George Skiadopoulos suggestions for better asset management of Pension Funds
Professor George Skiadopoulos has written an article (in Greek) titled "Suggestions for better asset management of Pension Funds", which appeared in Kathimerini (Sunday Edition, 11 October 2020); this is the journal with the highest circulation on Sundays in Greece.
George suggests six reforms on the asset management of Greek pension funds:
- The performance of assets managers must be evaluated in risk-adjusted terms,
- Risk management measures need to include Conditional Value-at-Risk (C-VaR)
- Results on (1) & (2) should be included in the pension’s yearly report & be publicly available
- The risk profile of pensioners needs to be taken into account,
- The asset menu has to be expanded by new asset classes and factor investing products,
- The supervisory bodies ought to keep track of the above and backtest models, in cooperation with a newly founded internal control team of the asset manager. The law must be reformed accordingly.
George's suggested reforms are of relevance to pension funds, pensioners, asset managers, supervisory bodies and policy makers and they are timely considering the growth in Greek Occupational Pensions, the proposed reforms by the Pissaridis Committee for individual pensioner accounts in the Greek pensions’ system, and ESG considerations.
Contact Professor Skiadopoulos for a PDF copy of the article (in Greek)