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.
Yale’s Endowment generated a 5.7% return, net of fees, in fiscal 2019.Over the past ten years, the Endowment grew from $16.3 billion to $30.3billion. With annual returns of 11.1% during the ten-year period, the Endowment’s performance exceeded its benchmark and outpaced institutional fund indices. For four of the past ten…
The PLSA publishes a guidance report for trustees of both DC and DB schemes, which outlines their requirements to publicly disclose their Statement of Investment Principles (SIP), and state how these principles have been implemented.
This report summarises results from The Pension Regulator’s (TPR’s) defined benefit (DB) pension scheme leverage and liquidity survey, carried out between 3 October and 1 November 2019. This work was undertaken to help TPR and the Bank of England to assess the potential for systemic risks to arise due to the use of leverage…
This is the thirteenth report on the buy-in, buy-out and longevity swap market in the UK from Lane Clark & Peacock. The report reviews the opportunities available to trustees and sponsors looking to transfer the risks associated with defined benefit pension plans to an insurance company.
This survey by Heidrick & Struggles provides comprehensive compensation data of 300 alternative asset management marketing and investor relations professionals in North America who are employed in private equity, hedge funds, or real estate.
Endowment funds in the U.S., large and small, significantly underperform passive investment. Moreover, an analysis of the performance of 43 of the largest individual endowments over the 11 years ended June 30, 2019, reveals that none outperformed with statistical significance, while one in four underperformed with…
Understanding the key concerns facing High Net Worth Individuals
By many accounts, the UK is on top of a multi-trillion pound avalanche of wealth that is due to cascade down from the baby boomers to the younger generations. But whether the wealth becomes more concentrated or spreads evenly across generations has as…
Private Equity (PE) funds have returned about the same as public equity indices since at least 2006. Large public pension funds have received a net Multiple of Money (MoM) that sits within a narrow 1.51 to 1.54 range. The big four PE firms have also delivered estimated net MoMs within a narrow 1.54 to 1.67 range. Three large…
The Department for Work and Pensions (DWP) white paper, "Protecting Defined Benefit Pension Schemes" noted that, whilst most defined benefit pension scheme members are likely to receive their benefits in full, there are risks to members’ benefits from insufficient sponsor contributions and risks to sponsor strength from…
In his first Inside FCA Podcast interview as Interim Chief Executive, Chris Woolard talks to Ozge Ibrahim about the regulatory response to the coronavirus (Covid-19) pandemic, and outlines areas of focus from the 2020/21 Business Plan, including retail investments, payments and protections for the consumer credit market. He…
How might a family head decide if a family office is the right option, and if it is, what would be an appropriate size, structure, and cost? In this paper, the authors explore the key factors, share best practices and pitfalls, and define a process so principals can structure their office around their family’s specific needs…
In this episode, host Kieran Mistry (Actuarial Consultant) presents the second in a mini-series on DB consolidation. Kieran welcomes Peter Thompson, Chair of Trustees at Citrus DB master trust, to take a deeper dive into this consolidation option and the benefits for scheme trustees and sponsors.
The National Association of Insurance Commissioners has produced this report on U.S. insurers outsourcing to unaffiliated investment managers during 2019.
The law requires trustees to set strategic objectives for providers of investment consultancy services as defined in part 2 of The Investment Consultancy and Fiduciary Management Market Investigation Order 2019. This guidance paper therefore aims to provide practical information and key matters to consider when setting…
Over time, a well-crafted asset allocation plan may only be as good as the portfolio rebalancing mechanism behind it. Director of Defined Contribution Strategies Jed Petty and Multi-Asset Strategist Cara Lafond look at several options to help DC plan participants put a disciplined rebalancing policy in place.
While S&P DJI’s SPIVA series regularly looks in more depth around the world and by fund style, perhaps now is a good time to review the longer-term trends and continued value behind indexing. Over the past 20 years (May 2000-April 2020), an investor in an active fund had a roughly 90% chance of being outperformed by the…
Tax-efficiency has become an important factor for fund performance in recent years – particularly for pension funds that suffer too much withholding tax (WHT) on the dividends of their pooled equity investments. This is because UK pension schemes, as tax-exempt investors, are entitled to reduced WHT on dividends from global…
