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Public Pension Fund Management: Best Practice and International Experience
Author(s) -
Rozanov Andrew
Publication year - 2015
Publication title -
asian economic policy review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.58
H-Index - 20
eISSN - 1748-3131
pISSN - 1832-8105
DOI - 10.1111/aepr.12106
Subject(s) - investment management , pension , target date fund , pension fund , economics , public management , fund administration , management fee , manager of managers fund , corporate governance , core (optical fiber) , investment (military) , investment fund , best practice , sovereign wealth fund , accounting , public administration , public economics , finance , institutional investor , political science , management , foreign direct investment , open end fund , law , macroeconomics , politics , market liquidity , materials science , composite material
As J apan's policymakers strive to reform the G overnment P ension I nvestment F und, this paper reviews the core principles and best practices of public pension fund management, with a particular focus on governance and investment philosophy, as distilled from the experience of some of the largest and most advanced institutional investors. It proceeds to compare and contrast three distinct models of institutional fund management: the N orway model, the Y ale/ A ustralia Future Fund model, and the C anada model. The paper concludes by making some preliminary recommendations for the G overnment P ension I nvestment F und reform.