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Investor Profile
Alecta doubles down on governance, risk management and culture
Sweden’s largest pension fund, the $126 billion Alecta, has spent much of the last year continuing to work on improving governance, risk management, competence and culture in the wake of a $2 billion loss in 2023 attributable to investments in US regional banks, including Silicon Valley Bank, turning sour.
Governance
How UK’s LGPS still has a long way to go creating a Canadian model
The UK’s new Chancellor of the Exchequer Rachel Reeves just returned from a trip to Toronto where was gleaning ideas from Maple 8 bosses on how to emulate a “Canadian style” pension model. But it will require a governance overhaul to create a Maple 8 in the UK.
Opinion
Reflections on a media mentor
Veteran Australian journalist, publisher and entrepreneur Greg Bright died today aged 70. Among his huge contributions, he was a founder of Conexus Financial, publisher of Top1000funds.com. Amanda White reflects on two decades of collaboration with the respected journalist who gave so much to the industry.
Editorial
Vale Greg Bright, father of Australia’s financial trade press
Veteran journalist, publisher and entrepreneur Greg Bright has died aged 70. Bright was a founder of Conexus Financial, publisher of Investment Magazine, Professional Planner and Top1000funds.com. He also created and managed a range of other titles in a career spanning more than four decades.
Featured Story
Ever wondered what it’s like to experience a global FIS event?
For 15 years we have been hosting asset owners from all over the world on leading university campuses, giving delegates an immersive educational experience and challenging them to think bigger. Check out this video for a taste of this unique experience.
Featured Story
NBIM transparently explains half year results
The semi annual report of Norway’s sovereign wealth fund is testament to its commitment to transparency, unambiguously outlining the half year results which came in 0.04% under benchmark. The fund did benefit from a nearly 15% exposure to tech stocks, but was let down by returns in renewable energy infrastructure.
Featured Story
Better performance and alignment of purpose: The benefits of TPA
A total portfolio approach aligns investment implementation with the purpose of being a fiduciary, rather than short term or relative performance. Not only that, there is huge upside performance from the approach, the source of which is not what you might think according to Sue Brake.
Investor Profile
How the tech surge has hit active management at Denmark’s AP Pension
The active equity strategy of Denmark’s €23 billion AP Pension – which focuses on a narrow exposure to a small set of high conviction, quality companies - has been hit by the surge in tech stocks, none more so than Nvidia. Investment director Pernille Jessen explains the problem.
Featured Story
UK’s GMPF: Why institutional investors are pushing into the rental market
A chronic shortage of housing in the UK has resulted in long waiting lists for social housing and young people left priced out of ownership. The experience of the Greater Manchester Pension Fund, investing more in the sector, provides lessons for other investors in jurisdictions with a housing shortage.
Featured Story
Catching up with reality: Investment beliefs need a rethink
Co-founder of the Thinking Ahead Institute, Tim Hodgson, thinks your investment beliefs are out of date. He says if they were written five or more years ago they aren’t grounded in a 2024 reality and inadequately consider climate risk and systems thinking, both essential for a modern day asset owner.
Strategy
UK’s transition-focused SWF gets green light
UK Chancellor of the Exchequer Rachel Reeves didn’t waste any time approving the UK’s new SWF aimed at funding the energy transition. As it begins to lay down structure and governance frameworks critics point to the challenges of bringing projects to a level where they are investable.
Sustainability
AP2 finds gender diversity takes backward steps at Swedish corporates
The proportion of female board members overseeing listed Swedish companies has edged downwards in the past year, currently back to 2022 levels. AP2's Female Representation Index finds some way to go until companies reach the goal of 40 per cent women on the boards.
Investor Profile
CalPERS’ plan to generate alpha from climate investments
CalPERS’ sustainable investment strategy is predicated on a belief it can generate outperformance by investing in climate solutions – with $100 billion to be allocated by 2030. Peter Cashion, managing investment director for sustainable investments tells Amanda White why, and how, it looks for climate alpha opportunities.
