This session drew on themes of the conference and discuss with asset owners what the portfolios of the future will look like, particularly examining how investors plan to build robust portfolios to meet changing investment regimes.[vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Dan%20Bienvenue%22%2C%22job_role%22%3A%22interim%20chief%20investment%20officer%2C%20CalPERS%20(United%20States)%20%22%2C%22content%22%3A%22Dan%20Bienvenue%20assumed%20the%20role%20of%20interim%20chief%20investment%20officer%20in%20August%202020.%5CnHe%20oversees%20an%20investment%20office%20of%20nearly%20400%20employees%20and%20manages%20investment%20portfolios%20of%20roughly%20%24400%20billion%2C%20including%20the%20Public%20Employees%E2%80%99%20Retirement%20Fund%20and%20affiliate%20funds.%5CnAs%20deputy%20chief%20investment%20officer%2C%20Dan%20oversees%20total%20fund%20investment%20and%20operational%20strategies%20and%20collaborates%20with%20the%20managing%20investment%20directors%20and%20their%20teams%20to%20implement%20asset%20allocation%20and%20investment%20strategies.%20He%20also%20oversees%20the%20investment%20office%E2%80%99s%20business%20management%20needs%2C%20including%20strategic%20planning%2C%20financial%20reporting%2C%20expense%20management%2C%20and%20talent%20management.%5Cn%5CnHe%20joined%20CalPERS%20in%20September%202004.%20During%20his%20tenure%20he%20has%20held%20several%20leadership%20roles%20with%20the%20investment%20office%2C%20including%20concurrent%20roles%20as%20the%20interim%20chief%20operating%20investment%20officer%20and%20managing%20investment%20director%20of%20global%20equity.%20He%20served%20as%20the%20managing%20investment%20director%20overseeing%20global%20equity%20from%202014-20%2C%20and%20as%20senior%20portfolio%20manager%20in%20internal%20equity.%5Cn%5CnPrior%20to%20CalPERS%2C%20Bienvenue%20was%20a%20principal%20and%20senior%20portfolio%20manager%20with%20Barclays%20Global%20Investors%20(BGI)%2C%20leading%20an%20international%20equity%20portfolio%20management%20team%20responsible%20for%20%2455%20billion%20across%20developed%20and%20emerging%20markets.%20Before%20BGI%2C%20his%20work%20experience%20includes%20sales%20and%20trading%20in%20the%20analyst%20program%20with%20J.P.%20Morgan%20Securities%20in%20New%20York.%5CnHe%20graduated%20Phi%20Beta%20Kappa%20with%20a%20bachelor%E2%80%99s%20degree%20in%20economics%2C%20cum%20laude%2C%20from%20the%20University%20of%20California%2C%20Davis%2C%20where%20he%20was%20an%20Academic%20All-American%20in%20wrestling.%20He%20also%20holds%20both%20the%20CFA%20and%20CAIA%20charters.%22%2C%22image%22%3A%2247093%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-bienvenue-7031a15%2F%22%7D%5D” 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title=”Moderator” el_class=””][vc_empty_space height=”10px”]
The world has two decades to find the solutions to keep warming to below two degrees, otherwise we are likely to cross two degrees and need to plan for risk associated with two point five or three degrees.
He said the number of corporate commitments to tackle climate change will increase in line with customer demand for more action.
On one hand innovation will comprise “sustained innovation” of existing technology. In contrast, “disruptive innovation” comprises new technology that is initially expensive but then becomes cheaper.
Innovation also depends on companies being able to tap the infrastructure and supply chains they need to thrive.
In early-stage investment, the focus is on feasibility and the extent to which a new product is cost effective or competitive. In the next stage access to a supply chain and infrastructure becomes a priority.
Investment in pioneering sectors involved working with teams that understand the technology, regulatory barriers and supply chain risk as well as an understanding of the policy needed to create these markets.
With hundreds of indexes, portfolio and risk analytics, and a growing emerging-markets and environmental, social and governance (ESG) focus, MSCI is a business in constant evolution, but chief executive and chairman, Henry Fernandez, says institutional investors are demanding further development, such as private-equity indexes. Fernandez has been chief executive of MSCI since 1996, when the
At least one state in the US is acting on the need for epic reform of its pension system, but the political difficulty associated with such reform – something all states are wary of – was demonstrated in the violent outburst by Illinois representative, Mike Bost, last week (see video) and the inability of representatives
The Ann F Kaplan professor of business at Columbia Business School, Andrew Ang will teach a case study on the Canadian Pension Plan Investment Board’s (CPPIB) reference portfolio in the fall. While for the most part complimentary of the approach and process, he challenges the Canadian fund to consider a more dynamic reference portfolio. The
Pension funds should disclose their governance arrangements using a methodology similar to a nutrition label, with members easily able to compare the transparency and accountability of fund standards, a leading corporate-governance expert from Yale says. Dr Stephen Davis, the executive director of Yale School of Management’s Millstein Centre for Corporate Governance and Performance, has called
A report finding Norway’s $582.7-billion sovereign wealth fund could face significant losses in a range of climate-change scenarios is unlikely to result in changes to the fund’s investment strategy, Norway’s state secretary Hilde Singsaas says. Norway’s Ministry of Finance released the report into the Government Pension Fund Global’s (GPFG) that it commissioned from Mercer and
Beta-driven equity investors may currently be taking far greater risks than they are getting paid for when seeking broad market exposure, British risk expert Nick Bullman warns. Bullman, the founder of specialist risk consultancy CheckRisk, has developed a methodology using macroeconomic research along with econometric and behavioural risk inputs to identify what he describes as
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