Rehabilitating the Role of Active Management for Pension Funds

CFA Digest ◽  
2012 ◽  
Vol 42 (4) ◽  
pp. 135-137
Author(s):  
Stuart Fujiyama
Keyword(s):  
Pension Funds ◽  
Active Management

Rehabilitating the role of active management for pension funds

2012 ◽  
Vol 36 (9) ◽  
pp. 2565-2574 ◽  
Author(s):  
Michel Aglietta ◽  
Marie Brière ◽  
Sandra Rigot ◽  
Ombretta Signori
Keyword(s):  
Pension Funds ◽  
Active Management

Rehabilitating the Role of Active Management for Pension Funds

2012 ◽  
Author(s):  
Michel Aglietta ◽  
Marie Briere ◽  
Rigot Sandra ◽  
Ombretta Signori
Keyword(s):  
Pension Funds ◽  
Active Management

No Fear of Commitment: The Role of High-Conviction Active Management

CFA Digest ◽  
2015 ◽  
Vol 45 (7) ◽  
Author(s):  
Sridhar Balakrishna
Keyword(s):  
Active Management

Capitalists against financialization: The battle over German pension funds

2021 ◽  
pp. 102452942199300
Author(s):  
Nils Röper
Keyword(s):  
Pension Funds ◽  
Business Community ◽  
Coalition Building ◽  
Investment Companies ◽  
Political Outcomes ◽  
Strategic Goals ◽  
Old Age Provision ◽  
Political Battle ◽  
The Welfare State

Despite renewed interest in the role of business in shaping the welfare state, we still know little about how factions of capital adapt their strategies and translate these into political infighting and coalition building. Based on a detailed process tracing analysis of the political battle over German pension funds, this paper shows that cleavages within business do not necessarily run along the lines of finance vs. non-finance. While ‘financial challengers’ (banks and investment companies) advocated financialized pension funds, ‘financial incumbents’ (insurers) defended a conservative understanding of old age provision. Tremendous political momentum towards financialization notwithstanding, challengers remained largely unsuccessful. Incumbents elicited support from the wider business community by adjusting their strategic goals and engaging in discursive reformulations to effectively fight pension financialization from within capital. To accommodate such competition politics and coalition building, the paper argues for a more dynamic understanding of business strategizing and highlights the importance of discursive political strategies. It shows that some capitalists may act as antagonists of elements of financialization and problematizes the actual mechanisms of coalition building through which business plurality affects political outcomes.

The impact of adaptability on the competitiveness of non-State pension funds

2021 ◽  
Vol 27 (11) ◽  
pp. 2606-2636
Author(s):  
Ekaterina S. YAROVAYA
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
High Variability ◽  
Current Time ◽  
Factors Affecting ◽  
Existing Problems ◽  
State Pension ◽  
The Impact ◽  
State Pension Funds

Subject. This article deals with the analysis of competitiveness, which is an important component of the strategic management of a non-State pension fund. Objectives. The article aims to study the existing approaches to the analysis of competitiveness, determine the role of the indicator of adaptability of competitiveness of non-State pension funds in conditions of high variability of the external environment, and formulate recommendations for drawing up criteria for the enterprise competitiveness taking into account the specifics of the activities of the funds. Methods. For the study, I used analysis, and the systems, and structural and functional approaches. Results. The article defines and classifies the factors affecting the competitiveness of non-State pension funds in modern market conditions. It substantiates the influence of the indicator of adaptability on the competitiveness of non-State pension funds. The article also proposes an approach to ranking this indicator, which can be applied regardless of the chosen method for assessing the competitiveness of non-State pension funds. Conclusions. The article concludes that the testing of the assessment of the non-State pension fund competitiveness using the author-proposed adaptability indicator helps determine the level of non-State pension fund competitiveness at the current time, track the changes, and identify the existing problems, the causes of their occurrence, and thereby ensure the conditions under which the non-State pension fund has the opportunity to promptly respond and adapt to external changes thus ensuring its stability in the market.

scholarly journals Private pension funds: passivity at active fund prices

2017 ◽  
Vol 29 (76) ◽  
pp. 148-163 ◽  
Author(s):  
Carlos Heitor Campani ◽  
Leonardo Mesquita de Brito
Keyword(s):  
Pension Funds ◽  
Private Pension ◽  
Active Management ◽  
Style Analysis ◽  
Market Segment ◽  
Management Fees ◽  
The United Kingdom ◽  
Asset Classes ◽  
The Government ◽  
Filter Analysis

ABSTRACT From 2005 to 2015, the total assets managed by open private pension funds increased more than six times in Brazil, where the Free Benefit Generating Plan (PGBL) and the Free Benefit Generating Life (VGBL) represent 90% of these assets. However, private pension institutions are characterized by the collection of high management fees, thus keeping for themselves much of the benefits offered by the government as incentive for investment in this modality. High management fees are justified only when there is active management of these funds, theoretically generating higher performance: this study indicates that this is not the case in this market segment. Similar problems have been faced in other countries, such as the United Kingdom, Denmark, and Sweden, which filed investigation concerning funds that charge high management fees for active management, while they actually provide management that may be regarded as passive. This demonstrates the scale and relevance of this issue, which has been surveyed and addressed by this study. To do this, dynamic style analysis was performed, through rolling regressions, followed by Kalman filter analysis in funds from the top-five private pension institutions in Brazil. Analyzing the exposure evolution of these funds to various asset classes and the R2 generated, passivity traces were found, mainly in composite variable income funds. Such funds are precisely those that should be more actively managed, as they charge the highest management fees. This article also demonstrates it is possible to build a passive portfolio, having a very similar style and returns without statistically significant differences, but at a lower management fee (and aligned with passive funds).

TWIN PREGNANCY. THE ROLE OF ACTIVE MANAGEMENT DURING PREGNANCY AND DELIVERY

1976 ◽  
Vol 31 (7) ◽  
pp. 534-535
Author(s):  
P. JOUPPILA ◽  
A. KAUPPILA ◽  
M. KOIVISTO ◽  
I. MOILANEN ◽  
O. YLIKORKALA
Keyword(s):  
Twin Pregnancy ◽  
Active Management ◽  
Pregnancy And Delivery
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