从各路通过各种复杂的捷径搞到的。其中有一本论坛上开出了50币的杀人价，我在这甩卖了~

Contents
Preface xi
Part 1:Private banking1
1Private banking defined3
1.1Introduction 3
1.2Private banking clients 4
1.3Organizational challenges in private banking 7
1.4Security and secrecy requirements 10
1.5A private banking roadmap 12
1.6Household debt and private banking 15
1.7The ownership society’s recycling pattern 18
1.8Synergy of private banking and institutional investments 20
2Know your customer and his or her profile24
2.1Introduction 24
2.2The sense of ‘know your customer’ 25
2.3A system approach to wealth management 28
2.4Wealth management according to client profile 32
2.5Why knowledge engineering can assist the investor 34
2.6A financial advisory expert system for currency exchange 37
2.7Caveat emptor and reputational risk 40
2.8Who is accountable for failures in fund management? 43
3Business opportunity: fees and commissions from private banking46
3.1Introduction 46
3.2Trades, investments and private banking customers 48
3.3Establishing a strategy for fees and commissions 51
3.4Unbundling the management fee 54
3.5Different companies have different private banking aims 57
3.6Performance and remuneration of investment managers 59
3.7Simulation of portfolio performance 62
3.8The impact of business risk 65
4Risk and return with investments68
4.1Introduction 68
4.2Basic notions of risk assessment 69
4.3Mitigating the risk of losses 72
4.4Prerequisites for rigorous risk control 75
4.5Fine-tuning the philosophy of investments 78
4.6Risk and return with implied volatility 81
4.7Risk-adjusted pricing: an example with credit risk 84
4.8An introduction to stress testing 86
Part 2:Asset management91
5Asset management defined93
5.1Introduction 93
5.2Asset management and capital mobility 95
5.3Asset allocation strategies 97
5.4Asset allocation and the shift in economic activity 101
5.5Real estate property derivatives: a case study 103
5.6Passive and active investment strategies 106
5.7A critical view of alternative solutions 110
5.8The portfolio’s intrinsic value 112
6Business models for asset management116
6.1Introduction 116
6.2Choosing the investment manager 118
6.3Don’t kill the goose that lays the golden egg 120
6.4The contribution to asset management by contrarians 123
6.5Asset management as an enterprise 126
6.6Hedging strategies followed by portfolio managers 129
6.7Deliverables and performance in administration of assets 132
6.8Past performance is no prognosticator of future results 134
7Outsourcing and insourcing wealth management138
7.1Introduction 138
7.2Risk and return with outsourcing 140
7.3Internal control and security are not negotiable 142
7.4Custody only, mid-way solutions and discretionary powers 144
7.5Building up the investor’s portfolio 148
7.6The option model of investing 152
7.7Efficiency in private banking and asset management 154
7.8The private banking profit centre 158
8Trust duties and legal risk163
8.1Introduction 163
8.2Trusts and trustee responsibilities 164
8.3Legal risk and the case of tort 167
8.4Reasons behind legal risk and cost of litigation 170
8.5Legal risk and management risk correlate 172
8.6Mishandling the client: small cases that can lead to legal risk 176
8.7Big cases of legal risk: high-tech crime and identity theft 178
8.8Merck and Co.: legal risk with Vioxx 180
Part 3:Derivative financial instruments, structured products and
risk control183
9Derivative financial instruments defined185
9.1Introduction 185
9.2Derivatives and hedging 186
9.3Underlying and notional principal amount 189
9.4From notional principal to financial toxic waste 193
9.5Derivatives that became institutionalized 197
9.6Private banking derivatives and the paper money trauma 199
9.7Dr Alan Greenspan on derivatives and the case of
hedge funds 202
9.8George Soros on derivatives 206
10Structured financial products209
10.1Introduction 209
10.2Structured products and capital protection 210
10.3Structured versus synthetic products 213
10.4The role of strategists, traders and modelling controllers 216
10.5Aftermath of design factors on risk profile 219
10.6Structured investments are not liquid 222
10.7A secondary market for structured instruments 225
10.8Dynamic threshold mechanism 227
11Controlling the risk taken with structured products229
11.1Introduction 229
11.2Credit risk and exposure at default 231
11.3Credit risk transfer and hazard rate models 234
11.4Credit risk volatility and bond spreads 237
11.5A case study on General Motors 241
11.6Liquidity risk in an ownership society 243
11.7General and specific market risk 245
11.8Stockmarket bubbles and damage control 248
11.9Risk management and the ‘Greeks’ 250
Part 4:Case studies with the three main classes of structured products253
12Fixed income structured products255
12.1Introduction 255
12.2Fixed interest structured products defined 258
12.3Constant proportion portfolio insurance 261
12.4FISP versus CPPI: a comparative study 264
12.5Borrowing through issuance of derivatives 266
12.6Capital protection notes and bondholders’ risk 270
12.7Structured instruments with underlying credit risk 273
12.8Embedded derivatives for the ownership society 276
13Practical examples with fixed income derivatives279
13.1Introduction 279
13.2Money rates, money markets and financial instruments 281
13.3Inflation-linked notes 284
13.4Stairway notes (step-ups)  288
13.5Callable reverse floaters 290
13.6Accrual notes 293
13.7Fixed and variable rate notes 296
13.8Bull notes 297
14Equity-type structured products300
14.1Introduction 300
14.2Headline risk and the nifty-fifty 303
14.3Equity derivatives defined 306
14.4Players in equity derivatives 309
14.5Risks taken with analytics 311
14.6Criteria used for dynamic rotation 315
14.7Equity derivatives swaps 316
14.8The use of embedded barrier options 318
15Practical examples with equity-type derivatives322
15.1Introduction 322
15.2Equity index and basket structured notes 324
15.3Absorber certificates 326
15.4Early repayment certificates 328
15.5Enhanced yield certificates 330
15.6Reverse exchangeable certificates 331
15.7Potential share acquisition certificates 332
15.8EUR complete participation securities 334
15.9US dollar non-interest-bearing note linked to equity 336
15.10The strategy of pruning the basket and reallocating securities 336
16Currency exchange structured products338
16.1Introduction 338
16.2Currency transactions and economic exposure 340
16.3Exchange rate volatility and risk control 343
16.4Mismatch risk and carry trades 346
16.5Forex rates and structured instruments 349
16.6Dual currency structured products 352
16.7A US dollar/Asian currency basket and a forex benchmark fund 354
16.8Conclusion 357
AppendixDerivatives as a tax haven359
A.1Introduction 359
A.2Wealth tax 359
A.3Derivatives, offshores and private individuals 361
A.4Companies have been masters in using derivatives and offshores 362
A.5Shifting the risk with no return to the household sector 364
A.6Cynics look at the private banking client as a cash cow366