Actuaries, pension funds and investment
- 1 June 1990
- journal article
- research article
- Published by Cambridge University Press (CUP) in Journal of the Institute of Actuaries
- Vol. 117 (1) , 1-49
- https://doi.org/10.1017/s0020268100043018
Abstract
The authors discuss the investment of pension and other institutional funds. stressing a theme of investing to meet liabilities. Their aim is to stimulate debate by actuaries and the investment community, leading to the development of better approaches to pension fund investment and its monitoring.The first part of the paper considers the matching of assets to liabilities, concentrating on a major principle applicable to actuarial valuations where assets and liabilities are mismatched.The paper goes on to consider principles of institutional investment and includes discussions of the meaning and measurement of risk, the setting of investment objectives, decision-making, asset allocation and investment performance monitoring.Keywords
This publication has 3 references indexed in Scilit:
- Portfolio selection in the presence of fixed liabilities: A comment on “The matching of assets to liabilities”Journal of the Institute of Actuaries, 1985
- The Financial Structure of a Life OfficeTransactions of the Faculty of Actuaries, 1953
- Review of the Principles of Life-office ValuationsJournal of the Institute of Actuaries, 1952