Institutional Asset Managers

Our top 12 white papers in May 2015

The most viewed and trending papers on Savvy Investor from the last month:

1. Front Office and Asset Management Salaries - the outlook for 2015

This 15 page document from Michael Page sets out average compensation levels (salary plus bonus) for UK front office banking and fund management roles.

2. US Asset Management Compensation Survey

Compiled by Greenwich Associates and Johnson Associates, showing median salary and bonus for analysts, traders and portfolio managers, working in equity and fixed income.

3. Long Term Capital Market Return Assumptions (JP Morgan) 2015 estimates

This comprehensive document presents the thinking behind JP Morgan's long-term outlook for all major asset classes and alternative strategy classes. The document examines: thematic trends & issues, b) rationale & methodology, c) assumptions.

4. Exploring Smart Beta (Research Affiliates)

Jason Hsu is one of the world's leading proponents of smart beta investing. These essays provide a useful initial understanding of smart beta.

5. Data Revolution (Goldman Sachs, May 2015)

Goldman Sachs believes that the advent of "big data" spells opportunity for asset managers who are positioned to take advantage of it.

6. Private Equity - the Co-Investment Opportunity (2015)

This 29 page report from Cambridge Associates examines co-investing; analysing the opportunities presented and the pitfalls to be avoided. The paper suggests that, although implementation must be undertaken carefully, co-investment returns do have the potential to improve upon private fund returns.

7. The Trend is Our Friend: Risk Parity, Momentum and Trend Following in Global Asset Allocation 

The authors argue that, by combining value and momentum, investors can attain the higher returns associated with the momentum factor, but with lower volatility and smaller draw-downs.

8. Align the Design: Considering and Evaluating Target-Date Glide Paths (PIMCO)

A default glide path aims to optimize an employee's chances of retiring at the desired age and with sufficient future pension. This May 2015 paper from PIMCO is our most popular paper on this topic. The objective, is to achieve the maximum return, with minimum volatility relative to the capital liability required to fund future retirement income.

9. The Future of European Wealth Management (Oliver Wyman / JP Morgan

The European Wealth Management Industry is undergoing fundamental change. This survey reveals the key industry developments and secular forces that are changing its shape, and the key factors wealth managers should focus on to gain competitive advantage.

10. Pension Fund Investment in Infrastructure: Lessons from Australia and Canada (Rotman ICPM)

Australian and Canadian pension funds have been pioneers in infrastructure investing since the early 1990s. They also currently have the world’s highest asset allocation to infrastructure. The article compares and contrasts the experience of institutional investors in the two countries.

11. A Quantitative Approach to TAA (Mebane Faber)

Our most popular TAA paper is this hugely influential report from Mebane Faber, updating his 2006 white paper “A Quantitative Approach to Tactical Asset Allocation” with new data from the 2008-2012 period. However, this is followed in our listings by a paper from Empiritage which argues that this type of market-timing study is vulnerable to data-mining bias and difficult to implement without significant market frictions.

12. The Taylor Rule: A benchmark for monetary policy? (Ben Bernanke, May 2015)

The Taylor rule is a simple equation intended to describe the interest rate decisions of the FOMC. Hear what Bernanke thinks of the Taylor rule as a benchmark for Fed policy.

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