SECTION IV

Briefs

Summaries

Relationship Alpha: The Emerging Competitive Advantage in Wealth Management

Adapted from Charlotte Beyer’s 2017 book, Wealth Management Unwrapped, Revised and Expanded, comes a new term—relationship alpha, a competitive advantage for firms serving private clients.

Ten Years After: Reflections on the Global Financial Crisis

This brief is based on a conference that marked the 10-year anniversary of the global financial crisis. It explores the origins of and response to the crisis and the lessons learned from it.

Tontines: A Practitioner’s Guide to Mortality-Pooled Investments

Tontines offer a unique value proposition that represents a new, attractive alternative for the global retirement challenge. The study of fair tontine design is a specialty all its own—one that has emerged only recently.

University Endowments: A Primer

Endowments are a substantial category of institutional investors. Some of these have been on the forefront of moving into new asset classes and new strategies, outperforming many other investors. What are the factors of success and lessons learned?

A Cash-Flow Focus for Endowments and Trusts

Endowment trustees could benefit by turning their backs on market values. Basing spending on investment cash flows, rather than on market values, should result in more stable streams of spendable cash and should provide other advantages as well.

African Capital Markets: Challenges and Opportunities

African markets have experienced rapid transformation but face fundamental challenges, such as illiquidity and access. To help investors, local authors share their perspectives on current developments and future trends for key markets.