CFA Institute Take 15 Series: 10-15 minute interviews with leading practitioners on timely topics in market and credit risk as well as ethics. CFA Institute is a global membership organization that awards the Chartered Financial Analyst® (CFA®) designation. CFA Institute leads the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent capital markets.

Pension funds tend to have regular outflows and are often underfunded. As a result, the tools the industry has developed tend to be based on these assumptions. Philippe Desfosses, CIO of ERAFP, France's public service pension scheme, discusses the unique situation ERAFP is in-including regular inflows and a funding ratio of 105%--and the resulting challenges they face in applying the traditional framework. To further complicated things, some sovereign bonds have been producing negative returns. He suggests a number of changes that need to be made by the industry so pension fund managers can properly deal with the challenges presented by these unique situations.

Direct download: Unique_Situations_in_Managing_Pension_Assets-.mp3
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