THE MECHANICS OF

INVESTMENTMANAGEMENT

POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

Contact:www.iff-training.comTel: +44(0)20 7017 7190 Email: cs@iff-training.com

Learning partner of

WHAT YOU WILL LEARN An online guide to the world of modern investment management. The course tackles the major issues currently impacting the investment management sector and will provide you with a practitioner-focused perspective on issues such as: Asset allocation strategies; Valuation methodologies; Performance management; Portfolio management approaches; Equity & fixed income investing; The role of derivative instruments; Risk management issues; The world of alternative investments.

This course has been developed by one of the most accomplished trainers in the investment world today, John Dunn. Being a seasoned veteran of the markets, John brings a level of depth and richness to the topics that investment professionals all over the world have found invaluable after attending his courses. It is hugely practical and packed with case studies and exercises. John adapts this content to reflect the market at the time of the course.

Studying this programme offers you the option of receiving a Postgraduate Certificate from Middlesex University. The course takes place over 16 weeks and consists of eight distance learning units. Every two weeks an additional unit will be released with the associated assessment so you can grasp your understanding before moving on to the next unit.

COURSE AT A GLANCEUnit 1 – Current themes in institutional investment

management Unit 2 – Stock markets and equity investing Unit 3 – Fixed income portfolios and the art of lending Unit 4 – Introducing derivatives Unit 5 – Modern asset allocation strategies Unit 6 – Risk management of the institutional portfolio Unit 7 – Exploration of alternative assets: Progressive adoption

of hedge funds, private equity and real estate Unit 8 – Further exploration in institutional asset management:

Current topics of liquidity, asset allocation, risk, alternative investments and fiduciary responsibility

COURSE LEADERJOHN E. DUNN, III, BA, MA, MA John is an international Institutional Investment Advisor living and working in Geneva, Switzerland. John began his career in the international investment banking and asset management field, he worked in a variety of world class banks including Nomura, Citicorp, Vickers da Costa, Barclays and UBS. He has worked in financial centres globally including Tokyo, New York and Geneva. John also has an academic background as an Associate Professor of Finance at the renowned graduate school Thunderbird, Global School of International Management.

He also runs numerous training courses in the field of investment, hedge funds and asset management to a wide variety of banks and asset management firms globally. He has been an advisory board member to Infiniti Capital, a global fund of hedge funds, is a published author in the field of hedge fund investments and is a frequent speaker at investment management conferences around the world. John is founding principal of Oak Point Investments, which advises institutional investors on their hedge fund asset allocation and advises a select number of institutional quality money managers on their business development.

HOW YOU WILL LEARN• A new module is released every two weeks• You can study the units online, save them to your

computer or print them out• You set the pace for yourself• No need to travel or take time off work – cost effective• Apply the knowledge, skills and expertise to your work

straight away

POSTGRADUATE CERTIFICATETo make your studies more relevant and valuable, the course is validated by the Business School at Middlesex University at a Postgraduate Certificate level. For those wishing to receive a Postgraduate Certificate from Middlesex University, an additional marked assignment of 5000 words will need to be submitted, based on a continuing case study that runs throughout the duration of the course.

PRICE

Standard Price – £1,999With Postgraduate Certificate- £2,359

* VAT may be payable depending on your location –

see online booking page for details

HOW TO APPLYTel: +44 (0)20 7017 7190 Email: cs@iff-training.com

CUSTOMISED TRAININGIFF’s bespoke digital training solutions will help you address your specific key business challenges. The programme is designed for you, with content focusing on the issues you and your teams are facing. The fully branded digital course will be hosted by us, and unlike other online courses, your employees will receive a specialist qualification at the end of the programme from a London University.

