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Technology Impact of Models-Only UMA and UMH Programs

Posted by on Dec 2, 2009 in Conference Summaries

Excerpts from the 2009 MMI Technology & Operations Conference. The speaker for this session was Jean Sullivan, Managing Director at Dover Financial Research. What is the Technology and operational impact of the increasing growth of model only programs, UMA and UMH? How are firms on all sides of this process managing the challenges these programs […]

What Went Wrong in Managing Risk and How Can We Do Better?

Posted by on May 19, 2009 in Conference Summaries

This is a summary of a session from the FRA’s Performance & Risk Measurement Symposium that was held in Boston on April 23-24, 2009. Speaking in this session was James E. Hollis, CFA, Managing Director of Cutter Associates. Jim provided a well-researched overview of the recent financial crisis as well as some tangential, but interesting […]

Financial Crisis Failures and 
Improving Risk Management

Financial Crisis Failures and 
Improving Risk Management

Posted by on May 16, 2009 in Conference Summaries

This is a summary of a session from the FRA’s Performance & Risk Measurement Symposium that was held in Boston on April 23-24, 2009. Speaking in this session was James E. Hollis, CFA, Managing Director of Cutter Associates. Jim provided a well-researched overview of the recent financial crisis as well as some tangential, but interesting […]

Going Beyond the Fundamentals of Benchmarks and Getting it Right!

Posted by on May 7, 2009 in Conference Summaries

This is a summary of a session from the FRA’s Performance & Risk Measurement Symposium that was held in Boston on April 23-24, 2009. Speaking in this session was Ronald J Surz, President & CEO of PPCA, Inc. Ron is a pension consulting veteran, having started with A.G. Becker in the 1970’s.  He earned an […]

Proposed Changes to GIPS Standards

Posted by on Apr 28, 2009 in Conference Summaries

Last Thursday and Friday, I attended the Financial Research Association’s Symposium on Performance and Risk Measurement in Boston.  There were a lot of informative sessions and I took almost ten pages of notes, so I should have enough material for a bunch of posts. Unfortunately, I wasn’t able to travel on Wednesday evening, so by […]

Defining Tax Management

Posted by on Mar 15, 2009 in Conference Summaries

In the most recent edition of my Managed Accounts Newsletter (MA Monitor, Feb 2009), I compared different recommendations of the minimum value for a managed account that is required in order for tax management to be effective. The values ranged from $0 (no minimum) up to $1,000,000: $1,000,000 — Dale Rottschafer, CIO, Metamorphosis Money Management […]

A Conversation with Randy Bullard

Posted by on Mar 4, 2009 in Industry Analysis

Last week I had the opportunity to speak with Randy Bullard, Founder and EVP of Business Development at Placemark Investments.  I planned to ask him a series of detailed questions about his company’s tax management and optimization services. Here is the list of topics I wanted to cover: Tax Aware Transition of Pre-Existing Securities Tax […]

Generating Tax Alpha With After-Tax Asset Allocation

Posted by on Feb 26, 2009 in Portfolio Management

The calculation of after-tax asset allocation is key to determining asset location, which can significantly impact an investor’s after-tax returns according to a study done by William Reichenstein, Ph.D., CFA (a copy is here as well).  Reichenstein proposes a unified framework that addresses the different risks and returns that exist between taxable and retirement accounts.  While he doesn’t mention the […]

Seeking Tax Alpha

Posted by on Feb 26, 2009 in Portfolio Management

The term “tax alpha,” which was coined by Rob Arnott of investment manager Research Affiliates, represents the improvement in net returns gained from effective tax management. (from Seeking Tax Alpha By David E. Adler at AdvisorMax.com) During my research and discussions with industry professionals, I’ve discovered (not surprisingly) that there are many definitions of tax […]

Is Tax Alpha a Myth or is it Real?

Posted by on Feb 9, 2009 in Portfolio Management

This blog is dedicated to a tax management as it relates to fee-based managed accounts.  I plan on researching and discussing many of the issues surrounding tax management.  I’ll look into tax management claims made by investment advisors, overlay managers and software companies.  Different methodologies of tax management are also on my radar as well […]