Evaluating The Financial Performance Of Pension Funds
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| Author | : Richard Hinz |
| Publisher | : World Bank Publications |
| Total Pages | : 300 |
| Release | : 2010-01-14 |
| Genre | : Business & Economics |
| ISBN | : 0821381601 |
Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.
| Author | : Paul J. M. Klumpes |
| Publisher | : |
| Total Pages | : |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
We apply an individual investor's perspective to empirically examine the economies and determinants of the financial intermediary fee or spread which affects the financial performance of a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991-93. We find that the intermediary spread is non-trivial and causes the average net return provided to individual investors to be significantly less than that earned by the financial intermediary on the pension fund portfolio. Factors affecting the demand for pension fund reputation as financial intermediary and the marginal fee for this reputation reflect underlying structural differences between these types of fund.
| Author | : Pulle Subrahmanya Srinivas |
| Publisher | : World Bank Publications |
| Total Pages | : 56 |
| Release | : 1999-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9780821344880 |
" "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.
| Author | : Vincent Amurono |
| Publisher | : GRIN Verlag |
| Total Pages | : 54 |
| Release | : 2024-05-16 |
| Genre | : Business & Economics |
| ISBN | : 3389023763 |
Bachelor Thesis from the year 2024 in the subject Business economics - Investment and Finance, grade: 1, , course: Department of mathematics and Computer Science, language: English, abstract: Pension funds are integral to ensuring financial security in retirement and fostering economic stability. In Kenya, the sustainability of these funds is crucial for supporting aging populations and facilitating long-term investment. This research project undertakes a comprehensive assessment of the financial sustainability of pension funds in Kenya, examining key factors influencing their viability and effectiveness. The study evaluates the current financial status of pension funds, analyzing asset-liability dynamics, investment strategies, and regulatory frameworks. It also investigates demographic trends. The study employs actuarial techniques and methodologies to analyze data, model future scenarios, and evaluate the risks and opportunities facing pension funds in Kenya. By examining demographic trends, inflation rates, Investment portfolio and regulatory requirements, the research aims to provide insights into the factors influencing the financial sustainability of pension funds. The findings highlight the importance of enhancing regulatory oversight, optimizing investment strategies, and addressing demographic shifts to ensure the long-term sustainability of pension funds in Kenya. The research concludes with actionable recommendations aimed at strengthening the pension system and supporting the financial well-being of retirees and the broader economy. Ultimately, this research contributes valuable insights to policymakers, regulators, and pension fund stakeholders, guiding efforts to enhance the resilience and effectiveness of Kenya's pension system in the face of evolving demographic and economic challenges.
| Author | : George O. Aragon |
| Publisher | : Now Publishers Inc |
| Total Pages | : 123 |
| Release | : 2008 |
| Genre | : Financial risk management |
| ISBN | : 1601980825 |
This paper provides a review of the methods for measuring portfolio performance and the evidence on the performance of professionally managed investment portfolios. Traditional performance measures, strongly influenced by the Capital Asset Pricing Model of Sharpe (1964), were developed prior to 1990. We discuss some of the properties and important problems associated with these measures. We then review the more recent Conditional Performance Evaluation techniques, designed to allow for expected returns and risks that may vary over time, and thus addressing one major shortcoming of the traditional measures. We also discuss weight-based performance measures and the stochastic discount factor approach. We review the evidence that these newer measures have produced on selectivity and market timing ability for professional managed investment funds. The evidence includes equity style mutual funds, pension funds, asset allocation style funds, fixed income funds and hedge funds.
| Author | : G. Timothy Haight |
| Publisher | : Irwin Professional Publishing |
| Total Pages | : 0 |
| Release | : 1997 |
| Genre | : Charitable uses, trusts, and foundations |
| ISBN | : 9780786308002 |
The Analysis of Portfolio Management Performance is the first and only book to provide an all-encompassing treatment of the knowledge and policies necessary to evaluate the performance of professional money managers, investors and others charged with overseeing your organization's investments. Experienced financial professionals Tim Haight and Steve Morrell examine the many duties that fall to financial committee members and discuss strategies for selecting the right money manager, establishing a meaningful and useful investment policy statement, setting and monitoring investment approaches of outside money managers, and fairly evaluating investment of performance based on organizational guidelines.
