MSCI Inc. (NYSE:MSCI), a leading provider of investment decision
support tools worldwide, has published the results of its bi-annual
survey of asset allocation practices among pension funds and
sovereign wealth funds around the world. The report, titled
“Long-Run Investment Ambitions and Short-Run Investment Processes,”
finds long-term asset management challenges and increasing risk
management in real estate investments.
“The survey results show that the biggest challenge these asset
owners face is unifying long-term goals with the short-term nature
of asset management. There is no consensus in either the frequency
with which they make strategic asset allocation decisions or in the
methods they use to do it. This can lead to wide variation in
investment outcomes,” said Neil Gilfedder, Managing Director and
Head of Analytic Applied Research at MSCI.
The survey also found that 95% of respondents plan to increase
or maintain allocations to alternative asset classes. “The reasons
asset owners give for holding alternatives are quite diverse,”
Gilfedder continued. “When they invest in real estate in
particular, some asset owners are looking for returns, others for
income and still others for diversification of risk. Without a
clear understanding of how alternatives contribute to the risk and
return of an overall portfolio, they have no basis for setting
expectations with regard to investment outcomes.”
As part of the study there was an exploration of the steps being
taken by asset owners to strengthen risk management of real estate
exposure. Based on publicly available data of a 138 global asset
owners, the research analyzed the use of benchmarks and the
monitoring of portfolio and asset-specific risks. It found that
although 70% of asset owners have real estate policy
benchmarks, over 80% of them have some benchmark misalignment,
often using domestic benchmarks when investing in foreign
markets.
“The findings reveal significant variations in the role of real
estate in investor portfolios, creating the potential for
inaccurate views of actual exposure,” said Peter Hobbs, Managing
Director of Research for MSCI-IPD. “Asset owners are working hard
to overcome these challenges by better integrating real estate with
other asset classes and tightening up their risk management
practices.”
Survey Methodology
The survey was conducted in Q4 2013 with 80 global asset owners,
whose assets totaled close to $4 trillion. Interviews were carried
out in person and online. Respondents were CIOs, CROs, Portfolio
Managers, Senior Risk Analysts and Middle Office heads. These
responses were supplemented by asset allocation and real estate
allocation data gathered from the annual reports and other public
documents of 138 global asset owners, representing $10.3 trillion
in assets.
-Ends-
About MSCI
MSCI Inc. is a leading provider of investment decision support
tools to investors globally, including asset managers, banks, hedge
funds and pension funds. MSCI products and services include
indices, portfolio risk and performance analytics, and governance
tools.
The company’s flagship product offerings are: the MSCI indices
with approximately USD 8 trillion estimated to be benchmarked to
them on a worldwide basis1; Barra multi-asset class factor models,
portfolio risk and performance analytics; RiskMetrics multi-asset
class market and credit risk analytics; IPD real estate
information, indices and analytics; MSCI ESG (environmental, social
and governance) Research screening, analysis and ratings; ISS
corporate governance research, data and outsourced proxy voting and
reporting services; and FEA valuation models and risk management
software for the energy and commodities markets. MSCI is
headquartered in New York, with research and commercial offices
around the world.
1As of March 31, 2013, as reported on July 31, 2013 by
eVestment, Lipper and Bloomberg
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