Multi-Asset Investing

Why is allocation almost always done using a single methodology, at a single time horizon? Who says we have to separate alpha and beta? Are the traditional definitions for risk and risk premium relevant in a multi-asset class world? Do portfolios cater to the real risks in their investment processes? Does the whole Emerging Markets demarcation make sense for investing? Why do active Asian managers perform much poorer compared to developed market managers? Can you distinguish how much of a strategy's performance comes from skill rather than luck? Does having a performance fee for your manager create alignment or misalignment? Why is the asset management world transitioning from multi-asset strategies to multi-asset solutions? Multi-Asset Investing asks fundamental questions about the asset allocation investment processes in use today, and can have a substantial impact on the future structure of the finance industry. It clarifies and distils the techniques that investment professionals need to master to add value to client portfolios. -Paul Smith, President & CEO, CFA Institute The Asset Owner Perspective Multi-asset means different things to different people. This is the first text that details a comprehensive framework for managing any kind of multi-asset investment problem. Further, its explanation of the commercial aspects of managing a multi-asset investment business of an asset manager, private bank or asset owner make it an indispensable tool -Sadayuki Horie, Dy. Chairman - Investment Advisory Comm., Government Pension Investment Fund, Japan Multi-Asset Investing shows the substantial scope there is to innovate the asset allocation process. With its novel approaches to allocation, portfolio construction and risk management it demonstrates the substantial value that can be added to any portfolio. The solutions proposed by Multi-Asset Investing are creative, thought provoking, and may well be the way all portfolios need to be managed in the future. -Mario Therrien, Senior Vice President, Caisse de Depot et Placement du Quebec, Canada The Asset Manager Perspective Pranay Gupta, Sven Skallsjo, and Bing Li describe the essential concepts and applications of multi-asset investing. Their treatment is far ranging and exceptionally lucid, and always with a nod to practical application. Buy this book and keep it close at hand. -Mark Kritzman, Founding Partner & CEO, Windham Capital Management The Academic Perspective The book offers innovative solutions to some of the most difficult challenges investors face in the current turbulent markets. Multi-asset Investing dissects investment problems that elude straightforward solutions, but nevertheless confront every investment professional. This book sets the standard for investment processes for all asset managers. -SP Kothari, MIT Sloane School of Management, United States