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For over 50 years, the Investment Management Workshop has convened the world's top executives to explore the latest industry strategies and best practices. Attendees will return to their firms ready to implement innovative investment approaches.


Hosted by CFA Institute, Harvard Business School Executive Education

Key Benefits

During this renowned industry forum, you will gain fresh insights into how the investment management industry is evolving—and how those changes could affect your strategies and your business. You will emerge better prepared to navigate the industry landscape, make optimal investments, manage risk, and create value.

  • Gain strategic insights into all segments of the industry
  • Analyze complex challenges and potential solutions more effectively
  • Broaden your range of potential investment and allocation strategies
  • Expand your personal and professional network
  • Extend your network by living and working with accomplished investment industry executives from various backgrounds and countries across the globe
  • Build relationships with a diverse group of peers who can provide wide-ranging insights into your business challenges and career decisions

Who Should Attend

  • Rising executives in investment management organizations—including hedge fund firms, private equity investing firms, pension funds, sovereign wealth funds, endowments, and investment consulting firms
  • Individuals involved in areas related to capital markets, such as corporate finance, brokerage, and mergers and acquisitions
  • General managers or specialists—such as chief investment officers, directors of investments, senior analysts, research directors, risk managers, portfolio managers, investment advisors, wealth managers, and principals

Read more from IMW Co-Chair and Influential Past Participants:

Luis Viciera: Senior Associate Dean, HBS and IMW Co-chair

Tim Kubarych: Deputy Manager of Research at Harding Loevner

Frederik Mannaerts: Specialist Investment Management at Spoorwegpensioenfonds

Cesar Orosco, Head of Research at AJO

Vijay Mehta: Senior Analyst, Ziff Brothers

Sarah Salamoun: Global Wealth Management, FX and Precious Metals Advisory

Amanda Agati: Co-Chief Investment Strategist at PNC Financial Services Group

Kei Yamamoto: Senior Portfolio Manager for Casey Family Foundation

Juan Luis Surgeon, CFA: Chief Investment Officer, MMG Bank

Learning and Living at HBS

When you participate in an Executive Education program on the HBS campus, you enter an immersive experience where every aspect of the learning model has been carefully designed to facilitate your growth. Your learning will take place on your own, in your living group, and in the larger classroom, driven by the renowned HBS case method.



WHAT YOU WILL LEARN

Throughout four intensive days, you will be immersed in a rich learning experience that includes faculty presentations, cases studies, industry guest speakers, and small group discussions. Cases will examine current and emerging developments in asset management. Often, case protagonists—individuals intimately involved in or directly affiliated with the cases being studied—attend one of the case discussions.

Insight from Industry Experts
In addition to the visits from case protagonists, the program also features guest speakers from leading investment organizations. These accomplished, senior-level professionals will share insights into how they have overcome critical business challenges.

Past speakers have included:

  • Robert S. Kapito, President, BlackRock
  • Jonathan S. Lavine, Co-Managing Partner, Bain Capital; and Chief Investment Officer, Bain Capital Credit
  • Jeremy Grantham, Cofounder and Chief Investment Strategist, Grantham, Mayo & van Otterloo (GMO)
  • Narv Narvekar, Chief Executive Officer, Harvard Management Company
  • Ronald P. O’Hanley, President and Chief Executive Officer, State Street Corporation

A Continually Refreshed Curriculum
The workshop teaching team continually refreshes the curriculum with new topics and cases, ensuring that content addresses emerging developments in investment management. The overall workshop content is renewed every three years.


Key Topics



Investment Strategies

 

  • Evaluation and implementation of innovative investment strategies across all industry segments
  • Investment decisions in a world of expected low returns
  • Challenges of size for both asset allocators and asset managers
  • Strategic drivers of growth and profitability 
  • New approaches to investment policy design and execution
  • Organization of institutional investors
  • Drivers of success for activism as an investment strategy
  • Co-investments in private markets

Industry Evolution

  • Disruptive innovations in the investment management industry
  • Search for alpha in today's environment
  • Implications of the growth in index investing for markets and for the investment management industry in general
  • Rise of smart beta investing and its implications
  • Fintech as a disruptive industry force and strategic responses from incumbents 
  • Future of hedge funds and private equity
  • Innovative fee structures for institutional investors
  • Trade execution in a world of high-frequency trading and multiple execution venues
  • Liquidity management in uncertain times
  • Valuation and M&A of investment management firms

