The Ernst & Young Guide to Performance Measurement For Financial Institutions: Methods for Managing Business Results Revised Edition

Book Description

The dramatic changes in the financial services industry have had a great effect on profitability, forcing financial institutions to change their management focus. Increased competitive pressures, tightening interest rates spreads and declining deposits balances have made goals even more difficult to achieve. The Financial Services Industries Consulting Practices at Ernst & Young LLP have developed this perfect guide to help readers reach those increasingly difficult goals. This reliable source of guidance has insight on asset/liability management, branch profitability and complete bank-wide performance program. It looks at all aspects of profitability, including hands-on approaches to: profitability philosophies and structures; balance sheet, revenue and expense components: transfer pricing of funds; planning and budgeting; performance measurements.

Customer Reviews:

Excellent, both on banking and project management aspects.......1998-12-03

This is the only book that covers all of the aspects of performance management in banking : 1. the analysis of performance measurement is very good even though, the coverage of financial data is overweight with respect to the rest of the book 2. the project approach is excellent and the various "pitfalls" described are so true that the people that wrote it necessarily had a good project experience, only problem is that the system architectures described did not evolve with the new edition (the word "data warehouse" is evoked once or twice) 3. As usual with this type of books, the "using the information" chapters are a bit a dry, even thought some interesting ideas are described regarding "customer information" In summary, a must read for any person trying to implement a performance indicators or Balanced Scorecard systm in its bank ("financial institutions" in the title is actually retail or commercial banking) PS : I am not an E & Y employee ... so this is not an advertising review

Investment Performance Measurement (Frank J. Fabozzi Series)

Average customer rating:

Great reference book
Shelf worthy but not authoritative
Basic to Advanced
Best book on investment performance measurement
Clear and Concise

Investment Performance Measurement (Frank J. Fabozzi Series)
Bruce J. Feibel
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Fixed Income Attribution (The Wiley Finance Series)
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ASIN: 0471268496

Book Description

Many investment books include a chapter or two on investment performance measurement or focus on a single aspect, but only one book addresses the breadth of the field. Investment Performance Measurement is a comprehensive guide that covers the subjects of performance and risk calculation, attribution, presentation, and interpretation. This information-packed book covers a wide range of related topics, including calculation of the returns earned by portfolios; measurement of the risks taken to earn these returns; measurement of the risk and return efficiency of the portfolio and other indicators of manager skill; and much more. By reviewing both the concepts of performance measurement and examples of how they are used, readers will gain the insight necessary to understand and evaluate the management of investment funds. Investment Performance Measurement makes extensive use of fully worked examples that supplement formulas and is a perfect companion to professional courses and seminars for analysts.

Bruce J. Feibel, CFA, is Product Manager at Eagle Investment Systems, an investment management software provider located in Newton, Massachusetts. He is responsible for overseeing the development of Eagle's investment performance measurement, attribution, and AIMR/GIPS compliance software. Prior to joining Eagle, Mr. Feibel was a principal at State Street Global Advisors. He earned his BS in accounting from the University of Florida.

Customer Reviews:

Great reference book.......2007-05-03

I'm taking the Investments course within the Certified Financial Planner program. This book really helped clarify many of the terms and formulas we had to learn. The Mayo text covers the material, but from a more academic slant. I just wish I had bought the Feibel book well before the class started. It may not be technical enough for graduate students in Finance or people who normally read scholarly papers on investment theory. But for everyone else, like individual investors or people going back to school learning investing fundmentals, it's a great reference.

Shelf worthy but not authoritative.......2006-11-11

This book provides the novice a moderate reference to world of investment performance reporting, ala performance reporting 101.

As an IT management consult I can comfortably say there is no one authoritative reference on anything. That said, this text while historically and technically accurate does not represent nor provide meaningful examples of contemporary best practices.

