This document discusses the options of using an in-house team versus outsourcing fiduciary management for pension funds. It provides a case study of Barclays UK Retirement Fund which hired a Chief Investment Officer and additional investment professionals to manage investments in-house. For large pension funds over £500 million, an in-house team focusing on investment strategy and risk management framework is recommended. For smaller funds, outsourcing to an external fiduciary manager may provide better access to investment expertise and lower costs due to economies of scale, though alignment of interests is higher with an in-house team.
Retirement income strategies during volatile and uncertain marketsnetwealthInvest
Michael Elsworth, Executive Director at Lonsec, joins us to discuss retirement income strategies during volatile markets, including his investment philosophy, the benefits and risks of different retiree income strategies and the advantages of combining income streams during times of uncertainty.
Drexel University Lecture - Private Equity OverviewJustin Shuman
A high level overview of the private equity market, how fund economics work, and what questions to ask general partners when evaluating fund investment merit.
Retirement income strategies during volatile and uncertain marketsnetwealthInvest
Michael Elsworth, Executive Director at Lonsec, joins us to discuss retirement income strategies during volatile markets, including his investment philosophy, the benefits and risks of different retiree income strategies and the advantages of combining income streams during times of uncertainty.
Drexel University Lecture - Private Equity OverviewJustin Shuman
A high level overview of the private equity market, how fund economics work, and what questions to ask general partners when evaluating fund investment merit.
Build a resilient portfolio for all stages of the economic cyclenetwealthInvest
Learn strategies in building your portfolio for any economic condition from John Owen, Portfolio Specialist at MLC Investment Management, as he reviews current market and economic circumstances and provides investment portfolio solutions that are appropriate for a world that will continue to evolve in unpredictable ways.
Equity Fundraising Founders Basics for Founders | Mohammed Elayan | Lunch & L...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Venture Capital Funds 101: Understanding How They Are Structured and Operated...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Private equity overview presentation delivered to Drexel University students. Presentation highlights overall private equity market, fund structure, economics, and terms, as well as investment process.
CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appra...Sundar B N
This ppt contains CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appraisal Methods - Problems.
Capital Budgeting – Introduction, Meaning, Definition, Need & Significance
Process of Capital Budgeting
Payback Period & Discounted PBP – Meaning, Formula & Problem
Net Present value - Meaning, Formula & Problem
Profitability Index - Meaning, Formula & Problem
Internal Rate of Return - Meaning, Formula & Problem
Build a resilient portfolio for all stages of the economic cyclenetwealthInvest
Learn strategies in building your portfolio for any economic condition from John Owen, Portfolio Specialist at MLC Investment Management, as he reviews current market and economic circumstances and provides investment portfolio solutions that are appropriate for a world that will continue to evolve in unpredictable ways.
Equity Fundraising Founders Basics for Founders | Mohammed Elayan | Lunch & L...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Venture Capital Funds 101: Understanding How They Are Structured and Operated...UCICove
About UCI Applied Innovation:
UCI Applied Innovation is a dynamic, innovative central platform for the UCI campus, entrepreneurs, inventors, the business community and investors to collaborate and move UCI research from lab to market.
About the Cove @ UCI:
To accelerate collaboration by better connecting innovation partners in Orange County, UCI Applied Innovation created the Cove, a physical, state-of-the-art hub for entrepreneurs to gather and navigate the resources available both on and off campus. The Cove is headquarters for UCI Applied Innovation, as well as houses several ecosystem partners including incubators, accelerators, angel investors, venture capitalists, mentors and legal experts.
Follow us on social media:
Facebook: @UCICove
Twitter: @UCICove
Instagram: @UCICove
LinkedIn: @UCIAppliedInnovation
For more information:
cove@uci.edu
http://innovation.uci.edu/
Private equity overview presentation delivered to Drexel University students. Presentation highlights overall private equity market, fund structure, economics, and terms, as well as investment process.
CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appra...Sundar B N
This ppt contains CAPITAL BUDGETING - Meaning, Definition, Needs, Significance, Process & Appraisal Methods - Problems.
Capital Budgeting – Introduction, Meaning, Definition, Need & Significance
Process of Capital Budgeting
Payback Period & Discounted PBP – Meaning, Formula & Problem
Net Present value - Meaning, Formula & Problem
Profitability Index - Meaning, Formula & Problem
Internal Rate of Return - Meaning, Formula & Problem
5 Things about the Future of Programmatic - Digiday EU Publisher Summit 2014Matt O'Neill
20 minute session looking at the risks and opportunities of programmatic advertising. Looks in detail at threats and area of growth including mobile, data, and native advertising.
NYU Presentation: A Look Into The Programmatic Future Rubicon Project
VP Marketing Ben Plomion gives a lecture to NYU grad students on what we can expect to see more of in the programmatic future. Hint: use of live data,drones,more flow advertising,video video VIDEO,and yes,cookies (they're not dead yet).
He also discusses whether or not receiving an MBA is necessary to become a successful CMO in this programmatic future.
SearchLeeds, Ed Blakeway 'Programmatic - the future of advertising' Branded3
Ed Blakewat leads campaign planning, development and activation for AMNET in Leeds. AMNET is Dentsu Aegis’ programmatic trading desk, responsible for the delivery of billions of digital ad impressions annually.
Während viele noch etwas verhalten gegenüber Programmtic Buying sind, charakterisiert und beeinflusst Programmatic Buying – der automatisierte Ein- und Verkauf von Werbeplätzen – und die damit einhergehende Marketing-Automatisierung, die Marketing-Branche nachhaltig. Unklar ist für viele, in welcher Form und in welchem Umfang es sie selbst und damit ihren Job und ihr Daily Business betreffen wird.
IAB Canada Roadshow 2015: The Future of Programmatic Advertising IAB Canada
30 under 30's Andrew Robitaille, Director of Sales, Eyereturn Marketing joined us for the 2015 IAB Canada Roadshow to share The Future of Programmatic.
SOTI, Presented by OpenX: Programmatic + Premium: Current Practices and Futur...Digiday
Digiday and OpenX fielded a study among industry insiders to understand the current state and future trends of programmatic premium. During this session, we’ll share the results of the study and you'll discover how committed publishers and buyers are to engaging in programmatic trade, the challenges that need to be addressed and plans for continued investment in the year ahead.
Presenter: Qasim Saifee, general manager, OpenX Market
The Future and Present of Advertising is ProgrammaticSearchStar
The presentation looks at where programmatic is now, where it's heading, along with real-life examples of cutting edge digital ad campaigns.
Speakers from Google will be giving their take on the future of programmatic - we're guessing there will be a lot of talk about video, beacons, mobile and micro moments!
The team from SearchStar will be talking about revolutionary changes in audience targeting that are transforming media buying. Understanding what is now possible will allow marketers to get the most out of their campaigns.
• Why do Organizations Outsource Business Process
• The Hidden Costs of Outsourcing
• Core Competencies
• Outsourcing Trends
• Element Strategic Outsourcing
Uncommon Knowledge: Learn what new investors can expect when they work with SEI and Park Avenue Securities.
www.fhfg.com
See what everyone's talking about on my Voices page:
http://www.scl.bz/users/1/stevenlichtenstein
http://facebook.com/pages/Steven-D-Lichtenstein-CLU-ChFC/245576538796818
www.linkedin.com/in/stevenlichtenstein
Steven D. Lichtenstein is an Investment Advisor and Registered Representative of Park Avenue Securities LLC (PAS). Securities products/services and advisory services are offered by PAS,95-25 Queens Blvd, 10th Fl., Rego Park, N.Y. 11374, 1-718-268-9255, a Registered Investment Advisor and broker-dealer. Forest Hills Financial Group Inc. is not an affiliate or subsidiary of PAS. PAS is a member of FINRA, SIPC. Steven D. Lichtenstein is a Field Representative of The Guardian Life Insurance Company of America, New York, N.Y. 10004.