Case Examples



Baupost Group: Finding a Margin of Safety in London Real Estate
  • Deep value investing, with an application to real estate investing
  • Understanding what entails investing with a “margin of safety”
  • Structural and developed edges in investing

Trian Partners and DuPont

  • Short-term versus long-term activists (highly engaged shareowners)
  • Operationally focused activism (private equity in public markets) as an investment strategy: Implementation, risks, and funding
  • Activists and indexers: The future of capitalism and the separation of management and ownership

Diversified Alpha at Acadian Asset Management

  • Man versus machine: The future of active investing
  • Capacity and scale in active investment management
  • Low-volatility anomaly
  • Launching a new strategy

H Partners and Six Flags

  • Private equity and distressed investing
  • Private investment opportunities in today's markets
  • Value creation, destruction, and the capital markets

Real Assets

  • Role of real assets in an investment portfolio
  • Changing the covariance of real assets with inflation and other asset classes
  • Real assets as an alpha-versus-beta opportunity
  • Specific investment opportunities, including shipping, water, agriculture, and timber

Blackstone Alternative Asset Management in 2018

  • Achieving sustainable alpha
  • Evaluating and implementing opportunities for growth in the active asset management business
  • Succesion in the asset management business
  • The future of the alpha business

Texas Teachers and the New Texas Way

  • Role of private investment vehicles (private equity and real estate) in institutional portfolios in today's risk-and-return environment
  • Customization of investments in alternative asset management: Optimizing your edge as an investor
  • Co-investments in private equity and real estate
  • New approaches to fees in public and private investment vehicles

The Vanguard Group, Inc., in 2015: Celebrating 40

  • Present and future of low-cost, indexed investing in the United States and globally and the implications for capital markets
  • Evaluating the business strategy and growth options of an asset management firm: Strengths, challenges, threats, and opportunities

The Wealthfront Generation

  • Investing habits of millennials and their impact on the asset management business: The $7 trillion opportunity
  • Technology-driven investment platforms: Robo-advisors
  • Future of investment advice: Incumbents versus new entrants

Harvard Management Company

  • Challenges of endowment investing in today's capital markets
  • Future risk and return of the major asset classes
  • Policy portfolio design
  • Risk management and liquidity management
  • Development of a successful investment organization

APG Group

  • Investment and management challenges of very large pools of capital
  • Investment strategies in a world of low interest rates and expected returns
  • Smart beta investing
  • Challenges of spinning off an internal investment management operation into a successful firm

Prudential Financial—General Motors Pension Risk Transfer

  • Challenges in managing and investing pension fund assets 
  • Pension fund de-risking strategies
  • Managing longevity risk
  • Structure and execution of a pension risk transfer program
  • Industry dynamics of pension fund asset management

The FLV Capital Trading Desk

  • Institutional trading in modern capital markets
  • Management of implementation shortfalls in a world with fragmented capital markets, dark pools, and high-frequency trading

Business Intelligence Advisors

  • Information as alpha
  • New frontiers in active investing

Northforty: Managing a Microsoft Family Office

  • Modern family office investing and management
  • Investing in a non-perpetual setup

Puerto Rico’s COFINA Bonds: Hold or Fold?

  • Distressed debt investing
  • Evaluation of investing opportunities created by regulatory and institutional factors


Program content, dates, fees, and faculty are subject to change. In accordance with Harvard University policy, Harvard Business School does not discriminate against any person on the basis of race, color, sex or sexual orientation, gender identity, religion, age, national or ethnic origin, political beliefs, veteran status, or disability in admission to, access to, treatment in, or employment in its programs and activities.

Speakers

André F. Perold
André F. Perold

André F. Perold is cofounder, managing partner, and chief investment officer of HighVista Strategies. Previously, he was the George Gund Professor of Finance and Banking at Harvard Business School, where he also served as senior associate dean and chair of the finance faculty. Professor Perold won numerous awards for his research and teaching in the fields of investment management and the capital markets. He is a board member for the Vanguard Group and RIT Capital Partners, and he serves on the investment committees of the Partners Healthcare System and the Museum of Fine Arts, Boston. Professor Perold received a BSc (hons.) from the University of Witwatersrand, Johannesburg, and an MS and a PhD from Stanford University.

