Alan J. Frost, David P. Hager: A General Introduction to Institutional Investment

"Investment is defined, in this context, as the responsible placing of funds by certain financial institutions which comprise the `savings market' in the UK, for example life assurance companies and pension funds. This activity and the people involved are part of a series of interlocking financial communities, all concerned with risk and reward.
After showing how institutional investment falls within the economic environment, the construction of institutional portfolios and the factors influencing decisions on sectors and securities are discussed. Assets are related to liabilities, and returns are assessed relative to the risks undertaken. Concepts such as real returns, statistical investment techniques and investment accounting are covered in some depth while all important principles of performance evaluation are set out in a concise way.
The book will be invaluable to actuarial students as well as to practitioners in banking and investment, whether as unit trust managers, company secretaries/accountants, corporate financiers, life assurance or pension fund managers.
In short, a well-written book, extremely comprehensive and ideal reading for the student coming to the subject for the first time and for the trustee who wants a comprehensive view of institutional investment.
A publication that should be on the bookshelf of any pension fund."