The Business of Asset Management

This course will focus on the history and development of the Institutional Asset Management business, and explore its potential in both the United States and internationally. This course will involve one week of travel during Spring break, where you will meet with asset managers in London and evaluate their strategies and business models.

The program fee includes hotel lodging for the duration of the program. Hotel rooms will be two students per room, unless a special request is made. 

The opening and closing dinners are included in the program fee.

November 16, 2026

Spring Break 2027: March 6–13, 2027

You will earn 4 credits for FINA 6920 (Grad) or FINA 5920 (Undergrad).

Course Objectives

• Describe the development of the asset management business
• Understand the different investment vehicles in use today, both in the U.S. and abroad
• Evaluate the sustainability claims of different asset managers
• Analyze performance metrics for different strategies, including Alpha calculation and comparison, tracking error, portfolio beta, Sharpe ratio, Sortino ratio, Treynor ratio, and Drawdown.
• Develop a recommendation for investors based on an assessment of strategy suitability
• Develop a business recommendation for asset managers based on current market dynamics

Prerequisite

Prior or current enrollment in the Carlson Funds Enterprise (BA 4501, BA 4502, MBA 6501, or MBA 6502) is a prerequisite for this program. Students who are in or have been in Funds by March 2027 are welcome to apply.

Susanna Gibbons has over 30 years of investment industry experience across multiple asset classes, including equities, alternatives, and fixed income, and multiple roles, including analytical, portfolio management, asset allocation, and educational. She is a fellow within the Institute on the Environment, University of Minnesota. She earned an MBA in Finance from the NYU Stern School of Business and is a Chartered Financial Analyst.

We will be visiting the offices of asset managers. These are subject to change based on availability. Expect a minimum of one visit per day, likely more.

For more information, contact Susanna Gibbons at [email protected].

In addition to the program fee, you will need to budget for international airfare, passport and passport photos, some meals, textbooks, independent travel, and miscellaneous living expenses.

Note: If you are registered for less than 12 credits or a UofM graduate student, you will be charged tuition for this course in addition to the program fee. Notify the Learning Abroad Center if this applies to you.

The regular Learning Abroad Center cancellation and refund policy does not apply to this course. The departmental refund policy states that cancelling your participation (prior to program start date) means you will be billed for:

• $50 application fee + $500 program fee

You have the option to appeal the Cancellation Policy when cancelling for extenuating circumstances. The Appeal for Refund Process details the process. Below are the two PDF documents that can be used in an appeal process. See details in the Additional Information section of your application to this program.

• CFE Refund Appeal (pdf)
• CFE Refund Appeal Medical Supplement (pdf)

Application Deadline: November 16, 2026

Admissions Process

Prerequisite: current or former Funds student (BA 4501, BA 4502, MBA 6501, or MBA 6502))

If there is limited space available, applications will be prioritized as follows:

1. MBA students graduating Spring 2027
2. MBA students graduating Spring 2028
3. Carlson Undergraduate students graduating Spring 2027
4. Carlson Undergraduate students graduating Spring 2028
5. All other graduate/undergraduate students (those who do not have international experience requirement)

Within each priority group, placement will be first come, first served. All admissions decisions will be announced at the same time, after the application deadline.