The document discusses pension fund investments in activist hedge funds and ensuring accountability across the investment chain. It provides examples of activist hedge funds pressuring companies to change boards, CEOs, payout policies, and undertake restructurings. It also discusses how pension funds can promote accountability through board representation, proxy voting, and ensuring managers act in beneficiaries' long-term interests rather than short-term gains. International guidance and national regulations aim to balance corporate and pension fund governance with workers' interests as employees and investors.
Money CapitalHeight Research Pvt Ltd is a leading Stock Advisory Company, having a strong hold in providing most authentic and accurate Equity Tips as well as Commodity Tips.
We are a team of highly qualified and experienced analysts, who deliver their expertise in providing stock market calls for traders which include tips like Stock Tips, Commodity Tips, MCX Tips, Equity Tips and Intraday Tips. All services are provided through SMS and Instant Messenger.
Our research is based around these services:
• Stock Tips
• Commodity Tips
• Equity Tips
• Intraday Tips
• NCDEX Tips
For 2 Days Free Trial, please visit our site at http://www.capitalheight.com or please call our 24/7 Customer Care Support us at +91 9993066624, 0731 - 4295 - 950 Or email us at: contact@capitalheight.com
Jim Davis, Senior Vice President and Chief Marketing Officer, SAS, presented at the Premier Business Leadership Series, 2010. http://www.sas.com/theserieshk.
Organisations today are dealing with diverse issues, a wider range of regulations and heightened global competition. There has never been a greater urgency for proactive, evidence-based decisions and agile strategies.
By delivering insights that are gleaned from data about customers, suppliers, operations, performance and more, Davis will explore how leading organisations are solving complex business problems, lifting performance and driving sustainable growth through business analytics.
2009 is a crucial year for the insurance linked securities market, with positive developments – including the issuance of new bonds from SCOR, Chubb, and Liberty Mutual. The 6th ILS Summit will discuss the need for enhanced transparency, reduced counterparty risk and better valuations which investors are demanding to ensure the long term future of the sector. It’s the largest ILS conference in the world, with more delegates, speakers, opportunities for networking than any other event.
This document discusses how Expense Reduction Analysts (ERA) helps private equity firms, portfolio companies, and corporations reduce expenses. ERA introduces portfolio companies to cost savings opportunities and works directly with private equity firms on post-closing projects. ERA's process benchmarks costs, conducts procurement processes, and identifies savings opportunities across various expense categories. ERA achieves an average of 20% savings for clients through renegotiating supplier contracts and benchmarking against industry peers, with savings realized in 91% of projects.
Workshop Employee Financial Participation - O KellySocial Europe
This document provides an overview of financial participation and employee share ownership plans internationally and within the EU. It discusses the history of such plans in the US and Europe. It also summarizes several EU initiatives like the PEPPER reports that aim to promote financial participation and address barriers across countries. Finally, it outlines elements of a model financial participation plan, including governance, communications strategies, and general rules.
Workshop Hedge Funds and Sovereign Wealth Funds - MorganSocial Europe
The document discusses hedge funds and their role in global financial markets. It provides an overview of hedge fund strategies, including equity hedge, event-driven, macro, and relative value funds. It also discusses key facts about the hedge fund industry such as assets, fees, and the role of prime brokers. While hedge funds can impact companies, the document concludes they pose little threat to financial systems based on their small size and do not require additional consumer protections for investors.
Workshop Hedge Funds and Sovereign Wealth Funds - RaymondSocial Europe
Sovereign wealth funds intervened during the 2008 financial crisis to support their domestic economies in three main ways:
1) As "shareholders of last resort" by purchasing stocks in struggling domestic banks and companies.
2) As "lenders of last resort" by providing loans to domestic entities like banks and governments.
3) As "insurance funds" by using reserves to finance budget deficits and economic recovery packages.
While these interventions helped address short-term issues, they are not without risks and their long-term benefits are unclear as using sovereign wealth funds for domestic purposes may undermine their role as long-term savings vehicles for countries.
