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February 2024 (Revised April 2024)
Case

CPP Investments—The Road to Zero

By: Vikram Gandhi and Radhika Kak

In February 2022, Canadian Pension Plan (CPP) Investments, the investment management organization that managed funds for the CPP, one of the biggest pension plans in the world, announced a net-zero commitment for its portfolio by 2050. Under its CEO, John Graham, it... View Details

Keywords: Environmental Sustainability; Asset Management; Investment Portfolio; Leading Change; Business and Stakeholder Relations; Corporate Social Responsibility and Impact; Financial Services Industry; Canada; California

October 2001 (Revised February 2002)
Case

Acme Investment Trust: January 2001

By: Josh Lerner

The managers of a large corporate pension fund must decide whether to invest in a private equity fund that is offering a guaranteed rate of return of 20% on part of its portfolio. The background behind and implications of the guarantee are explored. View Details

Keywords: Decisions; Private Equity; Motivation and Incentives; Asset Management; Investment Funds; Financial Strategy; Financial Services Industry

February 2003 (Revised May 2008)
Case

AFP Provida

By: Michael E. Porter, Arturo L. Condo and Andrea Prado

Describes the evolution of AFP Provida, one of the early entrants into the Chilean pension fund system established in 1981. By 1999, AFP Provida was not only the largest pension fund administrator in Chile, but also the largest in Latin America in terms of number of... View Details

Keywords: Developing Countries and Economies; Globalized Firms and Management; Industry Clusters; Competitive Advantage; Expansion; Financial Services Industry; Chile

2024
Working Paper

Fire Sales of Safe Assets

By: Gabor Pinter, Emil Siriwardane and Danny Walker

We use trade-level data to study price pressure effects in the UK gilt market from September to October 2022. During this period, forced sales by liability-driven investment funds (LDIs) led to price discounts on the order of 10%, accounting for roughly half the total... View Details

Keywords: Investment Funds; Capital Markets; United Kingdom

July–August 2014
Article

The Crisis in Retirement Planning

By: Robert C. Merton

Corporate America began to really take notice of the looming retirement crisis in the wake of the dot-com crash, when companies in major industries went bankrupt in large part because of their inability to meet their pension obligations. The result was an acceleration... View Details

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03 Dec 2019
Cold Call Podcast

Why CalSTRS Chooses to Engage with the Gun Industry

Keywords: Financial Services

August 2017 (Revised January 2020)
Case

PFA Pension: Expansion of Alternatives Portfolio

By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt

PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments... View Details

Keywords: Asset Management; Private Equity; Investment; Denmark; Europe

June 2007 (Revised January 2008)
Case

The Vanguard Group, Inc. in 2006 and Target Retirement Funds

By: Luis M. Viceira

The Vanguard Group is one of the largest asset managers in the U.S., with over $1 trillion in assets, ninety percent of which are mutual fund assets, and more than 12,000 employees at year-end 2006. Vanguard has built a strong reputation as the manager of reference for... View Details

Keywords: Asset Management; Investment Funds; Personal Finance; Brands and Branding; Retirement; Trust; Financial Services Industry; United States

July 1991 (Revised August 2000)
Case

California PERS (A)

By: Jay O. Light, Jay W. Lorsch and James O. Sailer

Examines California Public Employees Retirement System (CalPERS), the world's fourth largest pension fund. Dale Hanson, CEO of CalPERS, has a problem; how does he use CalPERS' influence as the holder of a small percentage of 1,300 American companies to put pressure on... View Details

Keywords: Employees; Retirement; System; Asset Pricing; Performance Improvement; Corporate Governance; Investment Funds; Investment Return; California

September 2016 (Revised August 2018)
Case

State Street—The Development and Growth of SHE

By: Vikram Gandhi

State Street Global Advisors was the investment arm of State Street Corporation, one of the largest custodians and asset managers in the world with over $2.3 trillion in assets under management. Inspired by demand from a large pension fund client for better gender... View Details

Keywords: ETF; Asset Management; Financial Services Industry

June 2013 (Revised July 2013)
Case

Blackstone Alternative Asset Management

By: Robin Greenwood, Luis M. Viceira and Jared Dourdeville

This case explores reasons for Blackstone Alternative Asset Management's (BAAM's) growth from 2007-2013, a time when the overall fund of hedge funds industry contracted substantially. Additionally, the case analyzes evolving business models and value propositions... View Details

