April 28, 2017
The UK Financial Conduct Authority’s upcoming report is expected to call for consolidation in pension funds, tighter controls on active management fees and greater transparency.
Dutch research has found that pension funds with longer horizons do hold more illiquid assets, but the correlation wanes after about 17 years and other factors also affect illiquidity tolerance.
Successful investment management comes from a culture that supports and nurtures talent. This requires functional governance built on trust between the board and the investment team.
The US Federal Reserve’s James Bullard is inclined to let bond buying run off in 2017. He also says higher interest rates are unlikely worldwide and calls the US a relatively closed market.
As sovereign wealth funds continue to grow, some are running into tussles with citizens over particular investments or the purpose of the fund. Transparency and greater engagement can help.
Family dynamics are complex enough. Without simple, straightforward discussions and clarity of mission that resist the allure of complexity, the family office will struggle to achieve its goals.
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