Subject description

The course “Asset Management & Global Markets” is designed to understand how institutional clients operate in the financial market. Students will learn how money is managed in different entities (insurance companies, banks, mutual funds, family offices…) The course will analyse the management of different asset classes (bond, equities, derivatives…) and the main tools that professional managers use (i.e. benchmarks). The idiosyncrasy of these instruments will be described in class. Also, we will pay attention to the ways of risk measurement (i.e VaR) The course is primarily oriented to understand the role of various actors in financial markets and how they make money in financial markets. The way that every entity manages money will be discussed. We will analyse the different strategies that each type of actor implements in the financial market. Also, the purpose of the course is to provide students with analytical background and practical experience in the designing and managing of investment portfolios. The goal of the course is not only the understanding of the different investment strategies, but understanding the risks that are involved as well as the types of economic and financial environment that will favour the different strategies.

During the course the asset management industry will be analysed as business and different types of asset management companies will be studied.

Learning objectives

To understand the strategies that different participants implement in financial markets. To understand the main assets classes. To understand the fixed income strategies. To learn equity strategies. To understand the main concepts of portfolio management (beta, benchmark, tracking error…).t To understand how to manage a portfolio To understand the asset management industry To lern the different participants in financial markets

Subject description

Financial modeling is one of the most important skills in financial analysis, corporate finance and investment banking. A financial model is a simplified version of the performance of a business or project, and we used it to improve the decision-making process. One of the main objectives of financial modeling is to combine accounting, finance and business knowledge to create a forecast of a company’s future results. A financial model is a spreadsheet, usually built in Microsoft Excel, that forecasts a business’s performance into the future. These projections are typically based on the company’s historical performance and assumptions about the future. It involves building projections for the income statement, balance sheet and cash flow statement (known as a three-statement model). From there, more advanced types of models can be built, for example: relative valuation models (multiples), discounted cash flow analysis (DCF model), etc. In summary, the purpose of this module is to provide students with the knowledge necessary to build a complex model to make decisions about budgeting and financial planning, financial statement analysis, valuing a business, capital allocation, growing the business organically or through acquisition, etc.

Learning objectives

Upon completion of this course, students will be able to prepare:

• Relative Valuation Modelling ("Comps"). This is the quickest and most widely used valuation methodology. In this part of the module, trainees will learn how to select the comparables, pick the right multiples and build dynamic comps models in Excel.
• Discounted Cash Flow Modelling (“DCF”). We will learn the three steps to apply a DCF valuation: Free Cash Flow to the Firm projections, how to estimate the weighted average cost of capital (WACC) in the real world, and how to compute the Terminal
• Value with different approaches. Additionally, we will use data tables to analyze a range of scenarios under various assumptions.
• Financial Statement Modelling. In this part of the module, you will develop a complete three-statement model using different supporting schedules.
• Financial Modelling for Deals: LBO Financial Model. An LBO model is a financial tool in Excel that is used to evaluate a transaction in which the acquisition of a company is funded using a significant amount of debt. The goal of the investing company (the buyer) is to make the highest possible return on their equity investment (maximizing the equity IRR). Following the leveraged buyout (LBO), the financial sponsor operates the post-LBO company for around five to seven years and then the target company is typically sold.

Subject description

The financial industry is experiencing an important moment of disruption. The frontiers between industries have blurred thanks to the use of technology. This has allowed new entrants, both start-ups and big technology players to enter activities which used to be

traditionally reserved to banks. During this course, we will focus on some of the changes that are happening in areas such as payments (with new players like fintechs adn bigtechs), wealth management (with the introduction of robo-advisors) or peer-to-peer lending. We will analyze how particular technologies, such as Blockchain (which initially emerged linked to Bitcoin) or Big Data, are reshaping the industry. We will also pay attention to two key aspects like regulation and security, which are essential for any player operating in the financial sector. During this journey, we will analyse where is the “smart money” going and how Venture Capital is helping to reshape the financial sector.

Learning objectives

Tthis course seeks to equip students with the tools to understand the background and big themes driving changes in the financial industry and the technologies behind them.

Subject description

The course will start with a rehearsal of Fixed Income and Equity valuation thru the means of a detailed cash flow analysis, which you will need for the Company Valuation in an M&A (Mergers & Acquisitions) context later in the course. Company Valuation is probably the most fundamental concept in finance and is a necessary skill to become a world-class financial analyst. Valuation is the art and science of attributing value to an asset, investment or company. In this course, we will cover the four most common valuation methodologies: comparable company valuation, precedent transaction valuation, discounted cash flow valuation and Leveraged Buyout analysis (LBOs).

Learning objectives

Equip yourself with rigorous valuation tools, and learn how to value real investment projects, companies, stocks and bonds. Deepen your knowledge of assets and liabilities, make better financial decisions and discover how to value alternative assets.

Benefit from hands-on technical know-how to calculate the cost of capital, value real assets and think about investment decisions.

Subject description

The subject deals with issues related to the techniques of analysis of different types of investment in real estate assets considering the financial aspects that underpin the activity in this area. Aspects related to the risks, profitability and potential returns that come from investments in real estate assets are analysed. The aim of this subject is to address the most relevant aspects that investors in real estate must consider in order to manage diversified portfolios in which this type of asset forms a relevant part of the portfolio.

Learning objectives

The main objectives are to provide the student with all the knowledge that revolves around real estate asset and their funding, their impact on the economy, their weight in the portfolios of international investors. The student will be trained in knowledge, valuation, management and impact of real estate assets on the economy and finance.