加拿大养老金

Finance and Economics， Canadas pension funds 财经，加拿大的养老基金 Canadas public pension funds are changing the dealhmaking landscape; 加拿大养老基金变更投资布局， They own assets al over the world including property in Manhattan utilites in Chile, international airports and the high-speed rallway connecting London to the Channel tunnel They have taken part in six ofthe top 100 leveraged buy-outs in history They have won the attention both of Wall street firms, which consider them rivals and institutional investors which aspire to be ke them, 他们所拥有的财产遍布全球, 这包括在曼哈顿的房产,智利的公共设施，国际机场以及将伦 敦与外界连通的高铁海底障道。历史上最有影响的 100 宗负债收购他们就占了 6 宗.无论是 华尔街的竞争对手还是渴望像他们一样的公共机构的投资者，都对他们青睐有加。 These giants are Canadas largest public pension-fund groups. They manage around C640 bilion dollarf543 bilion dollar between them. Ofthe 40 largest public pension funds in the world four are Canadian according to Preqin, a research firm (see tablej, America aside no other country has more on the list But se is not what marks them out Their approach to investment intriguine 这些巨头就是加拿大最大的几家公共养老基金集团.他们管理着大约 6400 亿加元(约合6430 亿美元)。 据一家名为 Preqin 的研究机构的调查表明, 在全球最大的 40 家公共养老基金中， 加拿大就占了4 家。 除了美国之外,没有其它哪个国家有如此之多的机构榜上有名。 但引人 注目的不是他们的规模而是他们的投资手法。 Uniike those in charge of public pension funds elsewhere, the Canadians prefer to run their portfolios internaly and invest directly They put more of their money into buyouts， infrastructure and property believing that these produce higher returns than publicly traded Stocks and bonds They arein some ways like depoliticised sovereign-weakth funds_ Jim Leech the boss of Ontario Teachers pension plan calls them a rnew brand of inancial institutionr And as public pensions around the worid cope with painfully low Yields on their assets many see them asatemplate. Michael Bloomberg, New York Citys mayor samong the models admirers 和其它学管公共养老基金的机构不同的是, 加拿大人更喜欢在内部经党他们的投资组合以及 直接投资。 他们把资金大量投在并购,基础设施和房地产领域。因为他们坚信这些领域方面 的投资回报大于公共股票与全券方面的投资回报.他们有点类似手去政治化的主权财富基金。 安大咯省教师养老金计划负责人Jim Leech 把它称为“金融机构的新品牌”世界上其它为之 收益甚少而头和疼的养老基金把加拿大养老基金视为榜样。 纽约市长 Michael Bloomberg 正是 这种模式的推崇者之一< Ontario Teachers pioneered this style of investing in the 1990s when it brought more of its investmentsin-house_ Other arge funds soonfolowed suit building up teamsto handle deals on their own_ The Ontario Municipal Employees Retirement System (OMERS) wants to have 90% of Ms assets managed internally by the end of 2012.eaving some room for allocations to external managersin specific areas  安大咯教师养老基金于上世纪九十年代开创了这种投资模式,那时它便开始采用多元化的内 部化投资方式了。其它大的投资基金很块纷纷效仿，并建立起自己的团队来管理。到 2012 年底, 安大略省市政雇员退休体系计划把 90%的资产用于内部经营,仅留少部分供外聘经理 人投资到其它地方 The funds will do smaller deals alone but often act as "co-sponsors' with leading privateequity fms on blgger transactions This allows them to have more control over the investment and to Save on fees CPP Investment Board and PSP investments for example worked with Apax buy-out firm to acquire Kinetic Concepts, an American medicalrdevices company for 6 bilion dollar kwas one ofthe biggest buy-out dealsin 2011 基金会将会单独处理小笔交易，但更多的时候它是扮演着“共同性助者”的角色，与大的私 募股权公司一起处理大宗交易。这使得基金会能更好地控制投资并节省交易费用。 例如 CPP 投资委员会和 PSP 投资, 和一家名叫 Apax 的并购公司合作, 以 61 亿美元的价格收购了美国 的 Kinetic Concepts 医疗器械公司。这是 2011 年大宗并购交易之一。 The main draw ofthe Canadian model is cost savings Running operations directly helps plug “athe incredible leakage that goes out through fees' to pricey external managers, says Gordon Fyfe the boss of psp Investments alarge fund In private equity for example many managers charge afee equal to 23 of assets and 20% of profits Hiring staffand building up internal capabilties costs far 1ess_Keith Ambachtsheer of KPA Advisory Services, a pensions consultancy says running assets internally costsa tenth of what it would ifthey were outsourced 加拿大模式最引人注目的地方是成本低廉。