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5 investment constraints
Liquidity, time horizon, tax concerns, legal and regulatory factors and unique circumstances
Three steps in investment process
Processing, execution and feedback
What are involved in the planning steps
Objection and constraint determination
Investment policy and statement creation
Capital market expectation formulation
SAA
Some components that are included in the IPS other than objectives and constraints
Review of IPS and investment performance
Performance measures and benchmarks to compare performance
Guidelines for rebalancing
Considerations in developing asset allocation
What does IPS provide
A governing document for all investment decisions and portfolio management process
Return objectives and risk tolerance over the relevant period of time
Potential constraints such as liquidity, tax and regulation
Guidance for other issues such as reporting, performance measurements and investment strategy
Note 
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