Steven D. Lichtenstein is an authorized user of The Living Balance Sheet, an electronic wealth organizational platform that provides a wide-angle view of your financial world and enables him to stress test your current financial approach. Gain insight and clarity on your complete financial picture, which when coupled with his professional experience and credentials, may provide you with the ability to make well-informed personal and business decisions and to take appropriate actions to achieve your desired results.
131005 essential information neeed by members of the board of directors of banks191944
This presentation is intended for directors of banks in developing markets who may have limited technical knowledge. It seeks to provide them with an understanding of how banks work and what decisions they will have to make as directors responsible for the bank.
A portfolio is a Frame of financial assets such as stocks, bonds, commodities, currencies and cash equivalents including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly tradable securities, like real estate, art, and private investments.
Investors should construct an investment portfolio in accordance with their risk tolerance and investing objectives. Securities can be used to build a diversified portfolio, but stocks, bonds, and cash are generally considered a portfolio's core building blocks.
The asset owners demonstrate a sound and considerable investment strategy to Environmental, Social and Governance (ESG) to maximize the long-term investment and better manage of Risk.
The asset owner strategies are required to focus on managing ESG-risks, seeking sustainable investment opportunities to create good financial returns and contribute to solutions for major problems in our global society.
Netwealth educational webinar - Is up the new consensus? Portfolio constructi...netwealthInvest
During our March 2017 webinar, Lukasz de Pourbaix from Lonsec Investment Solutions explores the rapidly changing environment Australian financial advisers face, and how to confidently construct investment portfolios in the current climate.
How Investment Analysis & Portfolio Management greatly focuses on portfolio c...QUESTJOURNAL
Abstract: Portfolio Construction is a capstone elective that draws on previously studied investment principles, theories and techniques. Its enable synthesize that acquired financial theories and knowledge in the context of portfolio construction and asset allocation. It focuses on gaps in theory and how they can be managed in practice.
The Impact of Technology on the Pensions IndustryRedington
The impact of technology on the pensions industry (past, present, future).
Prezi version: https://prezi.com/aadascppmnor/the-impact-of-technology-on-the-pensions-industry
Making Decisions; An Effective Trustee BoardRedington
What are the 10 core strengths of a Trustee Ninja?
1. Passion
2. Trust
3. Open Minded
4. Intellectual Curiosity
5. Numeracy
6. Collegiate
8. Prepare to challenge and be challenged
7. Seeing the wood for the trees
9. Prepare to stand out from the crowd
10. Make decisions and live with the consequences
"I haven’t told you the best part,” said Grandpa. “When you save your acorns, they don’t just sit there and wait for you. They grow into trees, and the trees give you more and more acorns.”
Join Oliver and Amelia as Grandpa teaches them the importance of saving. They hear the story of how the bears saved the monkeys. They learned about the consequences of wasting bananas, sharing berries and saving acorns. The best part is the acorns they save can grow over time into trees with more acorns.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
To Outsource or Not To Outsource? Assessing the In-House Alternative
1. Redington
13-15 Mallow Street
London EC1Y 8RD
T. 020 7250 3331
www.redington.co.uk
In-House Professionalism
To Outsource or Not To Outsource?
Assessing the In-House Alternative
16th March 2011
The Second Annual Conference on
FIDUCIARY MANAGEMENT
AND
IMPLEMENTED CONSULTING
5. 5
•Trustee Board (TB)
•Investment Committee (IC)
•Investment Consultant/Actuary
Governance
• TB/IC
• Investment Consultant/Actuary
Objective Setting
• IC
• Investment Consultant
Investment Strategy
• IC
• Investment Consultant
Detailed Asset
Allocation
• IC
• Investment Consultant
Portfolio Structure
• IC
• Investment Consultant
Manager Research
• Investment Consultant
• Fund Manager
Implementation
• IC
• Investment Consultant
Ongoing Monitoring
(Strategy & Managers)
Traditional Advisor Model
Trustee Board /
Investment Committee
In-House
Professionalism
(CIO)
Outsource:
Fiduciary
Management
To Outsource or Not To Outsource?
