Actor
Pension Funds, Endowments, Foundations, Family Offices, 401k plans
What are Asset Owners?
Active management
what is Investing to outperform an index?
Securities listed on an exchange, subject to local regulations
What are Publicly Listed Securities?
Fees based on assets under management
What are Management fees?
Being able to buy and sell securities easily
What is Liquidity?
Funds that invest on behalf of clients
What are Asset Managers?
Passive management
What is Investing exactly according to an index?
1-year Performance relative to their benchmarks
What is Norges PM bonus based on?
Ability to see under the hood of an investment
What is Transparency?
Facilitating a corporation’s capital raising, M&A
What is Investment Banking? Corporate Finance?
Ownership stakes and liabilities (credits) that are bought and sold through private transactions and GP/LP contracts
What are Private Assets?
Fees earned on returns above benchmark or another hurdle
What are Performance Fees?
MSCI ACWI; US S&P; Barclays Aggregate Bond Index US
What are Indexes? Benchmarks?
Research publicly listed securities and sell that research to investors; trading securities on behalf of clients
What is “Sell Side”?
Voting your shares; filing and voting on shareholder resolutions; engagement
What is “Investment Stewardship”?
General Partner; Limited Partner
What is an investment structure, where the GP is the main decision-maker and fiduciary, and the LP is the outside investor that provides capital to the GP?
Institutions which own shares of all/most publicly listed securities so benefit / lose from overall system, rather than performance of any individual security
What are Universal Owners?