Welcome to the weekend! Here’s some news for your reading enjoyment.
- The Great Hedge Fund Evolution: Dutch pension fund APG Asset Management sees signals the hedge fund opportunity is shrinking but is happy and persevering with its allocations — for now.
- Pension Liabilities: After five years of awesome returns, unfunded public pension liabilities among the top 25 public funds has been cut to $2 trillion.
- Insourcing: AustralianSuper is adding 30 percent to its internal team to cut external management costs.
- Inflow Insanity: Norway’s sovereign wealth fund is shifting its approach to investing — it will move into private equity.
- Insourcing: Korea Investment Corporation fancies itself a stock picker. It’s doubling the size of its research department.
- New Sovereign Wealth Funds: Zimbabwe’s Senate approved the new SWF bill and at the same time, rejected Mugabe as one of the fund’s new trustees. Interesting.
- Musical Chairs: Stephen Blyth will take over as head of Harvard Management Company.
- Drawdowns: Brazil is withdrawing $1.5 billion from its SWF to plug a hole in its budget.
- Sovereign Development Funds: Temasek says that the secret to its remarkable performance for 40 years has been its separation from government. I say, isn’t it smart and professional use of government relationships?
- Green I: It feels like pensions are finally thinking long-term thoughts, especially about the environment.
- Green II: CalPERS will disclose the carbon footprint in its investment portfolio.
- Green III: The New Zealand Superannuation Fund has backed a study to assess better the risks and opportunities from climate change.
- Green IV: The Washington State Investment Board has added what it calls a new “investment belief” that demands transparency around climate risks from managers.
- Green V: CalSTRS has announced it will invest in the sustainable rather than divest from the unsustainable.
On that positive note, have a great weekend!