• Tailored content - 100% targeted to cover yourbusiness needs

• No travel or time out of the office – 100% DistanceLearning

• Value for money – train teams of staff at the sametime

• Risk free – we’ve been doing this for 30 years

We will meet you anywhere in the world. If you would like one of our consultants to talk about your needs in more detail or if you would like more information on our customised training solutions, please contact us on +44 (0)20 7017 7190 or email: cs@iff-training.com

COURSE INFORMATIONDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

APPLY ONLINE HERE

COURSE SYLLABUSUNIT 1 CURRENT THEMES IN INSTITUTIONAL INVESTMENT MANAGEMENTUNIT LEARNING AIMS AND OBJECTIVES. Examine the work of a global institutional

investor and the basics of fiduciary investment management in contemporary global securities markets

. Look at global markets and asset classes commonly used by institutional investors, compare and contrast their relative performance, risk, investment drivers and cyclicality

. Compare historical Bull and Bear markets and market psychology as it impacts institutional investors

. Explain differences in asset allocation models and how investors make the decision of what asset classes to invest in

. Introduce the use of investment statistics, return series, distribution analysis, correlations and performance ratios

. Discuss the recent evolution of portfolio management theory, behavioural finance, and other theoretical approaches to investment management

UNIT CONTENTCurrent Themes in Institutional Investment Management • Fiduciary responsibility and investing: the

responsibility of other people’s money• Institutional investors and the financial

markets: Some modern history of the financial markets

• Asset classes, asset allocation, and asset liability modelling

• Different investor typologies:– endowments– pensions– insurance– large family offices

• Dissecting securities: Are stocks and bonds called securities because they are safe and secure?

• Market cycles, historical returns, bull and bear markets, bubble and crashes

• Drivers of investment returns: Stocks and bonds

• Dissecting contemporary market benchmarks• Market Efficiency Theory and the difficulties in

beating the markets: Passive or active portfolio management and benchmarking

• Introducing investment statistics:– return series – volatility– market betas– correlations– other quantitative investment management

tools• Comparing modern portfolio management

theory and post modern portfolio theory• Modern risk management: The failure to

protect against risk • Back to human behaviour:

– investment markets– the human element– behavioural finance theory

UNIT 2STOCK MARKETS & EQUITY INVESTING

UNIT LEARNING AIMS AND OBJECTIVES. Examine stock market performance in light

of historical and current market conditions. Evaluate how institutional investors choose

individual stocks; understand the process of security selection in the stock market and how this is navigated by institutional investors

. Analyse the drivers of the stock market and single company stock returns, earnings, sector, market capitalisation and style factors which influence security prices

. Model the future earnings of a company and value that company by using typical security analysis tools and techniques

. Evaluate different approaches to equity portfolio management, benchmarking, long short portfolios, active portfolio management and portfolio concentration and diversification

UNIT CONTENTStock Markets and Equity Investing • Global stock markets: Evaluating historical

experience and returns• Drivers of stock markets: Stock market

indicators and market valuation metrics• Predicting stock market bubbles: Some

examples from the past• Benchmarking equities and running passive,

mid tracking error, or alternative investment portfolios

• Stock selection: An insight into the work of a security analyst

• Understanding model investment returns and corporate growth from the perspective of a security analyst

• Understanding corporate lifecycles and investment returns

• Market capitalisation, size indicators, value growth stocks

• The intriguing universe of illiquid securities: Special concerns of small caps and microcaps

• Characteristics of a successful stock picker: What you need to know

• Evaluating charts and technical indicators • Equity portfolio construction:

– diversification– concentration– tracking error– sector– size– style bets

• Evaluating the short side of the market• Constructing long short portfolios • Leveraged equities and running leveraged

equity portfolio

Case study: Emerging markets stock selection

Case study: Portfolio construction

UNIT 3FIXED INCOME PORTFOLIOS AND THE ART OF LENDING

UNIT LEARNING AIMS AND OBJECTIVES. Set out the different approaches investors

use when investing in fixed income and understand their relative merits and differences

. Classify different fixed income securities, understand the return profiles and different risk profiles and correlations that each security may have under different market conditions

. Evaluate how fixed income investors create portfolios and how such portfolios are often hedged or un-hedged

. Examine some of the risk management tools actively used in fixed income investment

. Formulate a plan on how to best position a fixed income portfolio of an institutional investor in light of current market conditions