Luis M Viceira
Luis M. Viceira

Luis M. Viceira, Faculty Cochair of the IMW, is the George E. Bates Professor in the Finance Unit and Senior Associate Dean for Executive Education at Harvard Business School, and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management and capital markets. Professor Viceira has published a number of articles, book chapters, and case studies, and he is co-author of the book Strategic Asset Allocation, which received the TIAA-CREF Paul Samuelson Award in 2003. His research has received numerous awards recognizing its contributions to the theory and practice of asset management, and in 2005 he received the Graham and Dodd Award from CFA Institute.

Lauren H. Cohen
Lauren Cohen

Lauren H. Cohen is the L.E. Simmons Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. His award-winning research has been published in the top journals in Finance and Economics. It is also frequently profiled in various media outlets including The Wall Street Journal, The New York Times, The Washington Post, The Economist, and Forbes. In addition to his academic work, Dr. Cohen frequently advises government organizations in the US and abroad, as well as consulting with top hedge funds in the industry, and serving as an expert witness in numerous investment- and insurance-related litigation cases.

Joshua D. Coval
Joshua D. Coval

Joshua D. Coval is the Jay O. Light Professor of Business Administration at Harvard Business School. His research focuses on the efficiency of security prices and examination of rational and behavioral explanations of mispricing. His current research investigates the structured credit market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof. His research has been featured in the Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Review of Financial Studies, Journal of Business, and Journal of Corporate Finance, as well as The Economist, the Wall Street Journal, The New York Times, the Chicago Tribune, Time, Money Magazine, and the Financial Times. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance.

Robin Greenwood
Robin Greenwood

Robin Greenwood is the George Gund Professor of Finance and Banking at Harvard Business School. At HBS he is the Faculty director of the Behavioral Finance and Financial Stability project and serves as Finance Unit Head. He is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York and a Research Associate at the National Bureau of Economics Research. He teaches behavioral finance and value investing, and his research investigates the effects of investor demand on asset prices, as well as the implications of investor demand for corporate financing and investment. His recent research on investor activism has been profiled in the Wall Street Journal, CNBC, and the Harvard Business Review, and was the subject of his testimony at a U.S. Congress Subcommittee Hearing on investor activism.

Samuel Hanson
Samuel G. Hanson

Samuel G. Hanson is a Marvin Bower Associate Professor in the Finance Unit at Harvard Business School, and a Faculty Research Fellow at the National Bureau of Economic Research. Professor Hanson’s research interests lie in corporate finance, behavioral finance, and asset pricing. His recent research has focused on corporate supply responses to fluctuations in investor demand for different types of securities and on optimal financial regulation. Hanson’s research has appeared in the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Perspectives.

Victoria V. Ivashina
Victoria V Ivashina

Victoria Ivashina is the Lovett-Learned Chaired Professor of Finance at Harvard Business School. Professor Ivashina is also the faculty chair of the Global Initiative for the Middle East and North Africa (MENA) region. Professor Ivashina’s research spans multiple areas of financial intermediation including corporate credit markets, leveraged loan markets, global banking operations, asset allocation by pension funds and insurance companies, and value creation by private equity. Her research has been published in the top journals in Finance and Economics and is regularly cited in media outlets including The Economist, The Financial Times, and The Wall Street Journal.

Christopher Malloy
Christopher Malloy

Christopher Malloy is the Sylvan C. Coleman Chaired Professor of Financial Management in the Finance Unit at Harvard Business School, and a Research Associate at the National Bureau of Economic Research. His research focuses on topics in behavioral finance, asset pricing, investments, fintech, family office management, labor economics, and empirical corporate finance. His research has appeared in the Journal of Political Economy, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, and has been described in The Financial Times, The Wall Street Journal, The New York Times, and various other media outlets.

