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date: 20 August 2019

Abstract and Keywords

The purpose of this article is to analyse the investment-management process of funds invested in pension schemes. It focuses particularly on measuring the performance of investment returns earned by pension funds. Although investment performance is considered within a global context, in fact only a small number of countries have sizeable funded pension schemes. The article shows the stock of pension assets for major developed countries in 1996. The United States, UK, and the Netherlands have large amounts of pension-fund assets relative to GDP in their economies, reflecting the importance of funded schemes in these countries. The article discusses the investment-management industry in general, and explains how it relates to the pensions-management industry. It then explains the measurement of investment returns, and introduces a number of risk-adjusted performance measures.

Keywords: pension fund, investment performance, pension schemes, GDP, United States

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