安吉莉安·凯娜喜欢把事情简单化。或者，考虑到监管3000亿欧元（合3760亿美元）的养老金资产是她的工作，至少尽可能简单。2009年11月，在成为荷兰最大的养老基金运营商APG Asset Management的首席信息官后，Kemna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？她把位于APG阿姆斯特丹总部15楼的角落办公室让给了一位同事，并搬进了一个会议室。Kemna在长长的金色木制会议桌的一端工作，并把她的私人物品放在房间后面的橱柜里。如果她的员工需要开会的空间，首席信息官会跳到最近的空办公室继续她的工作。凭借她的直言不讳的风格，凯姆娜一直在简化APG及其主要基金Stiching PensionoEnds ABP的办公室安排，这是一项为荷兰公务员和教师提供2610亿欧元的计划，是世界第二大养老基金。在凯姆娜到来之前的15年左右，她的前任们已经将这家机构从一位乏味的荷兰债券亚慱体育官方登录和房地产经理转变为欧洲最多元化、最前沿的投资者之一。首席信息官让·弗里恩斯（Jean Frijns）和后来的罗德里克·蒙斯特斯（Roderick Munsters）利用荷兰养老金规则的自由化，采用所谓的耶鲁模式，大量投资于从国际股票和债券到对冲基金和私人股本的所有领域。如今，APG拥有近30%的另类投资基金，包括总部位于阿姆斯特丹的对冲基金种子公司IMQubator和一只15亿欧元的机会基金，该基金持有音乐版权、灾难债券和药品特许权使用费。
在很长一段时间里，这个公式创造了奇迹。自1993年以来，ABP的年平均回报率为7%。但全球金融危机重创了该基金的投资组合。ABP在2008年损失了20%。与美国最大的养老基金加州公共雇员退休系统（California Public Employees’S Retirement System）38%的暴跌以及哈佛大学著名的捐赠基金27.6%的暴跌相比，这一数字相对温和。尽管如此，这一挫折还是将ABP的投资组合大幅削减440亿欧元，至1730亿欧元。使这些损失的影响更加严重的是，荷兰旨在支撑养老金偿付能力的法规的变化要求基金采用更低的利率来贴现其未来负债。综合效应是戏剧性的。ABP从世界上资金最好的主要养老基金之一，2007年底资产价值占负债的140%，到12个月后成为资金不足的计划，覆盖率仅为89.6%。监管养老基金的荷兰中央银行（Dutch central bank）下令实施一项五年复苏计划，迫使ABP削减退休人员的生活成本增长，并增加员工的供款。即便如此，ABP仍然资金不足，可能不得不在明年4月实施新的福利削减。长期以来一直被视为欧洲领先的养老基金和养老体系的急剧下降在荷兰引起了轩然大波，并引发了要求养老基金经理控制风险的广泛呼吁。“你有一个愤怒的公众，”ABP外部投资委员会成员斯科特·埃文斯（Scott Evans）说，他今年早些时候辞去了纽约TIAA-CREF资产管理总裁一职。“当荷兰的市场突然波动时，它对养老金保费和福利的影响比我们在美国经历的要直接得多。这对系统的长期生存能力是健康的，但对当前参与者来说是困难的。”养老金监管机构，从Kemna来到APG的那一刻起，受托人和养老金领取者就要求改变。她告诉记者：“这需要政策的剧烈转变，一个严酷的转变。”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，ABP的年平均回报率为7%。但全球金融危机重创了该基金的投资组合。ABP在2008年损失了20%。与美国最大的养老基金加州公共雇员退休系统（California Public Employees’S Retirement System）38%的暴跌以及哈佛大学著名的捐赠基金27.6%的暴跌相比，这一数字相对温和。尽管如此，这一挫折还是将ABP的投资组合大幅削减440亿欧元，至1730亿欧元。使这些损失的影响更加严重的是，荷兰旨在支撑养老金偿付能力的法规的变化要求基金采用更低的利率来贴现其未来负债。综合效应是戏剧性的。ABP从世界上资金最好的主要养老基金之一，2007年底资产价值占负债的140%，到12个月后成为资金不足的计划，覆盖率仅为89.6%。监管养老基金的荷兰中央银行（Dutch central bank）下令实施一项五年复苏计划，迫使ABP削减退休人员的生活成本增长，并增加员工的供款。即便如此，ABP仍然资金不足，可能不得不在明年4月实施新的福利削减。长期以来一直被视为欧洲领先的养老基金和养老体系的急剧下降在荷兰引起了轩然大波，并引发了要求养老基金经理控制风险的广泛呼吁。“你有一个愤怒的公众，”ABP外部投资委员会成员斯科特·埃文斯（Scott Evans）说，他今年早些时候辞去了纽约TIAA-CREF资产管理总裁一职。“当荷兰的市场突然波动时，它对养老金保费和福利的影响比我们在美国经历的要直接得多。这对系统的长期生存能力是健康的，但对当前参与者来说是困难的。”养老金监管机构，从Kemna来到APG的那一刻起，受托人和养老金领取者就要求改变。她告诉记者：“这需要政策的剧烈转变，一个严酷的转变。”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娜备受关注。“我们国家近三分之一的人口取决于我们的工作是否做得好，”她说。“职业挑战是巨大的。”
“ABP 迪克·斯莱默斯喜欢说。自2008年APG成立以来，他曾担任Algemeen Burgerlijk Pensioenfonds董事会主席和首席执行官。他指的是1922年由威廉女王签署成为SS Batavier V号轮船法律的ABP法案。几十年来，养老基金一直以工资的10%开始供款，到1947年增至16%，并保守地投资于荷兰债券和房地产。20世纪90年代，政府修订了养老金法，要求基金组织为工会或基金会，由雇主和雇员的代表平等管理。新规则允许基金投资于更广泛的资产，包括国际股票和债券、私人股本和对冲基金，并在条件和回报保证的情况下调整生活成本的提高。1996年，更名为Stichting PensionFonds ABP的公司利用了新的自由，在当时的首席信息官Frijns的领导下开始了投资组合的多元化。关键是，Frijns和他的团队决定在内部管理尽可能多的投资组合，而不是雇佣外部经理。1984年从法学院毕业后加入ABP法律系的Spijkers说：“我们决定不想把所有东西都外包出去，因为成本太高。”。因此，斯皮杰克斯和三位同事收拾行装，于1998年8月搬到纽约，在美国开设了一家办事处，建立了ABP在美国房地产、债券和对冲基金方面的投资。