1) There is heterogeneity in private equity investment styles and outcomes that is often neglected in debates that portray private equity firms as either "angels or demons".
2) The impact of private equity investments on companies varies greatly depending on the type of company and private equity firm, with some focusing on growth, others on operational efficiencies, and others on turnarounds.
3) A looming refinancing crisis could occur as large amounts of debt taken on in private equity deals during the boom years from 2007-2009 come due for repayment.
Money CapitalHeight Research Pvt Ltd is a leading Stock Advisory Company, having a strong hold in providing most authentic and accurate Equity Tips as well as Commodity Tips.
We are a team of highly qualified and experienced analysts, who deliver their expertise in providing stock market calls for traders which include tips like Stock Tips, Commodity Tips, MCX Tips, Equity Tips and Intraday Tips. All services are provided through SMS and Instant Messenger.
Our research is based around these services:
• Stock Tips
• Commodity Tips
• Equity Tips
• Intraday Tips
• NCDEX Tips
For 2 Days Free Trial, please visit our site at http://www.capitalheight.com or please call our 24/7 Customer Care Support us at +91 9993066624, 0731 - 4295 - 950 Or email us at: contact@capitalheight.com
Jim Davis, Senior Vice President and Chief Marketing Officer, SAS, presented at the Premier Business Leadership Series, 2010. http://www.sas.com/theserieshk.
Organisations today are dealing with diverse issues, a wider range of regulations and heightened global competition. There has never been a greater urgency for proactive, evidence-based decisions and agile strategies.
By delivering insights that are gleaned from data about customers, suppliers, operations, performance and more, Davis will explore how leading organisations are solving complex business problems, lifting performance and driving sustainable growth through business analytics.
2009 is a crucial year for the insurance linked securities market, with positive developments – including the issuance of new bonds from SCOR, Chubb, and Liberty Mutual. The 6th ILS Summit will discuss the need for enhanced transparency, reduced counterparty risk and better valuations which investors are demanding to ensure the long term future of the sector. It’s the largest ILS conference in the world, with more delegates, speakers, opportunities for networking than any other event.
This document discusses how Expense Reduction Analysts (ERA) helps private equity firms, portfolio companies, and corporations reduce expenses. ERA introduces portfolio companies to cost savings opportunities and works directly with private equity firms on post-closing projects. ERA's process benchmarks costs, conducts procurement processes, and identifies savings opportunities across various expense categories. ERA achieves an average of 20% savings for clients through renegotiating supplier contracts and benchmarking against industry peers, with savings realized in 91% of projects.
Workshop Employee Financial Participation - O KellySocial Europe
This document provides an overview of financial participation and employee share ownership plans internationally and within the EU. It discusses the history of such plans in the US and Europe. It also summarizes several EU initiatives like the PEPPER reports that aim to promote financial participation and address barriers across countries. Finally, it outlines elements of a model financial participation plan, including governance, communications strategies, and general rules.
Workshop Hedge Funds and Sovereign Wealth Funds - MorganSocial Europe
The document discusses hedge funds and their role in global financial markets. It provides an overview of hedge fund strategies, including equity hedge, event-driven, macro, and relative value funds. It also discusses key facts about the hedge fund industry such as assets, fees, and the role of prime brokers. While hedge funds can impact companies, the document concludes they pose little threat to financial systems based on their small size and do not require additional consumer protections for investors.
Workshop Hedge Funds and Sovereign Wealth Funds - RaymondSocial Europe
Sovereign wealth funds intervened during the 2008 financial crisis to support their domestic economies in three main ways:
1) As "shareholders of last resort" by purchasing stocks in struggling domestic banks and companies.
2) As "lenders of last resort" by providing loans to domestic entities like banks and governments.
3) As "insurance funds" by using reserves to finance budget deficits and economic recovery packages.
While these interventions helped address short-term issues, they are not without risks and their long-term benefits are unclear as using sovereign wealth funds for domestic purposes may undermine their role as long-term savings vehicles for countries.
1) There is heterogeneity in private equity investment styles and outcomes that is often neglected in debates that portray private equity firms as either "angels or demons".
