For the
third time in as many years, December brought aiCIO's
much-lauded Industry Innovation Awards. Held in New York City, these Awards
highlighted the most innovative and positive work being done for, and at,
the world's largest pensions, endowments, foundations, and sovereign
wealth funds.
The central questions of these Awards: What is innovation, and who is executing on it? To
the aiCIO editorial team and the board of past asset managers and
asset owners who advise us on these Awards, innovation means more than
re-labeling old strategies. It means more than producing sub-par returns for
above-par prices. At its core, it means matching new challenges with new
ideas, for ridding the world of asset management of sacred cows and failed
strategies. And it means results.
The Awards are split into two
general categories: asset management/servicing, and asset owners. (Click here for winners from 2010
and 2011.)
Advisory Board
Members
Rich Goldman, formerly of Guggenheim
Investments
Dan Gallagher, formerly of Los Angeles' City
Employees Retirement System
David Nixon, formerly of the
Electronic Data Systems pension
Jay Vivian, formerly of the IBM
Retirement System
Asset Owner Categories Include
(winners in bold):
Foundation (2011 Winner: Ford
Foundation)
Cargill Philanthropies (Shawn Wischmeier, CIO)
Conrad N. Hilton Foundation (Randy Kim, CIO)
Kresge Foundation (Robert
Manilla, CIO)
Wellcome Trust (Danny Truell, CIO)
Endowment
(2011 Winner: Wake Forest University)
Georgetown University
(Michael Barry, CIO)
Institute for Advanced Study, Princeton (Ashvin
Chhabra, CIO)
Smithsonian Institution (Amy Chen, Director, Office of
Investments)
University of Notre Dame (Scott Malpass, CIO)
University of Chicago (Mark Schmid, CIO)
University of Texas Investment
Management Company (Bruce Zimmerman, CIO)
Washington University, St.
Louis (Kim Walker, CIO)
Corporate Pension Plan Below $5
Billion
(2011 Winner: Eastman
Kodak)
BPF Schilders (John van Scheijndel, CIO at A&O Pension
Services)
Brown Shoe Company (Mike Oberlander, SVP, General Council, and
Corporate Secretary)
Motorola (Andy Steiner, Assistant Treasurer,
Investments)
Rolls Royce North America (Mike Elliott, VP Financial
Planning and Group Treasurer)
Smithfield Foods (Tim Dykstra,
Treasurer)
Xerox (Carol McFate, CIO)
Corporate Pension Plan
Above $5 Billion
(2011 Winner:
Boeing)
BP (Greg Williamson, CIO)
BT (Frank Naylor, Head of
Strategy, BTPS Management)
CenturyLink (Kathy Lutito, CIO)
Exxon
Mobil (Colin Kerwin, CIO)
General Motors (Walter Borst, CIO)
UTC
(Robin Diamonte, CIO)
UPS (Brian Pellegrino, CIO)
Public
Pension Plan Below $15 Billion
(2011
Winner: MOSERS)
CERN Pension Fund (Theodore Economou, CEO)
Fairfax County Employees Retirement System (Larry Swartz, CIO)
London
Pension Funds Authority (Mike Taylor, CEO)
New Mexico Educational
Retirement Board (Bob Jacksha, CIO)
San Bernardino County Employees
Retirement Association (Don Pierce, CIO)
San Diego County Employees
Retirement Association (Lee Partridge, Portfolio Strategist)
Wyoming
Retirement System (John Johnson, CIO)
Public Pension Plan Above
$15 Billion
(2011 Winner:
CalSTRS)
ATP (Henrik Gade Jepsen, CIO)
Canada Pension Plan
Investment Board (Mark Wiseman, CEO)
Florida State Board of
Administration (Ash Williams, CIO)
Massachusetts Pension Reserve
Investment Management (Steve Grossman, Chair and State Treasurer)
New
Jersey Investment Division (Tim Walsh, CIO)
Teacher Retirement System of
Texas (Britt Harris, CIO)
Wisconsin PERA (David Villa, CIO)
Sovereign Wealth Fund (2011 Winner: Alberta Investment Management
Corporation)
Australian Future Fund (David Neal, CIO)
Government Investment Corporation, Singapore (Ng Kok Song, CIO)
New
Zealand Superannuation (Adrian Orr, CEO)
Norges Bank Investment
Management (Yngve Slyngstad, CEO)
State Oil Fund of Azerbaijan (Shahmar
Movsumov, Executive Director)
Healthcare Organization (New
Category)
Ascension Health (David Erickson, CIO)
Catholic
Health East (Paul Klink, VP Treasury Services)
Cook Children's Health
Care System (Apurva Mehta, Director of Investments)
Partners Health
Care System (William Donovan, Treasurer)
Asset
Management/Servicing Categories Include (winners):
Core:
Fixed-Income (US): Cutwater Asset
Management
Fixed-Income (Global): Lazard Asset
Management
Equities (US): Select Equity
Equities (Non-US): MFS Investment Management
Emerging Markets: Investec
Alternative
Investments:
Private Equity: Blackstone (Special
Mention: KKR, Apollo Global Management)
Hedge Fund:
(Two Winners)
Citi Capital Introductions (Cap
Intro)
Och-Ziff Capital Management Group
(Management)
Real Estate: TIAA-CREF
Strategy
& Tactics:
Strategic Beta Management (includes
risk-parity products): Invesco
Liability-Driven
Investing: Legal & General Investment Management
Pension Risk Transfer: Prudential
Investment
Outsourcing: Strategic Investment Group
Tactical Risk
Management (includes tail-hedging products): (Two Winners)
Mcube Investment Technologies (Active Tactical)
Russell Investments
(Passive Tactical)
FX: No Award Given
Servicing:
Transition Management: (Two Winners)
Inalytics
J.P. Morgan
Securities Lending:
eSecLending
Custody (Master Trust/Global Custody):
State Street
Custody (Asset Management Servicing):
BNY Mellon
Consultant: Albourne Partners
Holistic:
Overall Pension/E&F-Focused Unit:
Bridgewater Associates
Information
on the methodology and reasoning behind each winner.