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The Trustee Guide to Investment by Professor Andrew Clare and Chris Wagstaff published

Book about pension fund investment 'essential reading' for all trustees

Published by Palgrave Macmillan, The Trustee Guide to Investment by Cass Business School's Professor of Asset Management Andrew Clare and Cass Visiting Fellow Chris Wagstaff, is a practical and engaging guide to investment. The book is aimed at both new and experienced trustees of private sector and funded public sector schemes.

This refreshingly objective book provides clear insights into the ever expanding range of financial markets and asset classes, and includes coverage of all the new investment tools and techniques that are becoming commonplace in today's pension landscape.

Andrew Clare commented: "In our capacities as trustees and investment committee members, we know that getting to grips with often mystifying investment jargon and terminology is an increasingly difficult challenge for many trustees. In writing The Trustee Guide to Investment, our intention was to address the numerous investment issues intrinsic to the role of a modern day trustee and to demystify them. We also hope that this book will help to foster a lifelong interest for our readers in this fascinating subject."

Chris Wagstaff continued: "Gone are the days when almost all defined benefit (DB) schemes used a single asset manager to run a balanced mandate for the scheme's assets, which were benchmarked against a peer-group. Nowadays much more consideration needs to be given to strategic and tactical asset allocation and to the use of derivatives. In addition, trustees also need to think about liability-matching, risk budgeting, the management of tangible and intangible risks, the merits of alternative asset classes, the active versus passive fund management decision and the behavioural aspects of fund management. Our book covers all of these investment topics and many more besides.

To run a scheme effectively - that is, to ensure that both the DB pensions promise is met and to ensure that the realistic expectations of defined contribution members are set and met - trustees need to be sure that they are making the 'right' investment decisions and implementing them in a timely and efficient manner. This means that trustees need to continue to improve their investment knowledge and their investment governance. They also need to know how to deal effectively with all of the industry practitioners that they come into contact with when addressing investment and funding issues and how to challenge constructively the investment advice they receive. Our book will help Trustees with these challenges."

Pensions industry expert, Alan Pickering CBE, Chairman, BESTrustees commented: "It is becoming increasingly difficult for trustees, old and new, to distinguish between substance and marketing hype. This book is essential reading for those who want to minimise risks and maximise opportunities without being taken to the cleaners."

Robert Gardner, Co-Chief Executive of Redington commented: "This is such a timely and relevant book. The rate of change of the economic environment, financial innovation, new and evolving financial regulation, increased focus on risk management and their impact on DB and DC pension schemes makes this book a must read for anyone interested, working or practicing in the world of pensions and investment."

Copies of The Trustee Guide to Investment can be pre-ordered from Amazon for end-November delivery at However, for orders of ten or more copies, sizeable discounts can be obtained by ordering directly from Palgrave Macmillan

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