Institutional investors act like momentum investors, chasing returns, even over longer time horizons according to Asset Allocation and Bad Habits, a new research paper that looks at the impact of past returns on asset allocation. The paper commissioned by Rotman-ICPM and authored by Amit Goyal professor at Univeriste de Lausanne, Andrew Ang professor at Columbia Business
The allure of potentially higher net returns from portfolios precisely tailored to values, beliefs and risk appetite is hard for any asset owner to ignore, yet needs to be balanced against the many challenges associated with managing assets in-house. To this end, it is worth outlining the key benefits that in-house asset management can offer.
Investors don’t have access to all the information they need today. Raj Thamotheram, Mark Van Clieaf and Alan Willis ask: why aren’t investors (and their clients) demanding it? Without relevant, timely and reliable information, investors are unable to make informed long-term investment decisions. The efficiency of capital markets in allocating invested funds – the only real value of
Regulatory proposals announced in April mean that in October foreign investors will be able to buy the top shares listed on the Chinese mainland stock exchange within annual quota limits. The momentum of market liberalisation is such that MSCI is considering using such A shares in its emerging market indices, a move that will take Chinese
China’s biggest sovereign wealth funds need, and want, co-investment opportunities in real assets and private equity and are open to new partnerships with international investors of the right credentials, and the longer term the partnership the better. This is the feedback of Michael Wadley, a specialist lawyer of Australian origin based in Shanghai, who runs
The risk of a US equity market decline and concerns over the future direction of interest rates has been driving US foundations and endowments’ asset allocation decisions in the past year, with a distinct move away from US equity to global allocations and away from US-focused core to longer duration and high yield. The latest
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