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jianghaiyang · 2020年02月03日

问一道题:NO.PZ2019100901000002

问题如下:

Maglav outsources the management of the pension plan entirely to Westcome Investments. The fee structure requires Maglav to compensate Westcome with a high base fee regardless of performance. Boulder tells Azarov that outsourcing offers small institutional investors, such as Maglav’s pension plan, the following three benefits:

Benefit 1: Regulatory requirements are reduced.

Benefit 2: Conflicts of interest are eliminated from principal–agent issues.

Benefit 3: Investors have access to a wider range of investment strategies through scale benefits.

Which of the benefits of outsourcing the management of the pension plan suggested by Boulder is correct?

选项:

A.

Benefit 1

B.

Benefit 2

C.

Benefit 3

解释:

C is correct.

Scale (asset size) is a defining characteristic for institutional investors since it affects key aspects of the investment process. Maglav’s pension plan is small, with $25 million in assets under management. Smaller institutions may be unable to access certain investments that have a high minimum investment, such as private equity and real estate assets. These smaller institutions may also have difficulty in hiring skilled investment professionals. As a result, small institutional investors, such as Maglav’s pension plan, are more likely to outsource all or most of the investment operations to external asset managers or investment consultants.

也就是说outsourcing 的话,监管并不会减少,并且还能扩大小基金的投资范围是吗?为啥呢?

1 个答案

发亮_品职助教 · 2020年02月03日

嗨,爱思考的PZer你好:


是的,监管并不会减少。

养老金管理的监管是比较多的,咱们三级机构IPS光提到的就有ERISA,Pension Protection Act,US GAAP,Uniform Prudent Investor Act等等,剩下还有很多。

哪怕是外包投资,作为养老金仍然需要满足各种Regulation requirements。

或者这么想,如果外包能减少监管,那就会有监管套利,养老金干脆把投资都外包出去就不用满足各项监管要求了,显然这种情况不成立,也没有发生。所以外包出去并不会降低监管。



“并且还能扩大小基金的投资范围是吗?”


是的,Outsourcing能扩大投资范围。这主要是针对小基金而言的。小基金,因为规模有限,能够涉足的金融产品有限。比如说PE Fund,Hedge fund,Real estate等等,这种投资有比较高的门槛,所以如果自己做直接投资的话,可能根本没办法达到这个投资的最低门槛值,也就没办法投资这些产品。

同时,因为PE/HF/Real estate这些另类投资(Alternatives)对基金经理的专业性要求很高,小基金也很难聘请到Top skilled investment professionals,所以自己做这些产品投资的话,就非常难。

外包就能帮助小基金投资这些产品,比如,PE Fund的最小投资规模是10 million,像本题这个25million的小基金就没办法直接投资PE,这时候可以投资Funds of funds,比如投资1million到另外一个基金,这个基金募集到10 million就可以参与PE Fund的投资了。这样小基金就以1million获得了PE的Exposure。

这样通过外包的过程,就扩大了小基金的投资范围。


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2024-06-29 09:47 1 · 回答

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2024-03-01 09:15 1 · 回答

NO.PZ2019100901000002 A是什么意思,为什么不对呢,谢谢

2021-07-20 13:13 1 · 回答

不是很明白为什么答案是我理解C的意思是: 通过外包,小基金的规模小的劣势可以通过外包,基金经理将多个养老金汇集成大的基金来投资一些投资门槛高的产品,这才是outsourcing的scale benefits。 但是养老金是需要分开管理的,应该不能将多个PENSION汇集一起去投资门槛高的产品吧。

2020-06-05 14:05 1 · 回答

而且它既然规模小,为啥还有scale benefit呢?不是规模大才有规模效应吗?

2020-02-03 19:56 1 · 回答