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Investment Management
Investment Management after the Global Financial Crisis

Authors: Frank J. Fabozzi, Sergio M. Focardi, Caroline Jonas
Editions: Research Foundation Publications (CFA Institute)
Pages: 154 pages
Date: October 2010
From mid-2007 through the first quarter of 2009, financial markets were shaken by a series of shocks. The first was the shock in the summer of 2007 in which liquidity dried up and the subprime mortgage crisis began. Then, following the collapse of Lehman Brothers in September 2008, the financial markets began a slide that caused major indices, such as the S&P 500 Index and the MSCI Index, to lose more than half their value compared with their highs in 2007. By the end of the first quarter of 2009, most investors had suffered serious losses and asset management firms were in survival mode.

With this scenario in mind, the Research Foundation of CFA Institute commissioned the authors to research how the financial crisis affected and will continue to affect investment management decisions and processes as well as the investment management industry itself.

About the authors:

Frank J. Fabozzi, CFA, was professor of finance and Becton Fellow in the Yale School of Management at the time of writing, and is editor of the Journal of Portfolio Management. Prior to joining the Yale faculty, Professor Fabozzi was a visiting professor of finance in the Sloan School of Management at Massachusetts Institute of Technology. He is a fellow of the International Center for Finance at Yale University, is on the advisory council for the Department of Operations Research and Financial Engineering at Princeton University, and is an affiliated professor at the Institute of Statistics, Econometrics and Mathematical Finance at the University of Karlsruhe in Germany. Professor Fabozzi has authored and edited numerous books about finance. In 2002, he was inducted into the Fixed Income Analysts Society’s Hall of Fame, and he is the recipient of the 2007 C. Stewart Sheppard Award from CFA Institute. Professor Fabozzi holds a doctorate in economics from the City University of New York. Frank Fabozzi is currently Professor of Finance at EDHEC Business School.

Sergio M. Focardi is a professor of finance at EDHEC Business School, Nice, France, and a founding partner of The Intertek Group. Professor Focardi is on the editorial board of the Journal of Portfolio Management and has co-authored numerous articles and books, including the Research Foundation of CFA Institute monograph Trends in Quantitative Finance and Challenges in Quantitative Equity Management as well as the award-winning books Financial Modeling of the Equity Market: CAPM to Cointegration and The Mathematics of Financial Modeling and Investment Management. Most recently, Professor Focardi co-authored Financial Econometrics: From Basics to Advanced Modeling Techniques and Robust Portfolio Optimization and Management. Professor Focardi holds a degree in electronic engineering from the University of Genoa, Italy, and a PhD in mathematical finance from the University of Karlsruhe, Germany.

Caroline Jonas is a founding partner of The Intertek Group, where she is responsible for research projects. She is a co-author of various reports and articles on finance and technology and co-author of the 2008 Research Foundation of CFA Institute monograph Challenges in Quantitative Equity Management. Ms. Jonas holds a BA from the University of Illinois at Urbana–Champaign.