Florida’s State Board of Administration (SBA) has appointed Mercer to conduct a broad-ranging review of staff compensation that was initiated and will be overseen by the organisation’s independent investment advisory council. As part of this review, the investment advisory council (IAC) passed a motion at its recent quarterly meeting to provide annual recommendations to trustees … Read more
Institutional investors are turning their attention to Asia, with CalPERS the latest large pension fund to announce a new foray into the region. America’s biggest public pension fund this week announced it would invest $530 million in two new real-estate funds targeting investments in China. Despite concerns about a residential property bubble in China, CalPERS’ … Read more
CalPERS aims to increase its total-portfolio risk oversight, as well as move towards more dynamic asset allocation as the fund attempts to overhaul its investment decision-making processes. This week the fund released a two-year business plan that aims to implement a risk-based dynamic asset-allocation approach by June 2014. It is the first time the $238.2-billion … Read more
S&P Dow Jones Indices’ researchers take a closer look at the long-term effectiveness of low volatility strategies in this paper. Aye Soe, S&P’s director of index research and design, analyses the low-volatility effect in the US equity market, with a focus on the common properties of various low-volatility strategies. Drawing from the extensive academic literature … Read more
The new low-return, high-volatility environment requires broadly diversified portfolios, dynamic decision-making and rigorous due diligence, which is beyond the internal capacity of most small funds under $10 billion, warns Russell Investment’s global chief investment officer Peter Gunning. He says smaller funds must decide if it is cost effective and even possible to internally manage investment … Read more
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