This OECD paper suggests avenues for strengthening the governance and management of the Japanese Government Pension Investment Fund (GPIF), the largest single pool of pension assets in the world. It says the governance stucture falls short of international best practice and in some cases does not meet some of the basic criteria contained in OECD recommendations.
Determinants of Sovereign Wealth Fund investment in private equity
This paper examines the investment patterns of 50 Sovereign Wealth Funds in 903 public and private firms over the period 1984-2009, and specifically the determinants of a SWF’s weight of direct private equity in their overall portfolio. The paper finds evidence that SWFs are more likely to invest in private firms in countries that have less developed legal systems.
Tips for DC plan design
As more plan sponsors consider introducing defined contribution plans, Towers Watson encourages the deliberation of plan design, with the ideal scheme encouraging engagement, managing savings rates and investment elections as well as expenses and communication.
Hong Kong still has it: CIC recognises Hong Kong’s international finance status with subsidiary
The China Investment Corporation has recognised Hong Kong’s international position by establishing a wholly-owned subsidiary, Hong Kong-CIC International (Hong Kong) Co., Limited.
Credit overweight pushes Texas to top spot, performance pay reinstated
The 108 investment staff of the Teacher Retirement System of Texas (TRS) have had their performance incentive awards reinstated, and will receive $9.7 million between them, after a year which saw the fund outperform its benchmark by 240 basis points making it the best performing public pension fund in the US.
New decision making parameters for Alaska’s investments
The $38.5 billion Alaska Permanent Fund Corporation (APFC) has made further enhancements to its unique approach to investment decision making, clarifying procedures relating to risk guidelines in its investment policy.
