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All Eyes on DOL Plan to Revisit Fiduciary Rule June 28, 2021 PIonline.com $16 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Stanley Rowin ‘MARKETS HELPED, Regulation BUT...’: Steven F. Charlton cited organic growth as the main reason for NEPC’s strong showing as asset owners decided to All eyes on DOL get away from in-house management. plan to revisit duciary rule Proposal could broaden denition under ERISA and who falls under it By BRIAN CROCE The political landscape in Wash- ington has changed in the year since the SEC’s best-interest stan- SPECIAL REPORT INVESTMENT OUTSOURCING dard took effect, which could mean different interpretations and en- forcement practices from regula- OCIO rides market rebound to big growth tors. But the attention among in- vestment-advice stakeholders this tion for institutional in- month is focused on the Depart- WORRIES: Fred Reish thinks a concern Managers also see clients shift from MORE ON INVESTMENT OUTSOURCING vestors as of March 31, ment of Labor, as it announced is for people who move to a retail IRA, internal management post-pandemic data from Pensions & plans to issue a proposed rule that where there isn’t a duciary standard. n Mass customization eyed Investments’ latest in- could broaden who’s considered a By CHRISTINE WILLIAMSON to grow retail. Page 14 dustry survey showed. duciary under ERISA. ee Retirement Income Security Act n Larger asset owners Market returns were The rule-making, unveiled as and the Internal Revenue Code, The year ended March 31 was a strong one for consider OCIO. Page 15 a signicant driver of part of the Labor Department’s according to a Labor Department OCIO managers, many of which had double-digit n Questions to ask in OCIO OCIO manager growth semiannual regulatory agenda explanation. growth in assets under management thanks to a wave searches. Page 10 in the year ended June 11, would amend the regulato- Moreover, the amendment would of new clients and strong performance. March 31. The S&P 500 ry denition of the term duciary “take into account practices of in- The combination of buoyant market returns in the Total Return index was up 56.4% in the year ended “to more appropriately dene vestment advisers, and the expecta- last three quarters of 2020 through the rst quarter of March 31; AlphaNasdaq OCIO Broad Market index, when persons who render invest- tions of plan ofcials and partici- 2021 and higher investment in OCIO strategies brought up 30.7%; and Bloomberg Barclays U.S. Aggregate ment advice for a fee to employee pants, and IRA owners who receive the industry to a new record total of $2.46 trillion in Bond index, up 0.7%. benet plans and (individual re- investment advice, as well as devel- assets managed worldwide with full or partial discre- SEE OUTSOURCING ON PAGE 17 tirement accounts) are duciaries” opments in the investment market- within the meaning of the Employ- SEE FIDUCIARY ON PAGE 24 Endowments Investing Japan’s University Endowment Alex Griffiths Effects of Brexit difcult Fund to spur other institutions to quantify as COVID-19 Government is hoping managing the ¥10 trillion the gov- ernment has pledged for the fund, muddying the waters to foster U.S.-style funds said Sho Ito, the Tokyo-based bu- at country’s universities reaucrat in charge of the program By SOPHIE BAKER as deputy director of the Cabinet Ofce’s Bureau of Science, Technol- Five years on from the U.K.’s referendum vote to leave By DOUGLAS APPELL ogy and Innovation, in a recent in- the European Union, money managers are still search- terview. “We want to change Japa- ing for data to quantify its hits to the U.K. economy. The giant ¥10 trillion ($91.1 bil- nese universities and we want to That’s not because there is no data — markets have lion) University Endowment Fund change (Japan’s) investment cul- continued to operate, trade is still happening and statis- that Japan plans to launch in March ture as well,” he said. tics are still published by ofcial entities — but rather to reverse a downtrend in the coun- The fund — to be managed by Ja- because such data has been distorted by a much bigger try’s output of cutting-edge aca- pan Science and Technology, a concern: COVID-19. While the U.K.’s decision to leave demic research will also promote funding agency along the lines of the EU was revealed on June 24, 2016, it wasn’t until the emergence of U.S.-style endow- the U.S.’s National Science Founda- January 31, 2020, that the U.K. ofcially left the bloc and ment funds as a key component of tion — will look to garner real an- began a set of negotiations with the EU over future re- Japanese university nances, gov- nual returns of at least 3% or $3 bil- MASKING: John Roe said stimulus associated with the lationships in nancial services and other sectors. ernment ofcials say. lion a year, to be distributed to a pandemic makes it hard to nd underlying trends. And then COVID-19 hit | SEE BREXIT ON PAGE 26 The ambition is more than just SEE ENDOWMENT ON PAGE 26 Track record cited SOUND BITE as major hurdle CHRISTIAN BROTHERS INVESTMENT SERVICES’ Sara Tirschwell said women and minorities JOHN W. GEISSINGER: ‘I think this proxy have trouble advancing season really reminded everyone that the because they can’t use shareholders are the owners.’ Page 3 their investment track records. Page 3 2 | June 28, 2021 Pensions & Investments IN THIS ISSUE Pension Funds VOLUME 49, NUMBER 13 CalPERS mulls tracking-error method change New calculation would remove alternatives, Michael Reynolds/CNP citing problems with investible benchmarks Nicole Delaney By ARLEEN JACOBIUS CalPERS’ board is expected to decide in September wheth- er to remove alternative investments from its tracking-error calculation used to control risk. Deciding to do so would make sense, consultants say. When it comes to alternative investments, tracking error doesn’t work because these asset classes lack an investible benchmark. By comparison, it’s “fairly easy to nd benchmarks” for pub- lic equities, said John Delaney, Philadelphia-based portfolio manager for Willis Towers Watson PLC. Using tracking error for alternative investments means that investors are constraining “real life strategies” to a certain level 6 of correlation or volatility relative to a proxy benchmark, he said. Many asset owners use a benchmark reecting the oppor- Courts tunity cost, or the return over a public markets index for alter- Some ERISA attorneys are using a native investments. For example, CalPERS’ private equity Supreme Court ruling written by Justice benchmark is Custom FTSE All World All Cap Equity, plus 150 Brett Kavanaugh in the Thole dened basis points. benet case to seek dismissal of dened For private assets, tracking error limits can limit investment contribution lawsuits — with little success in assets that “don’t look like the benchmark,” reducing the so far. Page 6 value of investing in alternative investments, Mr. Delaney said. The issue came up at the June 14 investment committee of NOT SO EASY: John Delaney said that while it isn’t very difcult to nd public equity Exchange-traded funds the $469.8 billion California | SEE TRACKING ON PAGE 23 benchmarks, determining benchmarks for alternatives comes with a host of issues. A number of exchange-traded funds are punching above their weight in ows this ESG year, data show. Page 13 Financial wellness European interest in social bonds growing Plan sponsors are keeping all options open in a quest to help participants build But investors nd supply isn’t keeping emergency savings. Page 4 pace with capital they want to deploy Money management Marc Schlossman J.P. Morgan Asset Management agreed By PAULINA PIELICHATA to acquire timberland and natural resource manager Campbell Global from Asset owners in Europe are keen to deploy more capital BrightSphere Investment Group. Page 21 into social bonds but say they are challenged by limited opportunities. Pension funds European investors’ exposure to impact investments, par- ticularly social bonds, has been growing in the last year — in David T. Veal was selected to be the next part due to new rules under the European Union’s Sustain- chief investment ofcer of the Texas able Finance Disclosure Regulation, which became effective Employees Retirement System. Page 23 in March. Under the rules, regulators are steering pension funds’ investments into assets with a specic environmen- Regulation tal, social and governance impact in addition to requiring Performance fees incurred by U.K. dened them to incorporate ESG factors into all other allocations. contribution plans investing in illiquid Social bonds issuance was $249.6 billion in 2020, up from assets may be smoothed over ve years $22 billion in 2019, according to gures provided by the Cli- starting Oct. 1. Page 23 mate Bonds Initiative, an international organization that works to mobilize capital in the bond market to help miti- Departments gate the effects of climate change. The new SFDR rules around impact investing, known At deadline ....................24 ETFs ..............................13 as Article 9, have been useful to focus investors’ atten- Changes ahead ..............27 Frontlines ........................8 tion on their contribution to the United Nations’ sustain- Classified ......................20 Hirings...........................18 Corrections ......................4 Other views ....................10 able development goals such as access to health care or Editorial ........................10 RFPs .............................20 workers’ rights. These concerns were also elevated to the ESG roundup .................12 UNCERTAINTY: Luba Nikulina thinks standards are needed in the social bonds market to top of investors’ agendas because of the coronavirus avoid ‘unintended consequences in certain geographies.’ pandemic. SEE SOCIAL BONDS ON PAGE 21 Entire contents ©2021 Crain Communications Inc.
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