Global asset allocators are embracing uncertainty

At what asset classes are institutional investors looking the most?

This collection of timely insights brings you the latest research covering the institutional allocator universe, including but not limited to insurers, pension funds, family offices, endowments, and sovereign wealth funds.

Insurers

The Intersection of Insurance and Asset Management (PGIM)

Insurers and asset managers are both looking closer at the opportunities offered by the growing private credit universe.

For U.S. Insurers, Tariffs Create Risks and Opportunities (BCG)

Tariffs are reshaping the economics of insurance, raising costs even as they suppress demand. Here is what insurers must know.

Who Finances Real Sector Lenders? (FRBNY)

Insurance companies play a critical role in the complex process of financing the institutions that provide credit to the real economy.

Endowments

Insights from Institutionally-Related Foundations (Commonfund Institute)

Capital market returns across public and private strategies have been nothing short of robust in recent years.

Foundation Investing: If You’ve Seen One Private Foundation… (Charles Skorina)

Over the last thirty years, the number of foundations has tripled from around 40,000 with assets of $373.4 billion, to nearly 120,000 holding $1.6 trillion today.

Frameworks for Endowment and Foundation Spending Policies (Meketa)

Endowments and foundations should develop a customized spending policy aligned with their specific goals and needs.

Family offices

Using Tax-Loss Harvesting and Exchange Funds for Concentrated Positions (BKLN)

A number of the investment strategies designed to help diversify tax efficiently are explored in this paper.

As Emerging Asia Mints Millionaires, Single-Family Offices Are Booming (EQT)

The number of SFOs in the Asia Pacific region has exploded over the past three decades, surpassing Europe while trailing North America.

Large Asset Owner Barometer 2025 (Mercer)

Investors are facing significant uncertainty in global markets and rising systemic risks—geopolitics and an increased focus on AI among them.

Sovereign wealth funds

The Ongoing Evolution of Sovereign Wealth Fund Investments (Kearney)

The authors of this article examine how SWFs are evolving, focusing on two archetypes: capacity builders and wealth managers.

Navigating Market Divergence: Evidence from Long-Term Investors (State Street)

How have global institutional investors and sovereign wealth funds positioned their portfolios for the disruptive outlook for 2025?

What's the Secret Sauce behind the World's Largest SWF? (Norges Bank IM)

Nicolai Tangen, CEO of the world's largest sovereign wealth fund, explains his takes on markets and economies in today's environment.

Global pension funds

Reshaping Spain's Investment Landscape: Key Insights (Deloitte)

Pension funds in Spain account for 9% of GDP, whereas the average of OECD countries of 40%, indicating a significant gap.

Cushion Option on CPPI Strategy for DC Pension Plans (Journal of Pension)

This paper investigates a well-known downside protection strategy, the constant proportion portfolio insurance in defined contribution pension fund modeling.

Pension Surplus: A Strategic Asset for DB Plan Sponsors (Mercer)

While the primary goal of any pension plan is to secure the financial future of its participants, a significant opportunity that can arise is the presence of surplus assets.