Angelien kemna喜欢把事情简单化。或者，考虑到她的工作是监管3000亿欧元(3760亿美元)的养老金资产，她会尽可能地简单。2009年11月，凯姆纳成为APG资产管理公司(APG Asset Management)的首席信息官，该公司运营着荷兰最大的养老基金。凯姆纳希望将分散的管理团队集中在一个楼层，但她面临办公室短缺的问题。她的解决方案吗?她把APG阿姆斯特丹总部1亚慱体育官方登录5层的办公室让给了同事，然后搬进了会议室。凯姆娜在长长的金色木制会议桌的一端工作，把她的个人物品放在房间后面的柜子里。如果她的员工需要开会的空间，首席信息官就会躲到最近的空办公室，继续工作。以她的严肃风格，凯姆纳简化了APG及其主要基金Stichting pension fonds ABP的办公室安排，该基金为荷兰公务员和教师提供了2610亿欧元的计划，是世界上第二大养老基金。在凯姆纳上任前的15年左右，她的前任们已经把这家公司从一个乏味的荷兰债券和房地产经理转变为欧洲最多元化、最尖端的投资者之一。首席信息官Jean Frijns和后来的Roderick Munsters利用了荷兰养老金制度的自由化，拥抱了所谓的耶鲁模式，大举投资从国际股票和债券到对冲基金和私募股权等所有领域。 Today, APG has nearly 30 percent of its funds in alternative investments, including such exotica as Amsterdam-based hedge fund seeder IMQubator and a €1.5 billion opportunity fund that holds music rights, catastrophe bonds and pharmaceuticals royalties.
在很长一段时间里，这个公式创造了奇迹。自1993年以来，总部基地的年平均收益率为7%。但全球金融危机重创了该基金的投资组合。总部基地在2008年损失了20%。相比之下，美国最大的养老基金——加州公务员退休基金(California Public Employees ' Retirement System)和著名的哈佛大学(Harvard University)捐赠基金的跌幅分别为38%和27.6%。尽管如此，这一挫折使总部基地的投资组合大幅缩水440亿欧元，至1730亿欧元。雪上加霜的是，荷兰一项旨在提高养老金偿付能力的法规变化，要求基金采用低得多的利率来贴现其未来的债务。综合效果是戏剧性的。ABP从2007年底资产占负债的140%，成为全球资金最充足的大型养老基金之一，12个月后成为资金不足的养老基金，覆盖率仅为89.6%。负责管理养老基金的荷兰央行下令实施一项为期五年的复苏计划，迫使总部基地削减退休人员的生活成本增幅，并提高员工的缴费比例。 Even so, ABP remains underfunded and is likely to have to impose new benefit cuts next April. The dramatic decline in what has long been considered Europe’s leading pension fund, and pension system, has caused an uproar in the Netherlands and triggered widespread calls for pension managers to rein in risk. “You have a public that’s angry,” says Scott Evans, a member of ABP’s external investment committee, who earlier this year stepped down as president of asset management at TIAA-CREF in New York. “When the market moves suddenly in the Netherlands, it has a much more immediate impact on pension premiums and benefits than we experience in the United States. This is healthy for the long-term viability of the system but difficult for current participants.” Pension regulators, trustees and pensioners were demanding change from the moment Kemna arrived at APG. “It required a drastic shift of policy, a harsh shift,” she tells亚博赞助欧冠. 拥有博士学位。在数量经济学领域，以及在荷兰共同基金经理罗伯科（Robeco）和荷兰国际集团（ING Group）担任高级职务20年的经验，凯纳对复杂的投资组合管理策略并不陌生。她面临的挑战是在维持适合ABP长期负债的多样化投资组合和应对降低投资风险的呼声之间取得平衡。在上任的第一周，这位新任首席信息官开始制定一项计划，根除那些因回报率而承担过多风险并导致过多波动的证券、战略和投资经理。为了让她的员工团结起来支持这些变化，凯姆娜为新政权创造了一个主题：“受控的简单性”将成为当今的秩序。在接下来的两年里，Kemna和她的团队将对APG在其14个不同资产类别（从新兴市场股票到对冲基金）的投资方式进行逐行盘点。他们保留了所有这些类别，甚至增加了一个新的类别，替代通货膨胀，但进行了彻底的改变，以简化操作和降低风险。例如，在APG管理800亿欧元的另类投资中，Kemna放弃了内部的全球战术资产配置团队，因为该团队交易了太多异国情调的衍生品，她认为这让APG的基金不必要地面临潜在的市场动荡。出于类似原因，她还解雇了该集团34亿欧元GTAA投资组合中的两名外部经理。考虑到同样的风险降低策略，她和她的团队通过APG 790亿欧元的发达市场股票投资组合进行除草，除掉了所谓130-30策略的外部经理，这是一种对冲基金的精简产品，旨在通过多头和空头组合创造更高的回报。“我们向无法提供简单战略或与我们的利益保持一致的外部经理说再见，”Kemna解释道。更深入地挖掘，首席信息官和她的团队采用了一种新的“智能测试”方法，删除了每一个投资组合，除了替代品，以消除基准缺陷。例如，在APG的405亿欧元核心国债投资组合中，管理者放弃了重债欧元区国家的政府债券。Kemna说：“如果你增加的战略增加了太多的复杂性和运营风险，那么你没有为你的客户做正确的事情。”。APG采取的不仅仅是一种新的方法来改变路线；这需要一些新的人来支持凯姆纳的低风险信托经理愿景。在上任的头六个月里，首席信息官将取代她五位执行董事中的四位，只剩下保罗·斯皮杰克斯（Paul Spijkers），他是APG纽约办事处及其替代品组合的负责人。“无论何时你想要改变一种文化，你都需要改变一些关键的位置，从高层开始，”凯姆纳说。前战略投资组合管理负责人罗纳德·维斯特（Ronald Wuijster）表示，这一转变是巨大的。凯姆纳曾担任首席客户官和执行委员会成员。他说：“自从安吉丽安以来，我们对创新的兴趣越来越少，而更多的是让创新变得尽可能简单。”。“风险管理是我们的首要工作。”使Kemna的任务复杂化的是APG作为信托管理人的相对新的地位。2007年的荷兰养老金法旨在加强本世纪初互联网泡沫破裂造成的损失后的养老金，有效地迫使养老基金将其资产管理移交给独立公司。在肯纳上任前18个月左右，ABP董事会投票决定将其资金管理和行政职能拆分为一家新成立的公司APG。这一变化增加了一层新的官僚作风，因为ABP成立了一个最佳管理局或秘书处，以帮助养老金受托人监督APG的工作。新的安排还要求APG承担更大的责任，迫使Kemna和她的团队向ABP受托人解释和证明他们的战略。但新的需求带来了新的机遇：APG利用其独立性赢得了其他五个养老金计划的管理业务，并与荷兰建筑业养老基金350亿欧元的管理公司Cordares合并。尽管凯姆娜面临挑战，但许多养老金经理都希望能担任她的职务。荷兰养老金体系因其全面性和稳健的资金来源而赢得了世界上最好的声誉。大多数荷兰工人都必须参加，超过90%的劳动力参加了养老金计划。在一个大多数养老金缴款都是个位数的世界里，荷兰员工将几乎闻所未闻的年薪的20%或更多存起来，雇主拿出70%，雇员拿出其余部分。强烈的代际风险分担意识有助于确保经济压力时期的平衡，因为在经济压力下，退休人员可能放弃生活成本的增加，而参与者和雇主则会提高他们的贡献。