Cover Page 2. Fiduciary Arrangement Need to identify beneficiary. To define scope of trustee duty. The failure to identify a beneficiary is one of the principal reasons why the fiduciary basis for corporate governance has not yet succeeded. Pension Funds Values of pensioners later.
Institution creates own climate.
Fidelity Boston CalPERS Sacramento 7. Categories in Institutional World Note difference between assets legally held and assets actually managed. Foundations and Universities only manage in house about one fifth of their assets. Brilliant rebuttal of objections. Aside from CREF in U.S., Hermes UK no activity.