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Alternative Market Briefing

More internalization: A new paradigm for large institutional asset owners

Friday, July 28, 2017

Komfie Manalo, Opalesque Asia:

Max Townshend, investment director at Local Pensions Partnership (LPP) believes that the UK will start to see more internalization by asset owners, a trend which is already a growing in Canada and Australia.

Participating in the latest Opalesque 2017 UK Roundtable, Townshend said his team began managing an internal fundamental equity program in 2014, which now accounts for about 40% of LPP's long only equity exposure. In due course and with the advent of alternative risk premia investing, some of the lower turnover futures based and single stock long/short equity factors would be potential candidates for LPP to research and manage internally.

In doing so, LPP can also take active views on the market and opportunities: "With a strategic lens, we're always interested in trying to find areas where our risks align differently to large parts of the market. An example of a risk that is structurally against us is Sterling real rates, where many corporates and pensions in the UK are forced buyers of protection. There's far greater demand for linkers than issuance by the DMO, and as a consequence the premium to hedge inflation is high. If we didn't have a Sterling liability, one might see short UK real rates as an appealing trade for the next 20 years, but we have significant real rates risk and......................

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