Coverage, charts, video and research on Explainers for universal owners.
CPP Investments carries explicit fiduciary obligations under federal legislation. We examine the legal framework, duty standards, and how they shape decision-making at Canada's largest pension fund.
CalPERS carries explicit fiduciary obligations under federal and state law. We examine the legal framework, governance constraints, and practical implications for asset owners following the fund's institutional model.
ADIA's fiduciary status remains legally ambiguous. While UAE law does not impose statutory fiduciary duties on sovereign wealth funds, ADIA's founding charter and operational mandate create institutional fiduciary obligations to the UAE state and its future generations.
Fiduciary breaches expose institutional investors to legal liability and performance drag. We examine documented cases involving major pension funds, board failures, and manager misconduct.
A framework for how universal owners approach climate risk in 2026 — distinguishing physical from transition risk, correcting the underpricing of physical risk, and treating climate as a systemic exposure.
How long-term asset owners are rebuilding portfolio construction around structural geopolitical risk — scenario analysis, resilience and the shift from forecasting outcomes to preparing for many.
What systemic risk means, how it differs from idiosyncratic and systematic risk, and why the largest, most diversified asset owners cannot simply diversify their way out of it.
What investment stewardship means, how engagement and voting work in practice, and how the UK Stewardship Code 2026 and global frameworks define the responsibilities of asset owners and managers.
What a fiduciary is, the legal duties of loyalty and care that define the role, and why the standard sits at the heart of how the world's largest asset owners govern capital.
Fiduciary duty forms the legal cornerstone of institutional asset management. Institutional investors must understand its scope, enforcement mechanisms, and implications for governance structures.
For institutional asset owners, the distinction between duty of loyalty and duty of care shapes governance frameworks, investment decisions, and legal accountability. Both obligations are non-negotiable; neither can substitute for the other.
Infrastructure debt has emerged as a distinct asset class within private markets, offering institutional investors contracted cash flows, inflation protection, and diversification. We explain the mechanics, risk profile, and allocation strategy.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
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