2) The impact of private equity investments on companies varies greatly depending on the type of company and private equity firm, with some focusing on growth, others on operational efficiencies, and others on turnarounds.
3) A looming refinancing crisis could occur as large amounts of debt taken on in private equity deals during the boom years from 2007-2009 come due for repayment.
This document summarizes a presentation given by various experts on calibrating outcomes for defined contribution pension plans. It discusses perspectives from three lenses: the scheme lens, the consumer lens, and the asset manager lens. Specific schemes like Pearson Group Pension Plan, IBM, Arup, and Thomas Miller are examined in terms of their default funds, member behaviors, and strategies for improving outcomes. Key challenges discussed include the importance of default funds, improving member contributions and engagement, managing volatility, and selecting appropriate multi-asset default solutions.
110130 international pe_vc_valuation_guidelines_sep_2009_updateEvelyn Chua
The document provides guidelines for determining the fair value of private equity and venture capital investments. It defines key terms and outlines principles of valuation, including that fair value estimates the price at which an orderly transaction would occur between willing market participants. It also describes various methodologies that may be used to determine fair value, such as considering the price of recent investments, earnings multiples of comparable companies, discounted cash flows, and secondary transactions.
Presentation discussing the importance of reserves, how they should be used, ways to predict risk, and strategies for enhancing - Tate Tryon CPAs - Nonprofit CPA Firm
An overview of managerial finance-IBF-CH#1Junaid hancock
This document provides an overview of managerial finance. It discusses what finance entails, the general areas of finance, and how finance fits within the organizational structure of a firm. It also covers alternative forms of business organization like proprietorships, partnerships, and corporations. The document discusses how corporations aim to maximize shareholder wealth through capital structure, capital budgeting, and dividend policy decisions. It addresses agency relationships between shareholders and managers and factors that can influence stock price. The document concludes with brief discussions of business ethics and reasons why firms operate internationally.
The document discusses listing state-owned Latvian companies on the stock exchange. It notes the potential benefits to Latvia's economy by giving companies access to capital markets and improving transparency/governance. However, some see exchange listing as a precursor to privatization. The presentation aims to encourage constructive dialogue on benefits and allay fears about privatization by distinguishing listing from privatization and citing examples. The strategy involves transparent outreach to stakeholders through meetings and public activities to promote discussion and include the issue on the government's agenda.
This document discusses common investment challenges such as randomness of returns, picking winning stocks, timing the market, picking active managers, and the costs of indexing. It then outlines an investment approach focused on strategic partnerships with institutional managers, academically sound portfolio construction, keeping costs low, and HonorVise portfolios. Key points include reviewing evidence that stock returns are random, individual stock picking is difficult, market timing rarely works, and costs are lower with index funds. The approach focuses on dimensions of expected returns including size, value, and market factors.
This document is a report on the impact of current assets on working capital at Oilgear Towler Polyhydron Private Limited (OTPL). It includes chapters on the organization profile, data collection methods, results and discussion with charts/graphs, findings, suggestions, and conclusions. It analyzes key financial ratios like current ratio, working capital turnover ratio, inventory turnover ratio, and debtors turnover ratio over the last three years. The document defines working capital and its components, which include current assets like cash, inventory, accounts receivable, prepaid expenses, and current liabilities. It also discusses the working capital cycle in manufacturing firms from purchasing raw materials to collecting cash from customers.
A project report on impact of current assets on working capitalBabasab Patil
This document is a report on the impact of current assets on working capital at Oilgear Towler Polyhydron Private Limited (OTPL). It includes chapters on the organization profile, data collection methods, results and discussion with charts/graphs, findings, suggestions, and conclusions. It also analyzes key financial ratios like current ratio and inventory turnover ratio for OTPL over the last three years. The report defines working capital and its components, which include current assets like cash, inventory, and accounts receivable, less current liabilities. It also describes the working capital cycle and flow of funds through a manufacturing company.
