Academics at Switzerland’s University of St. Gallen find that governance is positively related to both excess and risk-adjusted net returns but only marginally related to funds’ asset choices.
Gianpiero Petriglieri’s masterclass in modern leadership is just one of many sessions INSEAD’S world-leading faculty will direct at the Fiduciary Investors Symposium in France this April.
The link between better governance and stronger returns lies somewhere between faith and fact; however, in a historically tough climate, the argument for best practice seems overwhelming.
As the world moves to defined contribution structures, many questions remain about its robustness, not the least of which is how defined contribution funds deliver adequacy.
The future of investing is in the creation of new wealth, not recycling claims on old wealth, according to the World Economic Forum’s Global Agenda Council on the Future of Investing.
Keith Ambachtsheer’s fourth book, to launch next month, tackles the persistent problems in pension governance, design and investment, including the sizeable aspiration/implementation gap.
In the first of a series of contributed articles exclusively for www.top1000funds.com, global head of investment research at Mercer, Deb Clarke examines the decision making of long-horizon investors.
The practice of benchmarking the salaries of senior executives of institutional funds with reference to external financial services firms, instead of the shared objectives of the fund, is a major barrier to their success, according to Professor Gordon Clark of Oxford University and director of Smith School of Enterprise and the Environment. Clark sees the... Read more »
It is well documented that local bias exists in US state pension fund holdings, but now an article in the Journal of Financial Economics (forthcoming) finds evidence not only of local bias, but bias towards politically-connected stocks. Not only that, but the article finds that political bias is detrimental to fund performance. “Political bias is... Read more »
Keith Ambachtsheer, Director Emeritus, Rotman International Centre for Pension Management argues that good governance begins with having “the right team in the room.” This means robust human resource teams, the ability to address issues around understaffing and raising the effectiveness of board members. “Board governance is still a work in progress today,” he argues, speaking... Read more »
How much has pension fund governance changed in the past 16 years? Not much! A survey of pension fund governance by Keith Ambachtsheer and John McLaughlin, which asked respondents the same questions in 1997, 2005 and 2014 reveal that the same “sources of excellence shortfall” exist today as they did 16 years ago. Pension fund... Read more »
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... Read more »