主权财富基金通过管理金钱来寻找内部边缘

多年来有什么区别。当东IK（唐）李加入韩国投资公司时，2008年12月作为其新的替代投资团队的负责人，主权财富基金正在努力多元化178亿美元的投资组合，并搁置其资产。士气低，损失正在安装。11个月早些时候KIC在Merrill Lynch＆Co.造成了2亿美元的投资，陷入困境的投资银行的股价是自由落体的。KIC的大部分投资组合正在外部管理，但该基金开始聘请更多内部投资组合经理，以更广泛的固定收入和股权战略，以节省资金并利用规模经济。

Fast-forward five years, and KIC has undergone a dramatic transformation, building up its asset management staff, diversifying its portfolio and reaping the cost benefits of running more of its own resources. The fund’s portfolio was worth $56.6 billion at the start of this year thanks to healthy returns and fresh capital infusions from the South Korean government, pushing it up to No. 17 in Institutional Investor’s 2013 ranking of the world’s largest sovereign wealth funds. Under the guidance of former CIO Scott Kalb, a hedge fund and financial markets expert who took charge of the fund in 2009, KIC separated its pure market-beta strategies in stocks and bonds from those powered by manager skill, or alpha; moved the former in-house; and added a sweeping alternatives allocation. By repositioning its investment team to oversee passive and enhanced-beta strategies internally, KIC reduced the fees it paid to external asset managers, allowing the organization to spend more of its risk budget on alpha generation.

世界上最大的主权财富基金

Rank	SWF名称	SWF国家	aum（$ bn） 2012年*	aum（$ bn） 2007年	Nominal Change
1	政府养老基金全球	挪威	$ 685.8	$371.5	84.6％
2	中国投资公司1	China	$ 575.2.	$ 200.0	187.6％
3.	Abu Dhabi Investment Authority2	U.a.e.	$405.0	400.0美元	1.3％
4.	Kuwait Investment Authority3.	Kuwait	322.0美元	213.0美元	51.2％
5.	State Administration of Foreign Exchange2,4	China	$300.0	$300.0	0.0%
查看主权财富基金的完整列表

Having worked closely with Kalb, Lee is now building out KIC’s internal asset management expertise to complement its alpha-seeking initiatives. Over the past year the sensible, good-natured private markets specialist — whom KIC staff wryly nicknamed the Enforcer — has worked to further diversify the fund’s external mandates and expand KIC’s internal talent pool. At the end of 2008, 35 percent of the fund’s stock and bond investments were being managed internally and the remaining 65 percent were managed externally. Today those percentages have flipped.

“我们的工作是更积极地管理，”55岁的李说，在喀尔巴政府任期的三年期结束后，李鹏队在2012年4月介绍了CIO的作用。“当然，我们的赞助商已经给了我们一些关于我们如何做到的指导方针，但我们希望聘请优秀的交易者并建立自己的专业知识。”他补充说：“他补充说，他的努力并不排除使用外部管理人员进行利基策略，”但你不想有太多。“

KIC is not alone in seeking to gain greater control of its own destiny. In the five years since the global financial crisis ripped holes in the balance sheets of some of the world’s most sophisticated investors, many of the largest sovereign wealth funds have become increasingly self-reliant, including the Abu Dhabi Investment Authority (ADIA), Norway’s Government Pension Fund Global and Singapore’s GIC. Frustrated by the rich fees, disappointing returns and misaligned incentives of some of their external asset managers revealed by the global financial crisis,主权财富基金正在寻求重新校准权力的平衡。结果醒目。根据亚博赞助欧冠机构投资者的主权财富中心那the ten largest sovereign wealth funds now run an average of 62 percent of their assets in-house and outsource just 38 percent.

主权财富基金的年龄和规模通常在内部运行各种策略的能力强烈关联，但新的基金正在获得地面。吉克在内部处理索引 - 复制策略，在固定收益和股票等高度流动资产课程中也能够更大控制增强的测试版和积极策略，避开其团队对外部替代投资的更多风险。已经掌握投资上市证券的Adia等年龄较大，已经试图通过批准一些丰富的替代投资策略，特别是在私募股权和基础设施中实现更好的交易条款和对齐。在总体上，他们的努力正在改变主权财富基金和他们的资产管理人员之间的关系，这些资产经理必须重新思考他们的激励，稀释他们的费用并提供前所未有的进入自己的交易和投资团队。（阅读更多： ”Sovereign Wealth Funds Put the Pressure on Private Equity“）

