加拿大养老金

Financeand Economics，Canadas pension funds 财经，加拿大的养老基金， Canada's public pension funds are changing the deal-making landscape; 加余大养老基金变更投资布局 They own assets 让 over the world induding property in Manhattan utilties in chile international airports and the high-speed railway connecting London to the channel tunnel. They have taken partin si of the top 100 leveraged buyouts in history They have won the attention both of Wall street frms, which consider them rals and institutional investors which aspire to belikethem， 他们所拥有的财产亿布全球，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电像他们一样的公共机构的投资者，才对他们青哑有加。 These giants are Canadas largest public pension-fund groups They manage around C640 bilion dollarf543 bilion dollar) between them_ Of the 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 lt But size is not what marks them out Their approach to investment is intriguing， 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 regin 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 internally and invest directly They put more of their money into buyouts, infrastructure and property believing that these produce higher returns than publidy traded stocks and bonds. They arein some ways like depoliticised sovereignrwealth funds Jim Leech the boss of Ontario Teachers Pension plan calls them a “new brand of financial institution' And as public pensions around the world cope with painfully low Yields on their assets many see them asatemplate Michael Bloomberg New York Ciys mayor isamong 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营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俩券方面的投资回报.他们有点类似于去政治化的主权财富基金- 安大略省教师养老金计划负责人Jim Leech 把它称为“金融机构的新曲牌"世界上其它为之 收戎甚少而头亦的养老基金犯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 investmentsinhouse .Other large funds soon followed suit building up teamsto handle deals on their own The Ontario Municipal Employees Retirement System (OMERS) wants to have 9036 of Ms assets managed internally by the end of 2012Jeaving some room for allocations to external managersin speclfic areas.  安大略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快纷纷效仿，并建立起自己的团队来管理。到 2012 年底,安大略省市政麻员返体体系计划把 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 frms on bigger 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 3 buy-out frm to acquire Kinetic Concepts an American medical-devices company for 6 bilion dollar kwas one of the 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“共同狂助者”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 的并网公司合作,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 of the Canadian model is cost savings_ Running operations directly helps plug “the incredible leakage that goes out through feesr to pricey external managers says Gordon Fyfe the boss of psP Investments a large fund In private equity for example many managers charge afee equalto296 ofassetsand 20% of profis Hiring staffand building up internal capabiliies costs far 1ess Keih Ambachtsheer of KPA Advisory Services, a penslons consultancy says running assets intemally costs atenth of whatitwould ifthey were outsourced 加拿大模式最引人注目的地方是成本低康-一家名为 PsP 的大型投资基金的老板 Gordon Fyfe 指出，直接管理业务能够节和省本该支付给外聘经理的商品费用。 例如，对私茵股权来说，多 数经理人的佣金相当于资产的 256和利润的 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 privateequity firms so the Canadian behemoths can choose to sell when the tme is reht mitigating some of the risks of investing in iliquid assets_In December for example Ontario Teachers announced it would sell is majority stake in Maple Leaf Sports and Entertainment 3 Iarge Canadian sports business for around C13 blllion dollar They had been invested in Maple Leafsince 1994, farlonger than a private_equity firmis typical five year horizon and are expected tagetareturn offivetimestheir 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募股权公司大得多, 因此加拿大 这个庞大的公共养老基金集团可以在时机合适时将其出舍, 从而减小投资非现金资产的风险。 例如,在十二月安大赂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机时体 育和娱乐的大部分股份，约 13 亿加元。 这个养老基金自从 1994 年起就一直投资枫叶体育， 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们的回报 。 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 hieh returns that leading buy-out firms do They can pursue investments with less risk and leverage 《Because returns dont have to be as good they can bid more for companlesy says one buyout  boss Itsounds like alosers lament 因为节省了大笔费用，而且仅须满足支付养老金计划所性蔷的人群,此外,加拿大养老基金 不像并购公司那样面临妃求额回报的压力。他们能够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莫哆. So far the funds' strategy has pald off Over the past ten years Ontario Teachers has had the highest total returns of the biggest 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 MERS returned 25 dollar on every dollar spent on internal management forinstance, compared ta only 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，安大咯省教师养老基金在 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-这个且人业绩部分是得益于 加全大股票及房地产市场的繁荣, 这使得加拿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 年安大略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，在外映经理的花销中，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 of are gen two ansgwers; Bovemnance and pay There is little political interference in the funds operations They attract people with backgrounds in business and finance to stt on their boards unlike American public pension funds, which are stuffed with politicians cronies and union hackes， 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，一是用管，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，加拿大养老基金则能够吸引拥有商业和人金融背景的人们加入董事会 Just as important is 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 notl to make their employees take a long-term view of investments Mr Leech of Ontarlo Teachers made over C3.9m dollar in 2010; 51% ofthat wasa Iong-term performance award, 3636 his annual bonus and only 1396 of his base salary He would doubtless earn more on Wall Street but this ahuge pay packet by public-pension standards Anne Stausball the boss of CalpERS， the largest American public pension fund, made around 380.000 dollarin the yeartoJune 30th 2011, including a96.638 dollar bonus 同样重要的是他们的获梧体系。 为了招区到地优秀的高管, 加拿大养老基金保证他们支付的 新本在 Bay Street (加拿大的华尔衔》是最具竞争力的。他们支付的禾呈包括基本工资，生 终红利以及长期绩效奖金(这是其它养老基金没有的靳酬制度) 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 年余到了 390 万加元。其中长期续 效奖金为 51%，年终红利十了