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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.
Bernanke fails to provide a ray of light in the gloom
While cautiously optimistic about the chances of a global recovery, State Street Global Advisors chief economist Dr Christopher Probyn says last week’s speech by US Federal Reserve Governor Ben Bernanke was disappointing.
Ibbotson says Brinson ‘not quite right’ on returns
Portfolio specific asset allocation policy and portfolio security selection, timing and fees contribute equally to the variation of portfolio returns according to new research by Professor Roger Ibbotson of Yale School of Management, progressing earlier work by Brinson et al which attributed more than 90 per cent to asset allocation.
CalPERS hires Mercer for compensation review
The $200 billion California Public Employees’ Retirement System (CalPERS) has hired Mercer Consulting review the investment office incentive compensation program, a design set up in 1997 under the guidance of the board’s compensation consultant Watson Wyatt.
Simplicity rules in South Carolina AA
Executives at the South Carolina Retirement System pulled off a previously unimaginable task in 2020, conducting a complete review of the fund’s asset allocation, simplifying its portfolio, negotiating with suppliers, and gaining approval from the commission, all while working entirely remotely. Amanda White speaks to executive director Michael Hitchcock about the new portfolio and the process of getting there.
How the tech surge has hit active management at Denmark’s AP Pension
The active equity strategy of Denmark’s €23 billion AP Pension – which focuses on a narrow exposure to a small set of high conviction, quality companies – has been hit by the surge in tech stocks, none more so than Nvidia. Investment director Pernille Jessen explains the problem.
Net-Zero Asset Owner Alliance chair calls for more action from governments
Five years after signing up to net zero, climate-conscious asset owners have a message for governments: act now, or put global prosperity at risk. As policymakers, investors and climate action advocates descend on NYC for Climate Week, chair of the Net-Zero Asset Owner Alliance, Günther Thallinger, reflects on the progress.
Scott Chan replaces Chris Ailman as CalSTRS CIO
Deputy CIO Scott Chan has been appointed to the top investment job at CalSTRS. Top1000funds.com takes a look at his leadership style and his influence so far on the team and the fund’s investments.
OPTrust ready to jump on bonds
Staying fully funded is priority for the C$20 billion OPTrust, reflected in everything from the name of its annual report to its scaling down of equities, to manoeuvring for high-yield debt.
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