In this month’s Financial Analysts Journal, Tyler Cowen professor of economics at George Mason University, Virginia makes sense of the current financial crisis by drawing on some of Fischer Black’s ideas.
The $27 billion Arizona State Retirement System has extended its asset allocation ranges and postponed the approval of new commitments to private market investments until the end of June, unless an overriding investment opportunity exception exists.
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A 10 per cent increase in internal investment management results in a 4.2 basis points increase in net value added to a pension fund’s bottom line, according to analysis of the CEM Benchmarking database, which has data on more than 380 global pension funds from 1991 to 2007.
As global markets nosedived and its initial investments soured, the China Investment Corporation (CIC) took the opportunity to reorganise its investment operations and focus on less risky investments at home and in Asia. Simon Mumme reports.
As a recent survey by US management consultant Casey Quirk showed, for investment management, 2009 is all about beta. Director of research, Ben Phillips, spoke to Kristen Paech about mandates that pension funds are investigating, and the role alpha may play.
In this paper by Vanguard Investment Counseling and Research, the performance of active funds in the US and Europe during the seven bear markets since 1970 is evaluated, revealing that the performance of certain market segments relative to the broad market may contribute more to outperformance than manager skill.