Special Focus: Balanced Management - Target return investing: the rebirth of balanced management.

From: Pensions Week | Date: September 6, 2004 | Copyright information

The approach to balanced management traditionally used by pension fund managers has recently been much maligned. Particular criticism lies at the inadequacy of the framework and understanding of true investment risk relative to the liabilities and the measurement of performance versus a peer group benchmark, rather than at an individual scheme liability level. Further, the tie to a benchmark created structures that gave insufficient flexibility for quality asset allocation decisions.

Despite these failures, fundamentally the concept of balanced management as a flexible ...

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