recovery is still a long way off.” CONTENTS
32
PROFESSIONAL INVESTOR | WINTER 2008/09
the regulars
4
COMMENT
David Smith takes a look at what it means to live
through history.
7
PI INTERVIEW
The full economic consequences of the current
30
situation are still to be felt, says Philip Remnant.
10
MEMBER PROFILES
PI interviews Andreas Utermann, ASIP, David Waite,
ASIP, Michael McNaught-Davis, CFA, Michael
Kinney, CFA, Raymond Sinclaire, CFA, and Kirsty
McLaren, CFA.
42
NEW RESEARCH
Papers on hedge fund returns, sell-side analyst reports,
and the internal rating based approach in Basel II.
43
CFA UK REPORT
CFA UK Annual Dinner and other news.
46
CFA INSTITUTE REPORT
CFA Institute says goodbye to Jeff Diermeier, CFA,
who is to retire at the end of 2008.
49
PEOPLE MOVES
Artemis, Solent Capital Partners, GLG Partners, East
Capital Private Equity, and International Power all
32
INVESTMENT CONSULTING:
make member hires.
WHERE DOES IT GO FROM HERE?
Nicola Ralston, FSIP, looks at whether consultants have
50
ADVOCACY
provided value during this turbulent time.
More could be done to improve the current rights
issue mechanics.
35
THE IRRELEVANCE OF MUCH
ACADEMIC RESEARCH
51
VOLUNTEER REPORT
Hugh Osburn, CFA, believes much research into valuation
Michael Gould.
is wasted, because it has no relevance to local professionals.
52
BOOK REVIEW
38
BANK POLICY COULD STOP
Mark Tapley, CFA, FSIP, recommends four titles which
HOUSE PRICE BUBBLES
focus on material interests and moral obligations.
Ahmed Olayinka Sule, CFA, believes that the current
house-price crash crisis could have been avoided if central
55
NEW MEMBERS
banks had leant against the wind and taken a proactive
Profi les of the members who have joined CFA UK in
approach to monetary policy.
the last quarter.
69
EVENTS
WWW.CFAUK.ORG PROFESSIONAL INVESTOR 3
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