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The document discusses improving the standard IPO process through a more balanced and collaborative approach between issuers and investors. It proposes broader and deeper marketing that maps over 380 investors, with fewer overlaps in bank coverage. This would lead to more accurate pricing, greater liquidity, and wider research coverage through a focus on education and transparency throughout the process.
The document summarizes key points from PricewaterhouseCoopers' global alternative investments seminar. It discusses the AIFM Directive, its impact on possible hedge fund structures, and insolvency issues. It also examines whether UCITS III is an appropriate vehicle for hedge funds and notes growth in UCITS registrations and distribution footprints in various regions.
The document summarizes a public meeting held by Banco Indusval Multistock on August 19, 2010.
Banco Indusval Multistock is a mid-sized Brazilian bank with over 40 years of experience in the financial market, focusing on lending to mid-market companies. The bank has a loan portfolio of R$1.8 billion, total assets of R$3 billion, and equity of R$430 million.
The meeting covered the bank's loan portfolio performance, funding and liquidity, results, brokerage business, capital markets activities, and sustainability efforts. Key topics included the bank's growth strategy, credit trends in Brazil, quality of the loan portfolio, and sources of funding
1) ABP is the largest pension fund in the Netherlands, providing pensions for employees in the public sector and education.
2) In 2008, ABP started with a strong financial position and high funding ratio of 140%, but this deteriorated significantly by year-end due to the global financial crisis and falling stock prices.
3) ABP aims to provide sustainable, affordable pensions and spread risk widely across sectors through its collective pension schemes.
Luxembourg is a global financial center, particularly for asset and wealth management services. It is the number one investment fund center in Europe and the number one wealth management center in the Eurozone. Luxembourg also has Europe's leading position as a domicile for captive reinsurance companies. The financial sector is highly international, with many foreign banks, fund promoters, and clients from around the world. It is also well regulated and has extensive tax treaty networks.
Presentation given by Prof. Mervyn King during the International Federation of Accountants (IFAC) integrated reporting seminar, A Fundamental Shift in Corporate Reporting, November 14, 2012.
Prof. Mervyn King's presentation on integrated reporting during the International Federation of Accountants’ Council Seminar, A Fundamental Shift in Corporate Reporting.
This document discusses alternative financing options for private sector development in Iran, including capital partnerships. It describes how capital partnerships can bring together capital providers (investors) and capital users (managers) in various sectors like real estate, film, energy, and more. For example, a domestic refinery partnership could issue product stock units to oil suppliers and managers in exchange for oil and services, providing financing without interest-bearing loans. The document argues these types of partnerships can reduce funding costs and create new asset classes for investment compared to conventional debt and equity models.
090420 a new financial order - 114 page abridged version for financial marketsSuzanne Duncan
This document summarizes the findings of an 18-month study on the future of the financial markets industry. Key findings include:
1) Financial sophistication has outpaced the industry's ability to manage risks and unintended consequences.
2) Both government and industry must work together to balance financial stability and healthy innovation.
3) Firms face an identity crisis and must solve how to generate sustainable value rather than relying on past opaque practices.
The Eastern Caribbean Enterprise Fund aims to promote sustainable economic growth in the OECS through entrepreneurship and private sector development. It will establish two investment funds totaling $25 million to provide financing and technical assistance for SMEs and larger growth companies. The ECEF seeks to raise $25 million in seed capital through private placements with regional institutions and investors to begin operations and make its first investments. It outlines the fund structures, investment selection process, governance, target returns and fees, marketing strategy, and staffing and budget plans.
Stratified medicine - How Can We Help Each OtherSpace IDEAS Hub
Stratified Medicine – Opportunities for Business was a session that provided information to help businesses. It included presentations on how the Space IDEAS Hub can help leverage expertise from the space industry, intellectual property, and funding options. The Space IDEAS Hub helps businesses with challenges through innovative solutions, engineering expertise, and analysis. It has experience from space programs and can help spin out new technologies. Intellectual property was discussed, including patents, trademarks, registered designs, and copyright. Finally, funding through business angels and venture capital was covered, including when they provide funding, what they expect from investments, and the assessment process.
