![]() |
Standard Life Investments asks 'Are benchmarks the best reference point to measure bond performance?' |
Standard Life Investments, the global fund manager, believes that bonds still have an important role to play in an investment portfolio but that investors should move away from bond benchmarks, which are structurally flawed, to performance targets referenced to cash. "To date investors have generally been satisfied with bond managers ‘doing well'. However if we enter a world of negative bond returns, fund managers may become blind to the risks embedded in the benchmark and an enormous perception gap can emerge between the fund manager and client." Euan believes that performance targets referenced to cash would represent a far superior reference point to measure a fund manager's skill. "We believe that there is still a very large universe of bond opportunities for active investment managers to build a portfolio to achieve modest levels of return for a relatively low level of risk. Despite cash in itself not being a perfect risk-free rate, it is at least a good comparison for investors who have the option of putting money in the bank or entrusting it to a fund manager.
"Provided investors have the will to set return and risk targets for bond managers in absolute terms, the bond manager can maximise the outcome by creating an investment strategy that delivers investment returns for the relevant levels of risk." |
|
|
|
BPA Director - Origination | ||
London / hybrid 2-3 dpw office-based - Negotiable |
Senior GI Actuarial Analyst | ||
South East / hybrid 2 dpw in the office - Negotiable |
Nearly/Newly | ||
London - Negotiable |
Life actuarial analyst opportunities | ||
South East / hybrid 1 dpw office-based - Negotiable |
Life Actuary - Financial Reporting | ||
South East / hybrid 1 dpw office-based - Negotiable |
EXCLUSIVE: Corporate Pensions Consultant | ||
Flex / hybrid - Negotiable |
DB Pensions Actuarial Assistant Manager | ||
Flex / hybrid 2 days p/w office-based - Negotiable |
DC Pensions Actuarial Consultant | ||
Flex / hybrid 2 days p/w office-based - Negotiable |
GMP Actuarial (Senior) Consultant - R... | ||
Remote - Negotiable |
Actuarial modelling engineer with a d... | ||
Flex / hybrid 2 days p/w office-based - Negotiable |
Reinsurance Pricing Actuary | ||
London - £110,000 Per Annum |
P&C Risk Actuary - International | ||
Bermuda - Negotiable |
Actuary/Data Scientist | ||
London / hybrid 2 days p/w office-based - Negotiable |
GI Pricing Manager | ||
London or Scotland / hybrid 50/50 - Negotiable |
Senior GI Pricing Analyst | ||
Leeds / hybrid 2dpw office-based - Negotiable |
Lead Actuary – Reinsurance Pricing | ||
London / hybrid 3 dpw office-based - Negotiable |
Actuary – Reinsurance Pricing | ||
London / hybrid 3 dpw office-based - Negotiable |
Snr Actuarial Consultant/Mgr: Pricing... | ||
London / hybrid 2 days p/w office-based - Negotiable |
Snr Actuarial Consultant/Mgr: GI Capi... | ||
London / hybrid 2 days p/w office-based - Negotiable |
(Senior) Actuarial Reserving Consultant | ||
London / hybrid 2 days p/w office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.