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Pension Risk Transfers Have Several Downside Risks for US Plan Sponsors

Pension Risk Transfers (PRTs), including the increasingly popular partial annuity purchase, are a set of tools used frequently by US plan sponsors to de-risk their pension plans. These transactions are intended to lower the risk and cost of the plan by shrinking its size. However, in many cases, they may achieve the opposite result. Specifically, […]

March 2022

How Should Investors Alter Portfolios Considering the War in Ukraine?

Thoughtfully, if at all. Russia’s invasion of Ukraine sent shockwaves across the world, creating a tragic humanitarian and geopolitical crisis, and introducing new uncertainty to the global economy and financial markets. The lynchpin to understanding how assets may perform in the coming days and weeks is, of course, knowing the duration of the war and […]

March 2022

Case Study: Complementing a general partner’s investment expertise and network

Shannon MacArthur created her family’s wealth as a general partner (GP) of a venture capital (VC) firm. As she neared the end of her career, she started thinking about a long-term plan for her family’s wealth. CLIENT BRIEF Client: The MacArthur family Source of wealth: General partner at a venture capital firm Situation: Seeking an […]

March 2022

Do Significant Geopolitical Events Tend to Precede Equity Bear Markets?

No. Global equities tend to sell off following major geopolitical events, but such declines have historically been mild and short-lived, far below the 20% drawdown threshold that is typically considered a bear market. We view this historical tendency as a useful, but imperfect, benchmark in thinking about the impact of the current Russia-Ukraine crisis on […]

February 2022

Will Concerns Over “Greenflation” Derail the Energy Transition?

No. The inflation attributed to green initiatives (known as “greenflation”) is part of the current inflation narrative, but we doubt concerns related to it will derail the global energy transition. Net zero pledges and related policy frameworks have been rolled out in nearly 200 countries, underpinning a transition already underway due to climate change and […]

February 2022

VantagePoint: Jumpstarting the Energy Transition

This year may prove to be pivotal in the transition from fossil fuels to renewables. Policy makers, businesses, and investors are accelerating commitments to bring greenhouse gas (GHG) emissions to net zero by 2050. The aim is consistent with the 2015 Paris Agreement to “limit global warming to well below 2°C, preferably to 1.5°C, compared […]

February 2022

Case Study: Building custom portfolios to reflect each family member’s distinct impact investing goals

The Hahn family’s wealth, which originated in manufacturing four generations ago, is today overseen by Wilson, the current family patriarch, and supported by a family office staff of two investment professionals. The family members themselves have minimal investment experience. CLIENT BRIEF Client: Hahn family Source of wealth: Manufacturing (inherited wealth) Situation: Family members with distinct […]

December 2021