CFA Institute

Hedge Funds

High frequency trading is low impact

The harms done by high frequency traders are outweighed by the benefits of historically low trading costs, a CFA Institute study has shown. Dr Svi Rosov, an analyst in the capital markets policy group at the CFA Institute, analysed trading and quote data from 150 large- and small-cap stocks from the US, UK and France […]
Hedge Funds

Gloomy forecast for Japanese corporate governance

A pessimistic view of Japanese corporate governance reforms was heard by prominent Australian institutional investors last night at the CFA Market Forecast dinner in Melbourne. Charles Yang, chief investment officer of T&D Asset Management and past chair of the CFA Institute Board of Governors, gave his assessment of the stewardship and corporate governance codes launched […]
Hedge Funds

CFA: lack of transparency harming fund managers

The 50 per cent of Australian funds that disclose holdings on a regular basis stand to gain from the growing priority investors place on transparency and open business practices, according to the chief executive of Morningstar Australia. Heather Brilliant, whose background is in equity analysis in the USA, believes such practices should be a hygiene […]
Policy and Regulation

Mark Delaney urges fund managers to sign CFA code

AustralianSuper has publicly endorsed the CFA’s Asset Manager Code of Professional Conduct, as part of a bid to get the code more widely adopted by fund managers. The code outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients and is an attempt to get uniformity of basic standards worldwide. […]
Hedge Funds

Risks are multi-faceted and evolving: Litterman

If Robert Litterman were a CIO of a public pension plan he would not try to hit an “unrealistic return target”. There is a serious problem with US public pension funds and the “unrealistic commitments and unrealistic return targets” they have set, says Robert Litterman, co-developer of the Black-Litterman Global Asset Allocation model and risk […]