UNIT CONTENTFixed Income Portfolios and the Art of Lending • Fixed income returns over time, credit quality

and portfolio risk profiles• Fixed income typologies: Types, structures,

covenants, puts and calls and fixed income issuance

• Dissecting fixed income product by risk factors: – managing interest rate risk: maturity,

duration and interest rate risk in the cycle– credit risk evaluation and the rating process

of rating agencies• High yield and distressed securities markets

and investment• Understanding the bond market: Over the

Counter (OTC) securities and liquidity• Managing a bond portfolio throughout the

cycle: Curves, slopes and the impact of economics

• Adding leverage to bond portfolios• Introducing convertible bonds • Introducing risk management of bond

portfolios• The market resurgence of structured fixed

income offerings• Securitisation and market complexity• Understanding and evaluating waterfall

securities• Evaluating mortgage securities• Structured notes and market blowups: A five

star investment fund• Risk managing fixed income: Some

introductory notes• Private debt markets & bank intermediation

COURSE SYLLABUSUNIT 4 INTRODUCING DERIVATIVES

UNIT LEARNING AIMS AND OBJECTIVES. Explore the growth of the derivatives

markets, instruments used and trading methodologies

. Provide a framework for the valuing of derivatives instruments and understanding the risk and return drivers involved

. Discuss various hedging techniques/portfolio construction techniques which the growth of the derivatives markets have made available

. Examine in detail some of the derivatives disasters and how institutional investors can properly risk manage their derivatives exposure

UNIT CONTENTIntroducing derivatives • The growing world of financial market

derivatives• Options, futures, forwards, swaps and other

derivatives: Definitions• Understanding market sizes and derivative

risks:– notional amounts– off balance sheet risk– counterparty risk

• Derivative market trading convention: Exchange vs. OTC

• Derivative writing and short optionality risk• Short and long optionality in non derivative

investment strategies• Understanding Greek Options: Delta, Gamma,

Theta and so forth• Option pricing and valuation: Black-Scholes

and option pricing formulae

Stock option chains: An exercise in leveraged stock picking

• Option based investment strategies: Introducing volatility arbitrage

• Option Hybrids: convertible investment and convertible arbitrage strategies

• Credit default swaps and buying credit protection

• Derivatives as modern portfolio management and hedging tools

UNIT 5 MODERN ASSET ALLOCATION STRATEGIES

UNIT LEARNING AIMS AND OBJECTIVES. Examine the different asset liability

studies and asset allocation plans used by world class institutional investors

. Provide details on institutional adoption of an “endowment style” asset allocation plan

. Explore the working of an asset allocation optimisation program, the inputs, correlations and expected outcomes of the asset allocation modeling process

. Contrast approaches to asset allocation: Tactical asset allocation, core and satellite approaches, portable alpha strategies, as well as asset allocation overlay programs

. Design an asset allocation project suitable for your own organisation

UNIT CONTENTModern asset allocation strategies • Asset liability matching and the asset

allocation process• Different asset allocation plans used by

different types of institutional investors• Asset allocation and portfolio liquidity

constraints• Understanding asset liability modelling • Creating optimal portfolios: Mean variance

asset allocation• Correcting inputs for asset allocation

optimisation: Revisiting asset class returns, expected returns, correlations and correlation roll

• Post-modern portfolio theory and other asset allocation systems

• Pension fund asset allocation: A look at some majors and their approaches

• Endowment style asset allocation: A look at some majors and their approaches

• Tactical asset allocation• Core vs. satellite approaches to asset

allocation• Portable alpha strategies and their

implementation• Asset allocation with alternative assets

Case study: The endowment asset allocation model becoming institutional mainstream?

Case study: Asset allocation

UNIT 6 RISK MANAGEMENT OF THE INSTITUTIONAL PORTFOLIO

UNIT LEARNING AIMS AND OBJECTIVES. Classify various historical approaches to

risk management and understand their relative strengths and weaknesses

. Analyse the use of current risk measurement and risk management systems and their uses by institutional investors

. Explore some of the market shocks and evaluate how risk management systems have helped institutional investors cope with market behaviour

. Assess the relative effectiveness of a conventional risk management function in an institutional investor and how this can help control portfolio risk

