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Improving Pension Fund Performance

Author

Listed:
  • Keith Ambachtsheer
  • Ronald Capelle
  • Tom Scheibelhut

Abstract

With global pension assets projected to reach US$12 trillion by 2000, understanding what drives pension fund performance has never been more important. The study of pension funds described in this article found that the funds, after adjustment for the incremental costs and risks they undertook, underperformed their passive policy benchmarks in the 1993–96 period by an average 60 basis points a year. We discuss three drivers of fund performance—fund size, proportion of assets passively managed, and quality of the fund's organization design—and offer suggestions for improving pension fund performance by improving elements of the fund's organization.

Suggested Citation

  • Keith Ambachtsheer & Ronald Capelle & Tom Scheibelhut, 1998. "Improving Pension Fund Performance," Financial Analysts Journal, Taylor & Francis Journals, vol. 54(6), pages 15-21, November.
    • Handle: RePEc:taf:ufajxx:v:54:y:1998:i:6:p:15-21
    DOI: 10.2469/faj.v54.n6.2221
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    Cited by:

    1. Olivia S. Mitchell & John Piggott & Cagri Kumru, 2008. "Managing Public Investment Funds: Best Practices and New Challenges," NBER Working Papers 14078, National Bureau of Economic Research, Inc.
    2. Tony Bell & Maarten Ackerman, 2002. "How Active Are Managers in SA," Finance 0202002, University Library of Munich, Germany.
    3. Gottesman, Aron & Morey, Matthew, 2012. "Mutual fund corporate culture and performance," Review of Financial Economics, Elsevier, vol. 21(2), pages 69-81.

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