Benchmark design for an active investment process
Choosing the appropriate benchmark for active managers is a common debate among institutional investors. Norges Bank Investment Management has produced a “discussion note’ on the benchmark design for an active investment process, in which it introduces a flexible modelling framework that aims to incentivise each portfolio manager to utilise their stock-picking skill.   The benchmark design problem that NBIM addresses is not…

How to hedg long-term inflation-linked liabilities without inflation-linked instruments


Given the capacity constraints on local inflation-linked bond markets, what are other options for hedging long-term inflation-linked liabilities? This is a question Ontario Teachers’ Pension Plan has been deliberating on as it supports an academic chair at EDHEC-Risk Institute with a focus on analysing the design of novel forms of liability-hedging portfolios that do not solely rely on inflation-linked securities. Lionel Martellini and Vincent Milhau from EDHEC discuss the research.   Hedging inflation-linked liabilities without inflation-linked bonds A long-term concern over possible enhanced inflation uncertainty has increased the need for investors to hedge against changes in price levels, a problem of particularly…

Invert the business model to focus on members: Ambachtsheer
There is a lot more work to do in raising the quality of governance of pension boards around the world, Keith Ambachtsheer told a conference of Australian superannuation fund trustees and staff last week. “We have to stop thinking about organisational needs and think about member needs. The business model must invert from serving organisational needs to serving member needs. That…

SSgA focuses on innovation not assets
For Scott Powers, president and chief executive of State Street Global Advisors, assets under management is not a measure of success – the manager is currently the world’s fourth largest with around $2.5 trillion. Instead it is the ability to provide value for clients in meeting their objectives - whether it be matching liabilities, creating alpha or educating plans on…

Pension funds put pressure on G20 tax reform
Pension funds are becoming vocal ahead of the G20 leaders summit next week, reiterating the need for action over tax reform, and encouraging world leaders to consider financial reform that encourages long-term investing. The UK’s Local Authority Pension Fund Forum, which is a collaborative shareholder engagement group of 61 local authority pension funds with combined assets of £150 billion, has called…

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As the fixed income asset class undergoes rapid change and the opportunity set expands, unconstrained bond funds have become popular. But as this article examines, with that expanded opportunity set [more]
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Benchmark design for an active investment process

Choosing the appropriate benchmark for active managers is a common debate among institutional investors. Norges ... [more]

How to hedge long-term inflation-linked liabilities without inflation-linked instruments

  • by
  • November 26, 2014

Given the capacity constraints on local inflation-linked bond markets, what are other options for hedging ... [more]

Breaking down emerging markets active returns

New research by MSCI shows a rare insight into whether the factor phenomenon, driving development ... [more]

Invert the business model to focus on members: Ambachtsheer

There is a lot more work to do in raising the quality of governance of ... [more]

SSgA focuses on innovation not assets

For Scott Powers, president and chief executive of State Street Global Advisors, assets under management ... [more]

Pension funds put pressure on G20 tax reform

Pension funds are becoming vocal ahead of the G20 leaders summit next week, reiterating the ... [more]

How factor investing also works for corporate bonds

Two Robeco researchers have become the first to analyze the effect that factor premiums can ... [more]

Concerns over private equity leave pension funds wary

Institutional investors are clearly attracted to private equity, but remain wary of the sector for ... [more]

All aboard the change express as Railpen leaves the station

At the end of a corporate review process that lasted eight months, involved 23 meetings ... [more]