Executive Education


The course gives an overview of the central topics in the field of investment and asset-management. In addition to the presented academic theories, concepts and analytical techniques the students are asked to practical apply the pictured concepts. The starting point is a practice-oriented case study taken from an asset and liability management framework of a pension fund. Subsequent the methodical concepts and the institutional framework will be systematically elaborated. Contents of the methodical part are the assessment of pension obligations, main features of portfolios construction, modeling the long-term risk-and-return profiles of major asset classes such as stocks, bonds and real estate as well as the management of exchange rate risks. This part will be accompanied by several exercises and Excel-Case-Studies. The institutional part covers alternative ways of how pension plans can be designed (e.g. return-guarantee), analysis of associated financial opportunities/ risks, economic and legal basic conditions of investment funds, pension funds as well as insurance companies. The last part of the course consists of a case study, which focuses on actual asset management of a pension plan.


Ludmila Ketterer

 +49 69 798 33512



This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.


Upon completion of this course, you will:

Model liabilities of (DB/DC) pension plans within an investment framework

Know the objectives of major institutional investors (insurance companies, pension funds, mutual funds)

Know the concepts of strategic, tactical, and dynamic asset allocation

Model return-/risk profiles of stock, bond, and real estate portfolios over short and long-term investment horizons (time diversification)

Specify the optimal strategic asset allocation under shortfall-risk constraints

Construct dynamic asset allocation with downside risk constraints (CPPI)

Know the risk-return profiles of alternative investments (e.g. real estate)

Know how to manage foreign exchange risk for international investment


    Management of Individual / Family Investor Portfolios
    Management of Institutional Investor Portfolios
    Equity Portfolio Management Strategies
    Analysis of Long-Lived Assets
    Analysis of Pensions, Stock Compensation, and Other Employee Benefits
    Analysis of Global Operations
    Types of Alternate Investments and their Characteristic
    Real Estate
    Tangible Assests with Low Liquidity
    Portfolio Concepts
    Pension Plans and Employee Benefit Funds
    Other Institutional Investors
    Mutual Funds, Pooled Funds, and ETFs
    Economic Analysis and Setting Capital Market Expectations
    Asset Allocation (including Currency Overlay)
    Portfolio Construction and Revision


Prof. Dr. Raimond Maurer

Raimond Maurer completed his dissertation and habilitation in business administration at the University of Mannheim. Since 2000 he is Professor for Investment, Portfolio Management and Pension Finance at the Finance Department of Goethe University of Frankfurt. His research interests focus on theoretical and empirical studies of asset management by institutional investors, life-time portfolio choice, real estate investments, and pension finance. Raimond Maurer has published four books and more than thirty refereed journal articles. He holds several professional positions at the Society of Actuaries, the Association of Certified International Investment Analysts (ACIIA), and the Pension Research Council at the Wharton School of the University of Pennsylvania.

Key Facts

Course materials

Course materials will be provided in electronic form.




Partially online via Zoom and Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee*

€ 1.900 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 800.

*Withdrawal and fee refund
In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of €50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule
Date Session
Fri., June 4, 2021 15:30 -17:30, 18:00 -20:00
Sat., June 5, 2021 09:00-11:00, 11:30-13:30
Fri., June 18, 2021 13:00-15:00, 15:30-17:30
Sat., June 19, 2021 09:00-11:00, 11:30-13:30
Fri., July 2, 2021 15:30 -17:30, 18:00 -20:00
Sat., July 3, 2021 09:00-11:00, 11:30-13:30

There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.

Stephan KieneDuke-Goethe Executive MBA Class of 2009


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