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Board make-up matters

The more political appointees and worker representatives sit on US pension fund boards, the more those funds will respond to incentives that encourage riskier investing, research has found.
Asset Allocation

Assessing reality in US public funds

Distinct regulation of United States public pension funds that links the liability discount rate to expected return on assets, rather than to the riskiness of their promised benefits, sets them apart – in a bad way. US public funds have underperformed other pension fund cohorts because of higher allocations to risky assets. Arguably, regulation is […]