SWFs Explore New Outsourcing Strategies

June 20, 2014 by Simon Meads

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Spurred by the need to be sharper and faster investors in the aftermath of the global financial crisis, a growing number of sovereign wealth funds are outsourcing large chunks of their portfolios to external CIOs in the hope of picking up new ideas. Alaska Permanent Fund Corp. (APFC), the state’s $51.1 billion oil fund, has led the way, laying down a model borrowed from the corporate pension fund world and adapted for sovereign wealth management. At an APFC board meeting last September, David Fallace, senior portfolio manager for special opportunities, presented a report card on the performance of the fund’s five external chief investment officers. The assessment was part of a regular checkup on Juneau-based APFC’s five-year-old real return program, which the management team established in 2009, handpicking several hedge fund firms and asset managers to help invest as much as $500 million apiece and provide insight into…

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