UNIT CONTENTRisk management of the institutional portfolio • Defining, measuring, monitoring and

controlling risk in the portfolio• Understanding investment market risk: The

central difficulty of statistical probability vs. uncertainty

• Risk measurement tools: VaR and its derivatives

• Running risk simulations via Monte Carlo and other statistical measures

• Multifactor models and risk simulations• Stress testing the portfolio and stress testing

methodology• Tail risk: Attempting to measure the

unexpected• Hedging risk: Hedging techniques• Fixed income hedging strategies: Liability

hedging vs. financial market hedging• Equity hedging strategies• Evaluating the cost of risk management:

Costs of hedging• A perfect hedge: Hedging mismatches and

when hedges do not work as expected• The “hedged fund” vs. the “hedge fund”

Case study: Evaluating the risk in a fixed income hedge fund

COURSE SYLLABUSUNIT 7 EXPLORATION OF ALTERNATIVE ASSETS: PROGRESSIVE ADOPTION OF HEDGE FUNDS, PRIVATE EQUITY AND REAL ESTATE BY INSTITUTIONAL INVESTORS

UNIT LEARNING AIMS AND OBJECTIVES. Contrast and compare the various types

of alternative assets used institutional investors, hedge funds, private equity and real estate, as well as their correlation and return benefits to an institutional investor

. Examine the investment process, portfolio construction and risk and return drivers of various hedge fund strategies

. Explore the investment styles of private equity funds, liquidity, investment horizon, LBOs and MBOs as well as venture capital

. Analyse the risk and return profile of an institutional investor’s property portfolio and formulate a plan on how to manage this portfolio actively

. Assess the risks and benefits of alternative strategies and design a plan on incorporating an alternatives portfolio into a global institutional investor

UNIT CONTENTExploration of alternative assets • Alternative assets and liquidity: Return

drivers• Alternative returns and correlations: A good

argument• Reviewing hedge fund strategies: Defined

and trade examples• Long short and quant market neutral pair

trading strategies• Event driven strategies: Mergers, special

situations, turnarounds• Credit and fixed income arbitrage strategies• Quant strategies: Momentum, trend and

countertrend models• Global macro: Top down views of the world.• Hedge fund risk profiles: Operational risk vs.

investment risk• Evolving hedge fund investment paradigm• Private equity and the institutional investor• Return and liquidity profile• Venture, mid market, LBO and takeovers,

different styles for different purposes• Evaluating a LBO or venture deal• Special concerns of real estate investments• Real estate in the cycle• Direct or indirect investments• Timber: Other types of real estate investment• The work of evaluating and selecting hedge

funds and private equity funds• Risk managing alternative portfolios

Case study: Implementing and growing the alternative portfolio for an institutional investor

UNIT 8FURTHER EXPLORATION IN INSTITUTIONAL ASSET MANAGEMENT: CURRENT TOPICS OF LIQUIDITY, ASSET ALLOCATION, RISK MANAGEMENT, ALTERNATIVE INVESTMENTS AND FIDUCIARY RESPONSIBILITY

UNIT LEARNING AIMS AND OBJECTIVES. Synthesise the risk management function

and asset allocation function into a firm wide portfolio management view

. Test the common views of asset allocation and risk management, reliance on benchmarking, the institutional investors’ committee decision making process and best practices in the financial markets

. Assess the effectiveness of the investment strategy of the majority of institutional investors

. Examine the investment success of top performing institutional investors and their investment styles

. Formulate a view on to how the financial markets are creating change in the institutional investment industry and how investors should be positioning themselves going forward

UNIT CONTENTFurther exploration in institutional asset management• Evaluating in detail the institutional asset

allocation policy• Advanced asset allocation: Implementing the

decision and process• Further notes in benchmark selection and

manager evaluation• Asset allocation decisions and fiduciary

investment committee or board• Challenging assumptions about liquidity in

the asset allocation process: Illiquid vs. liquid assets

• Further topics in institutional risk management

• The dangers of a love affair with equity markets: Understanding Japan

• The asset allocation process and risk management of the portfolio: Two inseparable entities

• Evaluating the risk in my asset allocation program

• Risk management of alternative investments: Investment risk and operational risk

