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Exchanges need to adapt to institutional demands: Norges

Institutional investors now dominate the free float holdings of listed companies and exchanges need to adapt to this enduring change in market structure and investor needs, according to Norges Bank Investment Management, manager of the $818 billion Norwegian sovereign wealth fund. Norges Bank, which itself owns around 1 per cent of the world’s listed stock, […]
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The changing nature of fixed income

As the fixed income asset class undergoes rapid change and the opportunity set expands, unconstrained bond funds have become popular. But as this article examines, with that expanded opportunity set comes new considerations including a wider risk/return spectrum among managers.   Trends in the global investment universe tend to come around every six months or […]
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Are there enough credit opportunities to go around?

Investors are all talking about the same thing –that alpha will come from selective opportunities and implementation techniques within sectors, and the next year will be less about strategic or beta bets. Specifically credit opportunities remain front and centre of the collective investors’ radar. Managers, it turns out, are all also talking about the same […]
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The diminishing role of agents

I’ve always been frustrated by interviewing consultants and the lack of conviction they have about their decisions. “What would your ideal model portfolio look like?” I constantly ask. “It depends on the client” is the predictable and consistent answer. That may be valid, even true, but it speaks to a wider problem. Consultants are hired […]
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Let’s talk about underfunding

Even using the assets of the pension plan was not enough of a leg-up to save the city of Detroit from bankruptcy. As the last words in the song Put your hands up for Detroit by Fedde Le Grand say, it is system shutdown. The fiscal demise of this city may be a lesson for […]
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Over the industry? Change it

The pension and funds management industry is self-serving. There are too many players, there’s too much jargon, too much leakage and too much patting each other on the back. And that’s not just my opinion: the results of a 12-month research project, across 60 countries and more than 3000 investors concur. The research by State […]
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Taking the future into account

At the International Centre for Pension Management’s biannual meeting in London, Jack Gray and Generation’s David Blood had a tête à tête on sustainability. An academic at the Paul Woolley Centre for Capital Market Dysfunctionality at the University of Technology Sydney, Gray has written a paper, Misadventures of an Irresponsible Investor, that at its core […]
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