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Download White Papers on Their ESG O‰ Erings Go To INTERESTED IN SUSTAINABLE INVESTING? LEADERS IN SUSTAINABLE FIXED INCOME If you are an institutional asset owner searching for sustainable/ESG-driven investment strategies, Global Fund Search is the place to start. Searching and fi nding sustainable investment strategies can be both challenging and time-consuming. GFS will help you streamline your search process and assist you with capturing the qualitative data often overlooked in the search process. Contact Global Fund Search today to fi nd out how to use our free database of global asset managers and Sustainable Leaders for your next search. Featured leaders in sustainable fi xed income investing Previously Investec Asset Management To learn more about the fi rms featured above and to download white papers on their ESG o erings go to www.globalfundsearch.com/esg-leaders In Partnership with 20pi0279.pdf RunDate: 12/28/20 Full Page Color: 4/C February 8, 2021 PIonline.com $50 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Michael M. Santiago/Getty Images Governance THE P&I 1000 OVERVIEW Board diversity to play big role Largest funds in upcoming proxy season come out ahead BY HAZEL BRADFORD Pressure on corporate boards to be more diverse is likely to intensi- in volatile year fy this year, as institutional inves- tors ramp up requests and share- holder proposals, more states Assets of top 1,000 consider mandates and even Nas- retirement funds rise daq gets involved. The largest group of shareholder 6.6% to $12 trillion proposals — 64 out of 239 — sub- mitted so far this year by the Inter- faith Center on By DANIELLE WALKER Illustration by Ana Garcia Bernaus Illustration by Corporate Re- sponsibility in- The 1,000 largest U.S. retirement volved diversity funds emerged from the year ended and racial jus- Sept. 30 with healthy coffers, despite tice, for exam- a period marred by bouts of historic ple. The cen- Hedge Funds stock market losses and volatility. ter’s 300 During the year ended Sept. 30, members rep- retirement funds saw their assets MORE ON resent faith GameStop short hysteria grow 6.6% to $12.09 trillion, in com- THE LARGEST MOMENTUM: communities, parison to the previous year when RETIREMENT Aeisha Mastagni asset managers, assets of the 1,000 largest funds grew unions, pension puts managers on notice by only 3%, results from Pensions & FUNDS funds and other socially responsi- Investments’ annual surveys show. ϐ Asset owners turn to private ble investors with combined assets wider hedge fund industry — may Over the five years ended Sept. Hedge funds forced to credit to find returns. Page 3 of more than $500 billion. be damaged by the episode. Hedge 30, assets in this universe grew “There is definitely momentum rethink strategies in funds may have to invest more in 36.7%, up from $8.84 trillion. ϐ Manager diversity programs around diversity and inclusion, wake of retail attack large-cap stocks rather than small Jonathan Pliner, the New York- change with the times. Page 3 around companies’ willingness to cap, keep their positions better hid- based U.S. head of delegated port- ϐ South Carolina finds that tackle these issues and regulators den from prying eyes and avoid folio management at Willis Towers By SOPHIE BAKER, JAMES simplicity pays. Page 3 willing to do something. There’s a COMTOIS and CHRISTINE crowded stocks, sources said. Watson PLC, noted that retirement lot happening right now,” said Aei- WILLIAMSON The recent episode saw a group funds having largely weathered ϐ Private credit, infrastructure sha Mastagni, portfolio manager for of retail investors organize what historic lows in the stock market lead alternatives. Page 15 sustainable investment and stew- Retail investors’ frenzied attack some have labeled a “flash mob” to was “not entirely surprising … giv- ϐ Equity gains propel 457 ardship strategies at the $283.4 bil- on short sellers during the week of buy up shorted stocks of compa- en the speed with which markets plans. Page 15 lion California State Teachers’ Re- Jan. 25, which saw U.S. equity trad- nies, including GameStop Corp. rebounded” in the second quarter tirement System, West Sacramento. ing by volume hit a record high, is The electronics retailer had been of 2020 following the onset of the ϐ Hawaii fund goes its own way, “We are the ultimate long-term forcing some hedge funds to re- one of the most shorted stocks on coronavirus pandemic. avoids pigeonholes. Page 15 shareholder, and what we are trying think their strategies and ap- Wall Street — something the group “It really was the fastest recovery ϐ The list of the Top 1,000 to do is mitigate risk and add value. proaches to investing. of investors sought to reverse by from a bear market,” Mr. Pliner added. funds begins on Page 16 I don’t think anybody debates the Sources fear that generating al- buying the stock and driving the “Given the speed of recovery and academics anymore; now it’s about pha from short positions — and the SEE GAMESTOP ON PAGE 38 what the Fed attempted to do with ϐ For the full report, go to SEE BOARDS ON PAGE 37 SEE TOP 1000 ON PAGE 40 pionline.com/sponsors21 SOUND BITE THE P&I 1000 INVESTING NATWEST GROUP PENSION FUND’S ROBERT WAUGH: ‘We have one Holding tight on allocations Robert Tannenbaum manager who was passing ensures investment success their travel Fund CIOs keep their taining their asset allocations costs to us. through rigorous portfolio rebal- They manage focus during early days, ancing and by taking advantage of a lot less than and see good results distressed investment opportunities created by pandemic conditions, before.’ Page 2 By CHRISTINE WILLIAMSON their portfolios came out of the pan- ic phase in 2020 in good shape and Chief investment officers’ secret went on to produce strong perfor- for investment success in 2020 was mance in the year ended Dec. 31. Longtime leader leaving simple: stick to the plan. “The pandemic illustrated per- None of the CIOs Pensions & Invest- fectly that good investment policy Aberdeen Standard Asia ments contacted said it was easy to fulfills exactly the role that’s need- manage multibillion-dollar defined ed to keep your portfolio on track. Aberdeen Standard’s Hugh benefit plans during the early phase The power of this process can’t be Young is confident the firm’s new of market turmoil that flared up in understated,” said Ashbel C. Wil- Asia unit leader will have few response to the COVID-19 outbreak. liams Jr., executive director and CIO worries. Page 2 But they stressed that by main- SEE INVESTING ON PAGE 42 PLANNING: Ashbel C. Williams Jr. said good investment policy made the difference. 2 | February 8, 2021 Pensions & Investments IN THIS ISSUE Sovereign Wealth Funds VOLUME 49, NUMBER 3 Defined contribution Direct lending partnerships open new doors Voya Financial joined the BlackRock Apollo Strategic Origination not available to comment. Emergency Savings Initiative and will Sovereign wealth funds join up Partners — an origination Spokesmen for Credit Suisse provide “tools and opportunities for with managers to get exposure platform partnership be- Asset Management and Bar- individuals to save more.” Page 6 tween Mubadala and Apollo ings declined to comment. By SOPHIE BAKER Global Management Inc. — Spokesmen for QIA did not Investing which is expected to provide respond to requests for com- A senator and the hedge fund Direct lending partnerships between sov- about $12 billion in financing ment. community are calling for regulatory ereign wealth funds and money managers are over the next three years. It Funds have tried to invest scrutiny regarding the attack on short becoming a neat way for state-owned pools of targets deals of about $1 bil- directly in challenging asset sellers by retail investors. Page 39 capital to gain access to direct lending oppor- lion and will originate oppor- classes such as direct lending tunities and maintain exposure to regions tunities on a global basis. The in the past, but research by Managers operating in the U.K. where public markets look expensive. platform will target scaled in- the International Forum of have refuted claims that they are Committing capital to private markets vestments in large, estab- Sovereign Wealth Funds not complying with cost disclosure strategies is nothing new for sovereign wealth lished corporations. “found that it was difficult for standards. Page 41 funds, but the structure of three deals last Also in September, the $295 them to resource,” said Victo- year are particularly interesting, sources said. billion Qatar Investment Au- ria Barbary, director of strate- Retirement plans In September, the $232.2 billion fund thority, Doha, formed a multi- SCHOOLED: Victoria Barbary gy and communications at the The coronavirus pandemic has Mubadala Investment Co., Abu Dhabi, part- billion-dollar direct lending sees sovereign wealth funds forum in London. “These pri- prompted some U.K. retirement plan nered with Barings LLC to provide financing platform with Credit Suisse using partnerships as a way to vate lending joint ventures sponsors to launch new and improved to European middle-market businesses Asset Management. The plat- learn more about the asset class. are almost the new co-invest. through the Barings Mubadala Enterprise. form focuses on first- and They are trying to learn about financial wellness tools. Page 4 The partnership, which invests alongside second-lien loans to upper midmarket and a new asset class that they haven’t done much Barings parent firm Massachusetts Mutual larger companies in the U.S. and Europe. QIA in before, (but) they don’t have access to the Washington Life Insurance Co., aims to provide $3.5 billion is a significant shareholder in Credit Suisse market as much and deal flow in the space.
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