谈论风险胃口。Since taking over as CIO at Varma Mutual Pension Insurance Co. at the start of last year, Reima Rytsölä has been ramping up diversification at Finland’s largest pension provider in response to the decline in interest rates, which have fallen below zero on many Finnish government bonds. Varma has expanded its hedge fund exposure to 17 percent of its €40 billion ($42 billion) portfolio from 13 percent in 2013. The hedge fund portfolio, with more than 90 investments that include sizable allocations to Blackstone Alternative Asset Management, Elliot Management Corp. and Third Point, returned 7.8 percent in 2014. The Helsinki-based pension insurer has had some success with funds that participate in the direct loan market and is investigating whether to expand its direct lending footprint, says Rytsölä, “especially if banks are divesting big chunks of their loan portfolios.”
今年早些时候，Rytsölä通过将其资本市场部门分成上市并非上市的投资来震撼困境。Rytyölä表示，这一变化使公司的重点放在替代方案上，并缩短了“我与所有资产课程之间的距离”。现在，Varma正在向非上市投资投入更多的管理资源，因为对冲基金，企业贷款和私人和非上市股权投资越来越突出。Returns on unlisted equities, which make up 3 percent of the portfolio, hit a whopping 19.7 percent in 2014, while private equity returned 13.5 percent, up from 12.1 percent in 2013. Some of Varma’s notable private equity managers include Blackstone, Hamilton Lane and Warburg Pincus.
Varma还加强了其战略分配团队，Rytsölä称测试实验室用于新的投资策略。他正在考虑聘请额外的人为分配团队，因为它现在有更多的权威，并在分配过程中取得更大的作用。最新实验包括越来越多地使用风险预防或智能β，各种资产课程的策略，包括股票，固定收入，货币和商品。旨在在各种市场条件下捕获多余的回报的方法是设计“如果世界和投资环境发生了很多，那么我们就有一种不同的立足点，”近乎休闲地带，“Rytsölä说20 years working in capital markets, mainly at Finland’s Pohjola Bank, formerly known as OKO Bank, before joining Varma. So far, the formula is working: The firm’s portfolio returned 7.1 percent in 2014, outpacing the country’s four other pension insurers: Elo, Etera, Ilmarinen and Veritas.
此个人资料是为我们的12个写作之一2015年欧洲投资管理奖，这尊重业务中的一些最佳投资者。另见终身成就奖赢家档案Henrik Gade Jepsen.，CentricaChetan Ghosh.和兰开夏郡省养老基金迈克尔·詹森。下周回来阅读关于Cern's Elena Manola-Bonthond，Erafp's Philippe Desfosses，林德的Christoph Schlegel，inarcassa的Alfredo Granata，VBV的Gunther Schiendl和Pko的Wojciech Rostworowski。
在Twitter上遵循Jess Delaney@jdelaney_nyc.。