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BF3358 - INVESTMENT MANAGEMENT Module Number: BF3358 Module Title: Investment Management Number of Aston Credits 10 Total Number of ECTS Credits: (European Credit Transfer) 1 5 Staff member responsible for the Module: TBC Finance, Accounting & Law Group ABS Building, Room 4xx, Extension xxxx Email: @aston.ac.uk Availability: Other Staff Contributing to the Module: None 2 Pre-Requisite(s) for this Module: Module available only within BSc Finance. As such, the following modules are considered pre-requisite: BF2251, BF3314, BS2242, and one of (i) BN1105, BN1106 and BS2220, or (ii) BN1105 and BS2247, or (iii) BS2247 and either BN1115 or BN1116 3 Module Learning Outcomes: The module is designed to provide an introduction to the structure and philosophies of investment management. Successful completion of the module will give you a clear understanding of how to understand clients’ investment requirements, how to undertake asset allocation decisions, how to make security selection decisions across a range of asset classes, and how to measure the performance of an investment strategy. 4 Module Content: Week 1 Introduction to the Investment Management Process The stages of the investment management process. Understanding the client: risk tolerance, investment horizon and tax status. Weeks 2-3 Passive asset allocation General diversification. Market based allocation. Asset allocation using the mean-variance model. International diversification. ABS 2013/14 02/08/17 Page 1 of 4 BF3358.DOC BF3358 - INVESTMENT MANAGEMENT Weeks 4-5 Active asset allocation Market timing. The Black-Litterman model. Weeks 6-7 Passive security selection Equity indexing. Exchange traded funds. Bond portfolio management. Immunization. Weeks 8-10 Active security selection. Technical analysis. Value strategies for bonds. Week 11 5 investing. Growth investing. Active Portfolio performance measurement Portfolio return measurement. Risk adjusted performance measures. Attribution analysis. Theoretical considerations. International Dimensions: In the presence of global financial markets, the study of finance naturally transcends national boundaries. The tools of investment management are applicable regardless of setting. 6 Professional Accreditation and Corporate Connections The module will draw on the experience of investment professionals whenever possible. This module contains material that forms part of the CFA IMC curriculum. 7 Links to Research The module will draw on seminal academic research articles and current research being undertaken by the module lecturer and other colleagues in ABS. 8 Learning and Teaching Rationale and Methods Teaching will be by a mix of lectures and problem solving classes over 11 weeks. This will comprise a mix of formal delivery interspersed with worked problems. The former will meet the prime objective of providing an introduction to the investment management process and the philosophical approaches to it, while the latter will provide the apparatus to achieve the “how to” learning objectives above. Students ABS 2013/14 02/08/17 Page 2 of 4 BF3358.DOC BF3358 - INVESTMENT MANAGEMENT will be expected to supplement their learning from the lecture sequence with private study from recommended texts, which will include the opportunity to both enhance their analytical perspective and practice their “how to” objectives. 9 How are the 100 learning Hours per module achieved? Contact Hours Private Study Examination 22 76 2 hours hours hours Total 100 hours 10 Ethical approval This module contains no requirement for primary data collection, therefore ethical approval for research is not required 11 Assessment and Feedback Rationale and Methods The module will be assessed by a single closed book final examination of two hours in duration. By appropriate design, with a mix of both analytical and computational questions, the examination provides a rigorous method to determine whether students have achieved the analytical perspective and “how to” objectives. Students may request individual feedback on their examination performance once the marks have been approved by the Board of Examiners. Also Feedback will be provided through discussion with the tutors as the module progresses. Students are encouraged to utilise lecturer office hours to obtain more detailed feedback and advice. 12 Essential textbooks Bodie, Kane and Marcus, (2009), Investments. McGraw-Hill (8th edition) Damodaran (2003). Investment Philosophies. Wiley Finance. ABS 2013/14 02/08/17 Page 3 of 4 BF3358.DOC