysis; absolute valuation and relative valuation
• Passive and active asset management
  Asset allocation in practice; passive vs active asset management; effectiveness of highly involved strategies; market timing and selectivity; growth investing and value investing
• Sophisticated asset management
  Leverage, derivatives and short selling; amplified return; actively managed ETF, leveraged, inverse, and inverse leveraged ETF; hedge funds (identification, evolution, diversity, strategies); portfolio performance measurement and attribution

Assessment Elements

• Non-graded home assignment
  Students are expected to prepare home assignments by the tutorials. Home assignments are not graded and provide a self-check option for students. There is no make-up policy for non-graded home assignments.
• Report preparation and delivery
  If a student from a team of students misses their tutorial presentation and does not have an admissible excuse, this student will get the null grade. Otherwise this student will get the same grade as the rest of the team. An admissible excuse means that a student is ill on the date of their tutorial presentation. If a student from a team of students does not contribute to preparing their tutorial presentation and does not have an admissible excuse this student will get the null grade. Otherwise, this student will be given an opportunity to join another team. An admissible excuse means that a student is ill for no less than 50% of the preparation period which starts on the date the home assignment is announced and ends on the date the tutorial presentation is delivered.
• Final test
  A student who misses the final test and does not have an admissible excuse will not resit it. The null grade will be given. An admissible excuse means that a student is ill on the final test date. If this student misses the final test with an admissible excuse, we will make it up in due time. A student who fails the course will have a resit exam in all topics of the course in due time. The resit exam weight is 100%.

Interim Assessment

• Interim assessment (2 module)
  0.6 * Final test + 0.4 * Report preparation and delivery

Bibliography

Recommended Core Bibliography

• Maginn, J. L. (2007). Managing Investment Portfolios : A Dynamic Process (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=188208

Recommended Additional Bibliography

• Brunnermeier, M. K. (2001). Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780198296980