external managers

“We work with about sixty-ish external managers in six different type of strategies, I would say, from hedge funds to value investing to relational investing to sovereign debt.”

“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…”

“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…”

“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…”

“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…”

“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.”

“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…”

“We run five percent of the assets with external managers, and that's the assets that we have in developing markets.”

“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…”

“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…”