Sovereign wealth funds' (SWF) operations and strategies remain, in many cases, guarded secrets. While some confidentiality is understandable, a gap exists between what we'd like to know about SWFs and what most SWFs are willing to tell us. This report fills this information gap through proxy, by...

This paper focuses upon asset owners, such as pension funds, and their models of investment management, recognizing the choice between insourcing, outsourcing and re-intermediation. Drawing upon the principal-agent problem, the dimensions of the management ‘problem' are identified emphasizing...

The Norwegian Government Pension Fund Global has an explicit mission to integrate long-term investment return objectives with an ambitious ethical commitment. This approach has drawn praise among Western policymakers. However, we contend that the ethical investment policy of the Norwegian...

The Alberta Investment Management Corporation (AIMCo) was established in 2008 to manage approximately C$70 billion on behalf of 26 pension, endowment, and government reserve funds in the Province of Alberta. The fund's over-arching goal is to earn incremental return on risk over what our clients...

The idea that superior knowledge is required to drive financial outperformance runs counter to some of the most pervasive theoretical frameworks used by investors today. The Efficient Market Hypothesis and the Capital Asset Pricing Model, for example, posit that capital markets are efficient and...

A growing number of institutional investors are unhappy with the exposures they have to long-term alternative asset classes, such as private equity, infrastructure and real estate. This frustration has little to do with the underlying assets. Rather, it relates to the sub-optimal access points...

Proprietary information and data-processing systems have become key competitive differentiators for investors; better systems provide better data, which in turn drive better investment decisions and performance. But while the best systems are multifaceted and touch all aspects of the investment...