Citigroup 花旗：对管理欧美逾万亿美元基金的经理们的调查

36页 09.25

25 September 2007 36 pages

Chief Investment Officer Survey

Allocation To Alternatives Growing — Blackstone Best Positioned

Citi Investment Research: Chief Investment Officer Survey
Executive Summary 3
Expect Pension Allocations To Alternatives To Grow Rapidly 6
Pension Fund Managers Rate Blackstone #1 8
Majority Of Pension Funds Allocate To More Than 10 Managers 10
Investment Process & Risk Mgmt Drive Manager Selection 11
Pension Manager Return Expectations Seem Reasonable 13
Private Equity Outlook Is Positive 15
Pension Managers Favor Private Equity Over Hedge Funds 16
Fund-Of-Funds Allocations Are Declining 17
Pension Managers Concerned About Hedge Fund Valuation 18
Alternative Allocations To Asia & Latin America Will Double 20
Alternative Fee Structure Unsustainable 21
European Managers More Skeptical Of Fee Structure 22
US Managers Willing To Pay For Performance 23
Pension Managers Not Discouraged By Alternative Mgrs Going Public 24
US Vs. European Managers – Differences In Viewpoints 25
What Pension Fund Managers Expect Once They Sign On 26
Survey Methodology 27
Figure Reference Table 28