Abstract

Over the past few decades, pension funds have emerged as major players in global financial markets as the reserves they manage have grown steadily. In this context, trustees are confronted with acute dilemmas regarding how best to generate investment returns to beneficiaries. This involves crucial decisions regarding the diversification of investment portfolios as well as decisions on whether, when, and to whom to outsource investment functions and tasks. The literature in economic geography has frequently treated outsourcing decisions as taken by the asset owners based on criteria such as costs of coordination, availability of information, governance structure, and internal expertise. Focusing on the outsourcing of property investment by Brazil’s largest pension funds and drawing on a relational approach, this article investigates the actions taken by the real estate investment trust (REIT) industry to attract and retain pension fund money into their investment vehicles. It is claimed that REIT managers have acted on three dimensions to capture pension fund money: (1) by influencing the regulatory framework affecting pension funds, (2) by building networks of trust with pension fund managers and trustees, (3) by adapting internal procedures to the expectations and needs of institutional investors. Putting the spotlight on the evolving, power-laden relationships connecting key actors in finance, we were able to demonstrate how the pooling of money by financial institutions is politically and socially constructed and how it changes the geography of money flows.

摘要

在过去的几十年里，随着养老基金管理的储备稳步增长，养老基金已成为全球金融市场的主要参与者。在这种情况下，受托人面临着如何最好地为受益人产生投资回报的尖锐困境。这涉及有关投资组合多样化的关键决策，以及是否、何时以及向谁外包投资职能和任务的决策。经济地理学的文献经常根据协调成本、信息可用性、治理结构和内部专业知识等标准来处理资产所有者做出的外包决策。专注于巴西最大养老基金的房地产投资外包，并借鉴相关方法，本文调查了房地产投资信托 (REIT) 行业为吸引和保留养老基金资金进入其投资工具而采取的行动。据称，房地产投资信托基金管理人在三个方面采取行动获取养老基金资金：(1) 通过影响影响养老基金的监管框架，(2) 通过与养老基金管理人和受托人建立信任网络，(3) 通过调整内部机构投资者的期望和需要的程序。将焦点放在连接金融关键参与者的不断发展的、充满权力的关系上，我们能够证明金融机构的资金池是如何在政治和社会上构建的，以及它如何改变资金流动的地理。