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SWFI Completes First Annual Fixed Income Asset Manager Perception Study

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perceptionstudy_FI_2015SEATTLE, Wash. – 3 November 2015 – SWFI has released its first annual perception study on asset managers focusing on fixed income with regard to global asset owners. The study was conducted over a period of six months starting in May 2015. The results shed light on where asset owners’ fixed income managers are ranked among peers. SWFI staff interviewed asset owners globally through a variety of means to obtain the information. The sample includes the following types of investors globally: pensions, sovereign funds, central banks, endowments, superannuation funds and other non-commercial institutional investors.

DETAILS

SWFI research staff surveyed asset owners on a number of criteria: investment capabilities, performance, relationship management and education. Some questions surveyed include the manager’s ability to achieve strong performance and perception on relationship management skills.

KEY FINDINGS

BlackRock presented itself as a top destination in fixed income for many pensions and sovereign wealth funds. Goldman Sachs Asset Management, meanwhile, claimed the #2 spot in several categories. PIMCO was counted among the top #5 in many categories. Large custodial banks struggle to rank highly on fixed income asset management compared to pure play asset managers. JPMorgan and Goldman Sachs are exceptions.

Firms graded in the study:

Fixed Income Asset Managers Ranked
Aberdeen Asset Management
Amundi
AXA Investment Managers
BlackRock
BNP Paribas Asset Management
BNY Mellon Asset Management
Deutsche Bank Asset Management
Fidelity Investments
Goldman Sachs Asset Management
JP Morgan Asset Management
Legg Mason (includes Western and Brandywine)
Loomis Sayles
Northern Trust Asset Management
PIMCO
Principal
Schroders
Standard Life Investments
State Street Global Advisors
Voya Asset Management
Wellington Management Company

 

Below is a sample of one of the factors in the study

Investment Staff Capabilities RANK
BlackRock 1
Goldman Sachs Asset Management 2
JP Morgan Asset Management 3
Legg Mason (includes Western and Brandywine) 4
PIMCO 5

 

To see the full rankings, methodology and final report, please contact, Carl Linaburg @ clinaburg@swfinstitute.org.

About SWFI

SWFI is a global organization designed to study sovereign wealth funds, pensions, central banks and other long-term investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant topics. For more information about the SWFI, please go to www.swfi.com | www.swfinstitute.org.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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Pensioenfonds PGB Hires BMO Global for Equity Protection Strategy

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Pensioenfonds PGB is a Dutch multi-sector pension fund. PGB awarded a mandate to implement a protection strategy for its €12 billion equity portfolio to BMO Global Asset Management. PGB is a €26.5 billion fund. PGB has been using BMO Global’s responsible engagement overlay since 2017.

The Chief Investment Officer of PGB is Harold Clijsen.

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