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The investment policy of Canadian pension funds : evolution and current issues

dc.contributor.authorRomaniuk, Katarzyna
dc.contributor.authorEl Mekkaoui de Freitas, Najat
dc.date.accessioned2009-09-23T12:34:54Z
dc.date.available2009-09-23T12:34:54Z
dc.date.issued2008
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/1905
dc.descriptionCet article est également édité dans les Cahiers de la Chaire "Les Particuliers face aux Risques" del'Institut de Finance de Dauphine, cahier n°20, avril 2008
dc.language.isoenen
dc.subjectFonds de pensionen
dc.subjectCanadaen
dc.subject.ddc332en
dc.subject.classificationjelG23en
dc.titleThe investment policy of Canadian pension funds : evolution and current issuesen
dc.title.alternativeLa politique d'investissement des fonds de pension canadiens : évolutions et problèmes actuelsen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité Paris I Panthéon-Sorbonne;France
dc.description.abstractenThe asset allocation principles to be followed by pension funds have recently recorded some important modifications on the international level. Canadian pension funds have also been subject to these evolutions. The main modifications concern the gradual elimination of some portfolio constraints, with a trend towards the prudent management principle, the recent focus on asset-liability management techniques, due to the actuarial deficits currently recorded by defined benefit funds, the increasing role of alternative investments and active management, the revision of accounting principles, which should in the longer term influence the pension fund asset allocation in a measurable way. This paper’s objective is to present these evolutions from the Canadian perspective, and to analyze how they are influencing, and will probably influence, the asset allocation of Canadian pension funds. After describing the main issues, a statistical analysis of the Canadian pension fund investment policy in the period 1990-2005 is proposed, with the aim of determining its main characteristics, yet also distinguishing the consequences of the regulatory and practice evolutions previously described. The main conclusions are that the bond proportion appears as relatively stable in recent years, so that the recent focus on asset-liability management techniques and the current trend towards fair value accounting have not yet led to a reallocation towards bonds. Second, one notes that the home-country bias is today relatively weak in the equity investment, yet very pronounced in the bond investment, so that the consequences of the elimination of the foreign-property rule should be recorded mainly in the bond investment. Third, one observes an effective, and increasing, investment in alternative assets, even if its proportion still remains relatively weak.en
dc.relation.isversionofjnlnameBanque & marchés
dc.relation.isversionofjnlissue97en
dc.relation.isversionofjnldate2008-11
dc.relation.isversionofjnlpages43-50en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherGroupe Banqueen
dc.subject.ddclabelEconomie financièreen


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