Pension fund assets have been accumulated rapidly during past decades, and there are signs that such trend will continue. An immediate problem arising from the rapid accumulation of such a large volume of assets across countries is how to invest them. Pension funds differ from other institutional investors, e.g. mutual funds, in that their investment horizons are relatively long, typically 30-4...

The subject of the study is to evaluate contribution strategic asset allocation variability Moroccan pension funds performance. aim paper identify role active management factors, namely tactical and security selection, in generating a performance surplus compared allocation. relevance justified by need sources creation order face commitments compensate for decline volatility returns. article ad...

We investigate the relationship of pension fund governance and investment performance. For this purpose, we develop the Swiss Pensoin Fund Governance Index (SPGI) which is a standard metric for the governance quality of Swiss pension funds. The empirical analysis is based on a sample of 96 pension funds with total assets of more than CHF 190 billion. We …nd evidence for governance issues in the...

There is an increasing movement to give workers greater control over pensions, allowing them to personally manage their retirement investments. The recent trend away from pay-as-you-go social security programs towards fully-funded, individual-account systems is a prominent example. Competition and privatization are often touted as potential cures for the agency, efficiency and solvency problems...

Institute of Statistics and Mathematical Economics, School of Economics, University of Karlsruhe, Kollegium am Schloss, Bau II, 20.12, R210, Postfach 6980, D-76128, Karlsruhe, Germany. E-mail: [email protected] Abstract Asset and liability management is the simultaneous consideration of assets and liabilities in strategic investment planning. The asset and liability management models...

There has been no systematic examination of issues surrounding pension funds and their tobacco shareholdings. This paper describes two studies designed to document the tobacco investment policies and practices of pension funds, and to assess community and fund member attitudes to pension fund shareholdings in the tobacco industry. Chief executives (n = 282) of Australian pension funds were mail...

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most previous studies of activism, we report that the fund executes shareholder activism predominantly throu...

Developments in risk-transfer instruments and risk management techniques in the last two decades have fundamentally changed how banks manage their assets and liabilities. In this document we show that, for all three sectors of German universal banks (private commercial banks, savings banks, and cooperative banks), asset-liability dependency declined over the period 1994-2007, the decline was st...