Articles and white papers for pension funds. The research in this category covers both defined benefit and defined contribution pensions funds worldwide. The most popular papers in this category tend to cover either the asset management of DB pension plans, or the design of DC pensions plans. For instance, on DB pensions, the most popular papers are a KPMG Survey of Liability-Driven Investing, a guide to re-orient investment strategy to the long-term, a study on allocating to infrastructure investments, and a framework to evaluate de-risking strategies. Whereas the most popular DC papers in this category cover selecting a default glide-path and DC design around the world. Most papers in this section are aimed at pensions managers and trustees, such as a paper on international pensions governance trends, and a guide to investment management agreements. For listings of more specific content - either by country or by DB/DC - please click on the appropriate section in the main menu.
New bfinance data reveals falling fees in several sectors, especially where providers have been under pressure from cheaper competitors or the investment landscape has evolved. Meanwhile, many asset managers have seized the opportunity to launch fashionable products at a premium to their conventional equivalents, with certain breeds of unconstrained, multi-asset or advisory ...
In this paper, Stacy Schaus and Ying Gao argue that the best strategy for creating a retirement income stream is for retirees to keep savings in their Defined Contribution plan. Doing so may include access to institutional investments, fiduciary oversight and attractive pricing. Such a strategy is also designed to keep up with the real cost of retirement, reduce the ...
Institutional flows into ETFs are expected to grow to $300B annually by 2020. Institutional Investors around the world are stepping up their use of ETFs as part of a broad transformation in portfolio management. Driving this growth is a wholesale reconsideration of the long-held distinction between active and indexed investment approaches.
This comprehensive 47-page paper by Willis Towers Watson provides invaluable insights into the financial state of the largest 300 pension funds in the world. The U.S. continues to hold its position as the country with the largest share of pension assets across the top 300 funds, representing 38.6% spread across 134 funds. Meanwhile, Canada has overtaken the U.K. as the fifth ...
This paper by PwC examines investment process best practices by global pension funds. It looks at growing asset allocation trends, regulations, governance models, and other drivers of change.
This paper by DCIIA offers plan sponsors a new perspective on enhancing or implementing automatic plan features in a DC plan. It highlights several possible benefits of this to the employer. It also provides a roadmap that plan sponsors might use to implement automatic plan features over several years.
The retirement dream for many is to retire early enough to enjoy the fruits of their labours. The reality however is that for many there isn't enough money in the bank to last the entirety of their retirement. This paper by Citi looks at the scope of the problem both on the private and the public side. The author examines the issue globally then makes some recommendations ...
Typically, institutional investors around the world pursue one of four investment goals: absolute return, liability-driven investment, total return or principal protection. Generally, they choose from four different investment approaches: static tilts, traditional active management, market-capitalization exposures and alternative investments. Given the aforementioned potential ...
The authors of this paper propose the "virtual annuity" approach to help determine a retirees' spending rule. They state that every year, a pensioner should only spend the amount a recently purchased annuity would pay out that year - with a buying price that equates to the then-present portfolio value, with a price that includes number of years of required cash flows remaining and ...
An excellent and comprehensive study of compensation amongst Canadian CFA Charterholders. Showing salary, bonus and benefit levels for portfolio managers, multi-asset PMs, portfolio analysts, risk analysts, compliance/regulatory professionals, investment marketers, product development professionals, investment advisers and private client execs. Compensation levels are cut and ...
This 60-page report investigates a variety of approaches that may be taken by institutional investors in order to find new long-term investment strategies. Examining the five key action areas (risk appetite statements, investment mandates, benchmarking processes, evaluations and incentives, and investment benefits), this paper's authors develop a framework for the improvement ...
Since the early 1990s, the pioneers in infrastructure investing have been Canadian and Australian pension funds. Globally, these funds currently have the highest allocation of assets to infrastructure. In this article, the authors compare and contrast institutional investors' experiences in Australia and Canada, examining the pension systems, infrastructure policies, the ...
Now in its third year, eVestment's 2018 Private Markets Due Diligence survey explores the perspectives and practices of investors, consultants and fund managers on a range of topics related to the due diligence and fundraising process. The findings highlight that despite the desire for increased exposure to private markets funds, investors are not loosening due diligence ...
This is Willis Towers Watson's latest annual Global Pension Assets Study. It covers 22 major pension markets which now total over US$41 bn in pension assets and account for nearly 70% of the GDP of these economies. The study examines the seven largest markets in more detail (US, UK, Switzerland, Netherlands, Japan, Canada, and Australia) which comprise over 90% of total pension ...
Increasing life expectancy is one of the most profound success stories of the post-war era. The pace and scale of this human success story has been remarkable, but it is creating its own challenges for corporates.
In this edition of our quarterly letter Ian Lance looks at one of today's largest and yet least discussed issues: the extent to which different types of pensions across the globe are underfunded. After identifying the factors that led to this situation, he examines the potential implications of trying to deal with the shortfall and concludes they could have a very deflationary ...
This study was commissioned by Future Fund, the Australian SWF. It aims compare best practices across leading asset owner funds with reference to benchmarks. The authors aim to reveal opportunities for idea sharing, development, and challenge between these funds. Eight specific focus areas emerge from the study: Culture, Diversity and EVP; Effective Decision Making; Long-Horizon ...
The Australian superannuation industry is now one of the largest retirement savings pools in the world with assets of around $2.2 trillion. This 42-page paper gives a helpful historical overview of the industry. It covers different areas: the history of superannuation, the current industry structure, market concentration and scale, trends in industry structure, and more.
This 14-page paper examines the trustees of UK defined benefit pension schemes, specifically the extent to which they understand costs and fees in fund management.
This 38-report is a collaborative effort between the Australian Financial Services Council and UBS Asset Management. It provides an overview of the entire industry, including key information on specific areas (e.g. life insurance, superannuation, funds management, financial advice, etc) and the sector’s crucial role in the overall Australian economy.
