The Latest
Analysis

Investors need to rethink operating model

A neat little story of investment flows, asset allocation changes, and relationship and service demands is emerging from the third annual www.top1000funds.com/Casey Quirk Global Fiduciary CIO Survey. If you’re a CIO of an asset owner what that means is more control but also more responsibilities and the demands of more internal resources. For managers it […]
Opinion

How to hedge long-term inflation-linked liabilities without inflation-linked instruments

Given the capacity constraints on local inflation-linked bond markets, what are other options for hedging long-term inflation-linked liabilities? This is a question Ontario Teachers’ Pension Plan has been deliberating on as it supports an academic chair at EDHEC-Risk Institute with a focus on analysing the design of novel forms of liability-hedging portfolios that do not […]
Analysis

Investors ignore liability matching at their peril

Two high profile pension funds, ATP of Denmark and HOOPP of Canada, have been very successful in managing their assets in two distinct portfolios. But the practice of fund separation, a portion of the portfolio for liability hedging and another for alpha generation, is not common in pension management. It should be. For these two […]
Investor Profile

Penny Green: London’s lady of the long term

When Penny Green joined the Superannuation Arrangements of the University of London (SAUL) as chief executive in 1998, the multi-employer defined benefit scheme had £790 million ($1.27 billion) assets under management and two asset managers. Sixteen years later the pooled fund now manages assets for 49 employers in higher education institutions including the University of […]
Investor Profile

HOOPP derives benefits to boost funding status

The extensive use of derivatives has been a big contributor to the C$35.7 billion ($37.4 billion) HOOPP reaching fully funded status. Jim Keohane, chief investment officer, explains how the fund manages its assets and liabilities through liability-hedging and return-seeking portfolios and the role derivatives play in dialling risk up, or down.