最后，它有助于在大型基金中管理养老金资产，以确保生态平衡亚慱体育app怎么下载nomies of scale, leaving pensioners with more euros in their pockets. “The notion of mutual support across society is deeper than in the U.S.,” notes Leo de Bever, CEO and CIO of Alberta Investment Management Corp. in Edmonton, Canada. De Bever serves on ABP’s external investment committee. “Given that everyone in the Netherlands has some pension, there is more support for making it sustainable.” And how. Dutch pension fund assets amount to 134 percent of the country’s gross domestic product as of 2008, more than those of any other member of the Organization for Economic Cooperation and Development, according to OECD figures. By contrast, Australia’s pension assets stood at 91 percent of GDP and the U.S. was at 72.6 percent. “If you count that in, we’re part of the richest country in the world,” says Guus Warringa, APG Asset Management’s chief legal counsel. The Netherlands’ pension system ranks first among 16 countries because of its strong adequacy, sustainability and integrity, according to the Melbourne Mercer Global Pension Index, a joint study conducted last year by the Australian Center for Financial Studies and consulting firm Mercer. The U.S. holds tenth place. Yet even the stalwart Dutch have found it difficult to cope with two financial crises in one decade. The first blow came from the dot-com bust and resulting drop in equity markets, which caused the average pension fund to suffer losses of about 8 percent in 2002. Two years later trustees of all Dutch plans decided to end early-retirement benefits after the government withdrew its share of funding for those benefits. The changes were a rude shock for Dutch workers and retirees. In October 2004 hundreds of thousands of people thronged central Amsterdam’s Museumplein, surrounded by the priceless collections of van Goghs, Rembrandts and Vermeers that represent the Netherlands’ rich cultural patrimony, to protest the threat to their standard of living. The public pressure prompted lengthy debate, and in 2007 Parliament passed a new pensions act in a bid to shore up the system’s solvency and strengthen the transparency and accountability of pension management. The act set a minimum asset-to-liability ratio of 105 percent and mandated corrective action for any plan falling below that threshold. The law also changed the rate for discounting future liabilities from a fixed 4 percent to a rate calculated monthly by the central bank based on interbank swap rates. Dutch officials reasoned that it was more prudent to use a market rate, which should better reflect what funds could expect to earn. But when interest rates plunged following the 2008 financial crisis, pension trustees saw their funding ratios plunge in tandem. Almost overnight ABP went from being generously overfunded to seriously stretched, prompting the central bank to order a five-year recovery plan. Although there have been no major public demonstrations of late, the Dutch media are filled with debate over how pensions should be structured in an era when low interest rates and longer life spans threaten pension plan solvency. The long-revered concept of solidarity has begun to fray as young people fret that the money won’t be there for them and as their elders see their pension checks trimmed. One union blasted pension funds as “casinos” that were gambling with workers’ money. “It was a disaster,” explains Gerard Riemen, director of the Dutch Pensioenfederatie, an umbrella organization for 400 pension funds. Riemen helped write the 2007 legislation as an official at the Ministry of Social Affairs and Employment. “It was a real wake-up call,” he says. “We have to think about revising the whole pension contract.” At ABP funding pressure persists even though the fund achieved positive returns of 20 percent in 2009, 13.5 percent in 2010 and 3.3 percent in last year’s difficult market conditions. The discount rate, calculated by the central bank, stood at about 2.6 percent last month, making it difficult for ABP to reach the 105 percent coverage bogie. At the end of April, the funding ratio stood at 94 percent. Barring a dramatic improvement, pensioners are facing a likely 0.5 percent reduction in their monthly checks starting next year.