一家名为 PsP 的大型投资基金的老板 Gordon Fyfe 指出，直接管理业务能饱节省本该支付给外聘经理的商曲费用。 例如，对私葛股权来说,多 数经理人的佣金相当于资产的 2%和利涧的 20%。雇用员工和打造内部能力的成本远远低于 经理人的费用。KpA 咨询公司的养老金顾问 Keith Ambachtsheer 认为，与外购相比，资产的 内部化运营成本仅为外购成本的十分之 There are other advantages，Public pension funds have a longer investment horizon than prvateequity firms so the Canadian behemoths can choose to sell when the time is right mitigating some of the risks of investing in iliquid assets_ In December for example, Ontario Teachers announced ik would sellits majority stake in Maple Leaf Sports and Entertainment 3 Iarge Canadian sports business for around C13 bilion dollar They had been invested in Maple Leaf since 1994,farlonger thana private-equity firms typical five year horizon and are expected togetareturn offve tmes their money 此外其它的有利因素是公共养老基金的投资期限和范围比私萎股权公司大得多, 因此加拿大 这个谭大的公共养老基金集团可以在时机合适时将其出告,从而减小投资非现金资产的风险 例如,在十二月安大略省教师养老基金就宣布出售其在加拿大最大的体育产业之一的枫叶体 育和娱乐的大部分股份，约 43 亿加元。这个养老基金自从 1994 年起就一直投资极叶体育， 远比私募股权通常五年的投资期限长得多。而且预期可得到初始投资五售的回报。 Because they are saving so much on fees and only need to meet the liabilities of Scheme-members' pensions moreover the Canadian funds feel less pressure to chase the high returns that leading buy-out firms do_ They can pursue investments with less rsk and leverage “Because returns don't have to be as good they can bid more for companiesy says one buy-out  boss tsoundslike alosers ament 因为节省了大笔费用,而且仅须满足支付养老金计划所覆盖的人和群，此外,加拿大养老基金 不像并购公司那样面临追求高额回报的压力。他们能能通过低风险和杠杆作用来经营投资 “因为收益不必太高，所以他们比其它公司更有竞争力"一位并购公司的老板如此评价。 这听起来就像是失败者的悲鸣 So far the funds strategy has paid of Over the past ten years Ontario Teachers has had the highest total returns of the blggest 330 public and private pension funds in the world_ Some of this outperformance stems from the relative strength of Canadian stockmarkets and property to which Canadian pension funds have higher allocations than others But not all of it In 2010 OMERS returned 25 dollar on every dollar spent on internal management for instance, compared toonly 10 dollarfor every dollar spent on external managers fees. 迄今为止， 养老基金的战略已初见成效。在过去的十多年时间里，安大略省教师养老基金在 全球 330 家最大的公共及私人养老金中它的收益回报是最高的.这个县人业绩部分是得益于 加拿大股票及房地产市场的繁柠,这使得加全大养老基金在房地产方面的投资高于在其它行 业的投资。但这不是全部原因，例如，2010 年安大咯省市政雇员退休体系在内部管理上的 花费中，每一美元得到 25 美元的回报。相比之下，在外聘经理的花销中，每一美元的花销 得到的收益仅有 10 美元。 Those seeking to understand how Canadians have pulled it off are given two answers: Bovernance and pay There is ltle political interference in the funds operations._ They attract people with backgrounds in business and finance to st on their boards unlike American public pension funds which are stuffed with politicians cronies and union hacks. 那些试图理解加拿大人如何完成这一经营的人得到两个答案,一是监管， 二是支付。 在基金 运营过程中仅有一点点政治方面的干涉。 与美国公共养老基金充斥着政客、亲信和工会黑客 不同的是，加侠大养老基金则能够吸引拥有商业和金融背景的人们加入董事会。 Just as important their approach to compensation._ In order to recruit the best executives Canadian pension funds have ensured their pay is competitive with Bay Street Torontos version of Wall street They pay a base salary annual bonus and long-term performance award (which many pension funds elsewhere do not to make their employees take a long-term view of investments Mr Leech of Ontario Teachers made over C3.9m dollar in 2010; 51% of that wasa Iong-term performance award, 36% his annual bonus and only 13% of his base salary He would doubtless earn more on Wall Street but this is a huge pay packet by public-pension standards， Anne Stausboll the boss of CalPERS, the largest American public pension fund, made around 380.000 dollarin theyeartoJune 30th 2011,including a 96,.638 dollar bonus. 同样重要的是他们的薪栈体系。 为了招募到最优秀的高管, 加拿大养老基金保证他们支付的 靳酬在 Bay Street (加拿大的华尔街) 是最具竞争力的。他们支付的薪酬包括基本工资，生 终红利以及长期绩效奖金(这是其它养老基金没有的薪酬制度) 来让它的雇员从长远来考虑 它们的投资。安大略省教师养老基金的 Leech 先生 2010 年拿到了 390 万加元。其中长期续 效奖金为 51%，年终红利占了 36%