The Ledger
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Gilmore: AIGFP halted new super senior transactions in late 2005
“In the case of FP, They stopped entering into new super senior transactions of that elk from late, 2005, well ahead of the final denouement in 2007, 2008. It wasn't soon enough.”
Gilmore: CalPERS' legacy SAA permitted ~450 bps of active risk
“What we did was to look at how much that variation would aggregate up to in terms of the leeway management had been delegated. We estimated that that amounted to around about 450 basis points of active risk using all the policy ranges.”
Gilmore: CalPERS compensates staff on total portfolio results, not asset classes
“Some years earlier, Marcy had changed the compensation structure so that everyone got rewarded on the basis of the whole portfolio, not their asset class.”
Gilmore: Total Portfolio Approach Allocators Tend Toward Higher Private Market Exposure
“And if you look at the TPA adherence, they tend to have a bigger exposure to private markets.”
Gilmore: Future Fund Benefited from 2008 Crisis Due to Low-Risk Entry
“The Future Fund has actually been one of the beneficiaries of the financial crisis because it had a low risk portfolio going into the crisis. So it had a lot of cash to invest when assets were very cheap.”