TAILIEUCHUNG - Investment Management Services

In the case of unexpected inflation, the interpretation of their results is quite intuitive: news on inflation is correlated with news on future earnings prospects and/or required returns. For example, an unexpected rise in inflation may raise the risk of countercyclical monetary policy, which is likely to reduce expected real earnings growth and/or raise investors’ discount rates. Indeed, Thorbecke (1997) provides compelling evidence that tighter monetary policy has a significant negative effect on stock prices, though whether this reflects an earnings channel or discount rate channel remains unresolved. . | As of May 17 2012 this guidance applies to federal savings associations in addition to national banks. o AM-IMS Comptroller of the Currency Administrator of National Banks Investment Management Services Comptroller s Handbook August 2001 References in this guidance to national banks or banks generally should be read to include federal savings associations FSA . If statutes regulations or other OCC guidance is referenced herein please consult those sources to determine applicability to FSAs. If you have questions about how to apply this guidance please contact your OCC supervisory office. AM Asset Management As of May 17 2012 this guidance applies to federal savings associations in addition to national banks. Investment Management Services Table of Contents Introduction Portfolio Management and Advisory Investment Regulation and Risk Management Examination Bank Activities General Quantity of Quality of Risk Registered Investment Advisers General Quantity of Quality of Risk Appendixes A Portfolio Management B Trust Investment C ERISA Investment D Investment Management and 12 CFR E Investment Policy F Guidelines for Selecting Investment Managers and G Investment Management Policy Comptroller s Handbook i Investment Management Services As of May 17 2012 this guidance applies to federal savings associations in addition to national banks. Introduction For purposes of this booklet investment management is defined as the business of managing or providing advice on investment portfolios or individual assets for compensation. Investment management is one of the financial service industry s primary product offerings and generates considerable revenue. National banks are significant providers of

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