All investors experience significant – and often hidden – performance erosion as a result of routine FX trading, whether it’s carried out directly or via external parties. What’s the true cost,

In 2019, RPMI Railpen insourced the majority of factor investing strategies in its equity management programme. It is the latest milestone in a five-year journey towards understanding value for

The latest edition in bfinance’s biennial Investment Management Fees series. New analysis highlights areas where investors may be able to benefit from pricing trends, with ESG/Impact at the

“Paying alpha fees for beta performance” has become an investor bugbear. This has created a need to differentiate more carefully between outperformance derived from established risk factors and

Amid the trend towards outsourced investment models such as fiduciary management, outsourced CIO (“OCIO”) and implemented consulting, Coface has developed a different approach – one that lets

Private debt investors are increasingly turning towards US opportunities. Yet the structures used by managers can create substantial undisclosed leakage for clients.

Noting a rise in client demand for REITs, we explore some of the recent developments in this sector and highlight key implementation considerations.

Diversification is a very personal property. The definition of a good diversifier varies with each investor’s existing exposures, liquidity profile and risk tolerance, as well as the market

The latest edition in bfinance’s biennial Investment Management Fees series. New analysis highlights areas where investors may be able to benefit from pricing trends, with ESG/Impact at the

Commodity investment is back in the spotlight. This paper – part of the DNA of a Manager Search series – explores one pension fund’s hunt for an enhanced commodity overlay manager. We hope that

While the post-GFC phase was marked by diversification towards real assets, recent years have seen greater emphasis on diversification within real assets. How beneficial is this type of

Although CTAs bounced back in the fourth quarter of 2017, with the return of trending markets, full-year performance figures for managed futures have proven lacklustre, if considerably better

Timberland is a relatively established, albeit small, asset class. In the past three years, however, a distinctive new group of agriculture funds have come onto the scene, encouraged by investor

Amid the latest round of Direct Lending fundraising, a disturbing theme has started to emerge. Many managers, it seems, are rather keen to lower their hurdle rates – the point at which lucrative

Three years ago, we witnessed a wave of investment in Multi Asset Credit (or “MAC”) strategies. Not to be confused with Absolute Return or Unconstrained funds, which also experienced a surge in

The latest bfinance data reveals major changes in institutional investors’ equity mandates through 2017. This collection of articles explores the most significant shifts and addresses key debates

The resurgence of investor appetite for emerging markets is proving to be the most significant allocation trend of 2017, at least according to bfinance data on new mandates.

The latest edition in bfinance’s biennial Investment Management Fees series. New analysis highlights areas where investors may be able to benefit from pricing trends, with ESG/Impact at the

The ‘sub-advisor fund of hedge fund’ (or ‘fund of sub-advisor’) model is the latest innovation to disrupt the hedge fund sector.

Today’s climate raises new FX-related headaches for investors, provoking a rethink of historic decisions to hedge currency risks, leave them unhedged or delegate to fixed income and equity