This multi-faceted analysis of institutional investment defines ‘fiduciary finance’ institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis,...

This multi-faceted analysis of institutional investment defines ‘fiduciary finance’ institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis,...

This article discusses new index-based investments known as quot;geared betaquot; strategies. These strategies employ derivative instruments to achieve dramatic outperformance of market returns.Mutual funds which use enhanced indexing strategies can be classified as follows: those that employ...

This research paper provides a brief introduction to Exchange-Traded Funds (ETFs), and describes the features that distinguish ETFs from other investment instruments (such as index mutual funds, active mutual funds, listed investment companies/trusts and share baskets).The paper explains how...

This article discusses an innovative enhanced indexing strategy known as quot;portable alphaquot;. A portable alpha strategy, in essence, involves overlaying the return from an external fund or internal strategy that has consistently generated alpha with a derivatives-created index exposure. A...