Портфолио менаџментот кај институционалните инвеститори во Република Македонија како предуслов за нивно успешно функционирање

Abstract

The objective of this doctoral thesis is to emphasise the significance of managing the institutional investors’ portfolio by using the theory analysis in this field, the world experiences and the practice in the Republic of Macedonia. Hence, the general subject of interest of this thesis is the integral approach towards the analysis of building an investment portfolio. The paper is comprised of several parts, which in their turn analyze multiple areas: the application of portfolio management in reaching investment decisions, primarily for the institutional investors; various theories and methods in function of the portfolio management efficiency; techniques for securities evaluation; management of institutional investors’ portfolio in certain Balkan countries and application of the institutional investors’ portfolio management in the Republic of Macedonia. The information which was collected and analyzed concerning the management of the institutional investors’ portfolio indicates that our country is lagging behind the remaining Balkan countries. Nevertheless, certain changes and improvements have been made to the benefit of this interest field: the national legislation is amended and harmonized with the EU legislation; there is an increased rate of competition among the banks, the investment funds and insurance companies, thereby contributing to improvement and expansion of the scope of services provided to the citizens.