SWFs evolving into competitors from clients
Skip to main content
pilogo-NEW
Subscribe
  • Subscribe
  • My Account
  • login
  • NEWS
    • Asset owners and the coronavirus
    • Alternatives
    • Consultants
    • Coronavirus
    • Defined Contribution
    • ESG
    • Frontlines
    • Hedge Funds
    • Investing / Portfolio Strategies
    • Money Management
    • Pension Funds
    • People Moves
    • Private Equity
    • Real Estate
    • Searches & Hires News
    • SECURE Act
    • Special Reports
    • WorldPensionSummit
    • Ron Schmitz
      Pandemic drives faster transition for Virginia to private markets
      Mubadala Investment Co. logo
      Mubadala draws on portfolio in coronavirus fight
      T.J. Carlson
      Texas Muni reduces downside risk during pandemic, finding opportunities now
      Scott Davis
      ‘Triage plan’ at Indiana system helped stem losses
    • BentallGreenOak agrees to acquire Metropolitan Real Estate Equity
      watch video
      0:45
      Private funds weathered 2020 turmoil
      Daniel McHugh
      Aviva Investors promotes from within for real assets CIO
      Marc Rowan
      More alts managers seek expansion to retail market
    • Kieran Mistry
      Hymans Robertson picks head for new non-traditional risk transfer unit
      Troy Saharic
      NEPC brings on director of new business development
      Bill Foley
      Foley-backed SPAC agrees to $7.3 billion deal with Alight
      Jason Schwarz, chief operating officer of Wilshire,
      New owners have big plans for future of Wilshire
    • Multiemployer pension measures cleared for relief bill vote
      The Charging Bull statue is covered in snow near the New York Stock Exchange on Feb. 11, 2021
      Bain: Private equity managers finish 2020 strong
      Eastern Colorado VA Receives Shipments Of Covid-19 Vaccines
      Fidelity looks to speed vaccinations to get workers back to offices
      OMERS CEO Blake Hutcheson
      OMERS records worst loss since 2008 on bad COVID-19 bets
    • DCALTA releases daily valuation tool for alts in DC plans
      PSCA: Employee participation in non-qualified deferred comp plans rising
      Profile of backlit woman against at TV monitor with female symbols on it
      Women outperform men in managing DC plans – Morningstar
      A  Malaysia flag flies in Putrajaya on Sept. 23, 2020
      Malaysia’s EPF ends 2020 up 7.9% at almost $250 billion
    • TPT Retirement taps into low-carbon strategies
      Gary Gensler
      Nominee Gensler backs SEC climate risk disclosure
      Emissions from a smokestack in Poland
      Asset managers facing more scrutiny on ESG issues – report
      Boris Johnson, U.K. prime minister, hosts the U.N. Security Council's virtual meeting on climate change risks in London on Feb. 23, 2021
      Progress in fighting climate change falls short – U.N.
    • Donation illustration
      Jefferies will use trading commissions to do good
      Michael Arougheti
      SPACs ride wave as latest investment darling
      Spirit winners
      Prudential honors young people who are helping out
      2 U.K. pension execs take on ESG investing in new podcast
    • Robert 'Rob' Shafir listens during a Senate Permanent Subcommittee on Investigations hearing in Washington on Feb. 26, 2014
      Sculptor hedge fund hits sixth straight year of outflows
      The WallStreetBets forum on the Reddit Inc. website on a laptop computer and the GameStop logo on a smartphone in an arranged photo.
      GameStop frenzy has hedge fund managers rethinking next moves
      Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management, speaks during the Sohn Investment Conference in New York on May 6, 2019
      Citadel, Point72 back Melvin with $2.75 billion after losses
      Shanghai skyline
      Global hedge funds struggle even in a more open China market
    • University of West Florida Foundation assigns $5 million to private credit
      Pontiac General Employees drives $5 million into real estate
      TPT Retirement taps into low-carbon strategies
      Gary Gensler