如今，斯皮杰克斯是APG资产管理美国公司的总裁兼首席执行官，管理着一支110人的团队，其中只有7人是荷兰人。总的来说，Kemna和200名投资人员管理着APG 80%的内部资产。2002年，Frijns在阿姆斯特丹推出了一个对冲基金组合基金，但他很快意识到在美国建立一个团队更具成本效益。他聘请了汤姆·邓恩（Tom Dunn）和爱尔兰共和军·汉德勒（Ira Handler），当时是拉扎德资产管理公司（Lazard Asset Management）的固定收益联席主管，负责在纽约以外的地区运营该组合。2006年，他们开始在APG第三大道办公室附近的克莱斯勒大厦作为新荷兰资本自主运营。斯皮杰克斯说，APG认为，给予团队更大的独立性将促进稳定，避免摩擦。“有很多人投资于对冲基金，却不知道自己在做什么，”他指出。如今，仅为APG工作的新荷兰有26名员工，负责60项不同的对冲基金投资，总价值117亿欧元，占APG总投资组合的4%。当Frijns在2005年下台时，ABP聘请荷兰养老金管理的新星Munsters作为他的继任者。当时42岁的Munsters曾在荷兰第二大养老基金PGGM担任七年首席信息官，积极拓展业务，使该基金成为欧洲最大的私人股本投资者之一。Munsters为ABP带来了类似的方法，旨在增加巨型基金的创新性和复杂性。他聘请了PGGM前研究和战略负责人Gerlof de Vrij，负责新的23亿欧元内部管理的全球战术分配组合，并聘请Robeco前投资研究负责人Wuijster担任ABP新的战略和研究负责人。在2007年的一份简介中，Munsters告诉II，“我们能够而且应该站在创新的前沿，因为我们的内部能力、规模、长期前景和高风险承受能力。”2007年，新的荷兰养老金法修订了治理规则，要求养老金委员会要么放弃保险等辅助业务，像ABP这样的基金已经扩展到了哪些领域，或者将资产管理移交给了外部实体。与PGGM一样，ABP董事会决定将其投资管理和基金管理业务分拆为一家全资子公司APG，Munsters继续担任首席信息官。有些人怀疑这种分离是否明智。ABP外部投资委员会成员德贝弗（de Bever）回忆道：“我警告过他们，个人经验告诉我，这会带来组织的复杂性。”。“在单一客户环境中买卖资产很容易。对于多个客户，有义务证明代表一个客户的交易公平对待所有其他客户。”尽管如此，双方还是继续进行了分手。荷兰中央银行（De Nederlandsche Bank）养老金监管主管奥拉夫·斯莱伊彭（Olaf Sleijpen）承认，治理变化使养老金受托人“难以控制”。但他指出，“你在养老金服务提供商和董事会之间建立了更清晰的业务关系。”很难想象在什么时候成立一家新的基金管理实体会更具挑战性。截至2009年3月，即APG成立13个月后，其投资组合暴跌20.2%，损失440亿欧元。“这是一个令人难以置信的数字，”Munsters说，他努力保持员工的士气，同时定期与ABP的bestuursbureau会面，让他们了解基金的业绩。2008年9月，他还与建筑业养老金管理公司Cordares进行了合并谈判。2009年初，Munsters被任命为荷兰最大的共同基金管理公司Robeco的首席执行官。APG需要一位新的首席信息官来领导转型。
安吉丽安kemna的根源是在荷兰农田的土壤中形成的。她的父母都出生于特纳特的农民，该地区是农业仍然是第1个行业。亚慱体育app怎么下载第二次世界大战后，Kemna的父亲离开了家庭农场，并与他的年轻新娘一起出发，寻找作为簿记员的工作，同时花别课程获得会计证书。kemna，1957年出生的四个孩子的第二个，在适度的情况下长大。每次父亲更改工作时，这个家庭搬到了，直到他在制造渔网和绳索的公司获得了管理角色;Kemna将在夏季提供账户和管理。在给予12岁儿童的高中安置考试后得分，Kemna被荷兰西南部靠近她的家庭接受了体育馆，是最高的中学教育。当她组织一个女孩的篮球队在小型，僧侣队的学校组织一个女孩的篮球队并执教他们来赢得四个区域奖杯时，她发现了一个领导力。毕业kemna在鹿特丹·罗马斯大学罗马斯大学，她研究了经济学，遇见了她的丈夫，澳大利亚·瓦·福泽，他分享了同样的专业。在八年后，他们在1985年结婚。婚礼三天后，Kemna为美国留下了六个月的Stint，作为马萨诸塞州理工学院斯隆管理学院的六个月的斯内特。 There she took a class in derivatives with Robert Merton, who would help her with her Ph.D. thesis and later share the Nobel Prize in economics for his work on the Black-Scholes formula for pricing stock options. Returning home, Kemna earned her Ph.D. in finance at Erasmus in 1988, writing her thesis on the use of financial options in investing. She and van Beuzekom began investing on the European options exchange and started a vacation fund with their gains. “If we did well, we went to India, the U.S. and Africa,” recalls Kemna. When it came time to plan a family, the couple agreed that each would take a 50 percent share of parenting duties. “You had day care, which enabled me to become an associate professor,” explains Kemna, who taught finance at Erasmus from 1988 to 1991, then took a part-time teaching stint at Maastricht University from 1993 to 1999. Her husband started his