Pension funds

Legal lethargy

Constraining buy-side institutions to hold only investment-grade securities uses a nearly century-old metric with limited contemporary relevance. David Rowe supports one modest proposed reform

CDS boost for pension funds

Pension fund managers have traditionally shied away from using credit derivatives. But in the current climate of ultra-narrow spreads, trying to outperform the market without using credit default swaps could prove to be a major handicap, as Sarfraz Thind…

Increasing returns through managing risk at source

The world's largest pension fund, Calpers, has adopted an aggressive approach to corporate governance. Can this policy decrease risk and increase returns in its equity portfolio? Rachel Wolcott speaks to Christy Wood, who runs the fund's corporate…

Hedging of corporate pension liabilities

Bernd Scherer here proposes a normative theory of asset/liability management that views externally funded pension funds exclusively from a corporate finance point. Standard asset management solutions are derived after the corporate finance problem has…

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