      Nominee Gensler backs SEC climate risk disclosure
    • Fidelity registers 17.9% rise in AUA in 2020
      Mellody Hobson
      Ariel’s Mellody Hobson hitting her stride as co-CEO
      Adrian Lee & Partners appoints head of sales and marketing
      Jackson Square Partners out as Vanguard subviser
    • Funded status of largest U.S. pension plans climbs in 2020
      Corporate plan funding ratios get a boost in February – 2 reports
      Silentnight owners settle pension fund dispute with regulator
      A  copy of the Daily Mirror newspaper is removed from the production line at Trinity Mirror's factory in Watford, U.K., on April 13, 2010
      Media group Reach inks buy-in deal for pension fund
    • Adrian Lee & Partners appoints head of sales and marketing
      BlackRock Investment Institute picks global chief investment strategist
      Metlife Investment Management selects new head of real estate equity
      Eric Lane departs Goldman for Tiger Global
    • The Charging Bull statue is covered in snow near the New York Stock Exchange on Feb. 11, 2021
      Bain: Private equity managers finish 2020 strong
      Carlyle secures $4.1 billion ESG-related credit facility
      Hamilton Lane raises $3.9 billion for fifth secondary fund
      PSG closes first Europe-focused fund at $1.5 billion
    • AEW chooses head of fund operations and debt finance
      Sebastiano Ferrante and Jocelyn de Verdelon
      PGIM Real Estate turns to staff to fill new roles
      European managers key in on specialist strategies
      Ingrid Jacobs
      Jones Lang LaSalle brings on head of diversity and inclusion
    • Neal and Brady
      Retirement security could be only issue both sides accept
      Retirement cartoon
      Hopes rising for retirement readiness in 2021
      Shawn O'Brien
      Annuities coming to target-date funds, but not right away
      David Ireland
      Sponsors returning to questions about in-plan annuities
    • Charging Bull, sometimes referred to as the Wall Street Bull or the Bowling Green Bull, a bronze sculpture that stands on Broadway just north of Bowling Green in the Financial District of New York City
      Top-performing managers Q4 2020
      P&I 1,000 largest retirement plans: 2021
      Retirement in emerging markets
      Outlook 2021
    • U.S. still a key market for investors
      Collected coverage of P&I's 2020 WorldPensionSummit
      Pedestrians pass a large advertisement on the Arndale Center shopping mall reading 'Act now to avoid a local lockdown' in Manchester, England
      COVID-19 puts new opportunities and risks on the agenda - WPS panelists
      Screens display stock price information over the trading floor of the NYSE Euronext exchange in Paris
      Private assets will continue to grow in portfolios – WPS panelists
  • Data
    • Research Center
    • Searches & Hires Database
    • Searches & Hires News
    • RFPs
    • Charts / Infographics
    • Sponsored Research
    • Trackers
    • Q2 2020 searches and hires overview report
      Q2 2020 money manager M&A activity summary
      Q2 2020 legal overview report
      Q1 2020 searches and hires overview report
    • University of West Florida Foundation assigns $5 million to private credit
      Pontiac General Employees drives $5 million into real estate
      Minnesota taps Albourne as first private markets consultant
      LGPS Central seeks managers for targeted return strategy
    • University of West Florida Foundation assigns $5 million to private credit
      Pontiac General Employees drives $5 million into real estate
      Minnesota taps Albourne as first private markets consultant
      LGPS Central seeks managers for targeted return strategy
    • Financial Auditing Services
      Actuarial Services
      Emerging Market Equity Manager Services
      Securitized Credit Manager Search
    • Taiwan Semiconductor’s No. 1 in the emerging markets book
      U.S. fixed-income returns post another positive year
      Nasdaq delivers an impressive year
      U.S. dollar's recent decline continues
