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Governance

Is innovation in finance a good thing?

Innovation is usually viewed by economists as a productivity-enhancing force, powering economic growth in modern capitalist societies. But damage can also be done by innovations, especially in the financial sector where agency issues create the potential for negligence and rent extraction. A more cautious perspective might help investors and policymakers better manage the risks that inevitably accompany financial innovations and contribute to more stable and efficient markets.
Fees

UK mega fund slashes managers

In line with its strategy to reduce costs, while maintaining returns, one of the UK’s new mega funds, the £45 billion LGPS Central will reduce the number of managers it uses from 250 to 50.
Governance

The value creation boundary

The value creation boundary, a margin between innocent bystanders and the parties involved in an economic activity, is a powerful thinking device for asset owners and managers to use in considering their investment responsibilities. So should long-term investors expand the boundary and include more of humanity in the consequences of investment decisions?
Fees

Why small is beautiful at Illinois’ IMRF

The $42 billion Illinois Municipal Retirement Fund is dedicated to investing in emerging managers with a commitment of 22 per cent of its total portfolio. The relationship with minority and women-owned managers is mutually beneficial. Sarah Rundell talks to head of the IMRF emerging managers program and the co-chief investment officer of equities at one of its managers, Piedmont.
Technology

Financial professionals should leverage

Financial professionals must learn to leverage disruption so that it can be used to clearly establish our purpose and our value to our clients and our investors. CFA Institute's CEO Paul Smith argues we should not fear it, nor should we fight it.
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