Also, absent from the text are key discussions I would have benefited: the opportunities availed to a modern organization for large-scale automated computations - rather than all manual processes; linkages to the consumers of the performance information in various communities from client wealth tiers, brokerage operations, and financial advisers, analysts and money managers; and best practices for some of the new product and security types more prevalent in the 2006 era.

Basic to Advanced.......2006-03-11

This book is very well thought out and takes it step by step from basic to advanced.

The really good thing about it is that it shows you how it looks in Excel which means it helps with how it would be entered into a computer.

Best book on investment performance measurement.......2004-02-24

I have read many books on this subject. This book is the best. It's well written, easy to understand, but in much detail.

Some other books only cover some calculation of returns, but this book covers all the subjects that matter to investment performance measurement: Return Measurement, Risk Measurement, Efficiency and Skill Measurement, Performance Attribution and Performance Presentation.

This book is not expensive. Good value for your money.

Anne-Mei-Ling
Indexfund Investment Group BV analyst

Clear and Concise.......2004-02-05

Excellent presentation of performance measurement. Great for the novice to advanced reader. Very concise yet thorough as well as a focused text. Calculations are clear with plenty of examples which makes this text very user-friendly. The reader can quickly begin to implement the formulas. Highly recommend to anyone interested in this important topic.

Managing Bank Capital: Capital Allocation and Performance Measurement, 2nd Edition

Average customer rating:

Excellent overview and detail on economic capital for banks
Helpful Concepts, Lacking Implementatin Steps
A Must-Read Book for Shareholder Value Management
Excellent only book on the economic allocation of capital.
Great book, but watch out for typos

Managing Bank Capital: Capital Allocation and Performance Measurement, 2nd Edition
Chris Matten
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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The Ernst & Young Guide to Performance Measurement For Financial Institutions: Methods for Managing Business Results Revised Edition
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The Bank Director's Handbook: The Board Member's Guide to Banking & Bank Management (Bankline Publication)
Bank Asset & Liability Management: Strategy, Trading, Analysis (Wiley Finance)

ASIN: 0471851965

Book Description

Managing Bank Capital explains proven techniques available in the management of bank capital that will help maximize shareholder value. This second edition has been fully updated to incorporate significant developments, such as the modeling of credit risk, and includes new sections with more technical information and advanced analysis.

Customer Reviews:

Excellent overview and detail on economic capital for banks.......2006-09-06

I bought this book hoping it would quickly bring me up to speed on key concepts in Economic Capital in the financial institutions industry. This book was simple enough for a relative novice to follow, and went into enough detail that I think most people would get something out of it. I also thought the book was well organized-- each section had a summary chapter that explained what the subsequent chapters in that section would cover so you could quickly skim or deep dive on various topics. The book was a bit dated in the sections on Basel, since it was written before Basel II was completed. Overall, an excellent introduction to Economic Capital and I was happy with my purchase.

Helpful Concepts, Lacking Implementatin Steps.......2002-07-30

With all the attention paid to bank capital management, this book is helpful in describing the concepts. However, it is not quantitative enough. The step-by-step of capital allocation for a given asset class of varying risk levels is lacking. For example, how should the bank treat the sub-prime portion of its credit card or auto loans in the capital allocation? I wish it were more specific. Could Providian or Capital One have directed the capital away from high risk loans, had they followed the advice of the book?

A Must-Read Book for Shareholder Value Management.......1999-06-05

Chris Matten provides a comprehensive guide to applications of RAROC and shareholder value for managing bank capital and compensating bank executives and traders. The author provides particularly good sections on how EVA, shareholder value, and other earnings based measures can be manipulated and abused. This is not the sort of book which the corporate finance shareholder value crowd would likely read, but is one which they need to read.