    • Institutional Investors: Shared Expectations, Divergent Paths
      Global Investor Study 2016
      Workplace Financial Wellness
    • U.S. Endowment Returns Tracker
      Pension Fund Returns Tracker
      Earnings Tracker
      Corporate Pension Contribution Tracker
  • Insights
    • Opinion
    • White Papers
    • Industry Voices
    • Letters to the Editor
    • Partner Content
    • Publisher's Update
    • Tesla cartoon
      Don’t confuse wealth creation with retirement saving
      Top 1000 cartoon
      Top 1,000 retirement plans weather storm just fine
      Infrastructure cartoon
      You must go big on infrastructure, Mr. President
      Retirement cartoon
      Hopes rising for retirement readiness in 2021
    • Investment Trends: Looking Ahead Across Equity Sectors
      Rethinking Market and Reference Data Management
      China is embarking on a new stage of growth
      Gold Outlook 2021
    • Sameer Shalaby
      Commentary: Why should investors care about treasury management?
      David Blitzstein
      Commentary: Without a national retirement policy, Americans face a future of pension crises
      Lawrence Cunningham
      Commentary: Gensler should keep Clayton’s pragmatic proxy adviser rules
      My-Linh Ngo
      Commentary: Pension funds and the role of the debt market in the fight against climate change
    • Writer using a typewriter
      OCIO industry needs to adopt GIPS
      Writer or journalist workplace. stock illustration
      Even as it assails China, Trump administration emulates it
      Skeptical of Main Street support for proxy adviser proposal
      Focus on manager diversity pushes asset owners’ to walk the talk
    • P&I Content Solutions
      How will gold react?
      To people shaking hands
      P&I Content Solutions
      Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
      Sponsored Content By MassMutual
      Leveraging Data to Manage Risk
      Sponsored Content By iShares
      ETFs are becoming a cornerstone of insurance equity portfolios
    • Help us help you by supporting quality journalism
      You Must Believe in Spring
      Everything Must Change
      Tomatoes & Investments
  • Multimedia
    • Videos
    • Webinars
    • Polls
    • Slideshows
    • Charts / Infographics
    • watch video
      0:45
      Private funds weathered 2020 turmoil
      watch video
      0:59
      Secure choice and other retirement plans at a state level
      watch video
      3:33
      P&I 1,000 by the numbers 2021
      watch video
      1:33
      A look at hiring activity in 2020
    • Emerging Markets: Expanding Investors’ View
      2021: A Fixed Income Odyssey
      Technology is the New Oil: The Changing Nature of Emerging Markets
      Powering the Change: The power of diversity and inclusion
    • POLL: Working after the pandemic
      POLL: The year ahead for the 1,000 largest U.S. retirement funds
      POLL: The Biden administration’s economic plans
      POLL: Retirement issues in 2021
    • view gallery
      9 photos
      Coronavirus and the markets
      view gallery
      22 photos
      The 1,000 largest retirement funds: 2020
      view gallery
      10 photos
      Outlook 2020
      view gallery
      10 photos
      2019 as seen through the eyes of Roger
    • By the Numbers for February 2021
      Top Performing Managers of Convertibles, 4th Quarter 2020
      Top Performing Managers of Domestic Growth Equity, 4th Quarter 2020
      Top Performing Managers of Domestic Limited-Duration Fixed Income, 4th Quarter 2020
  • Events
    • Conferences
    • Webinars
    • Defined Contribution Spring Virtual Series
      DC Investment Lineup Virtual Series
      ESG Investing Virtual Series
      Private Markets Virtual Series
    • Emerging Markets: Expanding Investors’ View
      2021: A Fixed Income Odyssey
      Technology is the New Oil: The Changing Nature of Emerging Markets
      Powering the Change: The power of diversity and inclusion
  • Careers
  • Research Center
MENU
Breadcrumb
  1. Home
  2. ASSET OWNERS
July 13, 2015 01:00 AM

