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Selected Research for Defined Contribution

Market Perspective

Global Economic Challenges Reawaken Market Volatility

In the two weeks since China devalued its currency, asset prices globally have undergone sharp declines—in stocks, bonds, commodities and many currencies, especially among emerging markets. The sell-off in global markets accelerated last Friday and continued Monday, with global and regional indexes nearing or entering their first correction (a drop of 10% from the most recent peak) in several years.

August 25, 2015

China Races Against Time as Demographic Drag Looms

Senior Economist—Asia

The next decade will be critical for China as it seeks to further modernize its economy before demographic headwinds kick in. With cheap labor supply drying up and productivity gains moderating, failure to implement appropriate reform may push China into the so-called middle-income trap.

May 29, 2013

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Selected Research for Defined Contribution US

Defined Contribution

DC: Where the Action…Isn’t

Washington’s current inactivity poses a challenge for defined contribution (DC) plan sponsors, investment management providers and record keepers. We’ve heard rumblings of legislative, regulatory and perhaps even taxation changes…but what changes seem likely to happen?

October 1, 2013

Defined Contribution

Global Bonds

A Better Solution for DC Investors

Plan sponsors large and small are seeking ways to help plan participants achieve better outcomes. Over the last 30 years, compelling evidence has accumulated that suggests currency-hedged global bonds have a superior risk/return profile to US bonds, with more potential opportunities to add value. In this paper, we demonstrate that hedged global may be a better way to meet a DC plan’s core bond objective, and we provide how-to guides for globalizing core menus and target-date funds.

April 12, 2013

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Defined Contribution Perspectives

Have Target-Date Funds Failed? Are Income Guarantees the Answer?

Market turmoil led to disappointing target-date fund returns in 2008, triggering scrutiny of their design and management.

February 10, 2016