14 May 2019

ESG Integration in Europe, the Middle East, and Africa

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CFA Institute and the Principles of Responsible Investment (PRI) have released a series of reports addressing the current state of global environmental, social, and governance (ESG) integration. The most recent report ESG Integration in Europe, the Middle East, and Africa: Markets, Practices, and Data explores the current state of ESG integration in Europe, the Middle East and Africa (EMEA).

This report follows the release of the following reports: ESG Integration in the Americas: Markets, Practices, and Data, and Guidance and Case Studies for ESG Integration: Equities and Fixed Income. Our findings covering the Asia-Pacific region will be published in May 2019. Read More

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13 May 2019

Paul Smith, CFA: Looking Back and Looking Ahead

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Paul Smith, CFA: Looking Back and Looking Ahead

Paul Smith, CFA, returned to his hometown of London to deliver his fifth and final address as president and CEO of CFA Institute at the 72nd CFA Institute Annual Conference, hosted by CFA Society of the UK.

Taking on the conference’s theme of disruption, Smith acknowledged the difficulties a “turbulent, ever-changing” world posed for investment professionals, but observed that such challenges made certain bedrock principles of CFA Institute ever more important, especially that of professionalism: building it, maintaining it, and demonstrating it.

From there, Smith looked back on his tenure, highlighting the remarkable growth in CFA candidates and charterholders across the globe. He also outlined the continuing challenges that he expected would occupy his remaining time as president and CEO and be key priorities of his successor, particularly those of diversity and continuing professional development.

“The journey continues for all of us,” Smith said, “and I am so glad to have accompanied you for part of it. I wish you all every success in your careers and in your lives.” Read More

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Daniel J. Levitin Offers an Alternative to Multi-Tasking

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The Alternative to Multitasking

The science is clear: Multi-tasking doesn’t work. Its seductive allure stems from our ability to lie to ourselves in the mistaken belief that we can simultaneously respond to an email, listen to a conversation, watch a moving stock ticker, and compose an epic tweet.

At the 72nd CFA Institute Annual Conference, hosted by CFA Society of the UK, neuroscientist Daniel J. Levitin explained that the relevant question is not how many projects we can complete at once, it’s how we can structure our time to work on individual projects more effectively. Read More

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12 May 2019

Ronald N. Kahn: Seven Trends in Investment Management

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Ronald N. Kahn: Seven Trends in Investment Management

Ronald N. Kahn’s book, The Future of Investment Management, drew its inspiration from the changes that have transformed the finance industry over the last several decades.

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11 May 2019

Sharing Global Insights and Local Expertise

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Sharing Global Insights and Local Expertise

Finance made civilization possible, and London has been a global financial capital for centuries. It has dealt with sovereign debt crises and “too big to fail” entities that date back to medieval times. This week, London will host the investment industry’s largest and longest-running educational gathering of investment professionals.

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6 May 2019

Sustainability, Technology, and Disruption: Key Themes for Investment Professionals in 2019

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The forces of disruption will impact your career, the broader investment profession, and even your life. Which global shifts, technological innovations, and market developments should you understand to capitalize on the opportunities of the future? Recognizing change and adapting to disruption will allow you to thrive in the unfolding investment environment.

The 72nd CFA Institute Annual Conference, hosted by CFA Society of the UK, will highlight Disruption: The New Reality in Investment Management, focusing on disruption and its effects on the global investment profession. Sessions will consider sustainability, fintech, and other topics of interest, providing facts, exploring research, developing strategies, and sharing opinions on managing the disruptive forces at play in global finance. Read More

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30 April 2019

Mariana Mazzucato Calls for a Disruption of Value

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Mariana Mazzucato Calls for a Disruption of Value

Economic policy is the focus of intense debate — and for good reason: A dynamic, healthy economy that adapts to changes in financial systems requires dynamic, healthy discussions that adapt to changes in perspective. The shifting nature of modern business, for example, has raised questions about anti-trust regulation and whether it can address current challenges in global markets.

Mariana Mazzucato, economics professor and director of the Institute of Innovation and Public Purpose at University College London, frequently enters the public debate to discuss how to improve productivity and limit rent-extracting behavior in the markets. Her most recent work aims to disrupt how we think about value. Read More

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23 April 2019

Blair duQuesnay, CFA, Discusses Disruption and Demographics in Private Wealth

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Blair duQuesnay, CFA, is an investment adviser at Ritholtz Wealth Management, LLC, where she is a member of the investment committee. She is also past president of CFA Society Louisiana, and she has been involved with CFA Institute conferences as a delegate, a panelist, and as a moderator. At the 72nd CFA Institute Annual Conference, hosted by CFA Society of the UK, duQuesnay will be moderating a session on private wealth management led by Philip Marcovici. She agreed to answer a few questions ahead of the event.

Peter M.J. Gross: What are the most disruptive forces shaping private wealth management today?

Blair duQuesnay, CFA: The conversation about disruption generally focuses on technology and fee compression, but I think it misses another crucial element – changing demographics. Our clients are changing. More of our clients are women, more come from diverse backgrounds, and more are millennials. In North America, the average is adviser is a 59-year-old man. How will we relate to and connect with the next generation of clients? I think if wealth managers are not thinking about this question they are already behind the curve. Read More

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18 March 2019

No Return: Adam Tooze on the Crises that Changed the World

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Ask any American of a certain generation where they were when they heard the news of President John F. Kennedy’s assassination, and chances are they will recall the moment with remarkable acuity. The same might be said for anyone working in finance or investing — or writing about it — if you asked them: Where were you when you learned Lehman Brothers had filed for bankruptcy?

The fateful day was Sunday, 15 September, 2008. Within a week, the entire American financial system was on the brink. Lehman’s collapse, as many have noted, is “portrayed as the pivotal event that converted severe — but familiar — disruptions in financial markets into a full-blown panic.” Read More

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11 March 2019

Disruption and Differentiation

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The theme of the 72nd CFA Institute Annual Conference is “Disruption: The New Reality in Investment Management.” For an industry that has been thriving for a half century, the prospect of significant disruption might seem overdue to some but still quite unlikely to others.

You are undoubtedly aware of the major factors that are at play: the declining ability of active managers as a group to add value over time, the increasing market share of index investing, technological developments that are reforming organizations and strategies, and all-in fees for end clients that are often too high for what they receive in return.

One factor that could make disruption more acute: a lack of differentiation in approach between investment organizations. The past success of existing operating models has led to standardization rather than experimentation, and most everyone in a particular category looking like everyone else. Read More

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