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The New Frontier Investors - How Pension Funds, Sovereign Funds, and Endowments are Changing the Business of Investment Management and Long-Term Investing (Hardcover, 1st ed. 2016)
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The New Frontier Investors - How Pension Funds, Sovereign Funds, and Endowments are Changing the Business of Investment Management and Long-Term Investing (Hardcover, 1st ed. 2016)
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Who holds the power in financial markets? For many, the answer
would probably be the large investment banks, big asset managers,
and hedge funds. These are the organizations that are in the
media's spotlight and whose leaders and employees command outsized
salaries and bonuses. They are the supposed leading edge of global
finance and their power seems almost absolute, even as questions
abound about their social and economic utility. But more and more
asset owners are confronting the status quo, the power to exact
high fees and the focus on the short term. The New Frontier
Investors chronicles the rise of this new group of long horizon
asset owners that includes some of the world's largest pension
funds, sovereign wealth funds, and endowments. These asset owners
are driving the business of asset management to a new frontier by
retaking responsibility of the end-to-end management of their
investment portfolios and by re-conceptualizing investment
decision-making. The lessons illustrated in The New Frontier
Investors fly in the face of conventional wisdom, which has it that
these asset owners are at a disadvantage to the private sector fund
managers and other service providers. These asset owners are
supposedly not able to attract talent nor do they have the
organizational capabilities to compete. That many are located far
from the markets in which they invest only exacerbates the problem.
But this is incorrect. This expanding group of asset owners is
learning how to make the most of their scale and long time
horizons, finding new ways to attract talent, to collaborate, and
to build greater alignment with the users of capital. They are not
at a disadvantage. They are at an advantage. The New Frontier
Investors is essential reading for anyone wanting to see a change
in global financial markets and the professionalization of asset
owners worldwide, from public pension funds and sovereign wealth
funds to foundations and endowments. It is thus required reading
for the senior executives and employees working in the field of
beneficiary institutional investment, as well as government
officials and others that have a stake in the design and governance
of beneficiary financial institutions and long-term capital.
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