Public Pension

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 [...]


Growing Group of Asset Managers Embrace the Adoption of Smart Beta

Smart beta strategies continue to gain significant ground among institutional investors such as sovereign wealth funds, pensions and other pooled retirement funds. Jokingly, a number of fundamental managers may perceive smart beta as the blackest black magic; however, it is garnering the short-spanned attention of asset manager chief executives. Recently, Victory Capital Management acquired the [...]


3 Things Family Offices Do Better Than Pension Fund Investors

Where do the super rich go to manage their money? Often times, the needs of wealthy people cannot be met with a financial advisor or bank, thus the creation of the family office – a vehicle reserved to manage the financial and personal affairs of a wealthy family. Microsoft founder Bill Gates, worth an astounding [...]


JP morgan

French Pensions Reserve Fund Hires 3 New Managers for Active Japanese Equities

Fonds de Réserve pour les Retraites (FRR), also known as the Pensions Reserve Fund, has awarded mandates to three fund managers to manage €450 million in active Japanese public equities. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OPTrust Appoints Hugh O’Reilly as CEO and President

The Ontario Public Service Employees Union Pension Plan’s (OPTrust) board of trustees has appointed Hugh O’Reilly to be the next president and CEO – the 3rd in its history. O’Reilly is replacing William (Bill) Hatanaka who plans on officially leaving December 31, 2014. O’Reilly will start effective January 5, 2015. Hatanka, a former senior executive [...]


Friday SWFI News Roundup, December 5, 2014

QIA and Brookfield Up the Bid for Songbird Estates The Qatar Investment Authority (QIA) and Brookfield Property Partners have raised their joint bid for Songbird Estates, the entity that majority owns the Canary Wharf estate. The QIA and Brookfield displayed their new all-cash offer of 350 pence per share straight to shareholders. Both are current [...]


asset allocation

Betting on Europe: CalSTRS Makes Real Estate Fund Commitments

The California State Teachers’ Retirement System (CalSTRS) is making waves in European real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Wellington Wins Multi-Asset Strategy at NY State Common

The US$ 178.3 billion New York State Common Retirement Fund awarded a number of mandates, while handing out some investment manager terminations and reductions. The pension manager hired Wellington Management to oversee US$ 400 million in a multi-asset strategy. The fund is overseen by NY State Comptroller Thomas DiNapoli who was ranked #7 on the [...]


Superannuation Watch: Cbus Looks to Hire More Internally

Cbus, an industry super fund for the construction, building and allied industries, is boosting the size of its internal investment staff. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Mexican Afores Opening Up to International Equities

The Mexican afore market was once a small institutional investor market, neglected by fund managers and made up of funds focused exclusively on Mexican government debt. As a decade passes and Mexican pesos flood these retirement funds, the need for portfolio diversification has amplified, prompting regulators to allow overseas equities. In 2011, CONSAR also known [...]


emerging markets sovereign wealth funds

Probable End for Private Hungarian Pensions

Many Central European countries are facing a dire demographic crisis due to, shrinking working populations, low birth rates and swelling cohorts of older generations. In addition, several of the welfare states in the region, struggle with sustainable long-term economic growth and attracting stable levels of foreign direct investment. A potential source of capital for many [...]


CRUISING: TRS Gets Exposure to Car Dealerships in America

The Teacher Retirement System of Texas is allocating US$ 200 million for a 30.5% interest in a fund to get exposure to car dealerships across America. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Korean Pension Giant Invests in Frankfurt Core Development

Korea’s National Pension Service (NPS) has acquired 95% of the rights of a building in Frankfurt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


FAIL: Outsourced CIO Solution Loses with San Diego County

The board of the San Diego County Employees’ Retirement Association (SDCERA) voted 8-1 to search for an internal chief investment officer. SDCERA manages US$ 10.45 billion in assets. The pension fund is terminating its outsourced CIO Salient Partners. Houston-based Salient Partners, as a money manager, runs US$ 2 billion in risk parity and US$ 300 [...]


SWFI – Movers and Shakers – November 21, 2014

London Pensions Fund Authority Hires Chief Investment Officer The £4.9 billion London Pensions Fund Authority has hired Chris Rule as chief investment officer. Rule is a replacement for Alex Gracian, who exited the fund in May. Previously, Rule was head of alternatives at SEB Investment Management. The London Pensions Fund Authority has an internal investment [...]


CPPIB Boosts Goodman Group Chinese Logistics JV

The Goodman Group has been working with a variety of institutional investors such as sovereign wealth funds like the China Investment Corporation (CIC) and large pensions. The Goodman Group and Canada Pension Plan Investment Board (CPPIB) announced a US$ 500 million boost to their equity allocation in Goodman China Logistics Holdings, a fourth equity capital [...]


The World’s Largest Pension Announced its First CIO

Japan’s Government Pension Investment Fund (GPIF) has announced its first chief investment officer to the public.  GPIF President Takahiro Mitani made the statement in Japan on Thursday.  Hiromichi Mizuno will be executive managing director and chief investment officer of GPIF starting January 5, 2015.  Mizuno is currently a partner at Coller Capital, a private equity [...]


Traditional Active Managers Fear Smart Beta Adoption

  Factor-based strategies are gaining foothold among institutional investors of all stripes. One compelling reason is that investors are concerned about the risks of cap-weighted indices. These indices tend to favor large companies and can perpetuate a cycle of overvaluation – think of Enron and Lehman Brothers. These rules-based indices are exhibiting visigoth behavior on [...]


Mandate Wins: Danish Pension Selects 5 Managers for Fixed Income

Lonmodtagernes Dyrtidsfond, a Danish pension fund based in Frederiksberg, has hired five managers for fixed income mandates. The RFP for the mandates were issued in April. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CalSTRS

CalSTRS Seeks to Manage More Assets Internally

Taking the playbook from sapient Canadian public pensions, the California State Teachers’ Retirement System (CalSTRS) is attempting to migrate more assets toward internal management. In a press release, CalSTRS is planning to increase in-house assets from 45% to 60%. See CalSTRS External Managers Besides saving on investment fees and costs, CalSTRS desires to have more [...]