Global Strategy Outlook

The top 10 white papers in June 2015

Since its launch in March, Savvy Investor has gained over 3000 institutional investors join up to the site. The site has over 8000 white papers and 1000 companies.

These were our ten most viewed white papers on Savvy Investor in the last month:

1. Front Office and Asset Management Salaries - the outlook for 2015

This 15 page document from Michael Page sets out average compensation levels (salary plus bonus) across a variety of front office banking and asset management roles in the UK.

2. US Asset Management Compensation Survey

Compiled by Greenwich Associates and Johnson Associates, showing median salary and bonus for analysts, traders and portfolio managers, working in equity and fixed income.

3. Nine key drivers of change for the global wealth and asset management industry

This 12 page report from Ernst & Young suggests that the global wealth and asset management industry will see huge change in the year ahead. The continuous rise of automation, including robo-advisors and electronic distribution platforms, is likely to transform distribution and cause significant disruption to many firms' operating models.

4. Global Risk Management Survey 2015 (Deloitte)

The 70 page document covers, amongst other things risk governance, enterprise risk management, stress testing and the management of key risks such as credit risk, market risk, liquidity risk, ALM, operational risk and regulatory risk. It includes a seven page spotlight on the Asset Management industry.

5. Long-term investing: Portfolio Guide (NZ Superannuation Fund)

This 60 page report considers various initiatives institutional investors should take to reorient investment strategy and processes to focus on the long term. The report provides recommendations across five core action areas: investment beliefs, risk appetite statement, benchmarking process, evaluations and incentives, and investment mandates.

6. Private Equity: Characteristics and Implementation (JP Morgan)

This short 5-page report from JP Morgan considers the key considerations involved when investing in private equity. The paper considers the characteristics of the asset class and method of execution, due diligence and manager selection.

7. Operational Challenges facing investment managers in 2015 (Swift)

This 25 page report is based on a survey of the heads of investment operation and fund distribution at large asset management firms. The report discuss the impact of regulation upon fund management companies, the risks associated with outsourcing, and issues surrounding corporate actions, collateral management, trade processing and distribution.

8. Structural Trends In Equity Market Valuations

This report from Absolute Return Partners explores the structural drivers of equity prices, including dividends and share buy-backs, Corporate Profits as a GDP share, interest rates, demographics and valuations.

9. Evaluating the Efficiency of Smart Beta Indices: A New Metric

This paper from Northern Trust introduces a new metric called the Factor Efficiency Ratio (FER), demonstrating that portfolios with a higher FER are likely to have higher risk-adjusted returns. This factor is applied to consider the large number of "smart beta" indices which have emerged in recent years.

10. Factor-based investing (Vanguard)

A factor-based investing framework integrates factor exposure decisions into the process of portfolio construction and actively positions portfolios away from market capitalization weights. This paper explores the practicalities, applications, and potential benefits of factor investing, to answer if factor-based investing will succeed the test of time.
   

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