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首页> 外文期刊>Journal of pension economics and finance >Decentralized investment management: an analysis of non-profit pension funds
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Decentralized investment management: an analysis of non-profit pension funds

机译：分散投资管理：非营利性养老基金分析

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We investigate delegated investment management in private pension accounts using data from Australian accumulation (superannuation) funds. In Australian non-profit pension funds, trustees choose investment managers on behalf of members. We find that funds with many delegated managers have higher risk-adjusted returns than those with few. However funds with 13 or less specialized managers show no improvement over funds with a single diversified manager. All do worse than a benchmark portfolio of asset-class indices. Further, by using random selection to mimic the choices of an uninformed individual choosing from the same menu of delegate managers as used by trustees, we show that returns from pension funds with large numbers of trustee-selected managers compare favorably with returns from randomly selected, equally weighted portfolios. However this improvement falls off quickly for funds with fewer trustee-selected managers, or when randomly selected portfolios are also diversified across asset classes. Results indicate that an uninformed individual following a naive diversification strategy would have done as well as most trustee boards in this sample.
机译：我们使用来自澳大利亚积累（养老金）基金的数据调查私人养老金账户中的委托投资管理。在澳大利亚的非营利性养老基金中，受托人代表会员选择投资经理。我们发现，委托管理人很多的基金，风险调整后的收益要高于收益很少的基金。但是，只有13名或更少专业经理的基金没有表现出任何一名单一经理的基金的改善。所有这些都比资产类别指数的基准投资组合差。此外，通过使用随机选择来模拟从受托人使用的相同的代表管理者菜单中进行的不知情的个人选择，我们表明，拥有大量受托人选择的管理者的养老基金的收益与随机选择的收益相比具有优势，权重相等的投资组合。但是，对于受托人选择的经理人数较少的基金，或者当随机选择的投资组合也跨资产类别分散投资时，这种改进很快就会消失。结果表明，遵循朴素的多元化策略的不知情人士和本样本中的大多数受托人董事会一样会做。

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