Abstract
It should be very clear by this point that the objective of an asset manager is to obtain a return for the client, or more precisely to do this while at the same time generating a cash flow stream that matches client needs in term of both magnitude and variation over time: that is, return and risk. Usually the asset manager and the client will together work out an investment policy statement that will guide the investment process. An investment policy statement details the foundation upon which investment decisions are made. The document establishes portfolio goals, clarifies investment guidelines, and identifies investment parameters and monitoring benchmarks. An investment policy statement is essentially the blueprint for the portfolio. Generally speaking, there are four main elements that must be contained in the investment policy statement.
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