own software company, Ortec, in 1981, giving him the flexibility to help raise their son and daughter. That turned out to be a good choice. Today, Ortec provides everything from transportation logistics software to asset-liability studies to some 1,350 customers in more than 60 countries. On the strength of her reputation in the application of derivatives theory, Kemna was recruited into the world of asset management in 1992 by Rotterdam-based Robeco. She started as head of quantitative research, leading a group of Ph.D. candidates. She then switched into portfolio management — “from making the models to investing the money,” as she puts it — heading a team of 50 in global equity management and helping to bring quant techniques into the mainstream at Robeco. By 2001 she was director of investments and account management. Then ING came knocking, hiring Kemna as global CIO of the bank’s asset management division. She arrived just as the fallout from the burst dot-com bubble was hammering equity markets and almost immediately had to begin cutting costs and rationalizing operations. A year later ING split its global asset management business into three regions. Kemna requested and won the jobs of CIO and CEO of the new European region. She would no longer just crunch market data. Now she had to learn how to oversee investment technology, human resources and marketing, among other things — an experience that would be daunting but invaluable. “I had demanded that job, but I’m not sure I knew what I had asked for,” she says. As it recovered from the 2002 downturn, ING began a period of rapid growth and change. Over six years Kemna, who shed the CIO role in 2004, reported to four different executive board members. In April 2007, overseeing €152 billion in assets across 14 countries, Kemna announced that she would leave ING that July. Increasingly, she had felt that asset management was not a good fit for a former academic who wanted to do work that would benefit others. “There was nothing more that excited me,” she explains. “I was fed up with the general culture in the financial industry. I had just had it.” Her timing was impeccable: ING shares were trading at €35 when she exercised her stock options; they would touch €2.30 in March 2009 and are still below €5.60 a share. “It was a lucky coincidence,” says Kemna. Over the next two years, Kemna would split her time between the Netherlands, where she taught econometrics part-time at Erasmus, and Atlanta, where she and her husband had bought a house to be near the headquarters of Ortec’s largest corporate client. She also served on the 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.”在荷兰，这不是问题，因为养老金体系资金雄厚。但Kemna和她的团队需要创造持续良好的回报，为ABP的受益人提供安全保障。易于理解的很难，但凯姆纳已经准备好迎接挑战了