2002年养老金奥运会

查看完整的“养老金奥运会”排名结果，请点击这里，或转到研究与排名section of this site.

基于Milwaukee的艺术家合作伙伴（管理资产：190亿美元）的安德鲁·齐格勒（资产）表明，“成年升的回报”将是过去一年中养老金管理的APT方法。

“我们在不注意估值和占用滥用风险的经理获得奖励的经理，”我们有很长时间。“Ziegler解释道。“现在计划采取更合理的，现实的投资方法。更多的溢价是风险管理和估值敏感性，并且计划是摇晃的管理者，因为占据了太多风险的人已经暴露出了。”

如果养老金经理人造成了更多的风险，可能是因为谨慎有更多的风险。摇摆不大的经济和Woebegone岗位股票市场强迫管理人员支持其资产拨款的债券方面。“去年是一年充满不确定性，”威廉·格罗斯（Pimco）的Cio（资产为3200亿美元）。“只要存在这样的环境，投资者往往会像债券一样搬到最安全的投资车辆。”

养老金管理人员还重新核发了风险控制和老式的多样化。但随后，在任何风险控制教科书之外的两个高度令人不安的事件：9月11日的恐怖主义袭击以及第5次财富500强公司 - 安然公司的令人惊叹的崩溃 - 在一个丑闻中呼吁会计实践，从而报告盈利，在美国美国。

结果：在一个增加的斗争中，在体面回报的斗争中，甚至更大的围栏风险的关注。“今天的计划专注于提取尽可能多的风险调整的回报，”波士顿州街全球顾问（资产：8080亿美元）的机构营销总监Christopher Pope。“我们看到了对增强索引的绝对兴趣。每个人都在争夺基点。”

"The lesson from Enron," says Barbara Novick, head of institutional sales and marketing at BlackRock (assets: $238 billion), "was, Don't have too much exposure to any single security, no matter what your discipline." All that was pension management 101.

对于第二次直接年来，由于养老金经理在不稳定环境中恢复平衡，因此固定收入经理人们在业务中飙升。与此同时，骨折祛痰与挥发性的生长股票和投资基本面的时尚恢复为价值管理人员是一个福音。

The biggest percentage gain of any money manager in this magazine's 24th annual Pension Olympics (see box, page 86) was achieved by a value manager. Pzena Investment Management, the seven-year-old, New York-based value shop run by Sanford C. Bernstein & Co. alumnus Richard Pzena, saw its tax-exempt assets climb from about $1 billion to $2.4 billion.

但价值的复出就像它强势一样普遍存在。For instance, Baltimore-based Legg Mason, heavily identified with portfolio manager and value impresario Bill Miller, saw its U.S. tax-exempt assets swell by nearly $20 billion, from $76.6 billion to $96.6 billion, for the largest dollar gain of any firm last year (see box, page 84). Not all of that pelf was hauled in by Miller and company, however; the firm's fixed-income subsidiary, Western Asset Management Co., collected $13.8 billion.

担心一方面的风险越来越危险，养老金经理对另一方面的滞后回归很紧张。“突然，计划赞助商正在寻找8％或9％的精算目标，并询问，我可以从这里到达吗？”Legg Mason资本管理机构营销负责人詹姆斯·戴利，Legg Mason的机构股票军备架构。

For both pension plans and large money managers, an increasingly popular strategy for augmenting returns is smorgasbord investing: making sure that you sample all possible styles because, as one veteran money manager puts it, "you never know what's going to get hot."

芝加哥咨询公司资本资源顾问的经理研究负责人Sheila Noonan，报道：“很多计划都希望看到他们是否具有正确的经理组合，以提供广泛的覆盖和多样化。我们看到了三年摆摆动从大帽到小帽子，从增长到价值。“

“这项业务往往遵循回报，”杠杆梅森的米勒同意。在90年代后期被称为“新价值”股票选择器 - 他举行了美国在线和Amazon.com - Miller已经引导了他公司的旗舰Legg梅森价值信托基金到11年的连续数年度优于标准和穷人的500指数。

米勒争辩说，具有价值或增长的“无清洁定义”。“你有增长公司，即使他们已经下降了很多，也仍被高估了，”他说。“但是你有一些成长公司似乎被低估了。与此同时，您在传统价值框中出现高估的股票。”

敲击生长和价值之间的正确平衡（但是他们定义）只是挑战的一部分。养老金经理还必须调整其国内外股票的混合。这成为一个棘手的业务。养老金管理人员在假设国际股票通常与美国股票相关联，因此提供了广泛的多样化。

然而，近年来的经历是在这方面放心的东西，而不是在美国市场下降，欧洲和亚洲市场在分享痛苦方面过于同情的时尚时尚。摩根士丹利资本国际欧洲，澳大利亚和远东指数在过去三年中产生了平均年度返回-5.1％;这与MSCI U.S.索引的-3.7％相比。

