机构投资者的创新之路外文翻译.docVIP

An Unconventional Approach to Institutional Investment Material Source：Author：David F.Swensen In order to construct high quality actively type management portfolio, investment institutions need to have a strong investment by a team, and effective operation of investment committee to supervise. Effective investment commission should appropriate supervision of combination, not interference in investment management personnel concrete operation. The number of council meetings vote each year in four times should be restricted, so that can both avoid vote commission members overly intervention daily portfolio management, but also assure the investment manager receive appropriate supervision. Investment commission should decide on investment properties and direction, and shall not thoughtless altogether to the investment decision-making power management. Shots in a fund management companys labor role as other industries should be the board of directors of the company. First, investment committee Investment commission has constraints investment management process functions. Investment committee members of investment advice by comprehensive profound examination can urge investment management personnel consideration given after more investment advice. Investment commission should not easily negative investment management personnels advice. Because if the investment committee often refused or modify investment advice in management, investment management personnel combination would feel it cramps. When the market appear chance, specific investment discuss the scale needs, and reported investment commission, just can carry out after the operation. If the investment committee didnt pass, investment management personnel in the industrys reputation will also damaged. But the investment committee also will never become decoration, efficient investment commission should, through discussion of future investment investment advice to the nature and direction guiding role. Effective comb