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Defined Benefit Pension Schemes in the UK: Asset and Liability Management de Philippe-N. Marcaillou

Defined Benefit Pension Schemes in the UK: Asset and Liability Management

Autor Philippe-N. Marcaillou
en Limba Engleză Hardback – 23 mar 2016
The goal of Asset-Liability Management (ALM) of a Defined Benefit Pension Scheme (DB) is to properly manage the risks related to variation in its building blocks on both sides of the balance sheet whilst maintaining the same expected return.This book provides a step-by-step methodology to maximize the complete restructuring and monitoring of the ALM of DB schemes. It is a product of the author's 25 years of experience and technical knowledge in ALM of Pension Funds, portfolio management, investment banking and, specifically, more than 700 meetings with investment experts in the Pension Industry. It includes 400 figures and tables to help the reader make appropriate decisions and identify hidden tricks.It provides an in-depth understanding of how an Asset-Liability structure works, how to assess the efficiency of an investment strategy, and how to maximize the management of cash. Liabilities and Liability Driven Investment techniques (LDI) are explained through numerous examples. The book shows the reader how to select the right LDI manager, and how to define a liability hedging strategy and monitor its efficiency. It demonstrates how to build efficient investment portfolios and select the appropriate asset classes, as well as how to build and monitor an efficient risks and performances report. In addition, it shows how the most common financial instruments work, their roles, the basics of statistics, and the principles of portfolio construction. Finally, it provides introduction to Buy-in, Buyout, and Longevity risk management.
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Specificații

ISBN-13: 9780198738794
ISBN-10: 019873879X
Pagini: 384
Ilustrații: 234 Figures and 175 Tables
Dimensiuni: 174 x 240 x 27 mm
Greutate: 0.74 kg
Editura: OUP OXFORD
Colecția OUP Oxford
Locul publicării:Oxford, United Kingdom

Recenzii

This is a timely book bringing in one place the asset liability management of defined benefit pension schemes. There is something for everyone in the book, an overview and details on liability and assets risks as well - the structure of the book is particularly good. The best thing about the book is that it presents ALM in a simple and easy to understand way, which is really helpful to trustees and pension managers of schemes. This book certainly brings an alternative approach to managing pensions.
Defined Benefits Pension Schemes in the UK is a timely and valuable contribution for decision-makers to prepare investment committees, ask the right questions, challenge solutions provided by investment experts and fully understand the consequences of their decisions. It is a major achievement.
Marcaillou takes us inside the way the assets and Liabilities of DB schemes work and explains how to maximise both sides of the capital structure; he leaves no stone unturned in his exploration and practical conclusions that he has decided to pass on. The depth of the book will make it a valuable addition to everyone interested by this strategic and complex topic ... Highly recommended.
Philippe's book develops a powerful methodology for maximizing investments and making better investment decisions. He has consolidated his extensive experience, summarizes practical conclusions and enables the reader to improve their knowledge without being overwhelmed by the more obscure elements of the investment and actuarial professions.
This book is an important contribution to the industry. The author brings a holistic view of a complex topic, making it simpler to grasp. This tour de force brings unique insights and useful references to practitioners, regulators and academics. Marcaillou brings all his inside knowledge together in Defined Benefit Pension Schemes in the UK.
This book must be read by anyone with specialized interest in investments and Asset & Liability Management...educational, well researched, there are numerous examples and illustrations...I strongly recommend this text to those involved in the Pension industry.
Defined Benefits Pension Schemes in the UK is an ambitious book which will be valued particularly for its careful explanations of how the performance and risk of the Asset and Liability structure of DB Schemes and its components can be analyzed, maximized and monitored...a collection of valuable practical and academic contributions!
An important new book...an authoritative tool kit for experts and non-experts on the maximization of the management of Asset & Liabilities of Pension Funds which can be applied to countries worldwide.
Defined Benefit Pension Schemes in the UK is a first and an excellent guide for trustees. The book will decidedly aid the thinking of trustees about the right investments and hedging solutions. It will also prepare investment committees and help trustees challenge solutions provided by investment consultants and asset managers.
The book delivers profound and practical insights on investments and hedging solutions used by investment experts in the Pension Industry. Marcaillou provides finance experts and students interested by this topic a practical guide to capture value creation opportunities in the complexity of today's global and dynamic markets.
This practical tool-kit is a powerful one for decision makers who wish to protect the interest of members of DB schemes whilst protecting the interest of the shareholders and bondholders of sponsors. The book's value comes from Philippe-N. Marcaillou's willingness to share his experience, the best practices and the lessons learned.
I found that Philippe-Nicolas' book Defined Benefits Pension Schemes presents a strong methodology for optimizing investments strategies and making robust liability hedging decisions. This book is a strong contribution for CIO's, Trustees and anyone with interest in Pension Asset & Liability Management.
I found this work to be comprehensive and well written.

Notă biografică

Philippe-N. has held various management positions in the investment, debt structuring, capital markets, and Pension Fund sectors in France, the UK and the US. As an expert in Debt Structuring Solutions, he was the Head of Group Financing and Subsidiaries for Lafarge Group. He created and successfully managed the Debt Structuring Department for CM-CIC Group. He served as a Chief Investment Officer at Veolia Environnement UK Pension Fund where he oversaw the complete restructuring of the Asset-Liability structure.In addition, he implemented and managed an optimal investment strategy. He was also an investment portfolio manager in cash, bonds, interest rates and derivatives products. Philippe-N. is currently Managing Director in the Capital Markets Department at a major bank. He is a PhD student in Finance. Philippe-N. is an INSEAD Alumnus and holds a Masters Degree in Corporate Finance from Conservatoire National des Arts et Métiers (CNAM) and a Masters Degree in Capital Markets from E.S.L.S.C.A Business School.