1 0 obj<>/XObject<>/ProcSet[/PDF/Text/ImageB]/ExtGState<>>>>> endobj 2 0 obj<>stream In alternative assets, institutional investors usually do not act as the ultimate portfolio manager, but rather delegate the asset management decisions to financial intermediaries, like external managers and fund-of-funds. We gebruiken cookies om er zeker van te zijn dat je onze website zo goed mogelijk beleeft. Strategic Asset Allocation is the most important decision for any pension fund. ���z /n8O���\�(��@b��[�(|r������úm�����.���j�� _!��vp׌�ݠ�ag�ٓmގ{*���r���$r�=����+��h�g���TӁ���&�r�P�+�� It remains, however‚ the least understood. The pension fund people model has evolved considerably In 2019 there was a noticeable pick-up in the decade’s trends in organisational design towards a stronger ‘people model’ (the combination of people employed by the fund’s board and internal team, with reference to talent, roles, and delegations). Netspar Brief            •            Werkprogramma 2019-2023           •           Onderzoekagenda, © All rights reserved. Human capital life-cycle theory suggests that asset allocation and liability discount rate choices should be more conservative as a fund matures. Netspar 2005 – 2019  Disclaimer. H��Wɒ�6���,GE���v{�sq�"|��DA%tS��K����\$OY��(Rd�彗���Z��k|�8*��/�D�Q&d��@�Z�$ɂ�yv'��n~���}R����},E&g��}��"ӳ}��^�"+g{��>)c�/�f�u"�%�����D��[�Z��?��� Q.ˇ%����|X�R�x Y>��.D� I analyze whether differences in regulation influence the response of pension funds to these two trends that are exogenous to individual pension fund … In a DB pension fund, the sponsor promises a monthly retirement benefit that is predetermined by a formula based on the employee’s earnings history, tenure of service and age, rather than depending directly on individual investment returns. I examine how pension funds modify the asset allocation policy and liability valuation in response to the maturing participant base and declining interest rates. insights into the drivers behind asset allocation decisions and the conditions needed to attract long-term savings. Next, I investigate how pension funds implement the asset allocation policy. :/b� ,��`��%H�ml�����[&��3&���K(���ȓ�f���X �m���n��y�5��#\��\#c�3^��)JZUBi^5�Oۯ~R Mercer launches its Asset Allocation Insights 2020, a report that provides insights on the asset allocation and investment trends impacting pension fund assets of almost US$5.2 trillion in AUM across Latin America, the Middle East, Africa, and Asia. This longterm liability structure potentially enables DB pension funds to make substantial investments in illiquid assets. ; Exposure to equities has been increasing since 2017 – equity allocations rose approximately 8%, from 32% to 40%, … Netspar is gericht op een goed geïnformeerd pensioendebat. g{�B��F�((��L�7`���n�7��+`s�z ���uM�YӃ9�2�Y������ U�p�+x�N�}s�+��5�p�Lg?�nť��� Missie en strategie           •           Netwerk           •           Organisatie           •          Magazine The first question this thesis explores is the design of a strategic asset allocation policy. %PDF-1.5 %���� I explore the role of size and liquidity for pension fund performance in all three asset management components. �ྰF�f�$��T�zl̮�W).�2>c��Bh���:B,(�� �oO^��B^�kHsr�2�~����!D؃��. In my dissertation, I focus mainly on one type of financial institution: defined benefit (DB) pension funds. I analyze whether differences in regulation influence the response of pension funds to these two trends that are exogenous to individual pension fund boards’ decisions. Partial recall: Differences between actual and self-reported annuitization decisions in Sweden, Present Bias, Asset Allocation and the Yield Curve. DB pension funds are particularly interesting vehicles to study the relation between size and performance, because pension fund inflows do not depend on performance, but on actuarial and demographic factors. June 11, 2019 Global, Singapore. Pension funds engage in three asset management decisions: changing the strategic asset allocation policy, market timing and security selection. There is no right or wrong way of determining the Strategic Asset Allocation and in the end it is a question of finding the best solution to a set of constraints, some implicit (fund Gradually over time, institutional investors have modified their strategic asset allocation towards increased exposure to alternative assets, such as real estate, private equity and hedge funds. Als je deze website blijft gebruiken gaan we ervan uit dat je dat goed vindt. �a��r�T�$[9�E2Y��h�ox�$E���As�x��5��J��=~6?oi�8�^a#l�?����~l�s';t� The survey reviews the trends in assets and asset allocation of 125 large pension funds (LPFs) and public pension reserve funds (PPRFs),6 which in total … Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Pension funds: Wealth and Investments - These indicators refer to the trend in pension fund assets and asset allocation. My main contribution is to consider how levels of intermediation and specialization relate to costs and performance of institutional investors in alternative assets. � �Y"Jyg�n�6x�J���v�~d:�&���!xJsh��8�������U����I���! Mercer report uncovers asset allocation and investment trends on nearly US$5 trillion [1] in assets under management (AUM) from government, corporate, and mandatory pension schemes across Latin America, the Middle East, Africa, and Asia. I also consider the specialization decision, which captures whether institutions invest only in one alternative asset class, or invest simultaneously in two or three alternative asset classes. Human capital life-cycle theory suggests that asset allocation and liability discount rate choices should be more conservative as a fund matures.

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