Erik Stafford
Erik Stafford

Erik Stafford is John A. Paulson Professor of Business Administration at Harvard Business School. Previously, he was a research analyst at Capital Economics. Professor Stafford's research efforts are concentrated in empirical finance. He has received the Merton Miller Prize from the Journal of Business for a paper that he co-wrote with Mark Mitchell, and the Smith-Breeden Prize from the Journal of Finance for a paper co-written with Mark Mitchell and Todd Pulvino. Professor Stafford has a BA in finance and economics from the University of Maryland and a PhD in finance from the University of Chicago's Graduate School of Business.

Adi Sunderam
Adi Sunderam

Adi Sunderam is a Marvin Bower associate professor of business administration in the Finance Unit, and a Faculty Research Fellow at the National Bureau of Economic Research. In 2009 and 2010, he served in the U.S. Treasury Department as a Special Assistant and Liaison to the White House National Economic Council. Professor Sunderam's research interests are in corporate finance, asset pricing, and financial intermediation. His recent work focuses on the organization of financial markets and its effect on asset prices and corporate investment. Professor Sunderam holds a Ph.D. in Business Economics and an A.B. in Computer Science and Economics, both from Harvard University.

Agenda

Location

Venue

Harvard Business School Campus

Executive Education
Harvard Business School
Soldiers Field
Boston, MA 02163

+1-800-427-5577

Pricing

Group Price
Workshop Fee USD 10500
CFA Institute Member/CFA® Program Candidate Rate USD 9800

What's Included

The program fee includes tuition, course materials, on-campus single accommodations, and most meals.  To ensure placement, payment is mandatory within two weeks of acceptance into the program unless extended in writing.  If payment is not received, we may release your spot to a waitlisted candidate.

 

Program content, dates, fees, and faculty are subject to change. In accordance with Harvard University policy, Harvard Business School does not discriminate against any person on the basis of race, color, sex or sexual orientation, gender identity, religion, age, national or ethnic origin, political beliefs, veteran status, or disability in admission to, access to, treatment in, or employment in its programs and activities.

Event Info

Admissions Criteria and Process

The Admissions Committee reviews applications on a rolling basis and will accept qualified participants until May 31, 2019, or until space is no longer available.  Early application is strongly recommended.

 

Answering Your Questions

If you have any questions about the program or application process, please email university@cfainstitute.org.

Application Submission

We recommend that you apply at least four weeks before the program start date. You may use our online form or download an application. HBS maintains all application information in strict confidentiality.

Along with your application, please inform us of any dietary restrictions or any needs for services to accommodate a disability.

Application Review

To optimize the learning experience and maximize the exchange of ideas, our Admissions Committee makes selections that balance each participant's experience, scope of current responsibilities, and type of organization. We review applications on a rolling, space-available basis and will contact you via email with the Admissions Committee’s decision.

Fee, Payment, and Cancellations

The $10,500 program fee ($9,800 program fee for CFA Institute Members/CFA® Program Candidates) includes tuition, course materials, on-campus single accommodations, and most meals. No payment is necessary until you have been accepted. To ensure placement, payment is mandatory within two weeks of acceptance into the program unless extended in writing.  If payment is not received, we may release your spot to a waitlisted candidate.

If you must cancel, submit your request in writing to university@cfainstitute.org. You may be subject to a fee, depending on exactly when you cancel:

  • Cancellations within 30 days prior to the start of the program will be subject to a $3,500 fee ($3,265 for CFA Institute Members/CFA® Program Candidates)
  • Cancellations within seven days prior to the start of the program will be subject to a $7,000 fee ($6,525 for CFA Institute Members/CFA® Program Candidates)
  • Cancellations after the start of the program will be subject to the full payment. Substitution and registration sharing are not permitted.

Preparing to Attend

Business casual attire is appropriate for the workshop. Study materials and cases will be made available to you prior to your arrival.  There will be 16 cases presented.  Each HBS case is 10-20 pages and these will be made available to fully paid participants in May 2019 to ensure sufficient time prep. 

 

Program content, dates, fees, and faculty are subject to change. In accordance with Harvard University policy, Harvard Business School does not discriminate against any person on the basis of race, color, sex or sexual orientation, gender identity, religion, age, national or ethnic origin, political beliefs, veteran status, or disability in admission to, access to, treatment in, or employment in its programs and activities.

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