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多管理者:更适合退休投资者
从10月2020年的大众互联特别报告
投资退伍军人并不陌生人波动 - 他们已经通过扩张,衰退,2008年 - 09年的金融危机,而现在漫长的持续时间“降低了固定收益证券的收益率。然而,没有曲线球抓住投资者,就像今年的大流行和经济危机的一二个组合一样。大多数投资者都同意这种影响并不像它可能的那样糟糕,但有难以理解的教训,因为投资者期待2021年,以外,才能学习和适用。本报告探讨了大流行的关键外来,以及它们如何良好使用。
1大流行的教训鼓励长期规划
Keith McDonagh and his colleagues at MassMutual Life Insurance Company (MassMutual) are in the business of providing financial and risk management solutions for institutions – and, as you might imagine, that business has seen customers’ needs increase in a wildly unpredictable 2020. McDonagh is the Head of MassMutual’s Institutional Solutions businesses, which involve the design and delivery of solutions for pension liabilities, retirement solutions, financial returns, protection needs, and increased employee benefit costs. The solutions include pension risk transfer, bank-owned life insurance and corporate-owned life insurance (BOLI and COLI), stable value investments, mutual fund investments, funding agreement backed notes, and guaranteed interest contracts. II recently spoke with McDonagh about his observations while interacting with investors in this tumultuous year, and how the lessons learned can be applied moving forward.
由于大流行,经济压力和地缘政治不确定性,您在您的机构客户面临和继续面临的挑战方面是什么听到的?
Keith McDonagh:当我们开始今年时,没有人能够预测它需要的课程。随着年度的进步,如果你向未来询问了同样的人,他们的角度将随着每个来的月份而变化。There has been uncertainty and volatility not only with the pandemic, but in terms of interest rates, equity markets, employment, the economy, GDP, trade policies and/or competition between nations, the upcoming general election – it’s an almost endless list, with uncertain, volatile, and unpredictable being its three most common adjectives.
换句话说,投资者询问自己的问题比通常会有更多问题。
McDonagh:对,这是另一个长名单:如何管理环境以实现我的目标?我怎样才能做好准备?我怎么能更灵活?根据需要,我如何检查和调整或枢转以满足我的期望?如何确保我有足够的流动性以满足消费者需求或消费者行为的变化?足够的流动性来利用可能由于这种波动而发生的机会?如何以低利率环境达到足够的收益率?今年有一段时间,当信贷差价衡量地扩大,然后回来,股票市场跌倒并回来,所以如何在我所说的投资哲学中实现我的目标?
在Massomutual,我们喜欢说,“你不能预测,你可以做好准备。”我们也想说,“思考长期,不仅仅是短期。”当我们说的是,当我们说的资产所有者和经理在管理风险时,我们的意思 - 是否与估值,资产和负债或福利资金的变化有关,风险可能会在其损益表中创造的波动以及风险的波动资产负债表,或者在需要资金以满足需求的时候。在QUIVIVE中拥有右箭的问题,以匹配资产和负债的风险公差和战略目标。
你有没有见过援助的机构数量的上升?
McDonagh:这方面的动态一直很有意思。在大流行的第一个月,所有重点都是短期。这就是我们在哪里看到了流动资金的巨大关注,并且随着我们所有人的召回,债券市场占据了几周,因为我们进入3月下旬,4月初。It was also a period where those companies who may have been contemplating large transactions hit the pause button while they surveyed the environment, because they didn’t know what conditions were coming and what they might need – and it was difficult to focus on all the details of a large transaction with everything that was going on.
第二个动态在这一段时间内我们看到是一个bit of a flight to certainty. For example, the demand for solutions like stable value in those first couple months increased dramatically. People were pulling out of equity solutions and moving into more stable solutions, and there’s a correlation between that trend and investors trying to position and see what’s happening before making broader risk-on bets.
根据可能适用于养老金的一些策略,是否有更多的决策制定?也许更多关于LDI的对话?
