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Articles & White Papers for Institutional Investors

White papers and research for institutional investors; of interest to asset managers, pension funds, CIOs, investment consultants, quant managers, asset allocators, investment marketers and many others. Our most popular PDF articles and papers include those covering long-term return forecasts, smart beta, factor-based investing, pension risk transfer, quant strategies, alternative investments, insurance asset management, global strategy, fund manager selection, hedge funds, private equity, DC pension design. Our most viewed research on the site, ironically, covers the topic of asset management compensation - detailing the salary and bonus of investment managers throughout the world.
  • CFA Institute Research Foundation

    Financial Market History: Reflections on the Past for Investors Today (CFA Institute Research Foundation)

    This 279-page compendium of papers, published by CFA Institute Research Foundation, provides a detailed and fascinating look at the history of financial markets. Each section, which has been authored by prominent industry professionals, discusses a different facet of financial markets including risk and return over the long run, bubbles and crises, financial innovation, and more. A ...

    • Professional
    • Views: 2301
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  • Robeco

    Expected Returns 2017-2021: It’s Always Darkest Just Before Dawn (Robeco, Oct 2016)

    Sentiment among professional investors seems to have reached new lows, and truly, there are enough reasons investors can think of to justify a bearish view on financial markets. We can see the disintegration of the European economy (Brexit, the rise of populist parties, Italian banks), a Chinese hard landing (unsuccessful rebalancing of the Chinese economy, high debt), a rise in ...

    • Professional
    • Views: 5531
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  • EDHEC-Risk Institute

    Is Smart Beta just Monkey Business? Factor Exposures, Upside-Down Strategies and Rebalancing (EDHEC)

    The “Monkey portfolio” proposition is that smart beta strategies can be deployed naively, with the assurance that all such strategies will add value. EDHEC's research suggests otherwise, with many smart beta strategies having exposure to other factors. The authors warn that care is needed to avoid over-extrapolating the implications of a particular test ...

    • Professional
    • Views: 1745
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  • Credit Suisse

    Reflections on the Ten Attributes of Great Investors (Michael J. Mauboussin, Aug 2016)

    Thirty years ago this year, Michael J. Mauboussin started on Wall Street. It goes without saying that he has seen dramatic events and change during that time. Equity market indices are roughly 10 times higher today than they were in 1986. And of the 10 biggest companies by market cap then, only AT&T, Exxon Mobil and GE remain in that league today. In this piece, he shares his ...

    • Professional
    • Views: 2280
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  • BlackRock

    Equity/Bond Correlation: Historical Reflections and Future Prospects (BlackRock, July 2016)

    The correlation between equity and bond markets is of vital importance to asset allocators; for risk control and portfolio construction, for assessing the market outlook, and for building models of how markets work (equity market valuation models, for example). In this 6-page paper, Nuno Luis and David Caplan of BlackRock examine the history of the equity/bond ...

    • Professional
    • Views: 1927
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  • Robeco

    The Future of Asset Management (Robeco, 2016)

    The business of investment management will change significantly in the years ahead. Demographic and regulatory trends have imposed gradual change upon the industry, but technological developments are now injecting more urgency into the pace of change. In this white paper, Robeco examines the forces that are driving change, and how this will transform the industry. The authors ...

    • Professional
    • Views: 2120
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  • Citi

    The Coming Pensions Crisis (Citi, 2016)

    • 09 Mar 2016
    • Company: Citi

    The retirement dream for many is to retire early enough to enjoy the fruits of their labours. The reality however is that for many there isn't enough money in the bank to last the entirety of their retirement. This paper by Citi looks at the scope of the problem both on the private and the public side. The author examines the issue globally then makes some recommendations ...

    • Professional
    • Views: 1855
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  • BNP Paribas Investment Partners

    BNP Paribas Investment Outlook 2017: Beyond the shadow of quantitative easing

    BNP Paribas Investment Partners presents its latest views and expectations. This outlook is designed to help investors prepare for 2017 by setting the scene for a year in which a new landscape awaits: the world's largest economy is coming under new leadership and leading central banks are expected to gear up for either policy tightening ─ specifically in the US ─ or ...