“对阿尔法的期望已经上升，”伦敦资产管理公司舒尔德官方机构负责人Gavin Ralston说。“如果一个主权财富基金将使一个授权外容，它自己的内部团队可以实现的障碍可以实现基准，因此提供更多压力要提供更多。”

在主权财富和养老基金社区中，私营部门资产管理的私营部门资产管理的私营部门资产管理的力量很大，但这并不容易。在内部跑钱需要强大的政治机构，一个支持性的治理结构和愿意提供具有足够资源的特定基金的专家委员会。甚至武装那些工具，主权财富基金必须准备在竞争激烈的市场中争取人才，在投资过程中拥抱端到端的风险管理，并对自己的回报承担责任。这是一个很高的秩序。但通过在内部提供资产管理，一系列机构正在变得更加强大，更高效的信因。

“许多主权财富基金真的很想拥有长期的投资地平线，这可能会延伸到十到20年 - 甚至超越，”新加坡全球头，中央银行和主权财富基金Jukka Pihlman表示，对于标准包机。“私募股权或基础设施基金通常只投资五到七年，差异可能是令人沮丧的源泉。”

外包冠军对其挑战及其潜在奖励具有声音。艾伯塔省投资管理公司首席执行官Leo De Bever（艾率） - 在加拿大艾伯塔省的27份养老金，养老金和政府资金中管理大约C 700亿美元（677亿美元）（包括艾伯塔省遗产储蓄信托基金，一个主权财富基金with $16.5 billion in assets as of December 31, 2012) — believes that political independence is the single most important structural element determining the success or failure of a fund’s insourcing efforts. Without sufficient autonomy, he says, a sovereign wealth fund may suffer from an overabundance of caution irrespective of its age, assets under management or track record.

“Within governments the culture is all about ‘see risk, kill risk,’” says de Bever, a veteran of the Ontario Teachers’ Pension Plan (OTPP) who joined AIMCo in August 2008. Since taking the helm de Bever has transformed AIMCo from an investment firm that largely outsourced asset management to one that now runs 85 percent of its assets internally, across a diverse array of long-only and hedged investment strategies. Although AIMCo lost money during the crisis, it delivered a net return of 11.9 percent for its pension and endowment fund clients in 2012. “With investments you have to be able to take risk to make money, which is a very different philosophy,” de Bever adds. “Here at AIMCo it took us a couple of years to get it right.”

对于拥有丰富的机构保障的主权财富基金，获得权利可以节省数亿美元的费用。虽然汇集了主权财富基金的数据难以获得，但基于多伦多的全球养老金研究公司CEM基准已收集有关301个机构的内部和外部投资管理服务的平均成本的信息 - 主要是养老金基金，也是一些主权资金 - 统称在全球范围内投入5.58万亿美元。根据CEM最近的分析，截至2012年12月31日的捕获费数据，策略的异国越异境，潜在费用储蓄越大（见图）。例如，运行其自身多元化私募股权组合的基金的中位数是30个基点，远低于使用外部经理的165个基点。

资料来源：CEM基准测试。

1成本为基点的费用百分比。 2成本包括对外部管理资产的内部监督。

“The biggest bang for the buck seems to be in asset classes where fees are traditionally high,” says Ashby Monk, executive director of Stanford University’s Global Projects Center, an interdisciplinary research group that focuses on finance, governance and management issues faced by pension and sovereign wealth funds. “If you’re going to insource asset management, of course you can do it in passive strategies, but how much will you really be saving? Five or 6 basis points? But, my goodness, in private equity, infrastructure and perhaps even in some hedging strategies, the potential to save money is vast.”(Get more fromAshby Monk。）

In the global pension fund community, the Canadians are renowned for their ability to insource. De Bever has been a key architect of that process since he joined OTPP in 1995 as its head of research and economics. A seasoned quant, de Bever transformed OTPP’s risk management from a control system into a methodology for evaluating investment alternatives across the portfolio; his innovative risk budgeting approach ultimately freed his colleagues at OTPP to make original choices about asset allocation and diversify more fully. Although de Bever left OTPP in 2004, his legacy continues. OTPP, which is now led by CEO Jim Leech and CIO Neil Petroff, is well known for its insourcing prowess and makes direct investments in companies and real assets. Since 1990, when OTPP’s diversified investment program began, the pension fund has earned a 10.1 percent average annual return.

