Investment Policy & Risk Management
Objective
Identify investments that, over a full market cycle, have the highest probability of consistently outperforming their benchmarks and peer groups on a risk-adjusted basis.
Miller/Russell's Investment Policy Committee is responsible for setting policy for all asset classes. It is comprised of seven investment professionals whose qualifications include CERTIFIED FINANCIAL PLANNER™ certifications, MBA degrees, Accredited Investment Fiduciary® designations, and investment research analyst experience. The Investment Policy Committee is ultimately responsible for conducting the due diligence and investment manager selections for Miller/Russell's client portfolios.
 I. Qualitative Criteria
- Manager type
- Organizational history
- Ownership structure
- Depth, experience and stability of professional team
- Manager and analyst compensation structure
- Investment process, style, and strategy
- Regulatory prudence
II. Quantitative Criteria
- Performance consistency
- Risk-adjusted returns
- Sharpe and information ratios
- Relative peer group rankings
- Style adherence
III. Approval Process
- Create manager profile outlining specific characteristics sought
- Gather and evaluate qualitative and quantitative data
- Interview manager candidates
- Compare/contrast candidates
- Perform semi-finalist review
- Identify potential firms to add to select list
- Meet biweekly to review manager selection and investment options
- Following manager approval, monitor quantitative data quarterly
- Perform certification of approved managers annually utilizing the same criteria
|