Excellent only book on the economic allocation of capital........1998-04-26

Mr. Matten's insightful work highlights how rigid appliction of the Basle Accords can lead to capital misallocation. He then provides insightful suggestions, with good examples, on how to better allocate bank capital by discriminating between borrowers on the basis of risk, all the while remaining within the basle guidelines. Mr. Matten points to the need for sophisticated mathematical-statistical analysis but does not dwell on the technicalities, making the book accessible to non-rocket scientists. All in all, a highly recommended book.

Great book, but watch out for typos.......1997-12-16

For a comprehensive approach that brings the reader from Cooke through RAROC, this book is very good and has no competition . What basic explanations of statistics theory you need in order to follow the main 'story' is included discreetly, so advanced readers shouldn't be bothered by them. This being said, beware the errors -- they exist throughout: for the price that Wiley Press is able to get in light of the lack of competition from another good RAROC capital allocation book ($69 last year, $95 now), it hopefully has caught and corrected them. Caveat emptor.

Value Added Risk Management in Financial Institutions: Leveraging Basel II & Risk Adjusted Performance Measurement (Wiley Finance)

Average customer rating:

Very timely. Thoughtful presentation
Risk management as an asset, not a cost
Timely and useful for bankers contemplating BIS 2
Practical Application
Essential Reading for Risk Managers Implementing BIS 2

Value Added Risk Management in Financial Institutions: Leveraging Basel II & Risk Adjusted Performance Measurement (Wiley Finance)
David P. Belmont
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0470821159

Book Description

A new perspective on risk management
Risk management has evolved to address the more strategic issue of optimization of return on risk. This has been accompanied by statistical, mathematical, and financial techniques which-when actively applied-can aid an institution in producing disproportionately high returns on risk. Adding Value Through Risk Management aims to describe these techniques, illustrate their application, and discuss their strategic value for financial institutions.
David Belmont is Director of Group Risk Control for Nexgen Financial Solutions Group (NFS).

Customer Reviews:

Very timely. Thoughtful presentation.......2005-05-03

This book is a gem - very timely and well-thought out. David Belmont obviously has a lot of experience in this area, but also has put in a lot of thought-leadership into this book. He traces the Basel II accord to its roots in M&M economics, and convincingly argues why bank risk management is a critical function. He then traces a thread from risk management to capital management and shows why and how banks can make use of Basel implementations to achieve a high degree of control and positioning of their operations.
The only knock on this book is that I found several typos and simple editing errors - it is clear that deadlines won over editorial quality. Hopefully the next edition will be cleared up in this regard - nevertheless I highly recommend this book.

Risk management as an asset, not a cost.......2004-05-01

This is a book that every bank board member should read. Sure, any board member worth his/her salt will be familiar with Basel II and risk measures such as VaR, but how many think of Basel II as a cost or imposition, and VaR as just another piece of information? Mr Belmont's easy to follow approach should allow readers to examine the way in which they can differentiate their own institution by using the investment in regulatory risk management to create, rather than just protect,shareholder value.

Thankfully, Mr Belmont strikes a good balance between theory and reality, both in his explanantion of market behaviour and in the presentation of his arguments. This is a book that the "mathematically challenged" like me can still enjoy and benfit from.

Timely and useful for bankers contemplating BIS 2.......2004-04-14

Even without the incentives provided by the upcoming Basel 2 guidelines, this book is timely and convincingly puts forth the proposition that active risk management is in itself a valuable component in the creation of shareholder value. Returns on investment in more sophisticated tools for risk quantification will be enhanced when the information is not only used for performance measurement, but also for such shareholder value-added activities such as capital allocation and balance sheet structuring.

I recommend this book for all practitioners of risk management.

Practical Application.......2004-03-22

Belmont has done an exceptional job at communicating the importance and practical application of risk measures for today's business environment. The book offers the reader a thorough assessment of what banking executives face everyday and how best to manage these risk and regain the control necessary for any banking executive to grow its business without putting into jeopardy the best interest of its shareholders, which in no small measure is a testament to Belmont's clear understanding of the challenges faced by most executives and the demands they face in terms of managing near term performance goals with long term stability.