SWFs evolving into competitors from clients

Douglas Appell
Sophie Baker
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Simon Dawson/Bloomberg
    Northern Trust's Wayne G. Bowers believes the expansion of in-house investing reflects, in part, the 'supply-demand conundrum' large investors face.

    Sovereign wealth funds continue to expand in-house management capabilities, a trend that could see them morphing — in the eyes of private markets money management firms — into competitors or collaborators from clients.

    “Sovereign wealth funds are becoming scale direct investors,” a trend that's seen them moving away from the fund and co-investment vehicles they focused on for past investments, said Suvir Varma, a Singapore-based partner with Bain & Co. SE Asia Inc., in a recent interview.

    “Like any changing relationship ... both sides need to find a balance as they move forward,” he said.

    The move by official institutions away from funds when investing in private equity, real estate and infrastructure, with co-investment as the initial step, is a sensible one from the asset owners' point of view in many cases, noted Terrence Keeley, a New York-based managing director and head of BlackRock Inc.'s official institutions group.

    That evolution is partly an issue of scale, some market veterans contend.

    Sovereign wealth funds are absolutely building internal capabilities as they become both bigger and more mature, in part reflecting the “supply-demand conundrum” of finding enough managers for the sizable allocations they're looking to make now to capacity-constrained, private market segments, said Wayne G. Bowers, London-based executive vice president and CEO, asset management — EMEA & APAC, with Northern Trust Global Investments Ltd.

    Larger sovereign wealth funds “don't have the option” of emulating David F. Swenson, the chief investment officer of Yale University's $24 billion endowment funds, in his exclusive reliance on external managers to invest the endowment's targeted 78% allocation to private markets, agreed David Neal, Melbourne-based managing director of Australia's A$117 billion ($89.5 billion) Future Fund.

    The commitment to internalization among sovereign wealth funds and other big institutional investors shows no signs of abating, even if that growth is still coming off a fairly low base, said Mr. Neal.

    "Competing head-to-head'

    For managers, the concern would be if sovereign wealth funds “start competing head-to-head” with their general partners for the same transactions, Mr. Varma said.

    “We haven't seen a lot of that,” but private equity firms would have reason to worry about their ability to bid against sophisticated investors unconstrained by the same fee and carry structures they operate under, he said. Time will tell, he added, if such fears were warranted.

    Mr. Varma said there's reason to believe sophisticated sovereign wealth funds will opt to move forward in a way that preserves their ability to work with “the world's biggest investors” such as TPG, Bain Capital, Carlyle and KKR.

    A number of managers, meanwhile, report seeing big sovereign wealth funds taking on a more collegial, collaborative role in recent years — increasingly tapping general partners they've worked with to join in on private equity, real estate and infrastructure deals they've sourced independently.

    “They're bringing deals to us,” to vet opportunities they've identified, said Jon H. Zehner, London-based global head of client capital group with real estate heavyweight LaSalle Investment Management. That, in turn, can lead to work structuring deals and managing properties, he said.

    Sovereign wealth funds increasingly “have their own deal flows,” but still turn to trusted general partners to pursue those deals — a trend that's leading to more “comprehensive, two-way relationships,” agreed Kevin Lu, Singapore office head for Zug, Switzerland-based private markets investment firm Partners Group.

    In the past year, sovereign clients have asked LaSalle to look at three such deals, two of which turned into mandates — a “really interesting” development, said Mr. Zehner. He declined to identify the clients.

    While examples of limited partners bringing deals to GPs weren't unheard of in the past, the last year or so has seen a material pickup in that activity, he said.

    Bain's Mr. Varma pointed to two deals in the Philippines last year by GIC Pte. Ltd., a sovereign wealth fund set up by Singapore in 1981 with an investment portfolio estimated now at well more than $300 billion, as “virtuous” examples of that direct investment trend.

    GIC was able to “find, package and do these deals” directly because — as a sovereign-linked investor in Singapore — its access to and knowledge of the Philippines is superior to that of most of the funds in which it invests, said Mr. Varma. GIC brought some of its long-standing GPs into those deals — “a very good use of LPs or sovereigns going direct, because they had the know-how and they brought capital with them,” he said.

