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Institutional Investors in Global Markets$
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Gordon L Clark and Ashby H B Monk

Print publication date: 2017

Print ISBN-13: 9780198793212

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/oso/9780198793212.001.0001

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Outsourcing and the Principal–Agent Problem

Outsourcing and the Principal–Agent Problem

Chapter:
(p.169) 9 Outsourcing and the Principal–Agent Problem
Source:
Institutional Investors in Global Markets
Author(s):

Gordon L. Clark

Ashby H. B. Monk

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198793212.003.0009

Chapter 9 relates the conventional model of pension-fund governance and management to the theory and practice of investment. It recommends that the search for an alternative is due. Outsourcing is discussed as an alternative to insourcing. Rather than managing providers through service contracts insourcing utilizes employment contracts with terms and conditions reflecting the objectives of the organization and the market premium available to those with skills and expertise. An alternative model of pension-fund governance and management is introduced. This chapter tables the ways in which the outsourced chief investment officer (OCIO) model has emerged and how this model compares with others. The principles and practices associated with best practice are reviewed, as well as the challenges associated with governing relationships with entities charged with responsibility for managing the entire value chain. Nine interdependent principles underpinning best-practice OCIO management are identified and described.

Keywords:   alternative model, outsourced chief investment officer, consultants, outsourced, value chain

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