1. Setting Your Objectives
- Understand liquidity needs
- Assess tolerance for risk and establish time horizon
- Review funding, spending considerations
- Discuss preferences
2. Investment Program Design
- Identify risk and return objectives
- Identify asset classes
- Set asset allocation
- Create investment policy statement
3. Portfolio Construction
- Conduct security and manager research
- Construct diversified portfolios
4. Implementation and Management
- Evaluate securities and managers
- Ensure continued compliance with investment guidelines
5. Continuous Evaluation and Dialogue
- Canvas the market for new ideas
- Monitor changing trends, market conditions and legislation
- Communicate and dialogue