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Building faith in investment performance reporting

FidesIQ is an online monitoring and reporting tool that enables trustees of pension funds and other fiduciaries to capture the true objectives behind their strategic investment decisions and monitor over time whether those objectives are being met.

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The gap in investment performance reporting

DB Pension schemes investment decisions are made at different levels: the scheme as a whole, strategic decisions, and implementation ones. FidesIQ exists to fill a gap in investment performance reporting for those schemes who do not routinely measure performance of their strategic decisions, leaving a strategic gap.  This can have several damaging governance implications.

Investment decision category

Decision

Typical objective

Typical performance measurement

Investment decision category

Scheme objective and Investment Belief

Decision

Overall management of the assets and liabilities of the scheme

Typical objective

For the assets to grow more quickly than the scheme liabilities, within a restricted level of risk

Typical performance measurement

Clear fund-level objectives
Outcome well measured

Investment decision category

Strategic Investment

Decision

Selection of asset classes and other portfolio characteristics to meet overall portfolio objective

Typical objective

For the strategic allocation to deliver return and risk outcomes in line with the original decision and the advice provided at the time

Typical performance measurement

“THE STRATEGIC GAP”

Investment decision category

Implementation

Decision

Selection of managers and sub-asset classes (or styles) in order to meet portfolio objectives

Typical objective

For the selected manager to outperform the fund benchmark by a target absolute level

Typical performance measurement

Objectives usually well captured
Return usually measured well, but risk often not measured

Governance implications of “The strategic gap”

Unsustainable decision-making process
Less able to meet CMA objectives requirement
Low quality dialogue between decision makers

Lack of focus on strategic goals
Lack of clear decision documentation
Threat to stakeholder buy-in

Governance implications of “The strategic gap”

Unsustainable decision-making process

Less able to meet CMA objectives requirement

Low quality dialogue between decision makers

Lack of focus on strategic goals

Lack of clear decision documentation

Threat to stakeholder buy-in