CalPERS to move $1bn fixed income in-house
CalPERS plans to move $1 billion of its externally-managed international fixed income portfolio in-house in the next 12 months, but it will require board approval to do so.
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Keynes and the character required for a long-term view
In the interests of educating myself I recently read Chapter 12 “The State of Long-Term Expectations” in John Maynard Keynes’ seminal economics tome General Theory. I particularly like his statement: “it needs more intelligence to defeat the forces of time and our ignorance of the future than to beat the gun”, but then I’ve always
Recipe for avoiding half-baked dynamic asset allocation
In what is lauded as somewhat of a Laurel and Hardy performance, APG’s Stefan Lundbergh and academic provocateur Jack Gray, demonstrate the disparity between ideology and action in a hypothetical dynamic asset allocation case study. But jokes aside, it highlights the misnomer in the words “best practice”, and the lack of courage in this industry.
HOOPP boss goes out on a high
Chief executive of HOOPP, John Crocker, has only one more board meeting before he retires, and except for travel plans to the Caribbean and Europe his dance card is empty. After 10 years in the position he leaves a fund in good shape – fully funded, technologically primed and with investments that use innovative, low-cost
Follow Apple lead and keep complexity hidden: Ruppert
The pension industry should heed the lead of former Apple chief executive Steve Jobs and present products in a simple, bundled package, keeping the complexity on the inside, Todd Ruppert, president of T Rowe Price, told delegates at the European Policy Forum in early November.
Venturing from home comes with risks: Hermes
Chris Taylor, the boss of Hermes Real Estate, part of the Hermes boutique manager suite and owned by the BT Pension Scheme, says pension funds looking to diversify into real estate away from their home markets should be aware of implementation risks.
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