Upgrading The Investment Policy Framework of Public Pension Funds
Upgrading The Investment Policy Framework of Public Pension Funds:

Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance st...

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Bibliographische Detailangaben
1. Verfasser: Vittas, Dimitri (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2008
Schlagworte:
Alternative asset
Asset classes
Debt Markets
Emerging Markets
Finance and Financial Sector Development
Financial Systems
International Bank
Investment Policy
Investment and Investment Climate
Investment strategies
Macroeconomics and Economic Growth
Pension
Pension Funds
Private Sector Development
Reserves
Transparency
Online-Zugang:DE-522
DE-12
DE-521
DE-1102
DE-1046
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DE-858
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DE-1049
DE-863
DE-862
DE-523
DE-2070s
DE-M352
DE-Re13
DE-70
DE-128
DE-22
DE-155
DE-150
DE-91
DE-384
DE-473
DE-19
DE-355
DE-703
DE-20
DE-706
DE-29
DE-739
Volltext
Zusammenfassung:Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds
Beschreibung:Weitere Ausgabe: Vittas, Dimitri : Upgrading The Investment Policy Framework of Public Pension Funds
Beschreibung:1 Online-Ressource (1 online resource (68 p.))
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