{"product_id":"achieving-investment-excellence-isbn-9781119437659","title":"Achieving Investment Excellence","description":"\u003cp\u003e\u003cb\u003eCrucial methods, tactics and tools for successful pension fund management\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e offers trustees and asset managers a comprehensive handbook for improving the quality of their investments. With a stated goal of substantially and sustainably improving annual returns, this book clarifies and demystifies important concepts surrounding trustee duties and responsibilities, investment strategies, analysis, evaluation and much more.\u003c\/p\u003e \u003cp\u003eLow interest rates are making the high cost of future pension payouts fraught with tension, even as the time and knowledge required to manage these funds appropriately increases — it is no wonder that pensions are increasingly seen as a financial liability. Now more than ever, it is critical that trustees understand exactly what contributes to investment success — and what detracts from it. This book details the roles, the tools and the strategies that make pension funds pay off.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the role of pension funds and the fiduciary duty of trustees\u003c\/li\u003e \u003cli\u003eLearn the tools and kills you need to build profound and lasting investment excellence\u003c\/li\u003e \u003cli\u003eAnalyse, diagnose and improve investment quality of funds using concrete tools and instruments\u003c\/li\u003e \u003c\/ul\u003e \u003cul\u003e \u003cli\u003eStudy illustrative examples that demonstrate critical implementation and execution advice\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePacked with expert insight, crucial tools and real-life examples, this book is an important resource for those tasked with governing these. \u003ci\u003eAchieving Investment Excellence \u003c\/i\u003eprovides the expert insight, clear guidance and key wisdom you need to manage these funds successfully.\u003c\/p\u003e \u003cp\u003eAbout the Authors xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eLevels of Excellence: Assessing and Improving Your Practice 6\u003c\/p\u003e \u003cp\u003eHow to Use the Book 8\u003c\/p\u003e \u003cp\u003eChapters of the Book 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Pension Funds: Understanding the Role, Shaping the Mission\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Role of Pension Funds, and the Role of Boards 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Pension Funds 20\u003c\/p\u003e \u003cp\u003eThe Pension Triangle 22\u003c\/p\u003e \u003cp\u003eDuties of Trustees 24\u003c\/p\u003e \u003cp\u003eResponsibility as a Fiduciary 26\u003c\/p\u003e \u003cp\u003eDelegation and Agency Relationships 27\u003c\/p\u003e \u003cp\u003eResponsibilities as a Board Member 30\u003c\/p\u003e \u003cp\u003eResponsibilities as a Shareholder 31\u003c\/p\u003e \u003cp\u003eBalancing the Three Roles 31\u003c\/p\u003e \u003cp\u003eUnderstanding and Managing Your Stakeholders 32\u003c\/p\u003e \u003cp\u003eGovernment 32\u003c\/p\u003e \u003cp\u003eRegulator 32\u003c\/p\u003e \u003cp\u003eFinancial Markets 33\u003c\/p\u003e \u003cp\u003eNon-Governmental Organizations 34\u003c\/p\u003e \u003cp\u003eEndnotes 34\u003c\/p\u003e \u003cp\u003eCase Study—GEPF 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Developing Purpose, Mission, Vision, and Goals 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Functions of a Pension Fund 41\u003c\/p\u003e \u003cp\u003ePurpose 44\u003c\/p\u003e \u003cp\u003eMission 45\u003c\/p\u003e \u003cp\u003eValues 46\u003c\/p\u003e \u003cp\u003eVision 49\u003c\/p\u003e \u003cp\u003eStrategic Goals 50\u003c\/p\u003e \u003cp\u003eEndnotes 51\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Designing the Process\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Grasping the Investment Essentials 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Goals 56\u003c\/p\u003e \u003cp\u003eUnderstanding Return Concepts 57\u003c\/p\u003e \u003cp\u003eReturn 57\u003c\/p\u003e \u003cp\u003eExpectations 57\u003c\/p\u003e \u003cp\u003eUnderstanding Risk Concepts 59\u003c\/p\u003e \u003cp\u003eRisk is not Volatility 60\u003c\/p\u003e \u003cp\u003eRisk Premium 61\u003c\/p\u003e \u003cp\u003eGetting Risk Measures Right 