Keynote address: Ash Williams, Florida State Board of Administration
Mon Nov 5, 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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