The $110 billion Florida Retirement System Pension Plan (FRS PP) outperformed its policy benchmark by 10 basis points in the September quarter, thanks to overweight allocations to domestic and international equities.
The International Corporate Governance Network (ICGN) has revised its Principles for the first time since 2005, shifting the focus from structures to behaviour and culture, as well as adding two new Principles, including risk management, as a result of the financial crisis.
CalPERS has extended the mandates of its external global equities managers by one year to enable staff to complete the asset class review, which will produce a recommendation about the role of external managers in the portfolio.
Institutional investors have taken their feet off the gas, with the latest data from State Street Global Markets showing a “neutral” reading for cross-border flows and consensus views on global markets.
CalPERS has expanded the scope of services required by its primary pension consultant, including the provision of more strategic advice and better communication between board and staff, as part of an RFP for a general consultant to be released in December. The contract with Wilshire Associates, the fund’s consultant since 1983, is due to expire in June next year.
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The chief executive of the C$117 billion ($111 billion) Canada Pension Plan Investment Board, David Denison, has urged the Canadian government to keep pace with the privatisation of assets in other jurisdictions such as the UK, Australia and to some extent the US, as it looks to increase beyond the combined $16.1 billion already invested in real estate and infrastructure.