McDonagh:有,我将在3月开始的六个月窗口中框架这个答案,因为我认为这非常有洞察力。在早期,那些从事LDI的赞助商进入危机非常高兴,因为他们的资助状况更稳定。那些只涉及它的人,或想到它,但没有被执行,突然对LDI突然表现出更多的利益,因为他们看到展开事件的影响。因此,我们从事关于LDI如何运作的对话,也明确地,也是关于一些投资解决方案,例如可以在LDI背景下使用的长期债券基金。
我们在危机早期看到了第二件事。养老金风险转移市场在过去10年左右的每一个都在增长,第一季度的管道非常健康。在危机的初期,鉴于经济状况暂停了正在暂停退休人员雕刻交易的计划。如果您查看第二季度的市场数据,您将看到活动放缓,并且执行的交易往往是计划终端,因为他们已安排。
公司希望持有现金。二,管理带宽 - 他们担心其他事情。
第三个动态是,在一年中后几个月,暂停的几项交易中有几次交易。因此,随着股票市场反弹,例如,仍有较重股权拨款的养老金计划得到了改善的资金地位。这就是一个例子,但随着时间的推移和经济条件稳定,管理层可以重新开始关注他们到位的一些风险管理计划。不恢复正常,但从6月,7月,7月和7月,您将在您所见的重大反弹。
这似乎与实现说明他们真正需要在他们一直在计划的事情上执行 - 回归某种阵正感。<
McDonagh:这是“当时我应该更加关注这些长期计划考虑的感觉,所以现在我将把它放在项目计划中,作为我需要专注于前进的事情之一。”
People talk about business continuity planning, but what we’re talking about is almost investment and financial continuity planning – you need to have a plan for how you’re going to continue on the path to achieving your long-term goals, even when things are disrupted.<
McDonagh:我们是我们核心的共同公司,许多客户几十年来的客户。That is embedded in how we think about things, and the view I give our institutional clients, specifically, is that while you clearly need to think about the quarters and the year that you’re in, if you want to address long-term health, think in terms of years and decades. As many of us learned in business school, a successful business positions itself for success through various economic cycles and environments. Undoubtedly, there will be expansion years and contraction years, and you should position your business strategy and the products and services you offer accordingly, along with how you interact with customers and changes in consumer behavior. Asset owners should be applying those same principles to investment management and risk management, thinking both long term and short term. If you don’t, you could get imbalanced.
2多管理者:更适合退休投资者
符合其几十年,为客户的退休需求提供服务,MassMutual是一家专家提供商,即确定的贡献(DC)仅投资空间。它有意义,因为投资退休需要某种DNA和投资哲学。整个按摩投资平台围绕退休导向的成果集中,该公司的感觉是最好的,通过拥抱多数人的哲学来追求。
Why multi-manager?
Greater potential for more consistent, risk-sensitive, long-term performance.This is especially important for helping retirement investors minimize the behavioral biases that often lead to sub-optimal investment decisions. Staying appropriately invested throughout market cycles enhances their ability to meet retirement needs.
复杂和严谨的经理选择和监控过程。强调风险管理有助于减轻对经理表现的担忧。
投资组合结构具有特定目的那allowing for outcomes that are more closely aligned with investors’ needs.
访问更多的管理人员,没有压倒性的计划参与者。That’s important, because data suggests that 401(k) plan participants suffer from “choice overload.”
Several studies have shown that the diversification benefits from multi-manager funds help investors meet their accumulation needs. While diversification doesn’t protect against loss in a declining market, the expected portfolio value at the end of the investment horizon (terminal wealth) is paramount – not the ups and downs in portfolio returns over the investment period. The chart below exhibits the reduction in the standard deviation of terminal wealth in portfolios in specific asset classes when additional managers are added. The lower the standard deviation, the lower the risk associated with having an unexpected shortfall heading into retirement.
对于测量的所有股权资产类别,终端财富的标准偏差通过将管理者添加到投资组合而下降。来自经理多样化的最大风险控制在投资组合中获得了两到三个经理。随着经理人数上升的数量,加入管理人员的增量益处会降低。
Building the multi-manager portfolio
MassMutual在各自的投资风格中选择“最佳课堂”资产管理人员,其目标是识别可以持续提供积极,长期结果的管理人员,同时限制波动性。通过严谨的定量和定性筛查,持续的采访,持续的讲台,持续采访,并评估公司的合规性组织,政策和程序,道德准则和监管历史。此过程包括对子顾问风险管理,合规性和操作功能的评估。
在构建其多管理器投资组合中,MassMutual选择投资于同一资产类别的管理器,但具有独特和互补的风格。由于对股票选择和投资组合建设的看法来区分,这些管理人员通常具有最小的重叠,并且超出返回的低相关性。
以下是若干人员如何以这种方式配对管理者允许投资组合受益:
- Style diversification: Managers with different styles diversify the sources of returns.