Debriefing and Access to Finance Plenary - LangSocial Europe
KfW is the promotional bank of Germany, founded in 1948 to support post-war reconstruction. It has a balance sheet of EUR 400 billion and provides financing through other banks. KfW supports SMEs, entrepreneurs, environmental projects, housing, education and infrastructure. It works both domestically in Germany and internationally in developing countries. KfW relies on other banks to process loan applications and disburse funds, while KfW provides refinancing at favorable rates. It has also established a network of financial institutions across Europe to improve SME access to finance.
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The document summarizes a workshop on private equity that discussed the diversity of private equity strategies, the mixed employment and wage outcomes of private equity investments, and expectations for the future growth of private equity alongside efforts to promote good practices and provide more data for research. Speakers at the workshop included academics and private equity professionals and focused on topics such as different private equity strategies, employment and productivity effects, and variability in outcomes between firms.
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This document discusses common investment challenges such as randomness of returns, picking winning stocks, timing the market, picking active managers, and the costs of indexing. It then outlines an investment approach focused on strategic partnerships with institutional managers, academically sound portfolio construction, keeping costs low, and HonorVise portfolios. Key points include reviewing evidence that stock returns are random, individual stock picking is difficult, market timing rarely works, and costs are lower with index funds. The approach focuses on dimensions of expected returns including size, value, and market factors.
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This document is a report on the impact of current assets on working capital at Oilgear Towler Polyhydron Private Limited (OTPL). It includes chapters on the organization profile, data collection methods, results and discussion with charts/graphs, findings, suggestions, and conclusions. It also analyzes key financial ratios like current ratio and inventory turnover ratio for OTPL over the last three years. The report defines working capital and its components, which include current assets like cash, inventory, and accounts receivable, less current liabilities. It also describes the working capital cycle and flow of funds through a manufacturing company.
Подход к IR с позиции специалиста по рынкам акционерного капиталаRTS Stock Exhange
The document discusses improving the standard IPO process through a more balanced and collaborative approach between issuers and investors. It proposes broader and deeper marketing that maps over 380 investors, with fewer overlaps in bank coverage. This would lead to more accurate pricing, greater liquidity, and wider research coverage through a focus on education and transparency throughout the process.
The document summarizes key points from PricewaterhouseCoopers' global alternative investments seminar. It discusses the AIFM Directive, its impact on possible hedge fund structures, and insolvency issues. It also examines whether UCITS III is an appropriate vehicle for hedge funds and notes growth in UCITS registrations and distribution footprints in various regions.
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Workshop Hedge Funds and Sovereign Wealth Funds - Habbard
1. Pension Fund Investments in
Activist Hedge Funds
– Ensuring Accountability Across the
Investment Chain
Workshop 2/3
EC Restructuring Forum 6 July 2010
1
2. Activist hedge funds
Workers’ capital
Pension fund investment in private funds
Accountability across the investment chain
2
3. Private pool of capital, limited partnership status
– underperforming management or business model (conglomerates)
– take 2-5% share ownership
Event-driven, merger arbitrage
Activist Engagement
– Board change / replacement of CEO
– Payout policy (dividends and share buybacks)
– Restructuring : takeover, demerger & spin-offs (or opposition)
“Structurally obliged to aggressively seek maximum short-term
extraction”
– Must beat the “hurdle rate” to take their 20% on capital gains
– Bounded by a maximum holding period (3 years)
3
4. Time line of a stylised activist engagement
– Private vs public engagement
Source: adapted from Becht, Franks & Grant 2010
4
5. Examples
– UK
• Hermes Focus Fund (Océ), The Children’s Investment
Fund (ABN Amro 2007, Deutsche Börse 2005-2009)
– US
• Paulson & Co (Cadbury), Wyser Pratte & Co (Lagardère)
– France
• Colony Capital Europe (Carrefour, Accor), Eurazeo
(Accor),
– Sweden
• Cevian Capital (Volvo 2007, Old Mutual)
5
6. Case studies
Accor
– Colony Capital Europe & Eurazeo build up 30%
stake in 2009
• Spin-off of real estate assets in the hotel branch
• Demerging of hotel and voucher activities
• CEO forced out, board change
– Opposition by the EWC and French state-owned
minority shareholder
– February 2010: Standard & Poors downgrades
Carrefour from BBB to BBB-
Source: IUF's Private Equity Buyout Watch
6
7. Case studies
Cadbury
– Takeover bid by Kraft December 2009
– Hedge funds ownership rises from 5% to 30% in 1 month
– January 2010: Board accepts takeover offer
– Roger Carr, Cadbury’s outgoing chairman:
“It may be unreasonable that a few individuals with weeks
of share ownership can determine the lifetime destiny of
many,”
– Adam Lent, TUC :
“it’s a deal which goes through because it is largely
supported by short-term investors after a quick buck than
those with a long-term interest in the company.”