    If “what do you take in-house” is the question facing the growing ranks of sovereign wealth funds now, Singapore's GIC — which has boasted a deep, broad bench of internal managers for decades — might be the poster child for what a lot of sovereign funds would like to achieve, said Nicholas Hadow, Singapore-based director, business development, Aberdeen Asset Management Asia Ltd.

    Past experience

    Mr. Lu said Partners Group's own journey from limited partner, as a fund-of-funds firm working with leading private equity firms, to general partner with its own direct investment business as well, leaves it well placed to work with sovereign wealth funds treading a similar path.

    He predicted growing opportunities to work with sophisticated sovereign wealth funds on their proprietary deals. Bigger managers might be in a better position to enjoy those fuller partnerships, but there should be opportunities for firms of whatever size that are capable of adding value for those clients, he noted.

    Some market veterans speculate that managers focused on infrastructure investments — which typically offer lower yields than private equity investments — could have more to fear from sovereign wealth funds looking to invest directly in order to save on fees.

    But Anthony Fasso, Hong Kong-based director, international, with AMP Capital, Sydney, said his firm — with business focuses in infrastructure and real estate — is “finding more opportunities with sovereign wealth funds globally” now.

    The biggest sovereign wealth funds going direct still turn to firms like AMP Capital to manage the assets they buy, while their midsize counterparts continue to invest in fund vehicles, which still make up a healthy 75% of AMP Capital's infrastructure and real estate businesses, said Mr. Fasso. If a decline in fund investments as a proportion of those businesses leaves fees under some pressure, that has been more than offset by the continued expansion of the pie over the past six or seven years, he said.

    Private market managers say they're tweaking their institutional sales and client service capabilities to better take advantage of opportunities to work with big investors doing direct deals.

    In recent years, LaSalle has appointed senior “strategic partnership” executives for the U.S., Europe and Asia to help bulge-bracket global investors looking to make direct investments in real estate around the world.

    “We needed more people finding opportunities” — outside of any particular mandate — and matching them with our clients,” said Mr. Zehner.

    Money management executives predict a continued buildup of internal management capabilities as sovereign wealth funds become increasingly sophisticated.

    “Broadly speaking, the resources and skills those bulge-bracket investment organizations are adding give them the choice to internalize, and many are building up capabilities now to manage not just private market investments but public market investments as well, said the Future Fund's Mr. Neal.

    Korea Investment Corp., a Seoul-based sovereign wealth fund with $86 billion in assets, is one of several big funds launched a decade ago that is pledging now to bring more capabilities in-house, after the internally managed portion of its portfolio rose to 73.2% from 69.6% during the year.

    In March, Rhee Keehong, KIC's deputy chief investment officer and head of the centralized research center the fund launched at the start of 2014, said KIC will look to open offices in the Middle East, Singapore and China as it moves to start investing directly in private markets and, possibly, also in commodities, public equities and corporate bonds.

    Meanwhile, KIC's latest annual report said the fund will launch an active quantitative equity strategy in-house in late 2015, as well as an active, fundamental equity strategy in 2016.

    At the end of the day, money managers focused on publicly traded equities and bonds as well as private markets said they're confident they'll continue to find opportunities to work with sovereign wealth funds, which should account for an expanding chunk of their assets under management.

    Other ways to collaborate

    Sovereign wealth funds have grown to account for a “massive” piece of the institutional opportunity set, particularly in Asia, and Aberdeen should benefit from their continued growth, predicted Mr. Hadow.

    “We are relaxed about sovereign wealth funds increasingly investing direct, because we find other ways of partnership with them,” said Patrick Thomson, London-based managing director, global head of sovereigns, at J.P. Morgan Asset Management. “It is about finding the right thing to talk about. They may start going direct with the more traditional asset classes — like government bonds — but they wouldn't necessarily in mezzanine financing, or European real estate.”

