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MASTER THESIS
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AIFMD : impact of the governance of real estate funds : case study on risk management

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Dolne, Bryan ULiège
Promotor(s) : Sougné, Danielle ULiège
Date of defense : 22-Jun-2016 • Permalink : http://hdl.handle.net/2268.2/1353
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Title : AIFMD : impact of the governance of real estate funds : case study on risk management
Translated title : [fr] Directive AIFM: Les impacts de la gouvernance des fonds immobiliers: cas pratique sur la gestion de risques
Author : Dolne, Bryan ULiège
Date of defense  : 22-Jun-2016
Advisor(s) : Sougné, Danielle ULiège
Committee's member(s) : Peere, Isabelle ULiège
Bodson, Laurent ULiège
Delcourt, Fabrice 
Language : English
Number of pages : 100
Keywords : [en] AIFMD
[en] real estate
[en] fund industry
[en] governance
[en] risk management
[en] portfolio
[en] properties
[en] risk matrix
[en] risk reporting
[en] valuation
Discipline(s) : Business & economic sciences > Finance
Business & economic sciences > Quantitative methods in economics & management
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] This project thesis is the last step in my graduation process and combines my interest for regulation and in particular real estate fund industry. The purpose is to provide a business model for Deloitte Luxembourg in risk management for real estate fund. The report will be divided into three main sections that will describe the Alternative Investment Fund Managers Directive requirements, the risk management process and the valuation method for real estate funds.
The Alternative Investment Fund Managers Directive (AIFMD) requirements
The introduction of the AIFMD is a result of the financial crisis of 2008 and one of the first concrete measures of the European Commission in order to prevent a new crisis of this scale, focussing on fund managers of alternative investment funds, real estate funds included. In accordance with national laws, the AIFMD introduces unprecedented requirements on corporate governance, especially on risk management at the level of the Alternative Fund Managers (AIFMs).
The risk management process
These AIFMs uses the requirements of the Directive to rethink the way they align risk management process to the risk profile of their fund, portfolio and assets level. This is accomplished by establishing parameters for risk identification and assessment, controls on risk limits and structure for risk reporting.
Link with the valuation model
The final step is to incorporate the risk management process with the valuation model. The AIFMD requires the AIFM to provide a proper and independent valuation of their fund. This valuer has to choose among different approaches and one of these is the Discounted Cash Flow (DCF) model is illustrated with the use of leverage.


File(s)

Document(s)

File
Access Thesis-Bryan-Dolne.pdf
Description:
Size: 2.2 MB
Format: Adobe PDF

Annexe(s)

File
Access Risk management.xlsx
Description: Excel spreadsheets on the risk management part
Size: 3.33 MB
Format: Microsoft Excel XML
File
Access Valuation.xlsx
Description: Excel spreadsheets on the valuation part
Size: 134.8 kB
Format: Microsoft Excel XML
File
Access AIFMD.pdf
Description: DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011
Size: 1.18 MB
Format: Adobe PDF

Author

  • Dolne, Bryan ULiège Université de Liège > Master sc. gest., fin. spéc. banking & asset (ex 2e master)

Promotor(s)

Committee's member(s)

  • Peere, Isabelle ULiège Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > UER Langues
    ORBi View his publications on ORBi
  • Bodson, Laurent ULiège Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > Gestion financière et consolidation
    ORBi View his publications on ORBi
  • Delcourt, Fabrice
  • Total number of views 67
  • Total number of downloads 0










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