在很长一段时间里，这个公式创造了奇迹。自1993年以来，总部基地的年平均收益率为7%。但全球金融危机重创了该基金的投资组合。总部基地在2008年损失了20%。相比之下，美国最大的养老基金——加州公务员退休基金(California Public Employees ' Retirement System)和著名的哈佛大学(Harvard University)捐赠基金的跌幅分别为38%和27.6%。尽管如此，这一挫折使总部基地的投资组合大幅缩水440亿欧元，至1730亿欧元。雪上加霜的是，荷兰一项旨在提高养老金偿付能力的法规变化，要求基金采用低得多的利率来贴现其未来的债务。综合效果是戏剧性的。ABP从2007年底资产占负债的140%，成为全球资金最充足的大型养老基金之一，12个月后成为资金不足的养老基金，覆盖率仅为89.6%。负责管理养老基金的荷兰央行下令实施一项为期五年的复苏计划，迫使总部基地削减退休人员的生活成本增幅，并提高员工的缴费比例。 Even so, ABP remains underfunded and is likely to have to impose new benefit cuts next April. The dramatic decline in what has long been considered Europe’s leading pension fund, and pension system, has caused an uproar in the Netherlands and triggered widespread calls for pension managers to rein in risk. “You have a public that’s angry,” says Scott Evans, a member of ABP’s external investment committee, who earlier this year stepped down as president of asset management at TIAA-CREF in New York. “When the market moves suddenly in the Netherlands, it has a much more immediate impact on pension premiums and benefits than we experience in the United States. This is healthy for the long-term viability of the system but difficult for current participants.” Pension regulators, trustees and pensioners were demanding change from the moment Kemna arrived at APG. “It required a drastic shift of policy, a harsh shift,” she tells亚博赞助欧冠. 拥有博士学位。在数量经济学领域，以及在荷兰共同基金经理罗伯科（Robeco）和荷兰国际集团（ING Group）担任高级职务20年的经验，凯纳对复杂的投资组合管理策略并不陌生。她面临的挑战是在维持适合ABP长期负债的多样化投资组合和应对降低投资风险的呼声之间取得平衡。在上任的第一周，这位新任首席信息官开始制定一项计划，根除那些因回报率而承担过多风险并导致过多波动的证券、战略和投资经理。为了让她的员工团结起来支持这些变化，凯姆娜为新政权创造了一个主题：“受控的简单性”将成为当今的秩序。在接下来的两年里，Kemna和她的团队将对APG在其14个不同资产类别（从新兴市场股票到对冲基金）的投资方式进行逐行盘点。他们保留了所有这些类别，甚至增加了一个新的类别，替代通货膨胀，但进行了彻底的改变，以简化操作和降低风险。例如，在APG管理800亿欧元的另类投资中，Kemna放弃了内部的全球战术资产配置团队，因为该团队交易了太多异国情调的衍生品，她认为这让APG的基金不必要地面临潜在的市场动荡。出于类似原因，她还解雇了该集团34亿欧元GTAA投资组合中的两名外部经理。考虑到同样的风险降低策略，她和她的团队通过APG 790亿欧元的发达市场股票投资组合进行除草，除掉了所谓130-30策略的外部经理，这是一种对冲基金的精简产品，旨在通过多头和空头组合创造更高的回报。“我们向无法提供简单战略或与我们的利益保持一致的外部经理说再见，”Kemna解释道。更深入地挖掘，首席信息官和她的团队采用了一种新的“智能测试”方法，删除了每一个投资组合，除了替代品，以消除基准缺陷。例如，在APG的405亿欧元核心国债投资组合中，管理者放弃了重债欧元区国家的政府债券。Kemna说：“如果你增加的战略增加了太多的复杂性和运营风险，那么你没有为你的客户做正确的事情。”。APG采取的不仅仅是一种新的方法来改变路线；这需要一些新的人来支持凯姆纳的低风险信托经理愿景。在上任的头六个月里，首席信息官将取代她五位执行董事中的四位，只剩下保罗·斯皮杰克斯（Paul Spijkers），他是APG纽约办事处及其替代品组合的负责人。“无论何时你想要改变一种文化，你都需要改变一些关键的位置，从高层开始，”凯姆纳说。前战略投资组合管理负责人罗纳德·维斯特（Ronald Wuijster）表示，这一转变是巨大的。凯姆纳曾担任首席客户官和执行委员会成员。他说：“自从安吉丽安以来，我们对创新的兴趣越来越少，而更多的是让创新变得尽可能简单。”。“风险管理是我们的首要工作。”使Kemna的任务复杂化的是APG作为信托管理人的相对新的地位。2007年的荷兰养老金法旨在加强本世纪初互联网泡沫破裂造成的损失后的养老金，有效地迫使养老基金将其资产管理移交给独立公司。在肯纳上任前18个月左右，ABP董事会投票决定将其资金管理和行政职能拆分为一家新成立的公司APG。这一变化增加了一层新的官僚作风，因为ABP成立了一个最佳管理局或秘书处，以帮助养老金受托人监督APG的工作。新的安排还要求APG承担更大的责任，迫使Kemna和她的团队向ABP受托人解释和证明他们的战略。但新的需求带来了新的机遇：APG利用其独立性赢得了其他五个养老金计划的管理业务，并与荷兰建筑业养老基金350亿欧元的管理公司Cordares合并。尽管凯姆娜面临挑战，但许多养老金经理都希望能担任她的职务。荷兰养老金体系因其全面性和稳健的资金来源而赢得了世界上最好的声誉。大多数荷兰工人都必须参加，超过90%的劳动力参加了养老金计划。在一个大多数养老金缴款都是个位数的世界里，荷兰员工将几乎闻所未闻的年薪的20%或更多存起来，雇主拿出70%，雇员拿出其余部分。强烈的代际风险分担意识有助于确保经济压力时期的平衡，因为在经济压力下，退休人员可能放弃生活成本的增加，而参与者和雇主则会提高他们的贡献。