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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 April 2021

Outsourcing and the Principal–Agent Problem

Outsourcing and the Principal–Agent Problem

(p.169) 9 Outsourcing and the Principal–Agent Problem
Institutional Investors in Global Markets

Gordon L. Clark

Ashby H. B. Monk

Oxford University Press

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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