Public Pension

TOBAM Benefits From Smart Beta Boom

Traditional market-cap weighted benchmarks are feeling some pain. Paris-based TOBAM, also known as Think Out of the Box Asset Management, scored US$ 2.1 billion for its “anti-benchmark” funds in the last three months. TOBAM’s proprietary “anti-benchmark” strategies fall into line with smart beta or factor-based weighting. These alternative indices are gaining popularity among institutional investors [...]


AGAIN: PIMCO Losing Mandates and People

At one point in March 2013, Newport Beach-based Pacific Investment Management Co. (PIMCO) reached US$ 2.04 trillion in assets under management – nearing proximity to 2.5 times the size of Norway’s sovereign wealth fund. PIMCO, the world’s biggest bond asset manager, lost a number of key investment and sales executives in the past few months. [...]


Opportunity Cost Model

BlackRock Joins the Fixed Income Smart Beta Party

Sapient institutional investors such as endowments, pensions and sovereign funds are seeking more products to meet their complex needs. Traditional weighting of indices and investment fees are major drivers. Plain vanilla equity products are facing outflows with sophisticated asset owners. For example, mega asset managers in the camp of Baltimore-based T. Rowe Price Group have [...]


Malaysian Pension Giant Buys Espace Lumière

Increasingly Asian institutional investors such as sovereign wealth funds and large pensions are making inroads into Parisian office real estate. Malaysia’s Employees’ Provident Fund (EPF), through Invesco Real Estate, has acquired a Paris office property called Espace Lumière. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


REVEALED: Virginia Retirement System Allocates Almost $2 Billion to Managers

Virginia Retirement System (VRS) has allocated capital to a number of firms. A massive mandate went to Chicago-based LSV Asset Management for US$ 830 million. LSV will manage a global equities mandate, beating out other candidates. US$ 200 million was allocated to Boston-based Windham Capital Management, LLC to run a risk-based multi-asset class portfolio. With [...]


Largest Pension in the World Hires Investment Strategy Director

Atsushi Ikari was appointed director general of investment strategy for Japan’s Government Pension Investment (GPIF), the world’s largest pension fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Wilshire Associates Losing Investment Consultants

Since the new year, four investment consultants have left Santa Monica-based Wilshire Associates Inc. They worked in Wilshire Consulting, a division of the investment management consulting firm. Towers Watson, a competitor to Wilshire Associates, hired three of them – Mike Dudkowski, Jim Neill and Michael Patasky. [ Content protected for Sovereign Wealth Fund Institute Standard [...]


SWFI – Movers and Shakers – January 29, 2015

UC Investment Office Hires Scott Chan The University of California’s Office of the Chief Investment Officer of the Regents, which manages the system’s endowment, retirement and operational assets, has hired Scott Chan. Chan has been named senior managing director of public equity. Chan is coming from the Sacramento County Employees’ Retirement System (SCERS), where he [...]


S&P Dow Jones Indices Adds to Factor-Based Offering

Index provider S&P Dow Jones Indices LLC publicly launched the S&P Japan 500 GIVI Index, providing institutional investors access to multi-factor measures mixing intrinsic value with low volatility. GIVI stands for Global Intrinsic Value Index. Smart beta or factor-based strategies are gaining traction among large Asian institutional investors. In 2014, Japan’s Government Pension Investment Fund [...]


André Bourbonnais

PSP Hires New CEO, #1 Ranked Public Investor 100 2014

After an extensive half year executive search, Public Sector Pension Investment Board (PSP Investments) has found a replacement for Gordon J. Fyfe who left for bcIMC in June 2014. PSP Investments has selected André Bourbonnais to be CEO effective March 30. André Bourbonnais is senior managing director and global head of private investments at CPPIB. [...]


london

Northern Trust Wins Custodian Mandate for London Councils CIV

Under political and financial pressures, London government pension funds are seeking to trim costs by pooling funds into a collective investment vehicle (CIV). Through economies of scale, the CIV will reduce the cost of investment management fees and provide pensions access to new asset classes such as direct investment in infrastructure. CIV participants have the [...]


AIMCo Promotes Dale MacMaster as CIO

Alberta Investment Management Corporation (AIMCo), which manages a number of funds including Alberta’s Heritage Fund, has appointed Dale MacMaster as chief investment officer. MacMaster will report directly to AIMCo’s new CEO Kevin Uebelein, a former Pyramis executive. MacMaster was executive vice president of public market investments since 2012 at AIMCo. He also held roles in [...]


SWFI – Movers and Shakers – January 22, 2015

Paul Smith Named President and CEO of CFA Institute Paul Smith has been named President and CEO of the CFA Institute. Smith was managing director, APAC and global head of institutional partnerships at the CFA Institute. The global body of financial professionals decided to hire someone internally for the role. Smith succeeds Dwight D. Churchill, [...]


OTPP Lures China Sovereign Wealth Fund Executive to HK Office

The Ontario Teachers’ Pension Plan (OTPP) opened an office in Hong Kong back in September 2013. OTPP is keen on acquiring experienced talent in the region to assist in seeking out more direct investments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Afore Banamex Hires Managers for Asian Equities

Mexico City-based Afore Banamex has hired four asset managers to manage Asian equities. All four investment managers combined will oversee a mandate between US$ 500 to US$ 600 million. Increasingly, asset management firms are boosting staff and operations in Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


SWFI – Movers and Shakers – January 14, 2015

Lagarde Appoints Chief Administrative Officer for the IMF Christine Lagarde, managing director of the International Monetary Fund (IMF), made notice of her intent to appoint Carla Grasso to chief administrative officer of the IMF. This is a new role. Grasso will start her new role on February 2, 2015. Grasso spent 14 years at Vale [...]


Gross Effect: NYC Retirement Terminates $4.9 Billion of PIMCO Assets

Two bond strategies managed by PIMCO for the New York City Retirement Systems (NYCERS) have been terminated. The fixed income strategies totaled US$ 4.9 billion in assets. The money was moved at the end of December 2014. US$ 3.5 billion was geared toward mortgage bond strategies and US$ 1.4 billion allocated to government-sector strategies. The [...]


3 Lessons Learned by Public Pensions in 2014

Hedge Funds Are Not Bad and Should Not Track Broad Market Indices For hedge funds, institutional investor enthusiasm has cooled, compared to pension fund interest in real assets such as infrastructure and properties. In 2014, the California Public Employees’ Retirement System (CalPERS) dumped its absolute returns program. Other pension funds are looking to reduce hedge [...]


Friday SWFI News Roundup, January 2, 2015

WCAS Closes on 12th Flagship Fund New York-based Welsh, Carson, Anderson & Stowe (WCAS) raised US$ 1.7 billion on December 29th for its first close on Welsh, Carson, Anderson & Stowe XII. This is the private equity firm’s 12th flagship fund. The fund plans for additional closes in 2015. WCAS Co-Founder Welsh worked at Citicorp [...]


MANDATES: Alaska Retirement Management Board Embraces Multi-Asset Strategies

The US$ 26 billion Alaska Retirement Management Board handed out US$ 400 million worth in mandates and US$ 250 million in private market commitments. The first mandate was awarded to State Street Global Advisors (SSgA) to manage a US$ 200 million allocation toward a U.S. equity-managed volatility strategy. The Alaska pension fund allocated US$ 200 [...]