最后，它有助于在大型基金中管理养老金资产，以确保生态平衡亚慱体育app怎么下载nomies of scale, leaving pensioners with more euros in their pockets. “The notion of mutual support across society is deeper than in the U.S.,” notes Leo de Bever, CEO and CIO of Alberta Investment Management Corp. in Edmonton, Canada. De Bever serves on ABP’s external investment committee. “Given that everyone in the Netherlands has some pension, there is more support for making it sustainable.” And how. Dutch pension fund assets amount to 134 percent of the country’s gross domestic product as of 2008, more than those of any other member of the Organization for Economic Cooperation and Development, according to OECD figures. By contrast, Australia’s pension assets stood at 91 percent of GDP and the U.S. was at 72.6 percent. “If you count that in, we’re part of the richest country in the world,” says Guus Warringa, APG Asset Management’s chief legal counsel. The Netherlands’ pension system ranks first among 16 countries because of its strong adequacy, sustainability and integrity, according to the Melbourne Mercer Global Pension Index, a joint study conducted last year by the Australian Center for Financial Studies and consulting firm Mercer. The U.S. holds tenth place. Yet even the stalwart Dutch have found it difficult to cope with two financial crises in one decade. The first blow came from the dot-com bust and resulting drop in equity markets, which caused the average pension fund to suffer losses of about 8 percent in 2002. Two years later trustees of all Dutch plans decided to end early-retirement benefits after the government withdrew its share of funding for those benefits. The changes were a rude shock for Dutch workers and retirees. In October 2004 hundreds of thousands of people thronged central Amsterdam’s Museumplein, surrounded by the priceless collections of van Goghs, Rembrandts and Vermeers that represent the Netherlands’ rich cultural patrimony, to protest the threat to their standard of living. The public pressure prompted lengthy debate, and in 2007 Parliament passed a new pensions act in a bid to shore up the system’s solvency and strengthen the transparency and accountability of pension management. The act set a minimum asset-to-liability ratio of 105 percent and mandated corrective action for any plan falling below that threshold. The law also changed the rate for discounting future liabilities from a fixed 4 percent to a rate calculated monthly by the central bank based on interbank swap rates. Dutch officials reasoned that it was more prudent to use a market rate, which should better reflect what funds could expect to earn. But when interest rates plunged following the 2008 financial crisis, pension trustees saw their funding ratios plunge in tandem. Almost overnight ABP went from being generously overfunded to seriously stretched, prompting the central bank to order a five-year recovery plan. Although there have been no major public demonstrations of late, the Dutch media are filled with debate over how pensions should be structured in an era when low interest rates and longer life spans threaten pension plan solvency. The long-revered concept of solidarity has begun to fray as young people fret that the money won’t be there for them and as their elders see their pension checks trimmed. One union blasted pension funds as “casinos” that were gambling with workers’ money. “It was a disaster,” explains Gerard Riemen, director of the Dutch Pensioenfederatie, an umbrella organization for 400 pension funds. Riemen helped write the 2007 legislation as an official at the Ministry of Social Affairs and Employment. “It was a real wake-up call,” he says. “We have to think about revising the whole pension contract.” At ABP funding pressure persists even though the fund achieved positive returns of 20 percent in 2009, 13.5 percent in 2010 and 3.3 percent in last year’s difficult market conditions. The discount rate, calculated by the central bank, stood at about 2.6 percent last month, making it difficult for ABP to reach the 105 percent coverage bogie. At the end of April, the funding ratio stood at 94 percent. Barring a dramatic improvement, pensioners are facing a likely 0.5 percent reduction in their monthly checks starting next year.正是这一前景让凯姆纳一直处于紧张状态。“我们国家近三分之一的事情取决于我们是否做得好，”她说。“职业挑战是巨大的。”
