加拿大养老金

Finance and Economics；Canada's pension funds

财经；加拿大的养老基金；

Canada's public pension funds are changing the deal-making landscape;

加拿大养老基金变更投资布局；

They own assets all over the world, including property in Manhattan, utilities in Chile, international airports and the high-speed railway connecting London to the Channel tunnel. They have taken part in six of the top 100 leveraged buy-outs in history. They have won the attention both of Wall Street firms, which consider them rivals, and institutional investors, which aspire to be like them.

他们所拥有的财产遍布全球，这包括在曼哈顿的房产，智利的公共设施，国际机场以及将伦敦与外界连通的高铁海底隧道。历史上最有影响的100宗负债收购他们就占了6宗.无论是华尔街的竞争对手还是渴望像他们一样的公共机构的投资者，都对他们青睐有加。

These giants are Canada's largest public pension-fund groups. They manage around C640 billion dollar(643 billion dollar) between them. Of the 40 largest public pension funds in the world, four are Canadian, according to Preqin, a research firm (see table). America aside, no other country has more on the list. But size is not what marks them out. Their approach to investment is intriguing.

这些巨头就是加拿大最大的几家公共养老基金集团。他们管理着大约6400亿加元（约合6430亿美元）。据一家名为Preqin的研究机构的调查表明，在全球最大的40家公共养老基金中，加拿大就占了4家。除了美国之外，没有其它哪个国家有如此之多的机构榜上有名。但引人注目的不是他们的规模,而是他们的投资手法。

Unlike those in charge of public pension funds elsewhere, the Canadians prefer to run their portfolios internally and invest directly. They put more of their money into buy-outs, infrastructure and property, believing that these produce higher returns than publicly traded stocks and bonds. They are in some ways like depoliticised sovereign-wealth funds. Jim Leech, the boss of Ontario Teachers' Pension Plan, calls them a “new brand of financial institution”. And as public pensions around the world cope with painfully low yields on their assets, many see them as a template. Michael Bloomberg, New York City's mayor, is among the model's admirers.

和其它掌管公共养老基金的机构不同的是，加拿大人更喜欢在内部经营他们的投资组合以及直接投资。他们把资金大量投在并购，基础设施和房地产领域。因为他们坚信这些领域方面的投资回报大于公共股票与债券方面的投资回报。他们有点类似于去政治化的主权财富基金。安大略省教师养老金计划负责人Jim Leech把它称为“金融机构的新品牌”。世界上其它为之收益甚少而头疼的养老基金把加拿大养老基金视为榜样。纽约市长Michael Bloomberg正是这种模式的推崇者之一。

Ontario Teachers pioneered this style of investing in the 1990s when it brought more of its investments in-house. Other large funds soon followed suit, building up teams to handle deals on their own. The Ontario Municipal Employees Retirement System (OMERS) wants to have 90% of its assets managed internally by the end of 2012,leaving some room for allocations to external managers in specific areas.

安大略教师养老基金于上世纪九十年代开创了这种投资模式，那时它便开始采用多元化的内部化投资方式了。其它大的投资基金很快纷纷效仿，并建立起自己的团队来管理。到2012年底，安大略省市政雇员退休体系计划把90%的资产用于内部经营，仅留少部分供外聘经理人投资到其它地方。

The funds will do smaller deals alone but often act as “co-sponsors” with leading pr ivate-equity firms on bigger transactions. This allows them to have more control over the investment and to save on fees. CPP Investment Board and PSP Investments, for example, worked with Apax, a buy-out firm, to acquire Kinetic Concepts, an American medical-devices company, for 6.1 billion dollar. It was one of the biggest buy-out deals in 2011.

基金会将会单独处理小笔交易，但更多的时候它是扮演着“共同赞助者”的角色，与大的私募股权公司一起处理大宗交易。这使得基金会能更好地控制投资并节省交易费用。例如CPP 投资委员会和PSP投资，和一家名叫Apax的并购公司合作，以61亿美元的价格收购了美国的Kinetic Concepts医疗器械公司。这是2011年大宗并购交易之一。

The main draw of the Canadian model is cost savings. Running operations directly helps plug “the incredible leakage that goes out through fees” to pricey external managers, says Gordon Fyfe, the boss of PSP Investments, a large fund. In private equity, for example, many managers charge a fee equal to 2% of assets and 20% of profits. Hiring staff and building up internal capabilities costs far less. Keith Ambachtsheer of KPA Advisory Services, a pensions consultancy, says running assets internally costs a tenth of what it would if they were outsourced.

加拿大模式最引人注目的地方是成本低廉。一家名为PSP的大型投资基金的老板Gordon Fyfe 指出，直接管理业务能够节省本该支付给外聘经理的高昂费用。例如，对私募股权来说，多数经理人的佣金相当于资产的2%和利润的20%。雇用员工和打造内部能力的成本远远低于经理人的费用。KPA咨询公司的养老金顾问Keith Ambachtsheer认为，与外购相比，资产的内部化运营成本仅为外购成本的十分之一.

There are other advantages. Public pension funds have a longer investment horizon than private-equity firms, so the Canadian behemoths can choose to sell when the time is right, mitigating some of the risks of investing in illiquid assets. In December, for example, Ontario Teachers announced it would sell its majority stake in Maple Leaf Sports and Entertainment, a large Canadian sports business, for around C1.3 billion dollar. They had been invested in Maple Leaf since 1994, far longer than a private-equity firm's typical five-year horizon, and are expected to get a return of five times their money.

此外其它的有利因素是公共养老基金的投资期限和范围比私募股权公司大得多，因此加拿大这个庞大的公共养老基金集团可以在时机合适时将其出售，从而减小投资非现金资产的风险。例如，在十二月安大略省教师养老基金就宣布出售其在加拿大最大的体育产业之一的枫叶体育和娱乐的大部分股份，约13亿加元。这个养老基金自从1994年起就一直投资枫叶体育，远比私募股权通常五年的投资期限长得多。而且预期可得到初始投资五倍的回报。

Because they are saving so much on fees and only need to meet the liabilities of scheme-members' pensions, moreover, the Canadian funds feel less pressure to chase the high returns that leading buy-out firms do. They can pursue investments with less risk and leverage. “Because returns don't have to be as good, they can bid more for companies,” says one buy-out