White Papers

Disequilibrium: Assessing the impact of the shift downwards in the equilibrium interest rate

October 2015

In this GIS Whitepaper, Tracey McNaughton, CFA, Head of Investment Strategy Australia and Michele Gambera, CFA, PhD, Head of Quantitative Analysis, GIS, examine the relevance to investors of the long-term equilibrium interest rate – a theoretical concept that has tended in the past to be of concern to academics only. Read more (PDF, 4 MB)

The investment drought: How can the problem of weak investment be fixed?

September 2015

This whitepaper explores the perceived investment deficit – driven by the reluctance of investors, governments and companies all over the world to engage in long-term investment - which comes at a cost of slower economic growth. It addresses some of the causes of the recent investment malaise, and proposes potential solutions. Read more (PDF, 3 MB)

Risk aware investment

May 2015
Integrating risk management into the multi-asset investment process helps in the construction of portfolios that are better tailored to clients' needs. This paper provides an in-depth overview of how Global Investment Solutions (GIS) manages portfolio risk – a core element of our investment process. Read more (PDF, 862 KB)


Managing inflation risk in defined contribution plans

March 2013
The paper looks at the tools Defined contribution (DC) plan sponsors can use to help their participants manage inflation risks. Read more (PDF, 817 KB)

Investing in 2013

November 2012
Investing in 2013 is our flagship annual publication surveying the world in the upcoming year for investors, covering both cyclical and long-term themes. This year, topics include the future of the eurozone, new reserve currencies, the bleak outlook for pension plans, the end of the commodities super cycle, and the impact of the US fiscal cliff on global economic growth. Read more (eng) (deu) (PDF, 3 MB) (fra) (PDF, 3 MB)

Strategic Investment Advisory – Americas

November 2012
Are voluntary contributions right for your corporate pension plan?
In a new white paper, the Asset Liability Investment Solutions team argues that despite lower minimum required contributions for many corporate pension plans, this could be a compelling time for corporations to use voluntary contributions to strengthen their plan’s funded status, while potentially receiving an attractive return on investment compared with other uses of capital. Read the paper (PDF, 987 KB)


White Paper

February 2012
Annuities as an asset class
The Defined Contribution Solutions team analyze annuities as a set of cash flows similar to a coupon bond. They argue that, for most participants in defined contribution pension plans, the decision for annuities should not be a binary one (0% or 100% annuities) but a question of diversification: How much of annuity should be purchased, and the strategy should be for building up the targeted allocation. Read the paper (PDF, 417 KB)


Strategic Investment Advisory – Americas

August 2011
Pension risk management: The discipline needed to protect contributions
Francois Pellerin, head of Asset Liability Investment Solutions, analyzes the impact of contributions made to US corporate pension plans, and dispels a common misconception that market performance is the main determinant of funded status. He also highlights the importance of protecting contributions through pension risk management and discusses how funded status may drive a plan sponsor's actions. Read more (PDF, 120 KB)


White Paper

March 2011
Hedge Fund Risk Modelling: Linking hedge fund and traditional asset risk
More and more investors hold hedge funds as an integral part of their overall portfolio, and growing numbers of multi-asset products include an allocation to hedge funds. These developments call for a consistent way of integrating hedge funds in an overall portfolio. A new model that achieves that objective is presented in this paper by Vincent Couson, head of strategic investment solutions, and Sa Lu, analyst. such as equities, fixed income or commodities. Read the paper


Global Investment Solutions - Topical paper

December 2010
The European Single Currency: growing pains or structural flaws?

The integrity of the Eurozone and the feasibility of Europe's single currency are being seriously called into question. Ongoing tensions in the Eurozone financial markets are viewed by many as evidence that the single currency project is fundamentally flawed. Some economists argue that the peripheral European countries whose deficits have exploded cannot survive within the single currency area. Others argue that core Eurozone members like Germany will not want to remain in a currency system that could drag their own economies down. Read more (eng) (deu) (fra) (ita)