CHAPTER 24
Managing the Allocation Decision
It may seem peculiar that a book addressed to investment policymakers has made no effort to identify who they are. It is, of course, to be hoped that they already know. But as a general rule, issues of institutional portfolio governance are rarely explored, and the nature of the oversight function, including the depth of its involvement in what I have described as âlower orderâ decision-making, varies widely. âInstitutionâ is yet another portmanteau term, embracing everything from large insurers for which investment is a core commercial competence to small eleemosynary establishments overseen by unpaid but nevertheless deeply committed volunteers. Included within the termâs scope are giant ...