Wayne H. Wagner & Ralph A. Rieves 
Investment Management 
Meeting the Noble Challenges of Funding Pensions, Deficits, and Growth

Praise for Investment Management

‘A compelling analysis of the challenges of investment
management, and why investment management firms require innovation
to succeed.’

–Blake Grossman, CEO, Barclays Global Investors

‘Great investment managers understand that positioning
portfolios for clients should not be an act of conformity, but
rather a constant journey of shifting fundamentals and opinion.
Wayne and Ralph bring this fact to life by addressing some of the
key challenges to serious investment thinking, using top-level
researchers in their respective fields. For those investment
managers and clients who want to go beyond the ordinary.’

–Jeff Diermeier, former CEO of CFA Institute and retired CIO
of UBS Global Asset Management

‘The essays in this book provide an invaluable reference point
of serious readings for money managers. The works provide the
analyst with the most recent scholarship in a single book,
presenting ideas and philosophy that will lead me back to its
various sections time and time again.’

–Kenneth S. Hackel, CFA, President, CT Capital LLC

‘The crash of 2007-2009 brought a harsh conclusion to a
quarter of a century of unprecedented growth and prosperity for the
investment management industry, which faces no less a task than
reinventing itself. Rieves’ and Wagner’s contribution to the way
forward couldn’t be timelier.’

–Richard Ennis, Principal, Ennis Knupp + Associates

‘This book uniformly focuses on the best practices to which
investment management professionals should commit. I highly
recommend this book to investment managers, sales people, and
trustees of pensions, endowments, trusts, and mutual funds.’

–Jack Clark Francis, Ph D, Professor of Economics and Finance,
Bernard Baruch College

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Wayne H. Wagner is the founding and lead principal of OMNI
and a founding principal of Wilshire Associates. He is known for
his pioneering work in designing balancing algorithms for the
world’s first operational index fund, and later developed methods
to deal with the hidden delay and opportunity costs of trading.
Wagner has authored, coauthored, or edited many books and articles,
and is a frequent writer and speaker on investment management and
fiduciary duties. He holds two Graham and Dodd Awards from the
Financial Analysts Journal for excellence in financial
writing.

Ralph A. Rieves is the managing director of Farragut
Jones & Lawrence. He was the first editorial director of the
Dow Jones-Irwin imprint and was one of the founding editors of the
Journal of Investment Consulting. He is a recipient of the
book industry’s Bowker LMP Award for editorial achievement.