Study Examines Herd Mentality in Pension Investing

Pension funds exhibit a herd mentality when formulating investment strategies, according to a new paper that studied the investment decisions of UK pension funds over the last 25 years. The paper, authored by David P. Blake, Lucio Sarno and Gabriele Zinna, claims that pension funds “display strong herding behavior” when making asset allocation ...
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San Francisco Pension Investment Staff Recommends Foray Into Hedge Funds

The investment staff of the San Francisco Employees’ Retirement System (SFERS) has recommended to the board that the system allocate up to 10 percent of its assets in hedge funds. SFERS has been waffling for a year over whether or not to put money into hedge funds, and what the allocation should be. From Bloomberg, via FinAlternatives: The San Francisco ...

Preqin Tells Private Equity to Heed the “Power of the Limited Partner” After CalPERS’ Cuts

Research firm Preqin has released a note reacting to CalPERS’ cutting of private equity managers. The firm notes that limited partners are beginning to wield more negotiating power, and cautions private equity firms to consider CalPERS’ actions an “effective statement” on the power of limited partners. More from Chief Investment Officer: Private ...

CalPERS Is Cutting Its Private Equity Managers, But That Doesn’t Mean It’s Breaking Up With PE

CalPERS announced this week that it was cutting down the number of private equity managers it employs – possibly by as much as two-thirds. The change comes in the name of cutting costs. A similar rationale was used when the pension fund decided to exit its entire hedge fund portfolio last year. But unlike hedge funds, private equity will remain a ...
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Report: Japan Pension Set to Benefit From Reforms

Japan’s Government Pension Investment Fund (GPIF) – the largest pension fund in the world – implemented numerous changes in 2014, including an asset allocation shake-up and the hiring of its first chief investment officer. A new report says the reforms will benefit the fund going forward. From Chief Investment Officer magazine: A report jointly ...

Cuomo Rejects Bill To Increase Alternative Investments By Pensions

New York Governor Andrew Cuomo on Thursday vetoed a bill that aimed to raise the percentage of assets New York City and state pension funds could allocate towards hedge funds and private equity. From Bloomberg: Governor Andrew Cuomo vetoed a bill that would have allowed New York state, city and teachers pension funds to allocate a larger percentage ...

Video: CalSTRS CIO Talks 2015 Market Expectations, Asset Allocation Changes

CalSTRS chief investment officer Christopher Ailman sat down with Bloomberg TV on Monday morning to talk about the odds of the market returning 8 to 10 percent in 2015, and how CalSTRS might change its asset allocation next year.   Cover photo by Santiago Medem via Flickr CC
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Japan Pension Considers Change In Stock Classifications

Japan’s Government Pension Investment Fund (GPIF) last month decided to double the amount of assets allocated to domestic and foreign stocks. Now, the President of the GPIF is considering further changes that would remove the distinction between domestic and foreign stock holdings. From Bloomberg: Japan’s Government Pension Investment Fund is considering ...
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San Francisco Pension To Consider Smaller Foray Into Hedge Funds

The San Francisco Employees’ Retirement System has spent the better part of 6 months weighing whether to dive into hedge funds for the first time. The fund was originally considering a plan to invest up to 15 percent of assets – or $3 billion – in hedge funds. But the figure was too high for many board members, and the vote was tabled numerous ...

New Chicago Treasurer Makes Pension Funding His Priority

Chicago Treasurer Stephanie Neely is stepping down at the end of November. Her replacement, Kurt Summers, said his priority will be fixing the city’s pension systems. From the Chicago Sun-Times: The full City Council is expected to ratify the appointment of Kurt Summers at Wednesday’s meeting, but the incoming treasurer is not waiting for the vote ...
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