Essential Reading for Risk Managers Implementing BIS 2.......2004-03-17

Given the dual pressures banks face from regulators and investors to address the challenges of Basle 2 and create shareholder value, this book is highly relevant and timely. It provides practical, concise and real world guidance to any senior bank executive seeking to add value in his institution by optimizing the usage of economic capital. Economic capital based performance measures are clearly presented and illustrated with real life examples. Additionally, anyone implementing Basle 2 must ask how this can be done and what value it creates for the organization. This book provides the answers.

The book quickly gives a real world context the value of risk management information to bank CEOs, CFOs, institutional security analysts, and investors. It then goes on to demonstrate theoretically and practically how risk management information can be used to address key strategic decisions faced by senior bank management.

Any risk manager, CFO, or CEO in a financial institution should find this book valuable if they seek to create shareholder value in their institution. Similarly, anyone seeking to rise to the executive suite must understand the issues addressed in this well written book.

Portfolio Analysis: Advanced Topics in Performance Measurement, Risk and Attribution
Average customer rating:
Portfolio Analysis: Advanced Topics in Performance Measurement, Risk and Attribution

Manufacturer: Risk Books
ProductGroup: Book
Binding: Hardcover

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Practical Portfolio Performance Measurement and Attribution (The Wiley Finance Series)

Investment Performance Attribution

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Portfolio Theory and Performance Analysis (The Wiley Finance Series)

ASIN: 1904339824

Product Description

Drawing upon the experience of key global practitioners and leading industry authors, Portfolio Analysis quickly updates your knowledge and skills on advanced topics within performance measurement, risk, attribution and evaluation. Expands on existing and dated introductory texts and fast-tracks your skills to the level needed to practice performance measurement in the real and increasingly complex world. Provides robust solutions to the challenges faced by risk and performance professionals each day. Bridges the gap between ex-post performance measurement and ex-ante performance risk measurement. Previously, these topics and practitioners have been kept separate, even though they serve the same audience. In this volume, they are brought together in a book that is crucial to both parties. Includes critical insight into the very latest models for performance measurement and attribution. Provides lucid analysis of:
* Performance measurement
* Performance evaluation
* Portfolio risk
* Performance attribution
* Value at Risk (VaR)
* Managing tracking error, and
* GIPS® verification Covers the most important areas of the marketplace, including:
* Alternative assets
* Hedge funds
* Commodity futures
* Life-cycle funds
* Book income-orientated investments
* Transition management Presents a multi-author view comprising global the leading experts in the field collectively presenting over two and a quarter centuries of performance and risk experience. The first published place to explain the role of the Transition Manager.

Practical Portfolio Performance Measurement and Attribution (The Wiley Finance Series)

Average customer rating:

Solid inroduction
Review by a Performanc Analyst

Practical Portfolio Performance Measurement and Attribution (The Wiley Finance Series)
Carl R. Bacon
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0470856793

Book Description

Practical Performance Measurement and Attribution provides a clear introduction to the subject of performance measurement. Focusing more on the practical use and calculation of performance returns rather than the academic background it will help readers gain a clear understanding of the role and implications of performance measurement in today's financial environment.

"Carl’s book is a ‘must have’ resource - the complete A to Z of the increasingly complex field of performance measurement."
Glenn Solomon, Global Head of Institutional Clients, Investment Reporting & Performance, BNP Paribas Securities Services

"Internationally renowned authority Carl Bacon has provided what one would expect – an exceptionally well written and practical resource that every investment performance measurement professional should own."
David Spaulding, President, The Spaulding Group

"Carl Bacon is one of the most knowledgeable professionals I know on the subject of Performance Measurement. He has been a pioneer, leader, and teacher at the forefront of developments in global investment performance standards, performance attribution technique, and risk measurement. I am very pleased he has written this timely and useful book as a complete reference and explanation update on these important subjects."
James Hollis, Managing Director, Cutter Associates