62\u003c\/p\u003e \u003cp\u003eRisk Is about Behavior 63\u003c\/p\u003e \u003cp\u003eSteering Your Portfolio 64\u003c\/p\u003e \u003cp\u003eBenchmarks 65\u003c\/p\u003e \u003cp\u003eDiversification 66\u003c\/p\u003e \u003cp\u003eConventional vs. Alternative Assets 67\u003c\/p\u003e \u003cp\u003eActive vs. Passive Investing 68\u003c\/p\u003e \u003cp\u003eBetter Beta: Styles and Factors 70\u003c\/p\u003e \u003cp\u003eResponsible Investing 70\u003c\/p\u003e \u003cp\u003eMotives or Mission 71\u003c\/p\u003e \u003cp\u003eInstruments 72\u003c\/p\u003e \u003cp\u003eEndnotes 72\u003c\/p\u003e \u003cp\u003eCase Study—PFZW 74\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Investment Beliefs as Guiding Tools 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Investment Beliefs Matter 78\u003c\/p\u003e \u003cp\u003eBasics of an Investment Belief 81\u003c\/p\u003e \u003cp\u003eDeveloping a Set of Investment Beliefs 82\u003c\/p\u003e \u003cp\u003eWhen, If Ever, Is the Time to Change Investment Beliefs? 83\u003c\/p\u003e \u003cp\u003eHow (Not) to Use Investment Beliefs 87\u003c\/p\u003e \u003cp\u003eEndnotes 88\u003c\/p\u003e \u003cp\u003eCase Study—New Zealand Superannuation Fund 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Designing the Investment Management Process 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Investment Process 94\u003c\/p\u003e \u003cp\u003eSetting Objectives: Aligning Goals and Risk Appetite 95\u003c\/p\u003e \u003cp\u003eInvestment Objectives 99\u003c\/p\u003e \u003cp\u003eFormulating Expectations 100\u003c\/p\u003e \u003cp\u003ePortfolio Construction 101\u003c\/p\u003e \u003cp\u003eImplementation and Monitoring 103\u003c\/p\u003e \u003cp\u003eImplementation 103\u003c\/p\u003e \u003cp\u003eMonitoring 103\u003c\/p\u003e \u003cp\u003eThe Investment Policy Statement 105\u003c\/p\u003e \u003cp\u003eEndnotes 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Organizing the Investment Function 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInventorizing Investment Models 110\u003c\/p\u003e \u003cp\u003eModel 1: Traditional Asset Allocation Model 112\u003c\/p\u003e \u003cp\u003eModel 2: Endowment Model 112\u003c\/p\u003e \u003cp\u003eModel 3: Factor Allocation Model 114\u003c\/p\u003e \u003cp\u003eModel 4: Opportunity Cost or Reference Portfolio Model 116\u003c\/p\u003e \u003cp\u003eModel 5: Dual Strategic\/Operational Benchmark Model 119\u003c\/p\u003e \u003cp\u003eModel 6: Risk Parity Model 120\u003c\/p\u003e \u003cp\u003eDeveloping Your Own Investment Approach 122\u003c\/p\u003e \u003cp\u003eEndnotes 123\u003c\/p\u003e \u003cp\u003eCase Study – GPFG 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Implementing the Investments\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Implementing the Investment Strategy 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrganizing the Implementation 130\u003c\/p\u003e \u003cp\u003eThe Rationale for Managing Costs 132\u003c\/p\u003e \u003cp\u003eSelection of Managers 134\u003c\/p\u003e \u003cp\u003eActive vs. Passive Management 136\u003c\/p\u003e \u003cp\u003eInternal vs. External Management 138\u003c\/p\u003e \u003cp\u003eRelationship with Suppliers 139\u003c\/p\u003e \u003cp\u003eBridging the Implementation Gap 141\u003c\/p\u003e \u003cp\u003eEndnotes 142\u003c\/p\u003e \u003cp\u003eCase Study—ATP 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Building the Investment Portfolio 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFramework for the Investment Portfolio 148\u003c\/p\u003e \u003cp\u003eThe Board’s Role in Portfolio Construction 151\u003c\/p\u003e \u003cp\u003eWhat Is a Good Investment Portfolio? 152\u003c\/p\u003e \u003cp\u003eCapital Market Assumptions 156\u003c\/p\u003e \u003cp\u003eDiversification 157\u003c\/p\u003e \u003cp\u003eRebalancing 160\u003c\/p\u003e \u003cp\u003eEndnotes 160\u003c\/p\u003e \u003cp\u003eCase Study—OTPP 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Monitoring and Evaluation 164\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMonitoring 165\u003c\/p\u003e \u003cp\u003eWhat to Monitor? 167\u003c\/p\u003e \u003cp\u003eMonitoring as a Multidimensional Process 168\u003c\/p\u003e \u003cp\u003eMonitoring the Policy 169\u003c\/p\u003e \u003cp\u003eThe Position of Monitoring on the Investment Committee’s Agenda 170\u003c\/p\u003e \u003cp\u003eWhat Is the Optimal Frequency for Monitoring? 