INVESTOR PROFILE

Future Fund revamps equities

Australia’s sovereign wealth fund has revamped its equities portfolio to take on deliberate factor risk and target idiosyncratic risk. The fund’s head of equities, Björn Kvarnskog, explains.
ANALYSIS

CalPERS says consultants could do better

CalPERS is happy with its consultants, except for their performance in recommending ways to control fees and costs and their presentation of new investment ideas, a board rating reveals.
INVESTOR PROFILE

OTPP’s private equity revolution

A deep dive into the world-class private capital division of OTPP, led by Jane Rowe, reveals a strategy of buying large direct stakes in companies, and a commitment to innovation.
ANALYSIS

Factors trump skill: MSCI

MSCI research has shown that, among top-performing funds, more than half of active returns come from factors, rather than manager skill, and style factors have the biggest impact.
INVESTOR PROFILE

Texas Teachers bears down on fees

The $140 billion Teacher Retirement System of Texas is renegotiating its deals with hedge fund managers including moving to a 1-and 30 fee model as it looks to realign fees across the board.
INVESTOR PROFILE

LD innovates on equities, fees

Danish pension fund Lønmodtagernes Dyrtidsfond has embraced innovation, introducing four buckets for a more dynamic equities portfolio and co-investing with peers to get top value for fees.
ANALYSIS

UK watchdog set to back pension mergers

The UK Financial Conduct Authority’s upcoming report is expected to call for consolidation in pension funds, tighter controls on active management fees and greater transparency.
ANALYSIS

Time to make value judgements

Keith Ambachtsheer says net value added for members, not absolute cost, is the way to evaluate funds, and points to a report from Australia’s Productivity Commission as a sensible blueprint.
INVESTOR PROFILE

Ilmarinen sheds bonds for real value

Ilmarinen CIO Mikko Mursula looks to shrink its holdings in bonds while adding real estate and equity away from Europe, as the fund seeks protection from potential interest rate moves.
ANALYSIS

Asset owners zero in on managers’ fees

Funds will look to pressure fund managers to put more skin in the game with fee structures as they try to control costs and expectations in a low-return world, our third annual CIO survey finds.
NEWS

Year in review

Analysing the most read stories of 2016 reveals some interesting trends. Overwhelmingly the most popular investment stories have been about fees and issues of sustainability.
ANALYSIS

ILPA template adoption rate grows

ILPAs private equity fee template has gathered momentum, with some funds like New York State Common Fund making fee disclosure via the template a condition of investment in all new PE investments