The Governance Challenge
6. 6
Fund Manager(s)
• LDI/Gilts
•Credit
• Property
• Equity
• Alternatives
Board /
Investment
Committee
Setting strategy Implementation
Investment Consultant
• Work with trustees board to
• Establish framework/risk budget
• Contextualise Investment Objectives –
return goals vs. balance of risks
• RoadMap and ALM analysis of existing
portfolio
• Investment strategy design
• Investment & Portfolio Management
• Implementation of framework
• Ongoing Monitoring
Governance and Investment Strategy
Traditional Investment Consultant Model
7. 7
Board /
Investment
Committee
Setting strategy Implementation
Fiduciary Manager
• Investment strategy design
• Investment & Portfolio Management
• Implementation of framework
• Strategic and Tactical Implementation of
assets
• Monitoring & Reporting
Governance and Investment Strategy
Fiduciary Management
• Establish framework/risk budget
• Contextualise Investment
Objectives – return goals vs.
balance of risks e.g. Contributions
at Risk
• RoadMap and ALM analysis of
existing portfolio
• Propose new investment strategy
8. 8
Board /
Investment
Committee
Setting strategy Implementation
In House Executive/ CIO
• Investment strategy design
• Investment & Portfolio Management
• Implementation of framework
• Strategic and Tactical Implementation of
assets
• Monitoring & Reporting
Governance and Investment Strategy
In House Executive
• Establish framework/risk budget
• Contextualise Investment
Objectives – return goals vs.
balance of risks e.g. Contributions
at Risk
• RoadMap and ALM analysis of
existing portfolio
• Propose new investment strategy
Specialist
Consultant (s)
Specialist
Consultant (s)
Investment Bank (s)
Investment
Manager (s)
Investment Bank (s)
9. Overall
Objective
Risk
Targets
Aspirational
Targets
Scheme
Constraints
9
The pension risk management framework is a market consistent, transparent and actionable tool which is key for any trustee, sponsor or member
Objective Triggers Performance Indicators
What is the overall objective? To reach full funding on self-sufficiency basis By 2020 on a Swaps +75bps with £50m of
contributions p/yr
How will we measure the objective? Using the required return on the Scheme’s
assets
Required Return of assets is Swaps +160bps
What are the primary risk targets? Required rate of Return at Risk (RRaR)
Contributions at Risk (CaR)
RRaR should be no more than 300bps
CaR should be kept below £50m
What is the secondary risk target? Value at Risk (VaR) VaR should not exceed 20% of the liabilities
What are the primary aspirational targets? To increase interest rate and inflation hedge
ratios
Hedge ratios equal to funding level
What is the secondary aspirational target? Dynamic de-risking Based upon regular monitoring
What is the primary Scheme constraint? Liquidity Enough liquidity to pay pension payments
What is the secondary Scheme constraint? Collateral Requirements Enough eligible collateral to cover the 1yr
derivative VaR95
Regular monitoring allows a call to action that enables trustees and sponsors to anticipate and recalibrate the investment strategy
Governance and Investment Strategy
Pension Risk Management Framework (PRMF)
“‘If a man knows not what harbour he seeks, any wind is the right wind’”
Seneca
10. 10
Flight Plan – Projected Cashflows
This is the expected path of the liabilities over the next 20 years.
Risk management, governance, markets and strategic asset allocation all play a part.
Governance and Investment Strategy
Pension Risk Management Framework (PRMF)
11. 11
Chairman
Employer nominated
CIO
Employee nominated Independent
Actuaries
Lawyers
Investment
Consultants
Asset Managers
Corporate
Sponsor
Trustee Board
Investment
Banks
Regulator
Product
Providers
To Outsource or Not To Outsource?