• The new component to risk managing an institutional portfolio: Counterparty risk

• Practical challenges in implementing a risk management programme

• Risk management as a board level decision• Where we go from here: Future topics in the

institutional asset management industry• Institutional portfolio asset allocation,

alternative assets, and total portfolio risk management: Towards a world-class solution and best practice

OPTION OF A POSTGRADUATE CERTIFICATE WITH MIDDLESEX UNIVERSITYYou have the unique opportunity to choose a validatedoption for this course and receive a postgraduatecertificate on completion. This programme is qualityassured by Middlesex University and you will receive aMiddlesex award on successful completion. However, ifuniversity validation isn’t important to you there is still theopportunity to take the standard non-validated course.

WHAT DOES THE CERTIFICATE ENTAIL?In addition to studying all the units and passing the short self assessment tests after each unit, you will need to submit a 5000 word assignment at the end of the course which will be assessed. The assignment will be a cumulative project that you will work through and build upon during each stage of the course.

If you wish to book on the certification course there willbe an assessment fee of £360.

ENTRY REQUIREMENTSParticipants wishing to undertake the Postgraduate Certificate are required to have a degree or equivalent qualification (or relevant work experience).

Participants wishing to undertake the course but not receive the Postgraduate Certificate are not required to have any formal qualifications.

ABOUT OUR PARTNER MIDDLESEX UNIVERSITY

HistoryMiddlesex University is a large London based university with a history in higher education dating from 1878. In 1992 it was granted the Royal Charter making it a university. The university offers a broad range of courses through four academic schools of Arts and Education; Business; Engineering and Information Sciences; Health and Social Sciences and their Institute for Work Based Learning.

Middlesex University has over 34,000 students studying on its courses worldwide, both at its own campuses and also with partner institutions, making it one of the largest providers of British university education to international students. Middlesex University has a long history of successful collaborations with the corporate sector. It was the first academic institution to develop industry specific MBA programmes (Shipping & Logistics and Oil & Gas) delivered 100% by distance learning.

INTERNATIONAL REACHMiddlesex University is committed to meeting the needs and ambitions of a culturally and internationally diverse range of students by providing challenging academic programmes. It has a major international business school based in London with overseas campuses in Dubai and Mauritius and a global portfolio of partnerships delivering high quality validated programmes in business and management.

Staff and students come from a wide spectrum of cultures and backgrounds with a common interest in executive education that is world class, modern and applicable. Middlesex University Business School is proud of its dedicated teachers and its rich range of learning resources including distance learning and virtual learning environments.

BENEFITS OF STUDYING FOR A POSTGRADUATE CERTIFICATE WITH US

A MIDDLESEX POSTGRADUATE CERTIFICATE:n Is project based and practicaln Offers networking opportunities during and

after the coursen Provides exceptional teaching staffn Delivers applied learning experiencesn Combines academic rigour with individual

support

HOW IS THE COURSE VALIDATED?*This programme is quality assured by Middlesex University and after successfully completing your studies you will receive a Postgraduate Certificate from Middlesex University. Middlesex Certificates are recognised worldwide.

QUALITYThe Quality Assurance Agency (QAA) visited Middlesex in 2015 and noted in its report that its auditors had confidence in the University’s current and likely future management of its academic standards and of the learning opportunities available to students.

THE UNIVERSITY IS A MAJOR PROVIDER OF BUSINESS AND MANAGEMENT EDUCATION, WITH AN IMPRESSIVE TRACK RECORD OF WORKING IN PARTNERSHIP WITH THE PUBLIC AND THE PRIVATE SECTOR, AS WELL AS INTERNATIONAL ORGANISATIONS

IFF is the learning partner of

THE MECHANICS OF

INVESTMENTMANAGEMENTPOSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

Contact:www.iff-training.comTel: +44(0)20 7017 7190Email: cs@iff-training.com

Duration:16 Weeks

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Contact:www.iff-training.comTel: +44(0)20 7017 7190Email: cs@iff-training.com

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POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS

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Contact:www.iff-training.com/dlrealestate Tel: +44(0)20 7017 7190Email: cs@iff-training.com

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POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 20 WEEKS