Denmark’s PenSam is to expand its in-house asset management team, after internal equity portfolios outperformed those overseen by third-party managers.Benny Burchardt Andersen, CIO at the DKK100bn (€13.4bn) pension provider for employees of Danish municipalities, said a decision reached in 2010 to increase the level of internal active management of equities had paid off – both in absolute and relative returns.He told IPE’s How We Run Our Money that the provider’s current approach to external equity managers was “close to being a passive strategy”, albeit with an enhanced mandate.“In other words, while the external managers are tracking companies, PenSam uses internal tactical management as a second layer incorporating its views on different regions, sectors and derivatives to generate alpha,” he said. “We have a strong view on what constitutes alpha and what constitutes beta in the equity portfolio, and, over the last few years, the estimated 1.5% outperformance, as opposed to the 1% generated by the best external managers between 2010 and 2013, was mainly a result of internal management decisions.”He said the outperformance had resulted in the decision to increase the size of its in-house management team.“We will add to the number of people working in active management both on a strategic and tactical level,” Buchardt Andersen said.“We will have to be extremely focused on creating outperformance in the future because, after two good years in equity markets, future returns and consequently pensions are going to be lower. In short, for us, active management equals outperformance.”Burchardt Andersen said internal staffing levels had already been increased in the area of direct lending, and that the high-yield bond team was also likely to grow.“The board needs to approve it first, but the risk is fair now, which is why we are moving into illiquid credit and investment-grade bonds,” he said.For more on PenSam, see How We Run Our Money in the current issue of IPE.
Ben Boppeler, 57 years old, passed away peacefully Friday, May 22 surrounded by family. Formerly of Xenia, OH, Ben met his wife, Anita (Wesseler) of 33 years, in Cincinnati after being introduced by his sister. They enjoyed life and meeting new people in several different states including Florida, Ohio and Indiana and most recently moved from their home of 14 years in New Paris, OH to St. Peters, IN. Ben spent much of his life as a tree climber and truck driver. Given his tree climbing occupation, Ben was drawn to collecting Stihl chainsaws. Anita enjoyed travelling with Ben in his truck and their son, Steven, also remembers loving those days. Ben had a kind heart and loved animals, especially dogs. He was lovingly coined the failed foster dad because he couldn’t let the dogs go and at one time was the foster dad of 10 dogs. He was an avid couponer and loved to share his savings with his daughter, Tasha. Not many know of his dream to one day climb aboard the Star Trek Enterprise. Ben & Anita’s bed was located directly under a skylight and looking at the night sky through this window fostered his enthusiasm for outer space.Ben will be greatly missed by his wife Anita and children April (Jay Hayslip) Morris of Xenia, OH, Tasha (Glen Sr.) Sailor of Midway, AR, and Steven (Brittany Shadday) Boppeler of Oldenburg, IN; 11 grandchildren and 4 great-grandchildren. He is survived by his siblings Joe Stern, Tim Stern, Tammy Edgerton, Bridget Stern, and Pam Stern. Ben is preceded in death by his parents Marie Chenoweth & Charlie Boppeler and sister Laurie Bell.A private celebration of life will be held in Ben’s honor. Memorials can be made to Preble County Humane Society at 951 S. Barron St. Eaton, OH 45320 or the American Cancer Society at PO Box 22478 Oklahoma City, OK. To offer condolences online, please visit www.andres-wuestefeldfh.com.
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisThe ACC Concrete Technology program has been successfully running for 50 years! Many of the instructors in the program are former students and are current professionals. Students feel that their experience at ACC has prepared them for their future internships and jobs. On Friday November 3rd the college will host a ceremony to honor and celebrate the program.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious First Fright Lights Alpena A Spooky SuccessNext DNR Seeks Bear Dens