CFA Institute and Harvard Business School: Investment Management Workshop
Investing and Strategic Decision-Making
CFA Institute and Harvard Business School have decided to cancel the 2020 Investment Management Workshop. Health and safety is our top priority, and with concerns related to COVID-19 we felt this decision had to be made.
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?
- Executives and 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 Viceira: 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
- Succession 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 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, 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.
Agenda
Location
Venue
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
CFA Institute and Harvard Business School have decided to cancel the 2020 Investment Management Workshop. Health and safety is our top priority, and with concerns related to COVID-19 we felt this decision had to be made.
Admissions Criteria and Process
The Admissions Committee reviews applications on a rolling basis and will accept qualified participants until May 31, 2020, 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 [email protected].
Application Submission
We recommend that you apply at least four weeks before the program start date. Please proceed to the HBS website to complete an online 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 [email protected]. 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 2020 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.