Investor Profile
Border to Coast prepares to answer the call for pre-IPO growth capital
Joe McDonnell, CIO of Border to Coast, says the £45 billion fund can help fill the gap in funding UK private companies wanting to IPO. It’s part of an investment strategy that sees a focus on putting capital to work innovatively and intentionally for its underlying funds.
Investor Profile
Private equity: Florida SBA mulls CFOs as alternative to secondaries
Florida State Board of Administration (SBA) is exploring innovative new strategies in its private equity portfolio like Collateralized Fund Obligations and “NAV loans” to tap liquidity and reposition the portfolio as an alternative to selling in the secondaries market.
Featured Story
CalPERS extols the benefits of co-investment in private equity
A recent board meeting marked progress in turning around the fortunes of CalPERS' private equity portfolio. Large co-investments and reducing the bias to buyout are reshaping the profile of investments, said portfolio manager Anton Orlich.
Investor Profile
Frampton shows the way as APFC turns to China, private equity
Opportunity in China, risk aversion in fixed income as spreads remain tight, and turning up the volume in private equity: Alaska Permanent Fund Corporation's Marcus Frampton talks latest strategy at the $82 billion fund.
FIS Stanford 2018
FIS Stanford Photo Gallery
View photos from the 2018 Fiduciary Investors Symposium, held at Stanford University, United States.
FIS Stanford 2018
China’s enticing, challenging market
Inefficient markets and an explosion of technological innovation fuelled by Millennial consumers make China a tantalising prospect but accessing strong returns there isn’t as simple as it looks.
FIS Stanford 2018
Protecting human capital helps everyone
Investors have plenty to gain from helping to protect human rights in supply chains and managing the human costs during technological disruption and the transition to a low-carbon economy.
FIS Stanford 2018
How to follow megatrends to success
The big themes that will fuel growth in coming decades are interconnected and subject to change. An expert panel gave advice on riding societal change to outperformance.
FIS Stanford 2018
How the active complements the passive
Investors discuss the various ways that two styles often presented as if they are enemies in fact work hand in hand across portfolios to produce returns.
Featured Story
Shared investment objective critical to portfolio resilience: Bridgewater
Investors who are looking to build portfolio resilience better get their team on the same page first about the underlying investment objectives in play, said Bridgewater co-CIO Karen Karniol-Tambour at the Fiduciary Investors Symposium.
Investor Profile
CPP evolves total portfolio approach
Understanding the drivers of your portfolio risk and return, and then using that information to more dynamically adjust the portfolio, is one of the benefits of the total portfolio approach according to CPP's Manroop Jhooty, whose total fund management team is exploring whether to include emerging factors in portfolio design.
Investor Profile
Looking for the exit: Oregon battles overweight allocations to illiquids
Oregon Investment Council’s exposure to private markets has been a great source of excess returns over the years, but today the overweight allocation to illiquid markets is a growing concern with ramifications for liquidity particularly.
Featured Story
Factor rebalancing superior for managing liquidity
Factor rebalancing a portfolio is a better way to manage liquidity and leverage implications of illiquid assets compared to traditional rebalancing to a static asset allocation, according to new research.
Investor Profile
USS swings into surplus but flags re-think after Thames losses
USS says losses in Thames Water have led to deep reflection on how it will invest in regulated assets in the future, flagging the need for consistent regulation to support pension fund investment. As the fund celebrates its 50th year it records a surplus for the first time since 2008.
Investor Profile
Brunel uses AI in stewardship and doubles down on manager misalignment
Brunel Pension Partnership has introduced AI in its stewardship processes, and is working with other asset owners to put more pressure on asset managers to align with its climate demands.
FIS Toronto 2024
The subtle complexity of best-practice pension management
Identifying best practice in pension management is not a straightforward task. As much as asset allocators may want there to be a definitive answer, differences in size, mandate and resources between different pension funds means an investment approach that works for one may not work for others.
Featured Story
Brightwell ponders implications of shake up in UK pension scheme surpluses
New rules may enable employers to tap surplus funds built up in defined benefit plans in the UK. It remains unclear if this would alter investment strategy and see these funds invest more investment in so-called productive assets rather than UK government bonds.