Windward Investment Management

Posted: 10 Feb 2012

See all articles by Luis M. Viceira

Luis M. Viceira

Harvard Business School - Finance Unit; National Bureau of Economic Research (NBER)

Ricardo De Armas

affiliation not provided to SSRN

Date Written: October 21, 2010


Windward Investment Management has experienced rapid growth in assets under management in just ten years, from under $30 million at year end 1999 to $3.6 billion in 2010. Windward is one of the leading firms in the Registered Investment Advisor (RIA) industry that seeks to value for its investors through asset diversification and active macro-level investing. The firm implements its proprietary investment model by trading exclusively exchange traded funds (ETF). Windward is considering a range of future growth opportunities and how to finance those opportunities, including raising external capital. The case focuses on the decision of what opportunities Windward should consider and on the valuation of the firm if it decides to raise external capital.

Learning Objective: Discussion of asset diversification, macro investing, how to grow a firm in the asset management industry, and the valuation of investment firms.

Suggested Citation

Viceira, Luis M. and De Armas, Ricardo, Windward Investment Management (October 21, 2010). Harvard Business School Finance case no. 211-005, Available at SSRN:

Luis M. Viceira (Contact Author)

Harvard Business School - Finance Unit ( email )

Boston, MA 02163
United States
617-495-6331 (Phone)
617-496-6592 (Fax)


National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Ricardo De Armas

affiliation not provided to SSRN ( email )

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