| Author | : August J. Baker |
| Publisher | : Oxford University Press |
| Total Pages | : 366 |
| Release | : 2004-10-28 |
| Genre | : Business & Economics |
| ISBN | : 0198037120 |
As the U.S. Population ages, retirement is becoming an increasingly important life stage. Pension and retirement plans are crucial to the financial well-being of older citizens and key determinants of their standard of living. Many varieties of pension plans are currently offered, and employers have an interest in these plans because a good pension plan can help an employer attract, retain, and motivate a competent workforce. In some cases, the employer's financial health can depend significantly on the financial health of its pension plan. When employers make decisions regarding pension and retirement plans, they are making decisions that have high stakes for both their employees and the employer itself. Poor decisions can lead to intense scrutiny, sometimes by the media or in the courtroom. Good pension decision making can provide a secure future for the employer and its employees. Managing Pension and Retirement Plans: A Guide for Employers, Administrators and Other Fiduciaries covers the essential financial issues surrounding pension plans. It discusses investment policy and strategy, performance measurement, fiduciary responsibilities, and labor market issues, among other topics. Anyone responsible for any aspect of pension plan management will profit from reading this book.
| Author | : Sudhir Rajkumar |
| Publisher | : World Bank Publications |
| Total Pages | : 364 |
| Release | : 2011 |
| Genre | : Social Science |
| ISBN | : 0821384708 |
And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
| Author | : Kees Koedijk |
| Publisher | : John Wiley & Sons |
| Total Pages | : 330 |
| Release | : 2019-01-31 |
| Genre | : Business & Economics |
| ISBN | : 1119437695 |
Crucial methods, tactics and tools for successful pension fund management Achieving Investment Excellence offers trustees and asset managers a comprehensive handbook for improving the quality of their investments. With a stated goal of substantially and sustainably improving annual returns, this book clarifies and demystifies important concepts surrounding trustee duties and responsibilities, investment strategies, analysis, evaluation and much more. Low interest rates are making the high cost of future pension payouts fraught with tension, even as the time and knowledge required to manage these funds appropriately increases — it is no wonder that pensions are increasingly seen as a financial liability. Now more than ever, it is critical that trustees understand exactly what contributes to investment success — and what detracts from it. This book details the roles, the tools and the strategies that make pension funds pay off. Understand the role of pension funds and the fiduciary duty of trustees Learn the tools and kills you need to build profound and lasting investment excellence Analyse, diagnose and improve investment quality of funds using concrete tools and instruments Study illustrative examples that demonstrate critical implementation and execution advice Packed with expert insight, crucial tools and real-life examples, this book is an important resource for those tasked with governing these. Achieving Investment Excellence provides the expert insight, clear guidance and key wisdom you need to manage these funds successfully.
| Author | : Philip Lawton, CIPM |
| Publisher | : John Wiley & Sons |
| Total Pages | : 984 |
| Release | : 2009-05-18 |
| Genre | : Business & Economics |
| ISBN | : 0470473711 |
Investment Performance Measurement Over the past two decades, the importance of measuring, presenting, and evaluating investment performance results has dramatically increased. With the growth of capital market data services, the development of quantitative analytical techniques, and the widespread acceptance of Global Investment Performance Standards (GIPS®), this discipline has emerged as a central component of effective asset management and, thanks in part to the Certificate in Investment Performance Measurement (CIPM) program, has become a recognized area of specialization for investment professionals. That's why Investment Performance Measurement: Evaluating and Presenting Results the second essential title in the CFA Institute Investment Perspectives series has been created. CFA Institute has a long tradition of publishing content from industry thought leaders, and now this new collection offers unparalleled guidance to those working in the rapidly evolving field of investment management. Drawing from the Research Foundation of CFA Institute, the Financial Analysts Journal, CFA Institute Conference Proceedings Quarterly, CFA Magazine, and the CIPM curriculum, this reliable resource taps into the vast store of knowledge of some of today's most prominent thought leaders from industry professionals to respected academics who have focused on investment performance evaluation for a majority of their careers. Divided into five comprehensive parts, this timely volume opens with an extensive overview of performance measurement, attribution, and appraisal. Here, you'll become familiar with everything from the algebra of time-weighted and money-weighted rates of return to the objectives and techniques of performance appraisal. After this informative introduction, Investment Performance Measurement moves on to: Provide a solid understanding of the theoretical grounds for benchmarking and the trade-offs encountered during practice in Part II: Performance Measurement Describe the different aspects of attribution analysis as well as the determinants of portfolio performance in Part III: Performance Attribution Address everything from hedge fund risks and returns to fund management changes and equity style shifts in Part IV: Performance Appraisal Recount the history and explain the provisions of the GIPS standards with attention paid to the many practical issues that arise in the course of its implementation in Part V: Global Investment Performance Standards Filled with invaluable insights from more than fifty experienced contributors, this practical guide will enhance your understanding of investment performance measurement and put you in a better position to present and evaluate results in the most effective way possible.