迪克·斯鲁默斯喜欢说:“ABP出生在海上。”自2008年APG成立以来，他曾担任Algemeen Burgerlijk Pensioenfonds董事会主席和APG首席执行官，他指的是1922年威廉敏娜女王在SS Batavier V号蒸汽船上签署的ABP法案。几十年来，养老基金一直收取养老金，从工资的10%开始，到1947年上升到16%，并将其谨慎地投资于荷兰债券和房地产。在20世纪90年代，政府修订了养老金法，要求基金以缝合或基金会的形式组织，由雇主和雇员代表平等管理。新规定允许基金投资范围更广的资产，包括国际股票和债券、私人股本和对冲基金，并根据条件和回报的保证调整生活成本的上调幅度。1996年，更名后的Stichting pension enfonds ABP利用了新的自由，在时任首席投资官Frijns的领导下，开始多样化其投资组合。最重要的是，Frijns和他的团队决定尽可能多地在内部管理投资组合，而不是聘请外部经理。1984年从法学院毕业后加入ABP法律部的Spijkers说:“我们决定不外包一切，因为成本太高了。”因此，1998年8月，斯皮克斯和三名同事收拾行装，搬到了纽约，在美国开设了一个办事处，并建立了总部基地在美国房地产、债券和对冲基金方面的投资。如今，斯皮克斯是APG Asset Management美国公司的总裁兼首席执行官，管理着一个110人的团队，其中只有7人是荷兰人。 Overall, Kemna and an investment staff of 200 manage 80 percent of APG’s assets in-house. In 2002, Frijns launched a fund-of-hedge-funds portfolio in Amsterdam, but he soon realized it would be more cost-effective to build a team in the U.S. He hired Tom Dunn and Ira Handler, then co-heads of fixed income at Lazard Asset Management, to run the portfolio out of New York. In 2006 they began operating autonomously as New Holland Capital, in the Chrysler Building, near APG’s Third Avenue office. APG figured that giving the team greater independence would foster stability and avoid attrition, Spijkers says. “There are a lot of people out there who invest in hedge funds and don’t know what they’re doing,” he notes. Today, New Holland, working solely for APG, has 26 employees overseeing 60 different hedge fund investments worth a total of €11.7 billion, or 4 percent of APG’s overall portfolio. When Frijns stepped down in 2005, ABP tapped Munsters, a rising star in Dutch pension management, as his replacement. Munsters, then 42, had served seven years as CIO at PGGM, the Netherlands’ second-largest pension fund, expanding aggressively into alternatives and making the fund one of Europe’s largest private equity investors. Munsters brought a similar approach to ABP, setting out to increase the innovation, and complexity, of the giant fund. He brought in a former head of research and strategy at PGGM, Gerlof de Vrij, to head up the new, €2.3 billion, internally managed global tactical allocation portfolio and hired Wuijster, former head of investment research at Robeco, as ABP’s new chief of strategy and research. In a 2007 profile Munsters told II, “We can and should be at the forefront of innovation because of our in-house capabilities, size, long-term perspective and high risk tolerance.” In 2007 the new Dutch pension law overhauled governance rules, requiring pension boards to either jettison ancillary businesses such as insurance, which funds like ABP had expanded into, or turn asset management over to outside entities. ABP’s board, like PGGM’s, decided to spin off its investment management and fund administration operations into a 100 percent-owned subsidiary dubbed APG, with Munsters continuing as CIO. Some doubted the wisdom of the separation. “I warned them personal experience had taught me it would introduce organizational complexity,” recalls ABP external investment committee member de Bever. “Buying and selling assets is easy in a single-client environment. With multiple clients there is an obligation to demonstrate that transactions on behalf of one client treat all others fairly.” Nonetheless, the breakup went ahead. Olaf Sleijpen, director of pension supervision at De Nederlandsche Bank, the central bank, acknowledges that the governance changes make it harder for pension trustees “to be in control.” But he points out, “You create a much clearer business relationship between pension service providers and the board.”很难想象现在是推出一家新的基金管理公司更具挑战性的时候。到2009年3月，也就是推出13个月后，APG的投资组合下跌了20.2%，损失了440亿欧元。“这是一个令人难以置信的数字，”明斯特说，他努力保持他的员工的士气，同时定期与总部基地的顾问局开会，让他们了解基金的业绩。2008年9月，他还与建筑和建筑业养老金管理公司Cordares进行了合并谈判。2009年初，明斯特被聘为荷兰最大的共同基金管理公司罗伯科(Robeco)的首席执行官。APG需要一位新的首席信息官来带领公司扭转颓势。