    For MFS Investment Management, sovereign wealth funds “have been our focus,” accounting for more than 60% of the firm's AUM in Asia ex-Japan, and roughly 16% globally, said Jonathan Tiu, CEO of MFS International Singapore Pte. Ltd. and senior managing director, Asia ex-Japan. Five years ago, those funds accounted for roughly half of the more recent totals.

    The mix between sovereign wealth funds' internal and external allocations can be expected to ebb and flow, reflecting healthy competition. “As an active manager, we welcome that,” said Mr. Tiu.

    Rachel Farrell, Hong Kong-based head of sovereign and institutional, Asia Pacific ex-Japan, with J.P. Morgan Asset Management, pointed to a strong pickup recently of interest among sovereign wealth funds in external managers' multiasset-class offerings as one example of that ebb and flow.

    For a while, many sovereign funds had decided to do all of their asset allocation work in-house, but “increasingly they're looking to leverage asset managers that are good at allocating across asset classes to capture alpha,” in search of knowledge transfer and best practices, she said.

    And even when they build internal capabilities, they'll still look to external managers for “benchmarking purposes,” she added.

    Paul Price, the London-based global head of distribution with Morgan Stanley Investment Management, said newer sovereign wealth funds have shown demand for MSIM's multiasset class capabilities, while sovereign funds more broadly are looking for tactical capabilities in fixed income as part of total return/absolute return strategies.

    Mr. Price said sovereign funds and official institutions account for between 15% and 20% of MSIM's AUM, up from 5% a decade ago. He noted the flurry of new sovereign wealth funds being launched now in Africa and Latin America as yet another reason to anticipate more opportunities in the future to serve sovereign clients.

    Northern Trust's Mr. Bowers, meanwhile, noted a pickup in sovereign wealth fund interest in ESG strategies and factor-based indexes — which Northern calls “engineered beta”— as a reason for his firm to be confident in pursuing opportunities serving that client segment.

    “We're absolutely on message with two of their biggest themes,” he said. n

    The largest sovereign wealth funds
    Ranked by total assets, in U.S. millions, as of Dec. 31, 2014.
    RankFundCountryAssets
    1Government Pension Fund GlobalNorway$817,957
    2Abu Dhabi Investment AuthorityUnited Arab Emirates$773,000
    3China Investment Corp.China$650,000
    4State Administration of Foreign ExchangeChina$567,900
    5Kuwait Investment AuthorityKuwait$548,000
    6Hong Kong Monetary AuthorityHong Kong$414,661
    7GICSingapore$320,000
    8Qatar Investment AuthorityQatar$304,000
    9National Social Security Fund – ChinaChina$247,866
    10Temasek HoldingsSingapore$160,674
    11Abu Dhabi Investment CouncilUnited Arab Emirates$90,000
    12Korea Investment Corp.South Korea$85,000
    13Future FundAustralia$83,071
    14Samruk-Kazyna National Welfare FundKazakhstan$78,000
    15Reserve FundRussia$77,050
    16National Wealth FundRussia$75,000
    17National Fund of the Republic of KazakhstanKazakhstan$71,703
    18International Petroleum Investment Co.United Arab Emirates$68,400
    19Alberta Investment Management Corp.Canada$66,257
    20National Development Fund of IranIran$62,000
    21Mubadala Development Co.United Arab Emirates$60,785
    22Libyan Investment AuthorityLibya$60,000
    23Revenue Regulation FundAlgeria$55,000
    24Alaska Permanent Fund Corp.U.S.$53,065
    25Khazanah NasionalMalaysia$39,305
    26Brunei Investment AgencyBrunei$39,300
    27State Oil Fund of the Republic of AzerbaijanAzerbaijan$37,104
    28BPIFranceFrance$34,635
    29Texas Permanent School FundU.S.$31,000
    30Government Pension Fund NorwayNorway$22,513
    31New Mexico State Investment CouncilU.S.$20,161
    32New Zealand Superannuation FundNew Zealand$20,128
    33Wyoming State Treasurer's OfficeU.S.$19,485
    34Alberta Heritage Savings Trust FundCanada$17,200
    35Timor-Leste Petroleum FundTimor-Leste$16,539
    36Emirates Investment AuthorityUnited Arab Emirates$15,000
    36National Development FundVenezuela$15,000
    38Economic and Social Stabilization FundChile$14,688
    391Malaysia Development BerhadMalaysia$13,875
    40State General Reserve Fund of the Sultanate of OmanOman$13,000
    40Dubai International CapitalUnited Arab Emirates$13,000
    42Bahrain Mumtalakat Holding Co.Bahrain$10,664
    43Peru Fiscal Stabilization FundPeru$9,159
    44Pension Reserve FundChile$7,943
    45Ireland Strategic Investment FundIreland$7,614
    46Latin American Reserve FundColombia$6,500
    47Oman Investment FundOman$6,000
    47Oil Income Stabilization FundMexico$6,000
    49Fundo Soberano do BrasilBrazil$5,791
    50Arab Petroleum Investments Corp.Saudi Arabia$5,699
    Source: PricewaterhouseCoopers from Preqin data

