Posted Jan 31, 2012
Written By: - Alexandra Scaggs
After more than two years of volatile markets and economic uncertainty, many pension boards in the U.S. are recognizing that they may not be equipped to handle these conditions. While corporate plans and Taft-Hartleys have been moving more toward an outsourced cio model—in which a plan’s board hands over portfolio investment authority to an external party—public funds are taking a different tack. They’re moving to give asset managers increasingly broad mandates and putting the onus on the firms to move quickly between regions and investments within specific asset classes to enhance gains or, at a minimum, mitigate losses.
Plans of all sizes—from the roughly $220 billion California Public Employees Retirement System to the $370 million Indiana State Police Pension Trust, for instance—are adding unconstrained managers ....
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