Study Session 5  Portfolio Management for Institutional Investors
　　Reading 15. Managing Institutional Investor Portfolios
　　The candidate should be able to:
　　a. contrast a defined- benefit plan to a defined- contribution plan and discuss the advantages and disadvantages of each from the perspectives of the employee and the employer;
　　b. discuss investment objectives and constraints for defined- benefit plans;
　　c. *uate pension fund risk tolerance when risk is considered from he perspective of the 1) plan surplus, 2) sponsor financial status and profitability, 3) sponsor and pension fund common risk exposures, 4 plan features, and 5) workforce characteristics;
　　d .prepare an investment policy statement for a defined- benefit plan
　　e .*uate the risk management considerations in investing pension plan assets
　　f .prepare an investment policy statement for a defined- contribution plan;
　　g .discuss hybrid pension plans (e.g., cash balance plans) and employee stock ownership plans;
　　h .distinguish among various types of foundations, with respect to their description, purpose, source of funds, and annual spending
　　requirements;
　　I. compare the investment objectives and constraints of foundations, endowments, insurance companies, and banks;
　　j. prepare an investment policy statement for a foundation, an endowment, an insurance company, and a bank;
　　k. contrast investment companies, commodity pools, and hedge funds to other types of institutional investors;
　　l. discuss the factors that determine investment policy for pension funds, foundations, endowments, life and nonlife insurance companies, and banks;
　　m. compare the asset/liability management needs of pension funds, foundations, endowments, insurance companies, and banks;
　　n. compare the investment objectives and constraints of institutional investors given relevant data, such as descriptions of their financial circumstances and attitudes toward risk.
　　　
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