Source: ft.com & http://www.touchstoneblog.org.uk/
7
8. Activist hedge funds
Workers’ capital
Pension fund investment in private funds
Accountability across the investment chain
8
9. Stewardship of
workers’ capital
Activism for
– Board accountability
– ESG reporting
– HR & labour rights
9
Source: TUAC
10. Stewardship of
workers’ capital
Pension governance & funding rules
– Board representation
– risk based supervision, quantitative restrictions
– Pressure on liabilities arising from risk sharing (DB, DC, Hybrid)
– Assets with ownership responsibilities vs fixed income (bonds)
Asset management accountability
– Governance of asset managers, conflicts of interest
– Effective exercise of proxy voting rights
Enabling regulatory framework
– Fiduciary duties of trustees
– Access to the AGM agenda
– Acting in concert – strange bedfellows
– Trade union infrastructure: education, expertise, leadership
Source: TUAC 10
11. The investment chain
Perimeter Perimeter
of the company AGM of the pension fund
(“workers’ as employees”) (“workers’ as investors”)
Asset
Board
management
Board of
Management
trustees
Works council Workers
Source: TUAC 11
12. The investment chain
- international guidance
Perimeter Perimeter
of the company AGM of the pension fund
Asset
Board
management
Board of
Management
trustees
Works council Workers
12
13. The investment chain
- national laws and
regulations
Corporate law Securities law
AGM
Financial regulation
Asset
Board
management
Pension law
Board of
Management
trustees
Works council Workers
Labour law
13
14. Activist hedge funds
Workers’ capital
Pension fund investment in private funds
Accountability across the investment chain
14
15. No regulation, no reliable data
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
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th 5)
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(7
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an
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re
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(
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Ca rla
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ng
e c pu
Au lg
lia
k
n
Ko
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a
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ey
nl
m
l
e
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ar
ai
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er
Cz Re
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ite
Un
Alternatives (land & buildings, unallocated insurance contracts, private investment funds,
other)
AUM > 10% GDP
Mutual funds (CIS)
Shares
Cash and Deposits, Bills and bonds issued by public and private sector, Loans
15
Source: OECD Pension Markets in Focus 2007 www.oecd.org/daf/pensions/pensionmarkets & www.oecd.org/dataoecd/47/0/39510746.xls
16. From quantitative restrictions to
prudent person standard
16
Source: Source: OECD Survey of Investment Regulations of pension funds, July 2008, www.oecd.org/dataoecd/12/46/40804056.pdf
17. In need of harmonisation?
Country Quantitative restrictions (% of AUM) Average Exposure (% of
AUM)
Austria 30% max in unlisted securities (incl. HF)
Canada None* 1% (federally regulated plans)
Czech Republic 5% max Estimated up to 1%
Denmark Solvency requirements
Finland Authorised since 1st January 2007 3.10%
Greece 5% max 0%
Ireland 10% max in unlisted securities (incl. HF) Thought to be extremely low
Italy 20% max in CIS (incl. HF); max 1x leverage; short Negligible
selling, lending & borrowing prohibited.
