Contributor
UAO Editorial
The Probability Desk
Japan's New 3.8% Anchor: What Happens When the World's Suppressed Long Bond Reprices
The Probability Desk — Published Monday, June 22, 2026 · Updated through Tuesday, June 24, 2026 A probability-weighted scenario report from the UAO
UAO Fiduciary
Fiduciary Duty for Family Offices
Family office fiduciary duties mirror pension fund obligations but operate in a more concentrated ownership structure. Understanding these duties—and their limits—is essential for protecting family capital across generations.
UAO Fiduciary
Fiduciary duty for endowments
Endowment fiduciary duty imposes strict legal obligations on trustees and investment committees to maximize long-term returns, act without conflicts, and preserve capital for future generations. Standards vary by state law and charter.
UAO Fiduciary
Fiduciary duty to future beneficiaries
Long-term asset owners now interpret fiduciary duty as extending to future beneficiaries, not just current members. This shift reshapes how the world's largest pension funds approach climate risk, systemic sustainability, and decades-long capital allocation.
Fiduciary Duty
Fiduciary Duty in the EU
Europe approaches investor duty through directives and disclosure rather than a single fiduciary statute — and the 2025-26 reforms are redrawing where sustainability fits in.
Fiduciary Duty
Fiduciary Duty for Public Pension Funds
Why public pension funds answer to state law and the exclusive-benefit rule rather than ERISA — and how that shapes the ongoing fight over ESG and investment mandates.
Stewardship
What Is a Voting Policy?
How institutional investors decide the millions of proxy votes they cast each year — and why the role of ISS and Glass Lewis is now shifting.
Stewardship
What Is a Stewardship Report?
What a stewardship report is, what the UK Stewardship Code 2026 expects it to contain, and how to tell a substantive report from a glossy one.
Stewardship
Engagement vs Divestment: Which Actually Works?
The evidence on whether selling or staying does more to change corporate behaviour — and why universal owners lean toward engagement backed by a credible exit threat.
Stewardship
What Is Shareholder Engagement?
How universal owners use dialogue, voting and escalation to influence the companies they hold — and what separates real engagement from box-ticking.
The Simulation Desk
Simulation Desk: Insurance retreat to collateral repricing — uninsurability bleeds into property value
Agent-based stress test of 'Insurance retreat to collateral repricing — uninsurability bleeds into property value' — 5 blind-spot probes for the desk. 0pp, calibration-gated.