External Managers
topic on 1 show · 10 statements across 7 episodes
10 statements about External Managers, every show
CPPIB Expects External Managers to Deliver Macro and Geopolitical Insights
“Obviously, partnering with external managers, we focus on the net returns, but we do pay fees and carry, and we have an expectation of partnership that we will learn things just about macro, that we will learn things about geopolitics. That's part of the reaso…”
Future Fund manages zero assets internally, deploying capital via 120 external managers
“We actually don't manage any assets internally, so we use managers for all of our implementation, and we've probably got about a 120 or so managers on the books at the moment, and would like it not to grow too much more than that, just so that we have the band…”
Tangen: NBIM runs 5% of assets with external managers in developing markets
“We run five percent of the assets with external managers, and that's the assets that we have in developing markets.”
Puffer: Evaluating external managers is as much about talent management as strategy
“The fundamental piece of assessing external managers is as much the talent and alignment of interest and how they manage talent as it is about the actual strategies and investment process.”
Puffer: Tail risk hedging has weak external manager alignment
“Tail risk hedging is tricky to do as an external strategy, because it's a bit of a no-win situation. It's basically an insurance policy, no matter how it's structured. Unless there's a crisis where the tail risk pays, you expect it to be something that loses m…”
Whineray: NZ Super team structure protects against manager capture
“The other way we try to deal with that is those risk basket teams have got a bunch of different people in them, so that it's not just the person who is dealing with the manager at the access point level who is doing the target allocation, it's that team that's…”
External managers provide better flexibility for cyclical mandates
“In a construct like ours where through time we might be in those, we might not be in those, it's very hard if you've built the team internally to say, actually, we just don't want to invest anything in this opportunity, because then you've got a team who's sit…”
Outsourcing strategic tilting fails when pooled LPs lose nerve
“The thing about strategic tilting is that you can be for a long time underwater, and because you're waiting for these markets to mean revert, and they might be slow, or they might move further away from whatever you think the mean is, and so that one we though…”
Future Fund Manages Zero Assets Internally, Relying on 120 External Managers
“We actually don't manage any assets internally. So we use managers for all of our implementation, and we've probably got about a 120 or so managers on the books at the moment, and would like it not to grow too much more than that, just so that we have the band…”