尽管如此，全球多元化的长期案例仍然引人注目，大多数计划继续努力在非U.S中保留15％的资产。库存。格林威治员工估计目前的比例为11％。

风格是国际授权的新扭曲。“对国际增长股权经理的搜索飙升，”诺数解释了中美养老金计划传统上雇用了一个或两个国际管理人员，这些管理者没有想到他们是否增长或价值。正如它所说，许多国际股市经理在20世纪90年代 - 爱尔兰银行资产管理，品牌投资合作伙伴和Templeton Investments等公司雇用了广泛的公司 - 拥有价值倾斜。因此，许多计划正在迁移以补充现有的价值管理者，Noonan说。她补充说，一些更尖端的资金，正在努力通过加入国际小型覆盖范围来挤压来自外国投资的“更多”。

富达投资，这款养老金奥运会中的金牌奖金，拥有38个净客户赢得的胜利，吸引了一些新定人的受益投资者的国际增长产品。波士顿货币经理增加了14个此类账目，去年总计21亿美元。它的其他胜利是小帽子，大帽核和固定收入。然而，总体而言，富达的免税资产在2001年期间从3.85亿美元到3.68亿美元下降，主要是由于市场贬值。

Fidelity, which had long neglected the defined benefit market, has increased from one to seven the number of salespeople it has calling on major consultants. The most recent add: well-known marketer (and former Buffalo Bills linebacker) Christopher Keating, who joins Fidelity from Deutsche Asset Management, which he helped to garner 17 net wins in 2001.

指数巨人州街在2001年采取了24个净胜利的银牌。增强的索引证明，去年的直接被动管理被证明是一个更强大的销售，大部分州街的收入增长了策略。

Artisan, at the other end of the style spectrum, placed third with 22 new accounts. The seven-year-old firm was launched by Ziegler, formerly chief operating officer of Strong Capital Management, and his wife, Carlene, a small-cap portfolio manager at Artisan. This burgeoning boutique now has small-cap value, midcap growth and international growth products.

In a year when bonds handily outpaced stocks - the Lehman Brothers aggregate bond index gained 8.43 percent, quite a contrast to the Wilshire 5000 index's 10.96 percent loss - it was perhaps not so surprising that many plans upped their targeted fixed-income allocation, to reduce risk exposure, cut back on fees and perhaps even bolster returns. Other plans, though, took money out of appreciated bonds and put it into stocks in routine asset rebalancing.

”他现在还不清楚torical 10 percent rate of return will hold up over the next several years," observes Richard Horlick, who heads up Fidelity's institutional business. "So you have some plans devising strategies to get a higher return on equities and others that are looking to get a higher rate of return out of nonequities, such as bonds and alternatives."

传统的被动投资者争夺他们自己的积极经理竞争对手，因为大多数养老金计划似乎都是满足于现有的被动主动故障。Barclays全球投资者在20世纪90年代占据了奥林匹克的索引，在20世纪90年代挣扎，曾在2000年和2001年挣扎着。旧金山公司去年进行了管理买断，得分八个胜利。

Aggressive U.S. growth shops like Putnam Investments and Janus Capital have been hurt the most. Janus has forfeited half of its assets since March 2000 (they now total $150 billion), while Putnam's assets dropped by almost one third, to $303 billion.

Another big growth manager, Alliance Capital Management, came in for sharp criticism - and the threat of a lawsuit from the Florida State Board of Administration - for its aggressive investing in Enron. Alliance allegedly bought 2.7 million Enron shares for the Florida fund in the six weeks before the company filed for bankruptcy in December. It sold Florida's entire 7.6 million-share Enron stake on November 30, at 28 cents a share.

虽然联盟的发言人约翰梅耶尔不会对任何和解讨论发表评论，但他确实说“像其他数千名其他投资者一样，联盟被误导”。他还争辩说，超过17岁，甚至在安然之后，联盟赢得了超过10亿美元的佛罗里达退休人员比他们投资于标准普尔500指数。

Alliance's bet on Enron probably didn't have much effect on its standing in this Pension Olympics, as most pension mandates for 2001 were assigned before the energy company's collapse. Nevertheless, Alliance lost ground. The firm's institutional unit, Alliance Bernstein Institutional Investment Management, which incorporates Sanford C. Bernstein, the widely admired value shop that merged with Alliance in 2000, pulled off only nine net account wins in 2001.

今年下半年的前景是什么？

纽约投资银行伯克郡首席执行官H. Bruce Mcever专门从事投资行业，提供了这一预测和警告：“经济和政治不确定性的结合可以证明行业持续拖累。这意味着它是比以往任何时候都更重要，拥有广泛的产品线 - 你想要一只手。“

The Pension Olympics is based on data compiled by Port Chester, New York-based Nelson Information, then verified and revised for publication by Senior Editor Jane B. Kenney, Assistant Editor Erika Ihara and Staff Writer Rich Blake. The feature ranks firms that achieved the largest number of net new client gains from among the top 1,000 corporate, public and union funds in calendar year 2001. (All are major funds, the smallest of which had assets of about $607 million. Pension funds are not counted as gains unless they represent new relationships and were funded in 2001.) Defined benefit and defined contribution accounts are included; to be counted, the latter must include fund management, not recordkeeping or administrative services alone.

查看完整的“养老金奥运会”排名结果，请点击这里，或转到研究与排名section of this site.