Public Pension

Former Ballet Dancer, Ex-Yale Investor to Run Stanford Endowment

Robert F. Wallace was named president and CEO of Stanford Management Company (SMC), the organization that oversees Stanford University’s endowments, real assets and other trust assets. Wallace replaced John Powers who made his exit announcement in November 2014. Powers is helping with the transition. View Stanford Endowment Profile [ Content protected for Sovereign Wealth Fund [...]


San Diego County ERA CEO White Resigns

San Diego County Employees’ Retirement Association CEO Brian White has resigned effective March 30, 2015. The retirement board voted 8 to 1 to pass the mutual separation and severance deal, which includes nearly one year’s pay for Brian White. Board Vice Chairman David Myers voted “no” on the measure. San Diego-based Efficient Market Advisors, LLC [...]


ROASTED: Pensions to Vote Against Starbucks Executive Compensation

Starbucks CEO Howard Schultz is facing some opposition on executive pay, specifically an advisory vote on executive compensation, from pension giants Ontario Teachers’ Pension Plan (OTPP), California State Teachers’ Retirement System (CalSTRS) and Florida State Board of Administration (SBA). This information was revealed through the asset owners’ proxy voting disclosures. On the other hand, Canadian [...]


Friday SWFI News Roundup, March 13, 2015

Azerbaijan Sovereign Wealth Fund Looks to Open London Office The State Oil Fund of Azerbaijan (SOFAZ) plans to open an overseas office in London. This is a sign for more allocation to overseas markets. GSO Capital Begins to Market Debut Energy Credit Fund GSO Capital Partners, the credit unit of the Blackstone Group, is attempting [...]


TOBAM Graduates from CalPERS MDP – Gets $764 Million More

The California Public Employees’ Retirement System (CalPERS) graduated Paris-based TOBAM, also known as Think Out of the Box Asset Management, from the system’s Manager Development Program (MDP). In January, CalPERS allocated US$ 764 million to run an expanded global equity strategy. CalPERS is a pioneer among asset owners in seeding investment managers. MDP was founded [...]


INPRS Dumps 4 Equity Managers

The US$ 29.9 billion Indiana Public Retirement System (INPRS) has terminated four equity managers. INPRS terminated active, U.S. large-cap growth equity mandates from JP Morgan Asset Management (US$ 123 million) and Dallas-based Barrow, Hanley, Mewhinney & Strauss (US$ 136 million). The fund also terminated London-based Mondrian Investment Partners (US$ 168 million) and Gryphon Investment Management [...]


london real estate

CPPIB Buys UK Student Housing Portfolio for £1.1 Billion

The Canada Pension Plan Investment Board (CPPIB) has joined the ranks of public institutional investors and sovereign wealth funds such as Singapore’s GIC Private Limited in investing in U.K. student housing. CPPIB has acquired a 100% interest in U.K. student accommodation portfolio operating under the Liberty Living brand from the Brandeaux Student Accommodation Fund for [...]


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, [...]