APG has successfully shifted its smaller pension fund clients to the new defined contribution pension system and now begins the huge task of moving the giant ABP as well. The defined contribution system has many implications including shedding more than 1000 staff at APG and moving investments more into riskier assets.
Bringing externally managed funds under the guidance of the internal investment team is a key component of OMERS’ growth plans, with the fund moving to having more direct control over its investments, according to new chief investment officer, Michael Latimer.
The C$69 billion ($66 billion) Alberta Investment Management Corporation (AIMCo) will split its chief executive and chief investment officer roles, with Leo de Bever retaining the chief executive position, while a search is underway for a new CIO.
An extensive education and relationship building experience has resulted in the board of the $14 billion Indiana PERS fully outsourcing investment decision making to the executive staff. Amanda White spoke to executive director Terren Magid about the benefits of autonomous, and quick, investment decisions, particularly in relation to alternatives.
The $244 billion Thrift Savings Plan, the largest defined contribution plan in the world, faces an enormous operational challenge this year as it moves from an opt-in to an opt-out default for US federal employees. Amanda White spoke with executive director Greg Long about the fund’s plans for 2010, which include a substantial investment tender.
Keith Ambachtsheer, director of the Rotman International Centre for Pension Management (Rotman ICPM), believes increased scale expands the capabilities of pension funds, while also enhancing their operations and lowering costs. But their financial strength should not be allowed to compromise their core purpose. He shares his thoughts with Simon Mumme.
In this latest paper, Watson Wyatt, suggests some changes to redress the imbalance in private equity fees including changing the basis on which a manager sets its management fees; and that GPs should consider phasing in management fees over the investment period to reduce the significant fee drag from paying on commitments early in the
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