世界各地的新加坡人对他们的创新能力进行了类似的认可 - 在他们的主权财富基金Gic和淡马锡持有人中。Founded in 1981 with $5 billion in excess foreign exchange reserves from the Monetary Authority of Singapore, GIC launched with “the aspiration to build an internal capability so as to control our own destiny,” says Lim Chow Kiat, GIC’s group CIO, who answered questions about the fund’s insourcing strategy by e-mail.

In the early days GIC, which ranks No. 6 by assets under management, spurred its teams to excel by comparing investment performance, net of costs, across internal and external mandates and allocating capital accordingly, Lim says. By working closely with external managers and absorbing their investment discipline, the sovereign wealth fund moved inexorably up the risk curve from marketable securities to direct investments. GIC’s team now has the skill to invest across a full spectrum of financial assets, from sovereign debt to infrastructure, and manages approximately 80 percent of its estimated $279 billion portfolio in-house. Although GIC could easily run all of its assets internally, the organization has chosen instead to continue to work with external managers because they can provide valuable insight into global markets and access to niche strategies, the CIO says.

“We will always have external managers,” says Lim, 43, whose career exemplifies GIC’s ability to recruit and train investing talent. The Singaporean executive, who joined GIC in 1993 as a freshly minted graduate of Nanyang Technological University, has spent his entire career with the sovereign wealth fund, serving in a variety of investment roles in Asia and Europe. In January 2013 he was named group CIO.

虽然GIC仍然使用外部资产管理人员高达其资产的20％，但基金自金融危机以来已经巧妙地转移了。虽然自2007年以来，其投资组合的组成持平了相当稳定，但GIC一直简化了私募股权基金的拨款，并用直接投资或协同投资取代这些股份。在巴西，GIC是一个联盟的一部分，获得了18％的当地投资银行BTG PACTUAL.2010年通过直接投资;联盟的其他成员包括阿布扎比投资委员会，中国投资公司（CIC），OTPP和美国私募股权公司J.C. Flowers＆Co.

然而，采购交易需要时间，努力和专业知识，特别是在新兴市场，其中LIM在独家采访中讨论亚博赞助欧冠机构投资者的主权财富中心。在2013年3月31日止的五年期间，GIC将其暴露于新兴市场，从投资组合的14％达到27％，并在中国和印度开放投资办事处。（基金计划在2014年在巴西开设办事处。）GIC还鼓励公司网络较近家庭：本月基金会与新加坡经济发展委员会合作，新加坡首脑会议，货币管理局和淡马萨斯克共同共产。该活动预计将吸引来自25个国家的公司的大约300名高级管理人员，将允许参与者讨论亚洲和全球新兴市场之间的相互影响力轴。

虽然GIC可能已经提前开发了自己的内部投资专业知识，但其同行在主权财富基金社区正在迅速赶上，招聘工作人员，以帮助多元化持股，并产生增加的规模效率。挪威’s Norges Bank Investment Management (NBIM), the arm of the central bank that oversees the Government Pension Fund Global — the world’s largest sovereign wealth fund, with $685.8 billion in assets under management as of December 31, 2012 — has dramatically cut its use of third-party investment managers. Last year NBIM invested only 3.8 percent of the fund with external managers, down from 13.2 percent in 2008.

发展内部能力的挑战可以说，NBIM的竞争更加简单，因为投资团队在很大程度上将巨型挪威基金分配到被动管理，指数跟踪股票和债券的投资。NBIM仅在2010年获得了房地产的自由，从那时起，该团队一直追逐5％的资产课程分配。虽然NBim的首席执行官Yngve Slyngstad拒绝发表评论他的团队的批发能力，但NBIM表示现在使用外部管理人员主要利用外部管理人员在缺乏专业知识的地理领域，市场细分和工业部门接触。

自金融危机以来，其他大型主权财富基金减少了对外部资产管理人员的依赖。Adia在我们名单上排名第3位，估计管理层4050亿美元，在运行自己的钱时变得更加荣幸。在2012年度审查中，ADIA透露，它一直聘请高级投资专业人员，具有对冲基金，商品贸易顾问和私募股权的经验，以前使其房地产和基础设施团队队伍。因此，随着大规模基金利用该年度私营市场中的相对价值机会，ADIA对市场反映被动战略的依赖性略有下降。班次可能反映分配偏差而不是故意重新分配，但它具有明显的效果。2012年，ADIA对指数复制策略的接触从60％下降至55％，并将外部管理的资产百分比从80％降至75％。