安吉丽安·凯纳的根是在荷兰农田的土壤中形成的。她的父母都出生在荷兰东部特温特（Twente）的农民家庭，那里的农业仍然是第一产业。第二次世界大战后，凯姆纳的父亲离开了家庭农场，与年轻的新娘一起开始寻找簿记员的工作，同时上夜校以获得会计证书。凯姆纳出生于1957年，是四个孩子中的第二个，在温和的环境中长大。她的父亲每次换工亚慱体育app怎么下载作，全家都会搬家，直到他在一家生产渔网和绳索的公司担任管理职务；凯姆娜将在夏天帮助处理账目和行政事务。在为12岁的孩子举行的高中入学考试中取得优异成绩后，凯姆娜被荷兰西南部她家附近的一家体育馆录取，这是中学教育的最高水平。当她在这所僧侣开办的小学校组织了一支女子篮球队，并指导她们赢得四项地区冠军时，她发现了领导才能。毕业后，凯姆娜就读于鹿特丹伊拉斯谟大学，在那里她学习了计量经济学，并结识了她的准丈夫奥尔特·范·贝泽科姆，他也主修同一专业。在一起八年后，他们于1985年结婚。婚礼三天后，凯姆娜独自前往美国，在麻省理工学院斯隆管理学院做了六个月的访问学者。在那里，她与罗伯特·默顿（Robert Merton）一起参加了衍生品课程，后者将帮助她获得博士学位。论文和后来分享了诺贝尔经济学奖，因为他在股票期权定价的布莱克-斯科尔斯公式方面的工作。回家后，凯姆娜获得了博士学位。1988年在伊拉斯谟大学金融系，撰写关于金融期权在投资中的应用的论文。她和van Beuzekom开始投资欧洲期权交易所（European options exchange），并用他们的收益成立了一只度假基金。“如果我们做得好，我们会去印度、美国和非洲，”凯姆纳回忆道。到了计划家庭的时候，这对夫妇同意每人承担50%的育儿责任。“你有日托，这使我成为了一名副教授，”凯姆纳解释说，他从1988年到1991年在伊拉斯谟教授金融，然后从1993年到1999年在马斯特里赫特大学兼职教学。她的丈夫在1981年创办了自己的软件公司Ortec，给了他帮助抚养儿子和女儿的灵活性。结果证明这是一个不错的选择。如今，Ortec为60多个国家的1350名客户提供从运输物流软件到资产负债研究的一切服务。凭借其在衍生品理论应用方面的声誉，凯娜于1992年被总部位于鹿特丹的罗伯科（Robeco）引入资产管理领域。她一开始是定量研究的负责人，领导一个博士组。候选人。然后，她转而从事投资组合管理——“从制作模型到投资”，正如她所说——领导一个由50人组成的全球股票管理团队，并帮助将定量技术引入罗伯科的主流。到2001年，她成为投资和账户管理总监。然后ING来敲门，聘请Kemna担任该行资产管理部门的全球首席信息官。就在她到来之际，互联网泡沫破裂的余波正在冲击股市，几乎立刻就不得不开始削减成本，使运营合理化。一年后，ING将其全球资产管理业务分为三个地区。Kemna要求并赢得了新欧洲地区首席信息官和首席执行官的职位。她将不再只是处理市场数据。现在，她必须学习如何监督投资技术、人力资源和市场营销等方面的工作——这将是一次令人畏惧但却弥足珍贵的经历。她说：“我曾要求这份工作，但我不确定自己是否知道自己要求的是什么。”。随着ING从2002年的低迷中复苏，它开始了一段快速增长和变革的时期。2004年卸任首席信息官的凯姆纳在六年多的时间里向四位不同的执行董事会成员汇报工作。2007年4月，在监管14个国家1520亿欧元的资产时，Kemna宣布她将于7月离开。她越来越觉得，对于一位想从事有益于他人的工作的前学者来说，资产管理并不合适。“没有什么比这更让我兴奋了，”她解释道。“我受够了金融业的一般文化。我刚刚受够了。”她的时机是无可挑剔的：当她行使股票期权时，荷兰国际集团的股票交易价格是35欧元；他们将在2009年3月达到2.30欧元，目前仍低于每股5.60欧元。“这是一个幸运的巧合，”肯纳说。在接下来的两年里，凯姆娜将在荷兰和亚特兰大之间分工合作，在荷兰她在伊拉斯谟兼职教授计量经济学，在亚特兰大她和丈夫在奥尔特克最大的企业客户总部附近买了一栋房子。她还曾在金融市场管理局（Authority for the Financial Markets，the Dutch securities and investments regulator, and took on a few nonexecutive directorships, including one at Yellow&Blue Investment Management, a Dutch renewable-energy venture capital company. It would be two years before a recruiter called Kemna about the CIO position at APG. “It was the first phone call where I said I wanted to look at the job,” she recalls. “I thought it was a pretty good job, managing the pensions of 33 percent of the country’s inhabitants.” Having spent a good part of the financial crisis in the U.S., she had seen firsthand what happened to older Americans who lost their pensions and life savings. “It can happen very easily, as we’ve seen in the U.S. and also the U.K.,” she says. “I wanted to make sure the Dutch system was in good shape.” She had her work cut out for her. By the time she started at APG in November 2009, more than half of the country’s 650 pension funds, including ABP, had been forced to file recovery plans with the central bank. They would have three years to raise their funding ratios above the 105 percent minimum, or they would be forced to cut pensioners’ benefits. The challenge was compounded by the drop in interest rates, which weighed on those funding ratios. Pension trustees and rank-and-file employees angered by fund losses were calling for change. “People were saying, ‘Put the money in the bank so it’s safe,’ ” says the pension federation’s Riemen. As if those pressures weren’t enough, Kemna was taking over from Munsters, an icon in the Dutch pension world even after the market crash. Shifting from a culture that championed innovation to the more sober approach of a fiduciary manager wouldn’t be easy. “If you run an organization