    • Professional
    • Views: 1084
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  • EDHEC-Risk Institute

    Multi-Dimensional Risk and Performance Analysis for Equity Portfolios (EDHEC)

    Multi-factor models are commonly used for risk analysis and performance attribution of equity portfolios. Equity portfolio managers are interested not only in assessing the impact of common factors, but also in understanding the impact of stock-specific attributes upon portfolio risk and performances. In this report, EDHEC-Risk Institute explores the challenge of consistent risk ...

  • AQR Capital Management

    Fact, Fiction and Momentum Investing (AQR Capital, 2014)

    Authored by Cliff Asness and others from AQR Capital, this paper examines the "myths" surrounding momentum investing, using results from a variety of academic studies. The paper aims to clarify the facts with regard to the efficacy of trend-following strategies and to document the practical value of momentum within the investment process.

  • Robeco

    How will Blockchain impact the Financial Industry? (Robeco, 2016)

    There is growing agreement that Blockchain technology, though overhyped, is here to stay. This excellent report from Robeco explains the distributed ledger technology, transaction flows and the eco-system. It then examines the ways in which it might transform the asset management industry in the future. 

    • Professional
    • Views: 1813
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  • Equity Risk Premiums: Determinants, Estimation and Implications (Damodaran, 2016)

    In this paper, Professor Aswath Damodaran examines ways of estimating equity risk premiums (ERP). He begins by considering the economic determinants of ERP, including information uncertainty, perceptions of macroeconomic risk and risk aversion by investors. This is the 9th edition of this paper. It has been produced annually since the global financial crisis of 2008.

  • Best Practices in Formal Meetings with Investment Consultants

    • 17 Apr 2016
    • Posted by: , Manager, Institutional Marketing - Investment M...
    • Manager, Institutional Marketing - Investment Management Practice

    Formal meetings with investment consulting firms can be make-or-break moments for asset managers. Strengthening relationships with consultants and ultimately winning a prized spot on their selective shortlists hinges on a manager’s performance in face-to-face formal meetings.

    Our recently released white paper, Best Practices in Formal Meetings with Investment Consultants, ...

    • Professional
    • Views: 1110
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  • Vanguard

    A framework for institutional portfolio construction (Vanguard, 2016)

    Typically, institutional investors around the world pursue one of four investment goals: absolute return, liability-driven investment, total return or principal protection. Generally, they choose from four different investment approaches: static tilts, traditional active management, market-capitalization exposures and alternative investments. Given the aforementioned potential ...

    • Professional
    • Views: 2082
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  • PIMCO

    Turning DC Assets Into a Lifetime Paycheck: How to Evaluate Investment Choices for Retirees (PIMCO, 2016)

    • 20 Jan 2016
    • Company: PIMCO

    In this paper, Stacy Schaus and Ying Gao argue that the best strategy for creating a retirement income stream is for retirees to keep savings in their Defined Contribution plan. Doing so may include access to institutional investments, fiduciary oversight and attractive pricing. Such a strategy is also designed to keep up with the real cost of retirement, reduce the ...

  • Focusing Capital on the Long Term

    Long-Term Investing - Portfolio Guide (2015)

    This 60-page report investigates a variety of approaches that may be taken by institutional investors in order to find new long-term investment strategies. Examining the five key action areas (risk appetite statements, investment mandates, benchmarking processes, evaluations and incentives, and investment benefits), this paper's authors develop a framework for the improvement ...

    • Professional
    • Views: 2794
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  • Johnson Associates

    US Asset Management Compensation Survey 2015

    This US salary survey, compiled jointly by Johnson Associates and Greenwich Associates, shows median salary and bonus earned by analysts, traders and portfolio managers, working in equity and fixed income, for traditional asset managers and at hedge funds. It suggests that compensation for professionals at traditional buy-side organizations has almost recovered to pre-crisis highs. ...

    • Professional
    • Views: 10612
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  • KPMG

    Growing Up: A New Environment for Hedge Funds (2015)

    • 16 Mar 2015
    • Company: KPMG

    This thirty page report is based on a survey of over one hundred hedge funds. The report explores investment compliance, hedge fund product design and hedge fund marketing. It suggests that as fee and fund structures become increasingly customized, hedge funds will position themselves more and more as solution providers.

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