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Research

Scale and skill in active management

This paper by the Becker Friedman Institute for Research in Economics at the University of Chicago finds that the active management industry has become more skilled over time. But despite this rise in skill, average fund performance has failed to improve. To access the paper click below Scale and skill in active management  
Amanda WhiteMay 21, 2014
Investor Profile

Better beta bets pay off for UTAM

The $6.6 billion University of Toronto Asset Management made some significant active tilts last year resulting in the return on the university’s main portfolio exceeding target return by about 10 per cent. Amanda White spoke to president and chief executive, Bill Moriarty.   Last year was a reasonably easy environment in which to make better […]
Amanda WhiteApril 16, 2014
Research

How active is your real estate fund manager?

Using detailed data from IPD, this paper looks at the holdings and performance of 256 UK commercial real estate funds from 2002-2011. It concludes the more active funds, those further from benchmark holdings, outperform but are not accompanied by higher risk.   To access the paper click here How active is your real estate fund […]
 February 28, 2014
Investment Think Tanks

Active management: turning the argument on its head

One of the enduring areas of asset management academic study, and practitioner query, is whether or not managers have skill. In his work, professor of finance at Stanford, Jonathan Berk, shows the answer doesn’t lie in returns but in manager compensation.   Determining whether active skill exists is not the same as looking at whether […]
Amanda WhiteFebruary 5, 2014
Investor Profile

Pulling lots of small levers in Tennessee

Michael Brakebill had never visited Nashville, Tennessee before he interviewed for the role of chief investment officer at the $36.6-billion Tennessee Consolidated Retirement System (TCRS) back in 2008. Landing the job at the defined benefit scheme for Tennessee’s public sector workers, he left his position as head of domestic equity at Texas’ Teachers Retirement System […]
Sarah RundellOctober 2, 2013
Investor Profile

BT scheme treads carefully in emerging markets

Sunil Krishnan, head of market strategy at $62-billion British Telecom Pension Scheme Management Limited (BTPS), the United Kingdom’s largest pension fund for employees of global telecoms operator BT Group, has sage advice for investors contemplating their exposure to emerging markets. Examining the pros and cons of the asset class, Krishnan counsels caution. Speaking at a […]
Sarah RundellSeptember 13, 2013
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