"Though the subject matter is complex, Carl strikes the right balance between theory and reality. This book should have a permanent spot on the desk of every performance practitioner. I will refer to it often."
Karyn Vincent, CFA, Vincent Performance Services LLC

"Whether you are a provider or a user of Performance Analysis, this book is well structured, informative and truly a practical guide in every sense."
Gary Hilldrup, Global Head Performance, Risk & Client Reporting, Fortis Investments

Download Description

"Practical Performance Measurement and Attribution provides a clear introduction to the subject of performance measurement. Focusing more on the practical use and calculation of performance returns rather than the academic background it will help readers gain a clear understanding of the role and implications of performance measurement in today's financial environment.

""Carl’s book is a ‘must have’ resource - the complete A to Z of the increasingly complex field of performance measurement.""
Glenn Solomon, Global Head of Institutional Clients, Investment Reporting & Performance, BNP Paribas Securities Services

""Internationally renowned authority Carl Bacon has provided what one would expect – an exceptionally well written and practical resource that every investment performance measurement professional should own.""
David Spaulding, President, The Spaulding Group

""Carl Bacon is one of the most knowledgeable professionals I know on the subject of Performance Measurement. He has been a pioneer, leader, and teacher at the forefront of developments in global investment performance standards, performance attribution technique, and risk measurement. I am very pleased he has written this timely and useful book as a complete reference and explanation update on these important subjects.""
James Hollis, Managing Director, Cutter Associates

""Though the subject matter is complex, Carl strikes the right balance between theory and reality. This book should have a permanent spot on the desk of every performance practitioner. I will refer to it often.""
Karyn Vincent, CFA, Vincent Performance Services LLC

""Whether you are a provider or a user of Performance Analysis, this book is well structured, informative and truly a practical guide in every sense.""
Gary Hilldrup, Global Head Performance, Risk & Client Reporting, Fortis Investments

Customer Reviews:

Solid inroduction.......2007-01-15

This is a good place to start. Complex concepts explained in a comprehensible manner. For people already familiar with the basics will be looking for more, expecially on topics such as fixed income and multi-current portfolios.

Review by a Performanc Analyst .......2006-04-02

This book is absolutely amazing for Performance Measurement interviews, honestly! It covers every aspect of fund returns, index returns and atributions in a clear concise way with examples. It is extremely easy to follow and understand. Also, it covers every possible technical Performance interview question that you could every be asked, all in the right detail, which is key.
I have read about four or five other Performance Measurement books, which had long-winded chapters with highly-technical drawn-out examples. This book manages to sum up everything you need to know in a nutshell and is wery intelligently and concisely worded and taught. I am sure if you read and learnt the material in this book, you would excel both at any performance interview and/or job.
Well done Carl!

Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation (Wiley Finance)

Average customer rating:

Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation (Wiley Finance)
Greg N. Gregoriou , Georges Hübner , Nicolas Papageorgiou , and Fabrice Douglas Rouah
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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The Fundamentals of Hedge Fund Management: How to Successfully Launch and Operate a Hedge Fund (Wiley Finance)

ASIN: 0471737437

Book Description

Whether already experienced with hedge funds or just thinking about investing in them, readers need a firm understanding of this unique investment vehicle in order to achieve maximum success. Hedge Funds unites over thirty of the top practitioners and academics in the hedge fund industry to provide readers with the latest findings in this field. Their analysis deals with a variety of topics, from new methods of performance evaluation to portfolio allocation and risk/return matters. Although some of the information is technical in nature, an understanding and applicability of the results as well as theoretical developments are stressed. Filled with in-depth insight and expert advice, Hedge Funds helps readers make the most of this flexible investment vehicle.

