CalPERS will implement a new RFP process for global equities, which is more consistent with the transformation of its global equities portfolio and the desire to assess every strategy, than its current Spring Fed Pool system, Eric Baggesen, senior investment officer of global equities said.
In November the International Centre for Pension Management at the Rotman School, University of Toronto will launch its board effectiveness program, which director Keith Ambachtsheer hopes will help overcome the dysfunctionality of pension fund boards – which have a desire to implement rather than oversee.
In the first move to implement the new strategic asset allocation approved in December, CalPERS has introduced a raft of new benchmarks including composite benchmarks for the new asset classes of growth, real and liquidity created under the restructure.
Half way through a five-year plan, the Alaska Permanent Fund, has a new risk culture, which affords the investment team freedom, and is just about to embark on a new strategic asset allocation, which includes expansion of its external CIO program, as part of a drive for further diversification.
Engaging real estate fund managers on their carbon footprint will be more easily implemented following the creation of a Global Real Estate Sustainability Benchmark, the result of collaborative work by a group of 11 of the world’s largest pension asset managers and Maastricht University.
A more efficient way to rebalance highly diversified multi-asset portfolios – which contain illiquid assets – could be to restrict the rebalancing to exchanges between US stocks and US bonds only, according to new analysis by Morgan Stanley.
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