I speak with my a great voice of independent research in London on the topics of using alternative data for FX and macro research for quantitative strategies. We talk a lot about Saeed’s well known work in macro-economics, in FX research, as well as his well known and regarded book.
WTW’s Urwin defends TPA value-add as attribution scrutiny intensifies
Roger Urwin, one of the industry’s most well-known proponents of TPA, has defended it against the growing scepticism of its reported performance edge over SAA, saying “TPA is a system” and any performance attribution is difficult to isolate from the broader context each fund operates in. In an interview with Top1000funds.com, he also weighs in on whether some funds are inherently unsuitable for implementing TPA.
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Understanding the cost of investment management
Across the institutional investment community, disclosure and transparency of costs continues to be evolving, but not fast enough. A paper by Commonfund Institute reveals only 18 per cent of respondents in an endowment survey reported incentive and performance fees paid to asset managers despite the fact that nearly 85 per cent of respondents reported having
Empowering asset owners
Head of the global union movement, Sharan Burrow, has called on asset owners to “stop talking about constraints on fiduciary duty” and take the lead on the transition to a green economy. Burrow was part of a panel at the Fiduciary Investors Symposium in Chicago that told delegates the next wave of stewardship is not
Why investors should de-carbonise
Regardless of moral and scientific arguments, the “risk of policy action” on climate change is enough reason for institutional investors to consider climate risk as having real impact on their portfolios. As an example investors at the Fiduciary Investors Symposium at Chicago Booth School of Business were told that investment-grade bonds in the coal sector
NZ Super: on a higher plain
Self-reliance on asset allocation and employing a partnership style with its managers – based on the mutual exchange of ideas – are the cornerstone of New Zealand Super’s evolved investment approach founded on the confidence of its investment ideas. David Rowley visited the NZ$29.6 billion fund to find out how it does this. On the climb towards the
Fund manager contracts and financial markets’ short-termism
This paper investigates the extent to which the delegation of funds management prevents long-term information acquisition, inducing short-termism in financial markets. The authors, Catherine Casamatta and Sebastien Pouget also study the design of long-term fund managers’ compensation contracts. Under moral hazard, fund managers’ compensation optimally depends on both short-term and long-term fund performance. Short-term performance
Agent provocateur
Paul Smith, the Hong Kong based chief executive of the Global CFA Society is on an evangelical mission to change the culture within the investment industry. Not only is he looking to curb the frequency of excess behaviour that leaves the public cynical of high paid finance professionals, but he is a persuasive advocate for
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