White papers and articles discussing issues related to investment consulting and actuarial consultants. The most recurrent theme amongst our top papers is the subject of delegated investment management services, with fiduciary management surveys and reports on investment outsourcing (OCIO) being frequently downloaded. Reports on the role of investment consultants in... manager selection have also proved popular, covering topics such as investment consultants' recommendations of fund managers, investment consultant alpha, and how to get on the approved list of managers for selection. Other top research in this section covers trends within the investment management industry, actuarial assumptions, and the role that investment consultants play in alternative investments. Further documents consider the risk tolerance of boards, institutional decision-makers, fee structures and risk premia.
As more organizations sharpen the focus on their core competencies, many are starting to question the cost-effectiveness of maintaining large in-house investment departments, and many firms are seeking the help of outside expertise in navigating today’s complex markets. The outsourced chief investment officer (OCIO)…
The Chinese Family Office and Wealth Management Report, 2020 report surveys 76 Chinese family members, senior family office executives, and family wealth managers within the region.
This report by Campden Wealth and Edelweiss Private Wealth Management is based on primary research gathered from India's UHNWI (Ultra-high Net worth Individuals). Seventy eight UHNW families were examined with an average net worth of USD $645 million and assets under management (AUM) of USD $318 million. The report acts…
Coronavirus is having a major impact on public health and the global financial markets. As we continue to gauge the long-term impact of the novel coronavirus, CFA Institute is working to provide resources and to support the development of policy measures that address the functioning of markets and the financial system. We…
The report provides a wealth of facts and figures on the evolution of holdings of financial assets and investment funds among European investors in recent years. It aims to answer three main questions: (i) How have holdings of financial assets and investment funds among European investors evolved in recent years? (ii) Who…
This comprehensive report from PwC/ALFI investigates global pension fund asset allocations, looking specifically at key trends within the industry and noting the increasing desire to invest abroad and in alternative investments.
Deloitte’s 2019 Asset Management Survey highlights revenue pressures experienced due to the rise of ETF and passive funds, and the importance for asset managers to differentiate their offerings in a world where performance is not the only criteria for investors.
The global asset management industry has reached a tipping point. In 2018, after roughly a decade of positive momentum, the industry hit a wall—as was sure to happen sooner or later—amid concerns over rising interest rates and a turn in the economic cycle. Major asset markets posted negative returns, and managers saw…
Survey results confirm cessation rates from automatic enrolment should not stand in the way of increases in minimum pension contributions in the near future. Employers are supportive of key measures in the Pension Schemes Bill, but calls grow for simplification of defined benefit and pension tax regimes to maintain the…
The purpose of this paper is to identify a workhorse mortality model for the adult age range (i.e., excluding the accident hump and younger ages). It applies the “general procedure” (GP) of Hunt and Blake (2014) to identify an age-period model that fits the
data well before adding in a cohort effect that captures the…
This is the third edition of Hymans Robertson's analysis of Master Trusts. The review takes into account three distinct phases: growth; consolidation; and pre-retirement, and the investment approaches of a retirement savings journey. As we approach the end of a remarkable year for Master Trusts; with the authorisation…
This paper by Hymans Robertson explores the financial advice market in depth, providing a recap of the changes the market has seen to date, and their predictions for how it will evolve in future. They also provide some tips for Trustees to help ensure members have the support they need to make quality retirement choices.
The liquidity crunch is causing massive price dislocations in fixed-income markets — notably municipal high-yield bond ETF price discounts to NAV. ETFs reflect more current prices because they are required to provide immediate liquidity, causing price disparities with underlying bonds that are difficult to trade. Price…
Using the setting of funds of hedge funds (FoFs), we show that prime brokers (PBs) help investors search for informed hedge fund managers. We find that FoFs overweight their investments in hedge funds serviced by their connected PBs. This PB bias is larger when the cost of hedge fund due diligence is higher relative to…
In “Theory of Economic Regulation,” Stigler introduces the ideas of demand for, and supply of regulation (Stigler, 1971). Similar to capture in regulation, consultants to institutional investors enhance the benefits of their own firms, create a loss in information ratio to their clients, and reveal capture in their…
