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Navy fund outsourcing a first for Towers Watson in CIO role
The $4.75 billion (£3 billion) UK Merchant Navy Officers Pension Fund has upgraded its relationship with consultant Towers Watson, having appointed the firm as its “delegated chief investment officer”, which is the first such arrangement for the consultant.
Rebalancing not so simple with diverse beta sources
Simple reblancing of portfolios back to strategic ranges after a market rise or fall is not as simple as you may think, according to a research note from brokers Morgan Stanley. The new investment required after a fall may be surprisingly large.
Investors target slow climate movers including Berkshire Hathaway
Climate Action 100+ urges investors to apply more pressure for corporate action on climate change this proxy season. Investors such as CalPERS are targeting slow movers on climate like Berkshire Hathaway.
NYSTRS defends defined benefit funds
The defined-benefit New York State Teachers’ Retirement System is defending its 8 per cent assumed rate of return at a time in the US when the limelight is focussed on pension fund structural issues.
Nordic countries top Mercer CFA Institute Global Pension Index
Iceland, the Netherlands and Denmark topped the Mercer CFA Institute Global Pension index for the second consecutive year, each earning an A grade for their sustainable and well-governed pension systems.
GPIF insists on paying only for alpha
Hiro Mizuno, CIO of the world’s largest investor, told the CFA conference that in exchange for multi-year commitments its mandates would now claw back fees when firms don’t reach alpha targets.
North Carolina TSERS: Taxpayers deserve better in governance overhaul too
Ditching the sole trustee for a five-person board will help bring North Carolina’s pension funds out of enduringly weak performance by encouraging risk taking, says treasurer Brad Briner, whose experience includes managing Mike Bloomberg’s money. Sarah Rundell spoke to the treasurer about the new governance and investment overhaul.
Alecta doubles down on governance, risk management and culture
Sweden’s largest pension fund, the $126 billion Alecta, has spent much of the last year continuing to work on improving governance, risk management, competence and culture in the wake of a $2 billion loss in 2023 attributable to investments in US regional banks, including Silicon Valley Bank, turning sour.
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