Performance Measurement in Finance (Quantitative Finance)

Average customer rating:

Performance Measurement in Finance (Quantitative Finance)

Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Hardcover

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Modeling Structured Finance Cash Flows with Microsoft Excel: A Step-by-Step Guide.Book & CD-ROM

ASIN: 0750650265

Book Description

The distinction between out-performance of an Investment fund or plan manager vs rewards for taking risks is at the heart of all discussions on Investment fund performance measurement of fund managers. This issue is not always well-understood and the notion of risk adjusting performance is not universally accepted. Performance Measurement in Finance addresses this central issue.

The topics covered include evaluation of investment fund management, evaluation of the investment fund itself, and stock selection performance. The book also surveys and critiques existing methodologies of performance measurement and covers new innovative approaches to performance measurement. The contributors to the text include both academics and practitioners providing comprehensive coverage of the topic areas.

Performance Measurement in Finance is all about how to effectively measure financial performance of the fund manager and investment house managers, what measures need to be put in place and technically what works and what doesn't. It covers risk, and what's acceptable and what isn't, how, in short, to manage risk.

Includes practical information to enable Investment/Portfolio Managers to understand and evaluate fund managers, the funds themselves, and Investment firms
Provides a full overview of the topic as well as in-depth technical analysis

Essentials of Corporate Performance Measurement

Average customer rating:

Book provides excellent discussion of measures and ROI

Essentials of Corporate Performance Measurement
George T. Friedlob , Lydia L. F. Schleifer , and Franklin J., Jr. Plewa
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471203750

Book Description

Shows how managers can structure their activities and investment base to obtain the highest possible ROI.
* Examines essential concepts of ROI, including the advantages of using certain techniques and the limitations associated with them.
* Shows how to calculate and use EVA, MVA and other residual measures.
* Suggests procedures to evaluate ROIT and other high-tech investment options.
* Written in a user-friendly style with many real-world examples and best practices.

Customer Reviews:

Book provides excellent discussion of measures and ROI.......2002-05-03

This is the second Essentials book I purchased in the series and I can't rave enough about them. In my management position in one of the top financial industries, I need to understand what is going on but I don't need the technical details so many other books get into. These book provide great coverage on important topics -- they really help be to understand. I heard about and had a slight grasp on the use of ROI and other measures from my work, but I didn't really understand it until I read this book. A must have for any professional--I'm recommending it to my colleagues too!

The Handbook of Investment Performance: A User's Guide (The Spaulding Series)

Average customer rating:

The Handbook of Investment Performance: A User's Guide (The Spaulding Series)

ProductGroup: Book
Binding: Hardcover
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Practical Portfolio Performance Measurement and Attribution (The Wiley Finance Series)

ASIN: 1893813150

Product Description

The role of performance measurement has grown considerably over the past several years. The demand for information resources to meet the needs of performance measurement professionals, both seasoned veterans and novices. This latest offering by David Spaulding builds upon his already successful and well regarded Measuring Investment Performance and Performance Measurement Attribution. Not only has performance measurement=s role in the financial industry grown, it has also evolved in response to the many demands that have been placed upon it, by practitioners, portfolio management, customers, and regulators. During the eight years since his first book was published, Spaulding has devoted a great deal of time to both reflection and research. The result is a book that goes well beyond anything previously offered. Performance measurement isn=t limited to calculating rates of return (although there=s plenty of discussion on this critically important area). It also includes benchmarks, risk measurement, performance attribution, and the performance presentation standards. This invaluable handbook offers a great deal of valuable information on all of these topics, in an easy-to-read and comprehend fashion, with practical examples and exercises to reinforce the material. Spaulding draws extensively from his firm=s focus on performance measurement, as well as his own experience in consulting to numerous clients, conducting training throughout the globe, and interacting with other performance measurement professionals at conferences and meetings. This guide looks at performance measurement and all of its complexities, providing the reader with a valuable text and reference. It=s insightful, clearly written and illustrated. The Handbook of Investment Performance is an essential resource for anyone involved with performance measurement.

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