Netherlands Solvency requirements Approximately 2-3%
Poland 10% max in CIS (incl. HF) 0%
Portugal 5% max (to be raised to 10%) 3%
Slovakia Prohibited 0%
Spain 5% max; indirect restriction via caps on fees
Source: OECD 17
18. No regulation, no data
Pension funds’ share of hedge funds’ funding
– 25% - 40% ?
– more if funds-of-funds are included
Hedge funds’ share of pension funds’ portfolio
– Netherlands 3.4%, UK 1.5%, Swiss 3.3%,
Australia 5%, … (exposure)
Who invest in alternative assets?
– Large (sector wide) pension funds
– DB schemes and hybrid DC schemes
Source: OECD 2010 18
19. Implications for PF risk
management
Most challenging aspects
– Selecting, monitoring managers, due diligence procedures
– Fees
– Barriers to entry
The fees
– 2% on annual commitments + 20% on capital gains
– Hurdle rate
Risk management
– Exposure = un-funded commitments + remaining value
– Governance of limited partnerships
Source: OECD & JP Morgan 19
21. Activist hedge funds
Workers’ capital
Pension fund investment in private funds
Accountability across the investment
chain
– Pension fund risk management
– Governance of private pools of capital
– Shareholder transparency
21
22. Pension fund risk
management
International guidance
– IOPS Good Practices in the Risk
Management of Alternative
Investments by Pension Funds
(2008)
– IOSCO high level principles on the
regulation of hedge funds (2009)
– OECD Guidelines on Pension Fund
Asset Management (rev 2009)
22
23. Risk managing a hedge fund,
an oxymoron?
OECD Survey of pension supervisory authorities
(forthcoming)
“Key Concerns” regarding alternative investments
– Valuation accuracy, liquidity management, price volatility
– Level of understanding and skills
– Inadequate risk management systems
– Non-compliance with quant’ limits or overall risk profile
– Lack of information provided to plan members
AIFM
– Risk management (#11), liquidity (#12), CDOs (#13),
valuation (#16)
– Delegation (#18), disclosure to investors (#20)
23
24. Governance of
private pools of capital
British House of Commons, hearings on private equity
(2007)
– Paul Myners: “Investors can be quite lethargic… [we]
should ask why they invest in private equity with its
association with aggressive capital structures, high
incentives for management and a minimalist approach to
governance … while adopting an entirely different approach
when investing in public equity.”
Limited liability partnerships
– virtually all control in the hands of the general partners
– Un-regulated, no standardisation
24
Source: Private equity, Treasury Committee, House of Commons, 24 July 2007
www.publications.parliament.uk/pa/cm200607/cmselect/cmtreasy/567/567.pdf
25. Governance of
private pools of capital
SRI AGM Engage-
screening voting ment
External management
√ √/X X
Internal management
√ √ √
Bond & fixed income
√ X √/X
Listed equity
√ √ √
Private capital
√ ? ?
Weak AM accountability
√ X X
Weak TU infrastructure
√ √/X X
25
26. Shareholder transparency
Corporate governance: OECD lessons of the crisis
Ineffective monitoring by shareholders
– Both widely held and concentrated structures
– Shareholders’ short termism & excessive risk taking policies
Way forward
– Conflicts of interest of proxy advisors
– Facilitate access to voting
– Institutional investors should not be discouraged from
acting together
– Private equity & activist hedge funds should not be
hampered as a side-effect of regulatory reforms
26
Source:http://www.oecd.org/dataoecd/3/10/43056196.pdf
27. Shareholder transparency
Review of Transparency Directive 2004
– Lowering the threshold to 3%
– Derivatives contract for difference, Share
lending, Empty voting, Beneficial ownership
– Disclosures on intentions & financing
arrangements
– Disclosures of voting policy & ESG criteria
AIFM
– Reporting for significant interest or a controlling
influence in companies (#26-29)
– Delegation (#18), disclosure to investors (#20)
27
28. The investment chain
- EU Directives
Shareholders’ right
AGM
Transparency
Asset UCITS
Board
management
Takeover
(AIFM)
4th company law
Board of
Management IORPs
trustees
Info. & Consult. Acquired Rights
Works council Workers
EWC
28