较小的主权财富基金也在寻求更有效地使用外部资产管理人员。新西兰退休金基金（NZSF）监督预算外资产173亿美元，在全球金融危机之后，在全球金融危机之后，在全球金融危机之后，通过破坏更多的资产管理并制定将其风险暴露的能力造成更新的金融危机，取决于各种市场信号，不扰乱其核心长期战略。

NZSF的参考投资组合，完全被动和仅限于上市证券，在80％的分配到增长资产（全球股票，新西兰上市股票和全球上市财产）和固定收入分配20％之间。作为参考投资组合方法的一部分，NZSF通过在各种资产（包括私募股权，基础设施，木材，耕地，甚至是保险基础）及其独特的独特性，通过不寻常的积极投资来捕获高于参考组合产生的回报。动态资产配置的风格，允许团队倾斜数月甚至几年的投资组合的平衡 - 当它相信资产课程是定价的。结果令人印象深刻：在落后12个月至6月30日，NZSF净回报率为25.8％;自2003年9月成立以来，该基金的年度返回率为8.8％。

阿德里安•奥尔NZSF直言不讳的和充满活力的首席执行官hard-pressed, however, to pinpoint how much of the fund’s money is run internally, because all of its investment decisions are made in-house. In capital terms, he says, about one third of NZSF’s net asset value is actively managed by external managers. But viewing the portfolio through a risk budget framework, by far the bulk of the active risk is managed internally — either through selection of the reference portfolio, which is passive, or by a combination of strategic tilting and opportunistic direct investments in various assets, including infrastructure, timber and New Zealand farmland. Although NZSF’s approach wasn’t dictated by a desire to save money on fees, it is proving cost-effective. “We are starting to see the early days of quite significant economies of scale,” Orr says. “As our assets under management have grown, the fee structure for running the whole portfolio has been coming down, which is great.”

不是所有的主权财富基金能够在他们喜欢的那样有效和有效地否则，即使他们有结构自由也是如此。2012年，我们的排名第2号，在管理层中的5752亿美元（海外投资了1902亿美元），报告说，它已将外部管理人员从管理层的57％增加到其外国的64％投资。这一变化在2012年代表了380亿美元的新任务。罢工，调整出现，CIC外包的原因可能比哲学更加务实。Since its inception in 2007, the fund has aspired to develop its in-house asset management capabilities in the style of Singapore’s GIC, but in the first six months of 2012, CIC lost eight senior employees, mostly from its private equity and real estate divisions.

随着普遍存在的批发，成为一些最大的主权财富基金之一，这不是投资管理多元化的唯一途径。澳大利亚未来的基金，该基金排名第12次，并在管理层856亿美元，选择优先考虑在内部投资管理方面的总投资组合战略。该方法在未来基金的成立立法的背景下具有完美的意义，这主要要求本组织将投资活动外包给外部管理人员，大概可能会降低可能的利益冲突，减少直接竞争的可能性。虽然Cio David Neal和他的团队可以直接投资，但它们只能通过使用金融工具来实现;他们不能拥有非金融资产，如建筑物或收费公路，彻底。

“We have had a very strong view that substantial value comes from focusing on the strategic settings of the total portfolio,” Neal explains. “I don’t just mean setting a strategic asset allocation; I mean understanding the nature of the portfolio we’ve got and the opportunity sets before us.”

为了应对未来基金的立法参数，尼尔鼓励与基金的外部管理人员进行密切，协作的竞争风格。他和他的团队经常利用他们的联系，以探索私募股权，房地产和基础设施的共同投资机会。虽然Neal强调战略组合分配作为基金的首要优先事项，但他寻求经验丰富的投资从业者，他们可以将其技能带到讨论。未来基金的所有资产的部门负责人在私募股权，基础设施和财产上都有经验进行直接交易。差异：在未来的基金，尼尔挑战他的部门负责人思考整个资产课程的整体机会的平衡，而不仅仅是他们的特定专业领域。从他的角度来看，基金实现目标的最佳方式是在一张桌子周围收集一小组专家。“我们对我们的危险是，如果我们添加了更多的人，那将淡化我们的重点，”尼尔说。“我们不想破坏我们的投资文化。”亚慱体育app怎么下载

