Fund managers and pension funds should not be duped by their good
fortune of the last two decades and should be looking to alter
their investment strategies radically, according to a leading
investor.
Alan Brown, group chief investment officer at State Street
Global Advisors says that while things have not been so rosy by
comparison over the last two years, this should be seen not as a
blip but as a sign of things to come and the investment world
should react accordingly.
"Anglo Saxon pension plans have generally had a terrific run for
the last 20 years or so, at least until the last two years," says
Brown. "But there is a danger that our industry may make the
mistake of regarding the last two years as being the exception.
Even worse, the longer-run record may seduce us into an unwarranted
complacency that we have the right model. Or,...
