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Download or read book Alternative Assets and Public Pension Plan Performance written by Douglas Robertson and published by . This book was released on 2008 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Office of Office of the Comptroller of the Currency
Publisher: CreateSpace
Published: 2015-01-01
Total Pages: 40
ISBN-13: 9781505310061
DOWNLOAD EBOOKAs public pension plans steer more of their portfolios toward alternative assets such as hedge funds, private equity funds, and real estate, we examine how these investments have affected public pension plan performance. We find somewhat mixed results. When compared to pension plans with smaller allocations, public pension plans with at least 10 percent of their assets allocated to alternative investments had significantly higher annual returns in 2004, 2005, and 2006. However, these same plans had lower returns, though not significantly so, in 2002 and 2003. We also find that pension plans that began investing in alternative assets as early as 2001 did not significantly outperform pension plans that began investing in these assets after 2001. This result suggests that much of the performance benefit of alternative assets may be due to superior returns over just the past three years. Turning to risk, we find that pension plans that invested in alternative assets, regardless of the size of the allocation, had significantly higher standard deviations in their returns over a five-year period relative to other pension plans. Measuring risk-adjusted returns with the Sharpe Ratio, we find no significant differences between pension plans that invested in alternative assets and those that did not.
Download or read book Alternative Assets and Public Pension Plan Performance written by Office of Office of the Comptroller of the Currency and published by CreateSpace. This book was released on 2015-01-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: As public pension plans steer more of their portfolios toward alternative assets such as hedge funds, private equity funds, and real estate, we examine how these investments have affected public pension plan performance. We find somewhat mixed results. When compared to pension plans with smaller allocations, public pension plans with at least 10 percent of their assets allocated to alternative investments had significantly higher annual returns in 2004, 2005, and 2006. However, these same plans had lower returns, though not significantly so, in 2002 and 2003. We also find that pension plans that began investing in alternative assets as early as 2001 did not significantly outperform pension plans that began investing in these assets after 2001. This result suggests that much of the performance benefit of alternative assets may be due to superior returns over just the past three years. Turning to risk, we find that pension plans that invested in alternative assets, regardless of the size of the allocation, had significantly higher standard deviations in their returns over a five-year period relative to other pension plans. Measuring risk-adjusted returns with the Sharpe Ratio, we find no significant differences between pension plans that invested in alternative assets and those that did not.
Author: Dimitri Vittas
Publisher: World Bank Publications
Published: 2008
Total Pages: 68
ISBN-13:
DOWNLOAD EBOOKAbstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Author: United States. General Accounting Office
Publisher:
Published: 1995
Total Pages: 72
ISBN-13:
DOWNLOAD EBOOKDownload or read book Public Pension Plans written by United States. General Accounting Office and published by . This book was released on 1995 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Alternative Investing by State and Local Pension Funds written by John E. Petersen and published by . This book was released on 1980 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Dimitri Vittas
Publisher:
Published: 2012
Total Pages:
ISBN-13:
DOWNLOAD EBOOKPublic pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Author: Sudhir Rajkumar
Publisher: World Bank Publications
Published: 2011
Total Pages: 364
ISBN-13: 0821384708
DOWNLOAD EBOOKAnd key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Author: DIANE Publishing Company
Publisher: DIANE Publishing
Published: 1995-06
Total Pages: 93
ISBN-13: 0788118013
DOWNLOAD EBOOKAddresses three points: what has been the extent of ETI's by nonfederal public employee pension plans, in terms of the amounts invested and the types of investments; did ETI programs aimed at business development realize competitive returns; and what were the economic effects of business development ETI programs, such as jobs created. 18 charts and tables.
Download or read book Public Pension Plans written by DIANE Publishing Company and published by DIANE Publishing. This book was released on 1995-06 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses three points: what has been the extent of ETI's by nonfederal public employee pension plans, in terms of the amounts invested and the types of investments; did ETI programs aimed at business development realize competitive returns; and what were the economic effects of business development ETI programs, such as jobs created. 18 charts and tables.
Author: Florida. Office of Program Policy Analysis and Government Accountability
Publisher:
Published: 2015
Total Pages: 7
ISBN-13:
DOWNLOAD EBOOKDownload or read book OPPAGA written by Florida. Office of Program Policy Analysis and Government Accountability and published by . This book was released on 2015 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State and Local Pension Fund Investment Performance written by John E. Petersen and published by . This book was released on 1980 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
