The course illustrates the economic role and the operating techniques of financial advisors. At the end of the course, the student have to understand the rationale underlying an asset allocation scheme and, more in general, how to create a financial plan. Further, the student have developed learning skills that make he/she able to indicate with a professional approach the most appropriate methodology to assess financial investments. I
The student you should be familiar with the basic concepts of theoretical finance as, for example, utility theory, standard portfolio theory and CAPM. In order to maximize learning content students should have a good knowledge of basics of financial mathematics. It is also desirable good skills in electronic spreadsheets.
Institutional Investors in Italy. Domestic rules about financial advisory. Mutual funds and other investment vehicles (Exchange Traded Funds, Hedge Funds etc.). Risk and return of traditional and alternative asset class. Equity & Bond Portfolio policies. Theories, methods and pitfalls of strategic asset allocation. Portfolio optimization with expected return estimated by bayesian and heuristic models. Analysis of investment style. Tactical portfolio techniques. Performance analysis.
The course program deals with the following contents: role and activity of financial advisory in the modern economy; domestic rules for financial advisory; investment products; strategic asset allocation; portfolio optimization; tactical asset allocation strategies; wealth management.
The course will be organized in lectures also with the support of slides. The course will follow the setting of the textbook; some topics will be discussed with case studies or additional documents. Speech of professional managers may be included in the course.
AA.VV. (Basile-Ferrari) Asset Management e Investitori Istituzionali (book) and additional Course Handouts.
The candidate will be judged on the use of appropriate technical language, the independence of judgment and deepening of the topics.
Lectures are in Italian. The professor is fluent in English and is available to interact with students in English, also during the examination