Latest Research

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Investor Behaviour | Mikael Haglund

Long/short equity funds: Swedish and international comparison

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This research by Mikael Haglund, founder of Swiss research firm Altevo Research, highlights the outperformance of Swedish long/short equity funds in the bear market of June 2007 to December 2008. It shows managing the beta and alternative betas as the most important parameters to focus on during adv...

Portfolio Construction | David Blake, Allan Timmermann, Ian Tonks and Russ Wermers

Decentralised investment management: evidence from the pension fund industry

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This new research from the Pensions Institute at the Cass Business School studies the effect of decentralised investment management, including the use of multiple competing managers in specialist asset classes, on the risk and performance of pension funds.

Asset Allocation |

Europe's instos need 'thorough rethink' on regional splits

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This latest research by MSCI Barra Research analyses the equity allocations of European institutional investors, arguing the practice of separating international equities allocations into regional mandates at a strategic level "deserves a thorough rethink" 

Investor Behaviour | Cynthia Steer

Warm-ups and beyond: Survival lessons for 2010

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Head of beta research at RogersCasey, Cynthia Steer, contemplates the current invesetment horizon expressing fear that governance at the institutional level may have not changed swiftly enough to prepare for the new environment. In this paper "Warm-ups and Beyond: Survival lessons for 2010" she outl...

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The Fraying U.S. - China Co-Dependency

After many years of extraordinary growth, China has clearly been adversely affected by the global economic recession. Its own economy is slowing rapidly, with declines in exports, property prices, and fixed investment. In response, the Chinese government. strongly motivated to maintain stability, is injecting large doses of fiscal stimulus and…

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Click on the slide!

The Fraying U.S. - China Co-Dependency

After many years of extraordinary growth, China has clearly been adversely affected by the global economic recession. Its own economy is slowing rapidly, with declines in exports, property prices, and fixed investment. In response, the Chinese government. strongly motivated to maintain stability, is injecting large doses of fiscal stimulus and…

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In Conversation

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DC plans must look at governance and design

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Towers Watson’s Roger Urwin and Gordon Clark from the University of Oxford are finalising their fourth collaboration on global best practice for defined contribution plans. Amanda White spoke with Roger Urwin about the inefficiencies in plan design.

Climate change expert upbeat on post-Copenhagen opportunities

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Global head of climate change investment research at DB Climate Change Advisors, Mark Fulton, has a contrary view to most observers, post-Copenhagen. He spoke to Amanda White about the climate change market and the asset allocation implications for investors.

Latest News

AIMCo splits top job, beefs up investment team

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The C$69 billion ($66 billion) Alberta Investment Management Corporation (AIMCo) will split its chief executive and chief investment officer roles, with Leo de Bever retaining the chief executive position, while a search is underway for a new CIO. Read more

Timber the next new thing for Aussie sovereign fund

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The A$66 billion ($58 billion) Australian sovereign wealth fund, the Future Fund, is doubling its allocation to “tangible assets” and will soon make its first allocation to the timberland sub-asset class. Read more

  • Manager shakeup at Norway's SWF as real estate approved...

    A shakeup of service providers is expected at Norway’s $456.4 billion (NOK 2,549 billion) Government Pension Fund Global, as the sovereign wealth fund gains approval to invest up to 5 per cent in real estate, at the expense of bonds, at the same time it looks to fill equities mandates in 21 differen

  • ...while Ministry of Finance dictates new guidelines for responsible investing

    Norges Bank, the manager of the $456.4 billion (NOK 2,549 billion) Government Pension Fund Global, will integrate considerations of good corporate governance and environmental and social issues into its investment activities under an ambitious new requirement set out by the Ministry of Finance.

  • Institutions worldwide rethink passive exposures: Towers Watson

    The number of bond mandates awarded by institutional funds shot up by more than 50 per cent in 2009 as credit markets provided attractive investment opportunities, while the amount of passive allocations made by institutions increased fourfold in the past two years, according to Towers Wat

  • Towers Watson changes the guard

    Roger Urwin has stepped down from his position as head of Towers Watson's think tank, the “thinking ahead group”, to take up a two-day a week advisory position at MSCI Barra. He will continue in his role as head of global investment content at Towers Watson.

  • Private sector reform needed for US public funds: report

    US public sector pension funds will have to take a radical private-enterprise approach to reforming employee benefits and revising investment expectations if funds are to fulfil their obligations to existing and new employees.

  • AP2 appoints another new CIO

    The SEK 204 billion ($28 billion) Second Swedish National Pension Fund/AP2 has appointed its fourth chief investment officer in four years, as the fund reports its best annual return since inception.

  • France's SWF names manager selection committee

    France’s €33 billion Sovereign Wealth Fund, the Fonds de Reserve Pour Les Retraites, has made four appointments to its independent manager selection committee tasked with reviewing all mandate bids by funds managers.

