The value of the Canadian model
A lot has been written about the superiority of the “Canadian model” for managing pensions, but can a value be assigned to this organisational design structure?
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Top funds’ strengths, challenges
A study of organisational behaviour at 15 of the world’s leading funds found best-practice ideas in risk management and sustainability, along with common challenges in areas such as diversity.
Performance fees hardly worth it
An analysis of 218 Dutch pension funds has shown that paying performance fees has little impact on performance. Size of fund and specialisation were deemed more important for net returns.
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.
The governance-performance link
Academics at Switzerland’s University of St. Gallen find that governance is positively related to both excess and risk-adjusted net returns but only marginally related to funds’ asset choices.
GPIF, ADIA: complex success
Japan’s GPIF has only recently moved into equities, while ADIA has a rich history of investing in a variety of asset classes. The returns of both giants show the benefits of diversification.
Governance