171\u003c\/p\u003e \u003cp\u003eMonitoring Should Be Based on a Sound Approach: It Should Never\u003c\/p\u003e \u003cp\u003eBe a Mechanical Exercise 171\u003c\/p\u003e \u003cp\u003eWhat to Look for in Monitoring 171\u003c\/p\u003e \u003cp\u003eWhen Does a Board Move from Monitoring to Evaluation? 175\u003c\/p\u003e \u003cp\u003eEvaluation 176\u003c\/p\u003e \u003cp\u003eEndnotes 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four Organizing the Board\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Becoming an Effective Board 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eResponsibilities of the Board 181\u003c\/p\u003e \u003cp\u003eBoard Composition 185\u003c\/p\u003e \u003cp\u003eWhat is Expected from Board Members? 187\u003c\/p\u003e \u003cp\u003eWhat is Expected of the Chair? 188\u003c\/p\u003e \u003cp\u003eAppointing New Board Members 189\u003c\/p\u003e \u003cp\u003eGovernance Budget of the Board 191\u003c\/p\u003e \u003cp\u003eBoard Decision-Making Culture 193\u003c\/p\u003e \u003cp\u003eSupporting the Board: Executive Office and Staff 194\u003c\/p\u003e \u003cp\u003eIngredients of an Effective Board 197\u003c\/p\u003e \u003cp\u003ePeople and Board Composition 197\u003c\/p\u003e \u003cp\u003eProcess 198\u003c\/p\u003e \u003cp\u003ePerspective 198\u003c\/p\u003e \u003cp\u003eThe Right Altitude, Horizon and Distance 198\u003c\/p\u003e \u003cp\u003ePower and Delegation 198\u003c\/p\u003e \u003cp\u003eLearning 199\u003c\/p\u003e \u003cp\u003eEndnotes 199\u003c\/p\u003e \u003cp\u003eCase Study—CalPERS 200\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Establishing the Investment Committee 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRoles and Responsibilities 204\u003c\/p\u003e \u003cp\u003eAdvise the Board on an Investment Policy Statement 205\u003c\/p\u003e \u003cp\u003eEvaluate the Managers’ Performance and Take Appropriate Actions 205\u003c\/p\u003e \u003cp\u003eDocument the Investment Process and Decisions Made 205\u003c\/p\u003e \u003cp\u003eMembers of the Investment Committee 207\u003c\/p\u003e \u003cp\u003eForming an Effective Investment Committee 208\u003c\/p\u003e \u003cp\u003eThe Role of the Chairman of the Investment Committee 210\u003c\/p\u003e \u003cp\u003eA Model for an Effective Investment Committee Meeting 210\u003c\/p\u003e \u003cp\u003eThe Investment Committee Agenda 211\u003c\/p\u003e \u003cp\u003eCommittee Preparation: Quality, Clarity and Timeliness and Extent of Materials 212\u003c\/p\u003e \u003cp\u003eRoles 213\u003c\/p\u003e \u003cp\u003eThe Results of the Meeting 214\u003c\/p\u003e \u003cp\u003eEvaluation and Learning 214\u003c\/p\u003e \u003cp\u003eEndnotes 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Managing the Investment Management Organization 216\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roles of the Investment Management Organization 217\u003c\/p\u003e \u003cp\u003eFunctions and Typical Evolution of the IMO 219\u003c\/p\u003e \u003cp\u003eOutsourcing 222\u003c\/p\u003e \u003cp\u003eSubsidiaries: Majority or Fully Owned by the Pension Fund 223\u003c\/p\u003e \u003cp\u003ePros and Cons of a Proprietary IMO 225\u003c\/p\u003e \u003cp\u003eIssues in Dealing with an Investment Organization 225\u003c\/p\u003e \u003cp\u003eThe Service Level Agreement 227\u003c\/p\u003e \u003cp\u003eMonitoring and Evaluating the Investment Management Organization 228\u003c\/p\u003e \u003cp\u003eEndnotes 228\u003c\/p\u003e \u003cp\u003eCase Study—Future Fund 229\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five Learning, Adapting and Improving\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Learning to Decide and to Take Advice 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePsychology of Decision-Making: Biases, Preferences, and Habits 236\u003c\/p\u003e \u003cp\u003eGroup Processes on the Right Track 241\u003c\/p\u003e \u003cp\u003eLearning to Make Complex Decisions 243\u003c\/p\u003e \u003cp\u003eUsing Expert Opinions 245\u003c\/p\u003e \u003cp\u003eThe Investment Consultant 247\u003c\/p\u003e \u003cp\u003eChallenges and Dilemmas in Taking Advice 249\u003c\/p\u003e \u003cp\u003eDecision-Making under Pressure 251\u003c\/p\u003e \u003cp\u003eEndnotes 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Achieving