Case Study – In House Executive
12. To Outsource or Not To Outsource?
Case Study – In House Executive
Barclays (UK) Retirement Fund
• Tony Broccardo appointed CIO in 2008
• 7 more investment professionals hired as part of the internal team
• Oak Pension Asset Management launched in December 2010, formalising
the centralisation of investment decisions at the Fund
RBS Pension Scheme
• Robert Waugh appointed CIO after leaving as Head of UK Equities at Scottish
Widows in late 2009
• supported by in-house investment professionals
HSBC Bank Pension Trust
• Lesley Alexander, previously of EMI Pensions, appointed as CEO in December
2010
• Phillip Bretnall appointed COO in December 2010
• Mark Thompson appointed CIO in January 2011
13. Case Study: Barclays UK Retirement Fund (BUKRF)
Scheme: Barclays UK Retirement Fund
AUM: £16bn
CIO: Tony Broccardo, first appointed in 2008
Previous Roles:
• Executive Director and CIO for F&C Asset Management PLC
• Global Partner and Institutional CIO for INVESCO Asset Management Inc
• In both roles he chaired the Global Asset Allocation Committee
In 2008, BUKRF decided to appoint a CIO and delegate more of the key investment
decisions. The reasons behind this were to make investment decision making:
• More flexible and dynamic in volatile market conditions
• Able to respond quickly to changing markets
Since then 7 more investment professionals have been hired. Their efforts are
focused on:
• Tactical Asset Allocation
• Hedging Strategies
• Manager Selection
The setting up of Oak Pension Asset Management (OPAM) in December 2010 formalised the centralisation of the investment
decisions for BUKRF. This meant that the investment team was now an FSA regulated entity and able to provide investment advice
directly to the Trustees without the involvement of external consultants or managers.
OPAM continues to strengthen and further professionalise the scheme's in-house investment capacity, while remaining 100%
aligned to the interests of the Scheme.
BUKRF CIO Key Responsibilities:
• Deciding which capabilities should be
outsourced.
• Deciding where the In-House team can
have most impact.
Tony Broccardo, CIO BUKRF
To Outsource or Not To Outsource?
Case Study – In House Executive
14. Process:
• The fund doesn’t attempt to stock pick or manage the assets directly
• Instead they utilize external asset class specialists
• Focus their efforts on asset allocation, tactical investment decisions and manager selection
• Conduct scenario analysis to try and understand all of the risks and opportunities within the fund
3 key parts to OPAM:
1. Dynamic Asset Allocation
• Asset allocation overlay
• Hedging mandates
• Opportunities over shorter term horizons (< 1 year)
• Use of derivatives to switch between markets
2. Manager Selection
• Dealing with large consultants and managers
3. Implementation Team dealing with
• Liquidity
• Risk Analysis
• Stress Testing
Results:
• Monthly Dynamic Asset Allocation Committee was established
• Allowed the Fund to respond quickly in late 2008 to take advantage of an opportunity in leveraged loans
• Over the past three years the active strategies overseen by BUKRF's investment team have added about £1bn to
the scheme's roughly £16bn defined benefit portfolio.
Consultants:
• Less work with consultants than other pension funds, more done in house
• Work with consultants on a specialist basis
Source: Professional Pensions
To Outsource or Not To Outsource?
Case Study – In House Executive
15. 15
Board /
Investment
Committee
Setting strategy Implementation
OPAM - Tony Broccardo, CIO BUKRF
• Dynamic Asset Allocation
• Asset allocation overlay
• Hedging mandates
• Opportunities over shorter term
horizons (< 1 year)
• Use of derivatives to switch
between markets
• Manager Selection
• Dealing with large consultants and
managers
• Implementation Team dealing with
• Liquidity
• Risk Analysis
• Stress Testing
• Establish framework/risk budget
• Contextualise Investment
Objectives – return goals vs.
balance of risks e.g. Contributions
at Risk
• RoadMap and ALM analysis of
existing portfolio
• Propose new investment strategy
Specialist
Consultant (s)
Specialist
Consultant (s)?
