RUSSELL L. OLSON, a consultant on institutional investing, retired in 2000 as the director of pension investments worldwide for Eastman Kodak. He had overseen Kodak's pension funds since 1972. Over the last thirty years, Olson also worked with a range of endowment funds. He was named one of America's nine best pension officers by Institutional Investor magazine in 1987 and was Investment Management Institute's first Plan Sponsor of the Year in 1993. Olson is also the author of The Independent Fiduciary: Investing for Pension Funds and Endowment Funds, also published by Wiley.
Organization of this Book.
CHAPTER 1: The Investment Committee.
Standards to Meet.
Committee Organization and Functions.
Interaction of Committee and Adviser.
APPENDIX 1: Example of an Investment Committee’s Operating Policies.
CHAPTER 2: Risk, Return, and Correlation.
Derivatives—A Boon or a Different Four-Letter Word?
CHAPTER 3: Setting Investment Policies.
Time Horizon, Risk, and Return.
Policy Asset Allocation.
Preparing a Statement of Investment Policies.
CHAPTER 4: Asset Allocation.
Characteristics of an Asset Class.
Putting It All Together.
CHAPTER 5: Alternative Asset Classes.
Liquid Alternative Assets.
Private Asset Classes.
CHAPTER 6: Selecting and Monitoring Investment Managers.
Three Basic Approaches.
Criteria for Hiring and Retaining Managers.
CHAPTER 7: The Custodian.
CHAPTER 8: Evaluating an Investment Fund’s Organization.
The Fiduciary Committee.
CHAPTER 9: Structure of an Endowment Fund.
The Total Return, or Imputed Income, Approach.
“Owners” of the Endowment Fund.
APPENDIX 9: The Total Return or Imputed Income Method.
CHAPTER 10: What’s Different about Pension Funds?
Pension Plan Liabilities.
CHAPTER 11: Once Again.
About the Author.