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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 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 […]
Amanda WhiteNovember 28, 2014
Opinion

How to hedge 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 […]
 November 26, 2014
Research

Breaking down emerging markets active returns

New research by MSCI shows a rare insight into whether the factor phenomenon, driving development market equities beta, is at play in emerging markets. The research uses the Barra Emerging Markets Equity Model to look at the drivers of performance of emerging markets, and analyses the returns of active emerging market managers to identify the […]
Amanda WhiteNovember 21, 2014
Organisational Design

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 […]
David RowleyNovember 18, 2014
Uncategorised posts

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 […]
Amanda WhiteNovember 14, 2014
Uncategorised posts

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 […]
Amanda WhiteNovember 12, 2014