Services for Institutional Investors
Services for the financial community include:
- Support of Corporate Strategy Planning and Analysis
- Risk Management
- Investment Operational Support
- Independent Support for the Board of Directors
Support of Corporate Strategy Planning and Analysis
Investment Policy Review
Dave Tyson has worked with many Life, Property Casualty, and Health insurance companies to create and adapt investment policies to meet the variety of conflicting goals and constraints of their various constituents. Dave has extensive experience addressing the issues that arise in balancing attaining the company's reported financial goals with the optimal long term economic total return/risk balance for the investment portfolio. Combining this with CMRA's existing practice for funds and financial institutions brings a unique perspective to a review.
Risk Budgeting
Leslie Rahl is the editor of "Risk Budgeting, a New Approach to Investing" published in 2000 and CMRA has advised Institutional Investors on all aspects of Risk Budgeting. Dave Tyson brings his extensive experience in planning insurance company risk based capital, asset liability, and liquidity management programs.
Risk Appetite and Attitude Statements
CMRA is a pioneer in expanding "Risk Appetite" statements to include "Risk Attitude" and is using interactive technology to assist a board in creating its' statement. Dave adds his experience helping insurance company managements adapt their risk appetite as their financial condition changes as well as to adapt to unexpected market conditions.
Asset Liability Management Advisory
Dave Tyson has designed and implemented asset liability management programs for a variety of Life, Property/Casualty, and Health liabilities in the US and Internationally. He has also been involved in integrating liabilities into the process of setting up policy statements for pension funds and other institutional portfolios.
Evaluation of Organizational Structure
Dave Tyson has studied and implemented many different investment organization designs including analyzing the interactions with insurance business and financial groups. This has included cross industry surveys, managing organizational change, and making sure that risk and compensation issues are addressed.
Manager Due Diligence, Selection, and Selection Process Review
CMRA has advised pension funds on the manager selection process. Dave Tyson has also had extensive experience in manager due diligence and selection through boards he has served on, in working with Travelers variable annuity product management process, and in overseeing Travelers' alternative investment portfolio.
Planning for Asset Class Expansion
Dave Tyson has done financial, strategic, and infrastructure planning for start up firms, reorganizations, new teams within existing firms, and development of new asset class capabilities.
New Product Risk Assessment
Dave Tyson has experience setting up investment strategies and risk controls for many new insurance and investment products including a variety of products using equity options. He also has experience setting up and reviewing investment strategies and products for a variety of distribution channels. He served on the new product approval committee for Citigroup Alternative Investments.
Merger and Acquisition Support
Dave Tyson has done due diligence for and implementation of mergers in Life and Property Casualty insurance companies in the US and Internationally. He has done due diligence on a variety of asset management organizations and projected financials for both potential acquisitions and start ups. Dave has also had experience integrating investment groups as well as coordinating between affiliated asset management operations.
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Risk Management
Risk Governance
CMRA helped create "Risk Practices for Mutual Fund Trustees (2010)", "Risk Principles for Asset Managers (2009)", and "Risk Statements for Institutional Investors and Investment Managers (1996)." CMRA is uniquely suited to assist our Institutional Investor clients on Risk Governance as a result of our own experience as directors and trustees, as well as our extensive risk governance benchmarking and advisory work.
Risk Advisory
Dr. Peter Niculescu heads up our Risk Advisory practice and brings extensive portfolio management and trading experience, as well as risk management experience to our activities. Dave's experience in the Asset Management and Insurance industry complements CMRA's existing team.
Risk Measurement Systems
All the principals at CMRA have extensive experience designing and implementing risk measurement systems that effectively meet an organization's needs. This includes designing reports for different levels of management that balance the need for information with the dangers of information overload.
Risk Due Diligence
CMRA conducts risk due diligence at the request of financial institutions seeking to benchmark and improve their practices, at the request of Institutional Investors seeking to invest, for asset managers and hedge funds seeking to understand how institutional investors view them, as well as for boards looking for an independent review.
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Investment Operational Support
Integrated Performance and Risk Measurement and Attribution
Dave Tyson has over 20 years experience designing risk analytics, performance measurement programs, and performance attribution models that integrate the feedback between risk and performance for fixed income, equity, and hedge fund portfolios. He also has extensive experience utilizing their results in the compensation process. This experience expands both the depth and breadth of that of Dr. Niculescu.
Investment Management Structure Review
Dave Tyson has reviewed and developed many organizational structures addressing issues like the balance of decision making authority between portfolio manager and research analysts, the spectrum from a purely quantitative to a purely qualitative decision process, and capturing information synergies across asset classes.
Investment Policy Setting Process for Clients
CMRA professionals have extensive experience establishing policy statements. Dave Tyson has worked with many clients in the insurance, pension, and the fund industry to develop policy statements tailored to the clients' objectives and risk concerns. Leslie Rahl is the editor of the book, "Risk Budgeting, a New Approach to Investing' published in 2000 and CMRA has advised Institutional Investors on all aspects of Risk Budgeting.
Asset Management Process Review for Fixed Income, Equity, and Alternative Investment Asset Classes
Dave Tyson has over 30 years experience investing and setting up processes in a variety of fixed income, equity, and alternative investments. Approaches have included those with a heavy reliance on quantitative tools to those that relied on the judgement of the individuals in the group. He also has designed programs to approach the mix between specific asset classes in the context of both general account insurance and total return portfolios.
Derivative Program Review
All of the principals at CMRA have extensive experience utilizing derivatives. Dave brings his background utilizing derivatives for a wide variety of insurance needs. The group has worked with derivatives in the fixed income, equity, currency, and commodity areas.
Alternative Investment Strategy
Dave Tyson has over 25 years investing in a variety of alternative investments. He also has designed programs to approach the broader asset classes as well as has set up and managed the investment process for specific funds.
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Independent Support for the Board of Directors
Risk Governance Advisory
Our perspective as Board members, risk experts, financial institution traders/structurers and Business managers uniquely positions us to serve Boards on issues from Risk Governance to Risk adjusted compensation
Education for Trustees
CMRA provides customized educational programs for Boards and trustees on all aspects of risk management and risk governance.
Internal and Regulatory Investigations
Experienced in conducting both internal and regulatory investigations.
Crisis Management (Derivatives and Structured Finance 911)
Swat team to assist in quickly assessing problems, evaluating alternatives and solving problems. Dave Tyson has experience working through several insurance industry crisis periods.
Pre-litigation support analysis and advisory services
Advice regarding disputes, valuations, unwinds, EOD's and other issues BEFORE litigation commences.
Litigation Support/ Expert Witness
Expert analysis and testimony in matters ranging from valuation to suitability to market practices.
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