Investment Bank (s)?
Investment
Manager (s)
Investment Bank (s)?
To Outsource or Not To Outsource?
Case Study – In House Executive
16. Strength of Governance Structure
In-House CIO • Strong governance structure
• Emphasis is on Investment Strategy and Asset Allocation
External Fiduciary • Depends on level of delegation
• Final decision on Investment Strategy must rest with Trustees
Alignment of Interest
In-House CIO • Highly aligned
External Fiduciary • Must juggle interests of many clients
Market Opportunities
In-House CIO • Focused on finding opportunities for one client
External Fiduciary • Must juggle interests of many clients
To Outsource or Not To Outsource?
In-House vs. Outsourced Fiduciary
17. Investment Expertise
In-House CIO • Depends on size of governance/cost budget
• Team size usually smaller
External Fiduciary • If large fiduciary, should be strong
• Ability to hire investment professionals in many asset classes
Transaction Costs / Management Fees
In-House CIO • Size will determine savings
External Fiduciary • Large fiduciary can benefit from economies of scale
• Strong position to negotiate on fees
Key Man Risk
In-House CIO • If small team then risk may be high
External Fiduciary • Should be lower for large fiduciary manager
To Outsource or Not To Outsource?
In-House vs. Outsourced Fiduciary
19. Conclusions
Large Schemes (>£500m) – Should hire a Delegated CIO because it focuses attention on
investment strategy and help put in place a Pension Risk Management Framework
Depending on the governance budget available, should delegate investments decisions to CIO, benefiting from:
• Ability to implement robust Pension Risk Management Framework
• Ability to respond quickly to market changes
• Delegated CIO focusing directly on the funding level of one scheme
• Closer co-ordination between actuaries and asset managers
• Responsive, pro-active CIO with authority to implement investment decisions
Small Schemes (<£500m) – If unable to justify internal option should look at the other
external options
Might be too small to afford In-House approach. If too expensive, should look for an external fiduciary. They will
benefit from:
• Bargaining power and negotiating ability of a large fiduciary manager
• Access to experienced professionals
• Investment in wide range of asset classes
• Manager that holistically assesses the risks in the assets and liabilities
• Focus on funding level and risk management
The In-House Option
Conclusions
20. To Outsource or Not to Outsource?
Assessing the In-House Alternative
A number of pension funds have already decided to employ Delegated CIOs including:
This was the right option for these schemes because:
1. Investment Complexity has increased.
2. Trustees needed to implement a Pension Risk Management Framework.
3. Trustees need to get the key decision for the Scheme right.
Investment Strategy
4. Creates high alignment of interest between Delegated CIO and Trustees.
5. They had the necessary resources.
21. The In-House Option
Key Features of the Delegated CIO
Key Features of a Delegated CIO
• Small team of experienced professionals
• Focused on one scheme instead of many
Greater potential to spot de-risking opportunities
First in line for new asset class opportunities
• Work closely with Trustees and other Stakeholders
• Maximum information flow on liability side
• Easier to deal with changing actuarial considerations
• Focus on Investment Strategy
• Ability to control Tactical Asset Allocation
• Interests highly aligned with the Trustees / Scheme
• Elimination of some asset management and consultancy related
costs
Potential Drawbacks
• Key man risk
• Quality of CIO depends on Governance budget available
• Transaction costs – small scheme may pay more than large fiduciary
• Cost – extra layer of Governance so extra layer of cost
22. What is the potential cost versus mandating an External Fiduciary?
• Fees for Fiduciary Management can vary, a typical AMC is roughly 20bps.
• Fiduciary Management adds an extra layer of governance to the investment process,
this in turn can raise costs depending on the size of the Scheme involved.
• But by spending an extra 20bps, is this cost outweighed by the benefits of Fiduciary
Management?
Where is the Breakeven
Point for developing a
team of In-House
professionals?
The In-House Option
What is the Cost?