Inevitably, the gradual shift toward greater internalization of asset management has transformed the way主权财富基金与他们的外部投资公司进行。在资产管理人员外面不仅可以获得比给定基金的更好的回报可以在内部与自己的团队实现更好的回报，他们也被要求为客户内部投资人员提供洞察，信息甚至培训。知识转移过程，因为它在贸易中已知，已成为管理主权基金资产的无法区分。

“We frequently offer training as part of our management contract,” says Schroders’ Ralston. “Usually, it’s more relevant to central banks than to sovereign wealth funds, but as more funds run assets internally, the training is becoming a bigger part of what we can provide.” Often, the newer the fund, the more help and engagement are required. Although the Future Fund diversified remarkably quickly given the experience and focus of its management team, the majority of recently formed sovereign wealth funds move very cautiously into new asset classes, preferring to familiarize themselves with core allocations like fixed income and listed equities before venturing into more-exotic securities and strategies.

获得合适的人需要时间，特别是因为许多人主权财富基金are now competing for talent directly with the private sector. Over the past two years, KIC, for example, has been on a hiring spree. Since 2011 the fund has added ten to 20 new employees each year, taking the total head count to 150, nearly half of whom are investment professionals. “We would love to hire more talented people,” Lee says. The CIO and his team are particularly keen to find recruits with experience in private equity. Even as he brings in new hires, however, Lee will continue to use external managers. “I think there is a value in using external managers, especially if we are hiring them in more-niche markets, smaller markets,” he says. “Those kinds of investments are hard to attack by ourselves.”

在其外部管理人员的帮助下，KIC能够在金融危机后加速其投资组合多样化驱动，减轻其对股票和债券的风险。2009年，该基金推出了私募股权计划;明年它开始投资对冲基金和房地产。到目前为止，这些属于验证有益的 - 和有利可图。在未来的某些时候，KIC可能会开始更加努力，特别是在私募股权和房地产等交易策略中，但目前该基金仍在增加外部任务。就在上个月的最后一个月，李证实，KIC正在寻求在替代方面花费多达100亿美元，这是基金的当前分配，假设基金根据管理层的总资产也将大幅增长。

对冲基金没有受到同等程度的pressu吗re that sovereign wealth funds have been applying to private equity firms, perhaps because their strategies are so diverse and in some instances harder to replicate. Some sovereign wealth funds do run dedicated hedge fund teams, but staffing them with talented traders isn’t easy. Compensation is a real challenge. A few organizations, like AIMCo, have persevered nonetheless and developed their own internal expertise. AIMCo’s de Bever says his organization has sought to insource some of its quantitative hedge fund strategies as a means of cutting costs. The Future Fund’s Neal takes a slightly unusual view of the hedge fund industry in that his team focuses primarily on just a few types of strategies, including global macro, commodities and credit. Although the Future Fund does have a long-short equity strategy, it is overseen by external managers as part of the fund’s global equity allocation.

主权财富基金看起来更倾向于参与交易活动，无论资产类型如何，都是在内部开发复杂的对冲策略。但他们有能力指导资源，无论他们认为合适。展望未来，私营公司的共同投资可能会随着主权财富基金对自己的能力变得更加自信，以判断个人交易的优点。少数主权财富和养老基金甚至正在寻求同行并形成联盟以获得资产。偶尔，令人惊讶的新对齐会出现。2012年10月，GIC和香港金融管理局在旧金山建筑中购买了92％的股权 - 旧金山101街 - 他们支付了8.6亿美元。同月新闻打破了中国银行，KIC，NZSF和淡马锡投资于由中国银行银行的Boc International Holdings赞助的基础设施基金。亚博篮球怎么下串

“共投资模式在主权财富基金社区中真正获得了普及，因为它是一种直接但不完全，”标准的特许的Pihlman说。“You’re doing it with a partner who also has their own skin in the game, so the alignment of incentives is better.”Sovereign wealth funds are unmistakably starting to transform deal structures in private markets, but their future impact on other types of investment strategies is harder to gauge. Without question, however, they are challenging their alternative-asset managers to deliver better value and more-innovative ideas, even if those ideas do not come packaged in ready-made funds. The irony for asset managers is that if they do their jobs well as educators, they may render their own services obsolete. Former clients may become fierce competitors, as well as future collaborators, once they learn how to wield the tools of the trade. • •