ANDREW KUMIEGA – QUALITY MONEY MANAGEMENT

The automotive industry was at a crossroads in the late 1970s. The margins are collapsing and the customization is increasing. Problems in quality control are what have caused many of the spectacular failures in the money management industry. The financial industry is on the verge of a quality revolution. New and old firms alike are changing the nature of the industry with new investment vehicles and new strategies. To compete, mutual funds, hedge fund industries, banks and proprietary trading firms are being forced to quickly research, test and implement trade selection and execution systems. Quality suffers and leads to defects in the early stages of factory automation. Many financial firms fall short of quality, lacking processes and methodologies for proper development and evaluation of trading and investment systems. Authors Kumiega and Van Vliet present a new methodology. Their methodology has been presented in numerous journal articles and at academic and industry conferences and is rapidly being accepted as the preferred business process for the institutional trading and hedge fund industries for development, presentation, and evaluation of trading and investment systems. New product development, project management and software development methodologies are combined into one robust system in the K|V model for trading system development. The methodology requires repeating the waterfall for continuous improvement after four stages. The discussion quality and its applications to the front office are presented using lessons learned by the authors after using the methodology in the real world. It can be tailored to fit various projects in finance in different types of firms. Their methodology works well for short-term trading systems, longer-term portfolio management or mutual fund style investment strategies as well as more sophisticated ones using derivatives in hedge funds. Readers will be able to quickly modify the standard K|V methodology to meet their unique needs and to quickly build other quantitatively drive applications for finance. The authors pose a question at the beginning and end of the book, Are you willing to change and embrace quality for the 21st century or are you willing to accept extinction? The book gives the reader a road map to avoid extinction. A robust process engineering framework for developing and evaluating trading and investment systems is presented in this book. The step-by-step process will mitigate project risk, model risk, and ensure data quality. It has a quality model for backtesting and market risk of working systems.

Quality Money Management is managed by Andrew Kumiega.

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