    Related Articles
    Managers' ideas, not investing, increasingly are what funds want
    Korea fund seeks ways to work with peers while still competing
    The largest sovereign wealth funds
    Managers' ideas, not investing, increasingly are what funds want
    More managers feel pressure to adjust fees
    Malaysia's Employees Provident Fund assets increase 8.9% in past 12 months
    Qatar Investment Authority planning $35 billion of U.S. investments
    Singapore's Temasek taps president as CEO of management arm
    Hong Kong's Future Fund heavy on alternatives
    Saudi Aramco IPO could raise $106 billion for sovereign wealth fund
    Global sovereign wealth fund network picks State Street as research partner
    Recommended for You
    Asset owners record 9.4% gain in Q4
    Asset owners record 9.4% gain in Q4
    Asset owners focus more on stewardship despite obstacles – survey
    Asset owners focus more on stewardship despite obstacles – survey
    Retirement adequacy and sustainability suffer in coronavirus pandemic - report
    Retirement adequacy and sustainability suffer in coronavirus pandemic - report
    Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
    Sponsored Content: Lessons From 2020: Today’s OCIO Model Passes a Major Test of Governance
    sponsored
    Events
     
     
    Sponsored
    White Papers
    Rethinking Market and Reference Data Management
    Investment Trends: Looking Ahead Across Equity Sectors
    China is embarking on a new stage of growth
    Gold Outlook 2021
    Shifting DC Times - Winter 2021
    GP-LED OPPORTUNITIES AT THE SMALLER END OF THE MARKET
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    弊社の関連事業
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    P&Iのミッション

    "機関投資家向け市場で資金運用を行う経営者に向けてニュース、リサーチ、分析を継続配信すること”

    pilogo-NEW
    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    150 N. Michigan Ave.
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • NEWS
      • Asset owners and the coronavirus
      • Alternatives
      • Consultants
      • Coronavirus
      • Defined Contribution
      • ESG
      • Frontlines
      • Hedge Funds
      • Investing / Portfolio Strategies
      • Money Management
      • Pension Funds
      • People Moves
      • Private Equity
      • Real Estate
      • Searches & Hires News
      • SECURE Act
      • Special Reports
      • WorldPensionSummit
    • Data
      • Research Center
      • Searches & Hires Database
      • Searches & Hires News
      • RFPs
      • Charts / Infographics
      • Sponsored Research
      • Trackers
    • Insights
      • Opinion
      • White Papers
      • Industry Voices
      • Letters to the Editor
      • Partner Content
      • Publisher's Update
    • Multimedia
      • Videos
      • Webinars
      • Polls
      • Slideshows
      • Charts / Infographics
    • Events
      • Conferences
      • Webinars
    • Careers
    • Research Center