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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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Public-sector Contracting for Investment Services

Public-sector Contracting for Investment Services

Chapter:
(p.122) 7 Public-sector Contracting for Investment Services
Source:
Institutional Investors in Global Markets
Author(s):

Gordon L. Clark

Ashby H. B. Monk

Gordon L. Clark

Ashby H. B. Monk

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198793212.003.0007

In Chapter 7, the focus shifts to public agents and the process of contracting financial services and local pension funds in the US states. The costs of governing and managing this sector are addressed and an idealized model of the institutional design, administration, and supervision of the investment management process is introduced, laying out the forms and functions of pensions in relation to their beneficial purpose. In a brief overview of the US state and local PERS sector, its economic significance and distinctive institutional ecology are noted. The authors’ research demonstrates the extent to which the market for financial services in the US public pension-fund sector is Balkanized, implying significant transaction costs for both the buy and sell sides of the market, more often found at the city or metropolitan level than among funds within states or between funds of adjacent states.

Keywords:   Balkanized, buy and sell, freedom of information, local pension fund, public employee retirement systems (PERS), public pension fund, US state

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