Fair Valuing of Portfolio Securities: Responsibilities of Fund Managers and Directors

posted in: Writing | 0

The valuation of portfolio securities is the cornerstone of the investment management industry. Securities valuations represent a significant day to day responsibility for fund management and directors. However, market timing scandals, increasingly interlinked capital markets and a broadening of securities held in mutual funds have brought to light new thinking and new rules about the fair valuing of portfolio securities. I worked closely with professionals in Deloitte’s financial services and investment management practice to help author this white paper which discusses why fund managers and trustees must now operate within a broader context and apply fair value procedures in a fund’s daily operations rather than as a contingency procedure applied when the fund’s board and or management believes pricing or other valuation irregularities might be present.

The SEC’s New Compliance Program Rules: Implications and Considerations

posted in: Writing | 0

Reaction to the wave of late trading and market timing scandals came in the form of the SEC’s compliance program for investment managers and advisors. This white paper which I helped author for Deloitte was written for compliance officers, c-level executives and board members of fund companies and provided them with a broad overview of the issues and implications issuing from this new regulatory initiative.

Bad Policy and Bad Luck: The S&L Crisis From the Rear-View Mirror

posted in: Writing | 0

This is a chapter in a book I helped boutique investment banker Cohen Bros. & Company create called Present Value: Essays on the Revolution and Evolution in Community Banking. The Cohen family has a notable heritage in banking and financial services, and with this work they wanted to formalize some of their thinking and observations on banking gleaned over the years.