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Capital Market Risk Advisors

Asset Managers

Your Lifeline in a Risky World

 

Clients - Asset Managers

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CMRA has consulted to many mutual fund complexes and traditional asset managers on issues ranging from best practice to risk branding to VAR to valuation.

Ms. Rahl is the author of Hedge Fund Transparency: Unravelling the Complex and Controversial Debate, published in March 2003 by Risk Books. Ms. Rahl and Mr. Niculescu are the editors of Risk Budgeting - Risk Appetite and Governance in the Wake of the Financial Crisis, published in September 2012 by Risk Books, and Risk Budgeting: A New Approach to Investing, published in November 2000 by Risk Books. Their articles have appeared in a wide range of publications.

Services for Asset Managers

 

  • Services for the asset management community include:

  • Corporate Strategy

    • Evaluation of Organizational Structure

    • Planning for Asset Class Expansion

    • New Product Risk Assessment

    • Merger and Acquisition Support

  • Risk Management

    • Risk Governance

    • Risk Advisory

    • Risk Measurement Systems

    • Risk Due Diligence

  • Investment Operations

    • Investment Policy Setting Process for Clients

    • Integrated Performance/Risk Measurement and Attribution

    • Investment Management Structure Review

    • Asset Management Process Review for Fixed Income, Equity, and Alternative Investment Asset Classes

    • Derivative Program Review

    • Alternative Investment Strategy Review

  • Board Oversight

    • Risk Governance Advisory

    • Education for Trustees

    • Internal and Regulatory Investigations

    • Crisis Management (Derivatives and Structured Finance 911)

    • Pre-litigation Support Analysis and Advisory Services

    • Litigation Support/ Expert Witness 

 

Selected Assignments for Asset Managers

  • Advised Mutual Fund Directors Forum on “Risk Principles for Fund Directors” 

  • Advised the Buy-Side Risk Managers in the creation of "Risk Practices for Asset Managers", published February 2008

  • Drafted and reviewed risk management policies and practices for numerous asset managers

  • Conducted a training session for the Board of Directors of a large mutual fund complex on risk governance

  • Advised several clients on Chief Risk Officer (CRO) roles, responsibilities and selection

  • Vetted many complex pricing models

  • Reviewed CDO valuation practices for several institutional clients

  • Conducted an independent risk assessment for several large mutual fund groups complexes

  • Performed a comprehensive risk assessment for many investment managers

  • Updated/created risk management policy manuals for numerous investment managers

  • Performed due diligence on numerous investment mangers on behalf of institutional investing

  • Analyzed CDO's of a large investment manager and recommended structuring and risk management enhancements

  • Reviewed and benchmarked the risk management practices of mutual funds, investment managers, and hedge funds

  • Performed a review of risk management requirements for a major $100 billion+ money management complex

  • Developed derivative guidelines for numerous investment managers

  • Advised numerous investment managers on both OTC and exchange traded derivatives (swaps, options and hybrids)

  • Conducted a multi-client study on buy-side risk management

  • Advised a major asset manager in the selection of MBS/CMO pricing and risk management systems

  • Co-chaired the IAFE's Investor Risk Committees Best Practices group

  • Analyzed the style consistency of a value manager

  • Reviewed the instruments permissible under 2A-7 and educated the largest insurer of mutual funds on the assessment of risk in more complex instruments

  • Provided expert consulting in a merger regarding the valuation of complex assets

  • Advised money market fund concerning "breaking the buck" " as a result of investments in mortgage backed "kitchen sinks" in 1994

  • Analyzed the circumstances surrounding Orange County's unexpected collateral calls for an assessment of the impact on the overall portfolio and investment strategy

  • Assisted large money manager in selecting a risk system

Selected CMRA in the Press – Asset Managers

How to recognise and benefit from a financial bubble - Morningstar - Jan. 2019

Six Women Honored With Outstanding Women in Performance & Risk Measurement Award - The Spaulding Group - June 2018

The Quants May Not Be Able To Prevent The Next Meltdown - Forbes - Jan 2012

What Is a Chief Risk Officer, and Should Hedge Fund Managers Have One? - Hedge Fund Law Report - Aug. 2009

Risk Inverse - The Journal of Portfolio Management - Spring 2009

In Modeling Risk, the Human Factor Was Left Out - The New York Times - Nov. 2008

VaR Enough? Market turbulence tests the limits of Value at Risk - Institutional Investor - June 2008

Risk Management Gains Higher Profile - BoardIQ - April 2008

Buy-Side Group Outlines Risk Management Best Practices - Global Investment Technology - March 2008

Risk Management Decoded - The New York Sun - Sep. 2007

Market volatility puts risk at forefront - Pensions & Investments - August 2007

Levered Bear Funds: A Peek into the Black Box - HedgeWorld - June 2007

INVESTORS LOOK AT RISK, RE-EVALUATE PRACTICES: MOST SAY VAR MEASURES REMAIN VALUABLE - Pensions&Investments - Dec. 1998

 
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