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Washington takes risks within wider framework
The $71 billion Washington State Investment Board has made a renewed commitment to overweighting emerging markets and private equity, but a comprehensive enterprise-wide risk management framework will help ensure the inherent risks of that strategy remain in check.
Malaysian and Singapore funds develop joint investment
Khazanah Nasional Berhard, the investment holding arm of the Government of Malaysia, and Singapore’s Temasek Holdings have joined forces in their first joint development investment.
Inflation spectre should scare investors back to text books
Inflation is a big risk for most pension funds around the world. The question is: what do you do about it? The interesting point, though, is if inflation is a ‘fat tail’ risk, maybe it’s already been too widely signalled.
Overruns biggest peril in mega infrastructure
The biggest challenge when it comes to investing in mega greenfield infrastructure projects is cost overruns, explains Bent Flyvbjerg, First BT Professor and Chair of Major Programme Management at the University of Oxford’s BT Centre for Major Programme Management, speaking at the Fiduciary Investors Symposium at Oxford University’s Rhodes House. It’s not hard to find
The marginal investor: thoughts from the edge
What’s in a Name (or an Acronym)? GFC is in the lexicon. It’s not in mine. I refuse to add to the surplus of investment TLAs in circulation. I refuse because naming induces a dangerously comforting sense that we’ve understood or even controlled that named. Hurricanes sound less malevolent, friendly almost, when called Kylie or
Dutch giant see-saws to recovery
The precarious seesaw that is pension fund asset-liability management is demonstrated in the latest results of the giant Dutch pension fund, ABP, with the fund’s coverage ratio falling, despite positive investment returns, and the fund being only slighly ahead of its recovery schedule. In the first six months of this year the fund’s pension liabilities
Australia’s UniSuper launches first internal capabilities
The $A25 billion ($23 billion) UniSuper will ramp up its internal funds management capabilities, with four of its own portfolios set to be running by the end of the year, in conjunction with a project that will see its defined benefit and defined contribution sections adopt differing investment strategies for the first time.
Is reviving Europe a suspended apparition?
Getting Europe’s swelling institutional capital to support long-term projects that could benefit its uninspired economies was an idea that sent heads nodding around the continent as it suffered the brunt of the financial crisis. Get pension, insurance and foundation money into where it is most needed with the attraction of reliable long-term cash flows and
Beating risk with alternatives
In an attempt to reduce tail risk, a large US west coast endowment allocated up to 15 per cent to a Man Investments’ portfolio of alternative strategies that includes global macro and managed futures.
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