In this episode, Alex Proimos, head of domestic content, Conexus Financial, chats with Amara Haqqani, director, insights and strategy at Milliman, about grassroots conversations about stopping the super guarantee, the industry’s Copernican moment of kicking product to the kerb, and what the real black swan event has been for super during the Coronavirus crisis.
Amara Haqqani: Super in 2020 – Copernicus, Warren Buffet’s swimming naked, and pitchforks in the street
New Jersey’s $85 billion fund stockpiles cash, eyes PE secondaries
An underweight position across private markets, predicated on a view that geopolitics and inflation mean interest rates are not coming down any time soon, has positioned the New Jersey Division of Investment with plenty of dry powder and a cash position four times the policy allocation. It is now readying for opportunities in private equity secondaries and with emerging managers. Chief investment officer Shoaib Khan spoke to Top1000funds.com.
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Brunel outlines owner/manager dynamic
The UK’s £30 billion Brunel Pension Partnership has published an asset management accord. The document is designed to clarify what it expects from its mandates and what they can expect from Brunel. A long-term focus, aspects of communication, and responsible investment and stewardship are among the topics the accord covers.
Musing towards a more hopeful AI future
Predictions about artificial intelligence are often dire prophecies of humanity inventing the agent of its own demise or obsolescence. But if we consider that human cognitive powers might actually grow in response to the advancement of AI, the potential outcomes become less threatening.
UMR will add to private assets, more
France’s Union Mutualiste Retraite is planning slight increases to its allocation to cash, private equity, private debt and infrastructure, in the face of high valuations and the late cycle. The fund has already added to its direct real-estate investments this year and is bracing for incoming regulations.
Price war hitting active fees, too
Fee compression is here to stay. Only the few active managers that have met their benchmarks over the past few years have been immune. But make no mistake, asset owners will be reviewing all strategies for their value and fee models will continue to evolve.
Firearms Principles provide a target
A coalition of 13 institutional investors, led by the California State Teachers’ Retirement System, has crafted principles for engaging with entities that manufacture, sell or regulate guns in a way that fosters a responsible civilian gun industry and reduces risk. The guidelines are intentionally flexible so each organisation can apply them in accordance with its own models for engagement.
CalPERS’ PE reform uses familiar model
The California Public Employees’ Retirement System decides to stick with a traditional approach to direct investment within its private equity portfolio, planning to use a model that features ‘captive’ general partners that will operate independently but with a clear mandate from the fund for long-term value and benefit to society.
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