Keywords: Hedge Fund; Fund Of Hedge Funds; Hedge Fund Industry Growth; Fund Of Hedge Funds Industry Growth; Evolving Business Models; Value Propositions In The Fund Of Hege Funds Industry; Business Model; Investment Funds; Growth and Development Strategy; Financial Services Industry; United States

2024
Working Paper

LASH Risk and Interest Rates

By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu

We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details

Keywords: Liquidity; Monetary Policy; Non-bank Intermediaries; Hedging; Risk and Uncertainty; Investment Funds; Financial Condition; Interest Rates

October 2009 (Revised October 2010)
Case

Grove Street Advisors: September 2009

By: Matthew Rhodes-Kropf and Ann Leamon

The investment committee of Grove Street Advisors, a pioneer in the provision of customized private equity funds-of-funds for pension fund clients, must decide how to respond to the market opportunities and challenges presented by the turmoil of 2008 and 2009. How can... View Details

Keywords: Private Equity; Expansion; Investment Funds; Financial Services Industry

Research Summary

Investment Decisions and Decision Problems in Professional Investment Management

Jay O. Light is evaluating strategic business decisions in the money management industry as well as problems that arise in the management of very large pools of tax exempt money, particularly pension funds and endowments. From this research he is developing teaching... View Details

January 2009 (Revised May 2010)
Case

Altoona State Investment Board: December 2008

By: Josh Lerner

Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the communication he had just received. It was from Permira, the leading European buyout fund, and concerned its fourth fund, to which Altoona had made a £ 100... View Details

Keywords: Private Equity; Financial Management; Financial Strategy; Investment Funds; Partners and Partnerships

June 2007 (Revised November 2008)
Case

Nordic Telephone Company's Bid for TDC

Nordic Telephone Company, formed by a consortium of private equity firms, has made a public tender offer for Denmark's leading telecommunications company, TDC. TDC's board of directors approved the take-private transaction, and 88% of shareholders have accepted the... View Details

Keywords: Leveraged Buyouts; Communication Technology; Decision Choices and Conditions; Negotiation Offer; Privatization; Telecommunications Industry; Denmark

October 2016 (Revised April 2017)
Case

Succession Planning at Samsung: The Merger Formula of Cheil Industries and Samsung C&T

By: Gwen Yu and Tim Gray

A merger deal of two Samsung group companies becomes a center of a corruption scandal. The merger of Cheil Industries and Samsung C&T was seen as a crucial step to transfer power to Lee Jae Yong, the heir of Samsung group. The deal was criticized to purposefully... View Details

Keywords: Merger; Mergers and Acquisitions

May 1998 (Revised February 2007)
Case

Morningstar, Inc.

By: Andre F. Perold and Markus Mullarkey

Morningstar, Inc., a publisher of information for mutual fund investors, is considering alternative strategies for broadening its subscriber base and increasing its revenues. Potential strategies include tailoring information for the defined contribution pension fund... View Details

Keywords: Investment Funds; Asset Management; Revenue; Financial Strategy; Publishing Industry; Financial Services Industry; United States

30 Jun 2008
Research & Ideas

Rethinking Retirement Planning

trust was no doubt engendered in an earlier day when defined benefit (DB) pension plans were offered by lifelong employers like IBM and General Motors. Today, that system is all but extinct. Merton explains that employers underestimated... View Details

Keywords: by Julia Hanna; Banking; Financial Services

February 2003 (Revised January 2004)
Case

International Steel Group

By: Paul W. Marshall and Todd H Thedinga

Profiles veteran investor Wilbur L. Ross, Jr.'s plan to turn around the aging steel assets of LTV, formerly America's second largest integrated steel producer. Purchasing several key assets from LTV under Section 363 of the Bankruptcy Code, Ross is able to acquire the... View Details

Keywords: Corporate Entrepreneurship; Strategic Planning; Lawfulness; Labor Unions; Organizational Culture; Agreements and Arrangements; Global Strategy; Assets; Steel Industry; United States

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