Keynote address: Ash Williams, Florida State Board of Administration
November 05, 2012
Yet again, it’s Groundhog Day in the world of pensions. Florida’s Ash Williams says the outlook for pensions in a globally ageing population is not pretty, but that hope is not lost
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In his keynote address, Ash Williams, executive director and chief investment officer of the Florida State Board of Administration (SBA), compared the current situation in the pension world with the theme of the movie Groundhog Day, in which the main character wakes up each day to find that time has not moved on, and that he is compelled to live the same experiences over and over again.
Williams ran the Florida fund from 1991 to 1996. When he joined, he said, the Florida Retirement System (FRS) was chronically underfunded, with a funded ratio (net assets to net liabilities) of just over 50% – and he pointed out that 60% is considered terminal. By the time he left in 1996 to become CEO of Schroder Capital Management in New York, the ratio had risen into the eighties and eventually to...
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