Investment Excellence 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Five Activities Driving Towards Excellence 256\u003c\/p\u003e \u003cp\u003eActivity 1: Setting the Strategy (Chapters 1–2) 257\u003c\/p\u003e \u003cp\u003eActivity 2: Designing the Investment Process (Chapters 3–6) 257\u003c\/p\u003e \u003cp\u003eActivity 3: Implementing the Investments (Chapters 7–9) 259\u003c\/p\u003e \u003cp\u003eActivity 4: Organizing the Board (Chapters 10–12) 259\u003c\/p\u003e \u003cp\u003eActivity 5: Learning to Adapt (Chapter 13) 261\u003c\/p\u003e \u003cp\u003eThe Learning Board and the Characteristics of the Levels of Excellence 261\u003c\/p\u003e \u003cp\u003eLeadership 262\u003c\/p\u003e \u003cp\u003eResources 262\u003c\/p\u003e \u003cp\u003eMind-Set and Culture 262\u003c\/p\u003e \u003cp\u003eMeasures and Scorecards 263\u003c\/p\u003e \u003cp\u003eMaintenance and Education 264\u003c\/p\u003e \u003cp\u003eLevels of Excellence and the Board Learning Perspective 264\u003c\/p\u003e \u003cp\u003eThe Board’s Journey towards Achieving Excellence 264\u003c\/p\u003e \u003cp\u003eStep 1: Determine Where You Are Now 264\u003c\/p\u003e \u003cp\u003eStep 2: Define Your Long-Term Ambition 266\u003c\/p\u003e \u003cp\u003eStep 3: Define the Roadmap 266\u003c\/p\u003e \u003cp\u003eStep 4: Execute the Roadmap 267\u003c\/p\u003e \u003cp\u003eEnduring Investment Excellence 267\u003c\/p\u003e \u003cp\u003eEndnotes 269\u003c\/p\u003e \u003cp\u003eSelf-Reflection Questions 270\u003c\/p\u003e \u003cp\u003eAppendix A 282\u003c\/p\u003e \u003cp\u003eAppendix B 284\u003c\/p\u003e \u003cp\u003eReferences 293\u003c\/p\u003e \u003cp\u003eIndex 301\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eKEES KOEDIJK\u003c\/b\u003e is dean and director of TIAS Business School and a professor of finance at Tilburg University, the Netherlands. He is managing editor for the\u003ci\u003e Journal of International Money and Finance,\u003c\/i\u003e and his work has been published in numerous peer-reviewed journals. Kees Koedijk has served on many investment committees and advisory boards. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eALFRED SLAGER\u003c\/b\u003e is professor of pension fund management at TIAS Business School, and a trustee for the Dutch Pension Fund for General Practitioners. His extensive practical experience makes him a frequently invited advisor to pension funds and speaker at international events on pensions and asset management. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJAAP VAN DAM\u003c\/b\u003e is principal director of investment strategy at PGGM, where he is responsible for the strategic change agenda for the pension fund. He chairs the European Chapter of the 300 Club and serves as member on numerous advisory boards, including the Research Committee of the International Centre for Pension Management.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003eIMPROVE FUND PERFORMANCE THROUGH ENHANCED UNDERSTANDING AND EFFECTIVE GOVERNANCE\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eTrustees play an essential role in the success of pension funds and other long-term asset organizations. The performance of such funds depends on the trustee's level of knowledge and expertise. Whether you are a new or experienced trustee, \u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e will help you safeguard fund performance while remaining faithful to the fund's mission and long-term strategic goals.  \u003c\/p\u003e\u003cp\u003eInside, you'll learn how to effectively and confidently steer your fund's portfolio with a thorough understanding of risk concepts, return expectations and key investment tools and benchmarks. With an ability to thoroughly assess the quality of your investment set-up, you will be ready to engage in strategic changes that can yield real, measurable gains for your fund.  \u003c\/p\u003e\u003cp\u003eThe board is key in achieving long-term investment success. \u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e is peppered with discussion questions, case studies and practical tools you can implement to immediately begin improving board effectiveness and fund performance. Regardless of fund size, you can realize greater returns, simply by improving your understanding of how the board designs, guides and monitors investment. Embrace the opportunity inherent in the trustee role and begin focusing the investment agenda on what really matters.    \u003c\/p\u003e\u003cp\u003ePRAISE FOR \u003c\/p\u003e\u003cp\u003e\u003cb\u003eACHIEVING INVESTMENT EXCELLENCE\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"It is a well-written journey through all key aspects of investment governance. Not only trustees would benefit from this well of knowledge, but also professionals working within the institutions and stakeholders on the outside.\"\u003cbr\u003e \u003cb\u003e—Knut Nordheim Kjaer\u003c\/b\u003e, Chairman and Partner, FSN Capital, Norway \u003c\/p\u003e\u003cp\u003e\"Thus far, there has not been a high-level source for systematically educating board members on the challenges of their duties. Most of the investment literature is either too superficial or too specialized. \u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e spans the relevant fields.\"\u003cbr\u003e \u003cb\u003e—Theresa Whitmarsh\u003c\/b\u003e, Executive Director, Washington State Investment Board, United States \u003c\/p\u003e\u003cp\u003e\"This book is a great addition to financial literature. The scope of the material and the mini-cases make it very accessible for a wider public than only board members and trustees.\"\u003cbr\u003e \u003cb\u003e—Eduard van Gelderen\u003c\/b\u003e, Chief Investment Officer, PSP Investments, Canada \u003c\/p\u003e\u003cp\u003e\"This book will be invaluable. I find each page to contain extremely helpful guidance to pension fund trustees.\"\u003cbr\u003e \u003cb\u003e—Frank J. Fabozzi,\u003c\/b\u003e Editor, \u003ci\u003eJournal of Portfolio Management\u003c\/i\u003e, United States \u003c\/p\u003e\u003cp\u003e\"Raising the investment governance budget is crucial for pension fund trustees. This book achieves exactly that. A 10-hour crash course on the key elements of investment excellence for pension funds.\"\u003cbr\u003e \u003cb\u003e—Jaco van der Walt,\u003c\/b\u003e Head - Investment Management Office, FirstRand, South Africa \u003c\/p\u003e\u003cp\u003e\"I have found it to be thorough, well-organized, well-written and it will be, I am sure, of great help to any pension fund trustees starting out on the job, as well as those wanting to refresh their perspective.\"\u003cbr\u003e \u003cb\u003e—Steve Lydenberg\u003c\/b\u003e, Partner - Strategic Vision, Domini Impact Investments, United States \u003c\/p\u003e\u003cp\u003e\"\u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e is a book that was waiting to be written and the three authors are uniquely qualified to make it happen! Written in clear, simple language, the book covers all the essentials that trustees and others involved in the governance of pension investing need to know without compromising on accuracy or rigour.\"\u003cbr\u003e \u003cb\u003e—Sung Cheng Chih\u003c\/b\u003e, CEO, Avanda Investment Management; Board Member, MIT Endowment, Singapore \u003c\/p\u003e\u003cp\u003e\"This book is outstanding. It successfully provides trustees with actionable learnings and insights that will improve decision making in pursuit of best practice in governance and sustainable investment excellence. It should be required reading for all investment committee members.\"\u003cbr\u003e \u003cb\u003e—Todd Ruppert,\u003c\/b\u003e Board member and Endowment Chair, Furman University and INSEAD business school; Venture  Partner, Greenspring Associates; Retired CEO and President, T. Rowe Price GIS \u003c\/p\u003e\u003cp\u003e\"Boards of trustees are key in creating and supporting the conditions for long-term investment success on behalf of their beneficiaries. \u003ci\u003eAchieving Investment Excellence\u003c\/i\u003e will be of great help for board members aiming at playing their role more efficiently in the rapidly evolving field of pension investing.\"\u003cbr\u003e \u003cb\u003e—Lionel Martellini,\u003c\/b\u003e Director, EDHEC-Risk Institute; Professor of Finance, EDHEC Business School\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988655390949,"sku":"NP9781119437659","price":85.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119437659.jpg?v=1761781137","url":"https:\/\/k12savings.com\/products\/achieving-investment-excellence-isbn-9781119437659","provider":"K12savings","version":"1.0","type":"link"}