as if you have no client and it’s your money, the accountability is different than if you’re a multiclient organization,” Kemna says of the old ABP. “The staff thought they had more leeway to invest as they saw fit.” Kemna proceeded to make wholesale changes to APG’s top ranks, replacing not only most of the executive board but also the CIOs of the group’s two major portfolios, growth and income (which Kemna would change to listed and alternative), and the heads of trading, convertible bonds and information technology. She also encouraged her top executives to change their own personnel wherever necessary. “The hardest period for me was the first three to six months,” says Kemna. “It was perhaps the loneliest period in my life.” The CIO believed she could find qualified staff who, like herself, came from profit-oriented banks and money managers but were willing to work for less money at an institution built to safeguard the retirement savings of ordinary workers. “You do it for your teacher in grammar school,” Kemna explains. “I’ll be damned if a bank profits from my grammar school teacher. I can attract people with much lower salaries who want to achieve this.” Kemna made several internal promotions to the executive board, including chief client officer Wuijster and legal counsel Warringa. As for the actual business of asset management, Kemna never questioned Munsters’ broad allocation strategy. In fact, she retained as much as possible — keeping the alternatives weighting intact, for example, despite the clamor from pension trustees and plan members to drastically scale back risk. “It’s important not to give in to outside pressure,” she says. “We have to convince our participants that we’re long-term investors.” In seeking to reduce risk, one of the first areas Kemna and her team focused on was the global tactical asset allocation team established by Munsters. Kemna wanted to simplify the fund by eliminating its costly and complex use of exotic derivatives; GTAA head de Vrij left in March to open a Dutch office for Blenheim Capital Management, a New Jersey–based hedge fund firm. APG also dismissed two external GTAA managers. The portfolio is now run by six external global macro hedge fund firms that were willing to jettison their use of exotic derivatives. “I wanted a simpler global tactical asset allocation product,” explains Kemna. She believes GTAA can produce good risk-adjusted returns by tactically moving cash from one asset class to another using futures or by trading the underlying equities and bonds. In some cases, as with emerging-markets debt, APG found it wasn’t cost-effective to build a team in-house. In other areas, such as Japanese large-cap equities, Kemna decided not to hire an external manager because it’s so difficult to generate alpha in that strategy. Instead, APG runs those portfolios using a new, “smart beta” approach in which it tailors portfolios to client needs by eliminating undesirable index constituents. Nowhere has this strategy come into play as heavily as in fixed income, which represents 40 percent of APG’s holdings. With Europe’s debt crisis continuing to worsen, APG has eliminated the bonds of highly indebted euro zone countries from its core Treasuries strategy, retaining only German, Dutch and French paper. APG has stripped convertible bonds from its fixed-income portfolios, seeing them as a mix of European midcap equities and high-yield bonds (both of which APG already owns) but inherently more difficult to value. “We don’t take the benchmark for granted,” says Céline van Asselt, chief finance and risk management officer. “In the past the benchmark was the guiding light. Today we say, ‘Be critical.’ ” APG has also used the smart-beta approach to launch a minimum variance strategy in April. The €7 billion strategy targets global equities with low volatility and sits inside APG’s €79 billion developed-markets equity portfolio, which makes up more than a quarter of the group’s total. According to Wuijster, the strategy can achieve the same returns as a classic equity strategy, with 25 percent less risk. A fourth example of smart beta is APG’s policy of not automatically rolling over the commodity exposure at month’s end, as dictated by the Goldman Sachs Commodity Index. The €11.7 billion portfolio represents a little less than 4 percent of the total; it achieved a 15.8 percent return in 2010, followed by a 6.1 percent return in 2011. Kemna and her team have found other ways to reduce risk in the developed-markets equity portfolio. The group instructed its external 130-30 managers to shift to a long-only stance and eliminate complex derivative overlays. The managers’ response? “They said they had enough alpha left and admitted the derivatives were not so important,” says Ronald van Dijk, whom Kemna hired as head of equities in August 2011 after 14 years at ING. The change had another benefit: It has reduced fees on the funds involved by 30 percent over the past year. Not surprisingly given Kemna’s background, APG has increased the share of quantitative strategies in the developed-markets equity portfolio, to 60 percent from 50 percent. An additional 30 percent is managed in fundamental strategies, while 10 percent has been allocated to a new “focused,” or concentrated, portfolio that invests in fewer companies, with a longer time horizon and without adhering to the MSCI World Index benchmark. Not all portfolios have been overhauled. The roughly €80 billion alternatives portfolio has remained essentially intact under the command of Spijkers. But he continues to search for new, albeit simplified, instruments to diversify the 70 percent of the portfolio that is in traditional equities and bonds. He recently added a new strategy, dubbed alternative inflation — basically a bond portfolio — to hedge against unexpected moves in inflation. In the absence of Dutch inflation-linked bonds, Spijkers identified a large segment of nongovernment bonds that have inflation-linked income streams: utility companies. Portfolio and staff changes are only part of Kemna’s strategy for improving the delivery of investment services and pension benefits to APG’s clients and their millions of participants. Increasing scrutiny from oversight parties is placing continuous demands on the client management and communications divisions. Kemna has been lobbying officials at the central bank and Ministry of Finance to go back to a 4 percent discount rate, which would return her pension client to fully funded status. For his part, pension supervisor Sleijpen is not swayed. “If central banks did not keep interest rates low,” he says, “the value of pension funds would be much lower today.” With her new staff in place to handle APG’s many asset management programs and external demands, Kemna is closer to achieving the goal that brought her back to the asset management world: the continued success of the Dutch pension system. She advised the U.K. government as it was setting up its new defined contribution scheme, the National Employment Savings Trust (NEST), which has created a large pool of individual retirement assets, while acknowledging that the new program doesn’t approach the level of benefits in the Netherlands. While attending a pension conference in the U.K. last fall, Kemna says, “I was shocked to see how far they’ve moved from defined benefits to savings. People don’t save because it’s voluntary there.”考虑到荷兰养老金体系资金雄厚，这在荷兰不是问题。但Kemna和她的团队需要产生持续良好的回报，为基地计划的受益者提供保障。简单的?很难，但是Kemna已经准备好迎接挑战了。••