  • CalSTRS expands active/passive decision making

    CalSTRS will double the ranges of its active/passive global equities allocations in a bid to enable investment staff to allocate funds tactically across active and passive rather than be forced to rebalance to strategic asset allocations.  

  • CalPERS rates reputational risk above investments

    Risk to reputation is more important than risk to investments according to a survey of internal staff at CalPERS completed as part of its governance/risk management initiative.

  • ATP's split portfolio

    The performance of the hedging portfolio and a 43 per cent allocation to interest-rate sensitive bonds in the investment beta portfolio of the DKK352 billion ($65 billion) ATP were the main contributors to the group increasing pension reserves by one third last year.

  • Ibbotson says Brinson 'not quite right' on returns

    Portfolio specific asset allocation policy and portfolio security selection, timing and fees contribute equally to the variation of portfolio returns according to new research by Professor Roger Ibbotson of Yale School of Management, progressing earlier work by Brinson et al which attributed more th

  • CalPERS to commit $22bn to private equity

    CalPERS is expecting to deploy the $22 billion in unfunded commitments of its alternatives investment management program in the next two to three years, with greater concentration among the best performing managers one of the priorities for 2010.

  • US funds lag in risk management

    US public sector funds spend less than half the time and resources on risk management than the average of their global peers according to a survey of 58 funds by Canadian-based CEM Benchmarking.

  • 'Periodic table' for investment shows case for diversification

    The latest ‘periodic table’ of investment returns – which ranks the performance of key equity and credit indices over two decades – from Callan Associates reinforces a lasting rule for long-term investors: diversification works.

  • Mercer going cold on global shares as valuations pushed

    Mercer Investment Consulting has revised down its view of global equities markets, suggesting the rally has pushed prices to fair value from their previous rating of undervalued.

  • New private equity head for New York Teachers

    The New York State Teachers’ Retirement System has restructured its internal investment team creating a new role of head of private equity, to create five direct investment reports to the executive director, and has already made a number of additional investments in that asset class.

  • Australian Future Fund favours hedge funds

    The A$66 billion ($58.8 billion) Australian Future Fund has tapped its cash portfolio to increase its exposure to alternatives, with cash dropping from 46 to 15 per cent in the past year, including an estimated allocation of $3.7 billion to three hedge fund managers in the fourth quarter of las

  • Dutch pension schemes show relative conservatism

    Dutch pension schemes have the highest allocation to bonds, with an average weighting of 48 per cent, while US and UK funds favour equities, according to the 2010 Towers Watson global pension assets study.

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What’s the role of an asset consultant post crisis?

Asset consultants have recently started offering medium-term asset allocation advice, often as a separately priced service.

Watson Wyatt Worldwide calls it ‘dynamic strategic asset allocation’. Russell Investments calls it ‘enhanced asset allocation’. Whatever the term, the advice sits between tactical asset allocation at the short end and strategic asset allocation at the ...

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Opinion

Appalled in Greenwich Connecticut

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Managing and founding principal of AQR Capital Management, Cliff Asness, responds to President Obama's call to limit the size and power of America's banks.

Analysis

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The private equity secondaries boom: when will it occur?

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Secondary market private equity transactions have not met expectations in 2009, according to Preqin with estimates of just $6 billion to November, compared with $20 billion in 2008. However estimates indicate pricing will improve in 2010 and as a result sellers should consider subdividing their portfolios and inviting a range of bids to take advantage of the selectivity which exists among secondary market buyers.

PE, venture revived by market rebound: Cambridge Associates

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For US private equity and venture capital managers, Q2 generated the best returns since the end of 2007, when listed markets began sliding, and for the first time since its introduction mark-to-market valuation methodology benefited managers, according to research from US Consultancy Cambridge Associates.

More private equity funds abandoned

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Only $38 billion was raised in private equity worldwide in the third quarter of 2009, the lowest level since the fourth quarter of 2003, with the number of fund raisings abandoned more than tripling in a year, according to Preqin.

Endowment model endures despite alternatives pain: Cambridge

As Harvard Management Company (HMC) begins shedding 25 per cent of its workforce after incurring a 22 per cent loss since the beginning of the financial year, its investment consult, US firm Cambridge Associates, says the ‘endowment model’ is not impaired.

Alternatives

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Infrastructure investments: down but far from out

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Tony Rocker, partner global head of infrastructure funds at KPMG in the UK, reviews infrastructure funds in light of the current market downturn and concludes that, with a little realism and improved transparency, the sector can look forward to a sound future.

Control shift in GP/LP dynamic: Cambridge Associates

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In the headiness of the bull market, institutional investors generally took on more risk and enjoyed fewer rewards than alternatives managers. But the crisis has provided an opportunity for both counterparties to redefine the balance in the LP/GP relationship, in which institutions are entitled ...