- 较大的机会seT:资金持有可能在更广泛的证券方面多样化,暴露于更广泛的控股特征。
- 企业风险多元化:许多因素可能会影响单个经理的性能,包括营业额,投资过程漂移,所有权结构变化等。参与多个管理者的融合使这些风险变化。
- Allocation of capital across managers within the funds is strategic并通过统治过程中的纪律流程确定,该过程包括定量和定性元素。
- Historical returns for each manager are examined alongside它的互补经理配对,并以独立的能力。
- 该过程审查了各种市场制度的风险和回报认识到经理的风格在整个市场周期的疗效中变化,并反应不同于积极和负面的市场事件。
- 按摩性地,按摩融入经理的战略深入了解由其专用经理研究团队产生的风格。
- Combining these two additive portfolio construction approaches有助于代表其客户提供按摩器实现更耐用和持久的回报。
3.计划需求的稳定价值解决方案
As Keith McDonagh noted in his interview above, the flight to certainty triggered by extreme volatility earlier this year was accompanied by a surge in demand for stable value solutions. As part of its commitment to meet the long-term needs of retirement plan participants, MassMutual Investments is a leader in stable value funds and wraps. Here’s a quick look at how investors can benefit from stable value.
- 稳定的价值是在直流计划排队中提供的保守固定收入选项,旨在保留校长以保存退休的参与者。这些解决方案是用于天气波动的目的,并由投资经理或保险公司管理的固定收入投资组合。
- 保险公司提供了稳定的价值包装on the portfolio of fixed income assets. This wrap is an insurance guarantee to protect the principal and allow participants to transact in and out of that account at book value. The stable value wrap also provides a smoothing of the crediting rates, so the performance of the fixed income assets passes through to the participants over time. The goals are a stable return and asset preservation.
- 从计划赞助商的角度来看那the assets are always available at market value should a sponsor choose to move to another provider. If market value is below book value, any book value payout comes over a period of time.
- massomutual是一个领先的提供商of stable value solutions for both retirement plans and asset managers. “On an investment only basis, we offer stable value solutions across general account, separate account and other structures,” says McDonagh. “We also provide solutions for asset managers who offer stable value funds, with insurers providing the wraps. In those cases, the asset manager selects the wrap provider.”
- 这是一个竞争的景观如果我们的信用质量,我们在空间中的信用质量,我们的专业知识和知识以及我们对这些投资组合的服务,那么按量排列的是,我们对这些投资组合的服务“表示McDonagh。
稳定的价值是按摩性强劲的增长市场,是持续的重点前进。MassMutual是一家拥有170岁的公司,经历了在该时间范围内的每一个经济和市场情景。“我们是最高的评分和最具资金强大的保险公司之一,”McDonagh说。“我们的固定收入DNA已经在多个市场周期中发展,我们在稳定的价值空间中具有深刻的专业知识。”
4.Benefits of Pension Risk Transfer
很少有公司将在其核心业务能力中列出“管理养老金计划”。养老金计划是为您雇用的员工制定的福利,使贵公司成功。养老金计划不是您公司存在的核心原因。为了运行成功的业务,公司寻求拥有良好管理的养老金计划和相关责任,以便该公司可以专注于它所最佳的东西。
幸运的是,管理养老金负债是金融服务提供商的核心竞争力。如果公司选择维持其养老金计划,则界定的福利服务帮助雇主管理资产,费用和管理。
然而,随着市场波动和低利率,加上养老金福利担保公司(PBGC)保费的增加,公司面临挑战,以管理与养老金计划相关的成本和不确定性。“这些问题需要时间和注意力远离他们的核心业务。越来越多地,实体正在选择通过将支付义务转移到经济强大的保险公司来删除这一风险,“按摩式化机构解决方案业务负责人Keith McDonagh说。
A pension risk transfer solution helps companies focus on their core business, with the confidence that payments to those individuals continue for the full benefit period. A well-designed pension risk transfer strategy has several important benefits that help companies…
- 通过转移与计划资产和负债相关的不确定性来降低风险
- Eliminate accounting and funding volatility
- 通过消除PBGC保费和行政,精算和投资管理费用来降低费用
- 更高的关注您的核心业务,提高组织的整体价值
最有效的养老金风险转移解决方案是定制的,以最适合公司的业务需求。养老金风险转移解决方案包括:
- 单一高级年金合同,不可撤销承诺,以提供所购买的福利,可通过现金或转让资产提供资金
- 通过高度评价的保险公司的年金证书保障个人(或其受益人)保障的福利付款
- High-quality customer-focused administrative services, information and communications
- 常规帐户和单独的帐户解决方案的可用性
选择追求这条路径后,为您的团体年金选择保险公司是一个重要的决定,需要考虑一些找到正确提供者的因素。在寻找养老金年金提供者时最重要的因素是财务实力,长期价值,养老金经验和卓越服务。
“No one understands long-term obligations better than a company that has over 70 years in managing pension liabilities and defines the horizon in terms of decades,” says McDonagh. “As a leading provider in the pension risk transfer market, MassMutual can help you get there.”
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©2020 Massachusetts相互寿险公司(MassMutual®),斯普林菲尔德,MA 01111-0001。版权所有。