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
Dol investigation re valuation