The Santiago Principles have made a great impact on transparency and accountability for sovereign wealth funds but need a refresh to offer guidance amid increasing tension between global and local mandates and a tougher regulatory environment, a panel declared.
As the International Forum of Sovereign Wealth Funds’ Santiago Principles turn 10, the executive director of the State Oil Fund of Azerbaijan says threats to the free flow of capital loom.
The $37 billion Utah Retirement Systems (URS) will allocate to private equity managers directly, rather than through funds-of-funds, for the first time since it began investing in the asset class 35 years ago.
Alternative private equity vehicles underperform the associated main fund, new research from Harvard's Josh Lerner and MIT's Antoinette Schoar has shown for the first time - but skilled limited partners flip the script.
Everything from charging dead people fees to trustees nixing mergers out of self-interest has emerged, as royal commission hearings have exposed big flaws in the world's fourth-largest pension system.
The $335 billion California Public Employees' Retirement System warned this week that it is greatly exposed to a downturn in global equity markets, as it prepares to monitor active risk closely.
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