The top white papers for UK Pension Fund Managers
Since we launched in March 2015, the Savvy Investor site has been an instant hit with UK Pension Funds and other institutional investors. Here are some of the most popular white papers for UK Pension Funds, so far in 2015:
1. Survey of UK Liability-Driven Investing (KPMG, 2015)
The UK LDI market continues to grow strongly, with over £660bn of liabilities now believed to be hedged across the industry. KPMG has produced this definitive survey of the UK LDI marketplace, revealing that an additional 200 LDI mandates were deployed in 2014.
2. UK Front Office and Asset Management Salaries (Michael Page, 2015)
This 15 page document from Michael Page sets out average compensation levels (salary plus bonus) across a variety of front office banking and asset management roles, including rewards for portfolio managers, economists/strategists equity analysts, debt/credit analysts, and those in multi-manager roles in the UK.
3. Long Term Capital Market Assumptions 2016 (JP Morgan)
This detailed 80 page document displays the knowledge and assumptions underlying JP Morgan's long-term outlook for all alternative strategy classes and major asset classes. The paper is separated into three sections: a) thematic issues and trends, b) rationale and methodology, and finally c) numerical assumptions. The 2016 report includes articles on "The future of regulation", the LT outlook for emerging market equities, the PE illiquidity premium, and fat-tail market risk.
4. Investment Management Fees charged to UK Pension Funds (LCP, 2015)
This revealing 40 page document from LCP discusses investment managers' fees, sorted by asset class and fund size. With increasing pressure being placed on asset managers to be more open about the costs of investing, this report points to areas that require greater transparency.
5. The world's 300 largest pension funds (Towers Watson, 2015)
This 47 page report from Towers Watson provides details of the world's largest pension funds, showing data by type, region, DB/DC and asset allocation by region. According to this research, the top 300 pension funds now represent 43% of global pension assets worldwide.
6. UK Fiduciary Management Market Survey (KPMG, 2015)
This KPMG report from Nov 2014 surveys the current landscape for fiduciary management in the UK. The report surveys 13 of the more established fiduciary managers operating in the UK market, namely AON Hewitt, BlackRock, Cambridge Associates, Cardano, Charles Stanley, GSAM, JLT, Mercer, MN, PSolve, Russell Investments, SEI and Towers Watson.
7. Investing in illiquid assets: A review (Robeco, 2015)
Do the pros of investing in illiquid assets outweigh the cons? How much additional return (liquidity premium) should investors expect for investing in illiquid assets? And how much additional return do they achieve in reality, after allowing for the costs of getting in and out?
8. Factor Investing: New Investment Paradigm or Another Marketing Fad? (Edhec, 2015)
This comprehensive 220 page report investigates the comparative efficiency of various practical implementations of the factor investing paradigm. The examination is based on several factors that are widely used in the worlds of commodity, fixed-income and equity.
9. Long-Term Investing - Portfolio Guide (NZSF, 2015)
This 60 page report considers various initiatives institutional investors should take to reorient investment strategy and processes to focus on the long term. The report provides recommendations across five core action areas: investment beliefs, risk appetite statement, benchmarking process, evaluations and incentives, and investment mandates.
10. Why Are UK Index-Linked Gilts Persistently Overvalued? (PIMCO, Sept 2015)
Index-linked gilt yields are being driven to unreasonably low levels. At the current real yield of –0.87%, if the 30-year index-linked gilt was to mature as expected, investors would be guaranteed a massive 23% loss (in terms of Retail Price Index) in real purchasing power.
11. A Framework To Evaluate Pension De-Risking Strategies (Ernst & Young, 2015)
This paper from Ernst & Young seeks to establish a common framework to examine the de-risking strategies available in today’s market. The paper examines the tools available for pensions risk management, setting out the range of risk transfer techniques and investment/insurance solutions that are available to DB plan sponsors.
12. How MegaTrends are Reshaping the Investment Management Industry (KPMG, 2015)
In this detailed 80 page report, KPMG examine megatrends that they believe will reshape the investment management industry over the next 15 years.