A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD6trillioninassets.In2012,PricewaterhouseCoopersestimatedthatpensionfundsworldwideholdover33.9 trillion in assets (and were expected to grow to more than 56trillionby2020),thelargestforanycategoryofinstitutionalinvestoraheadofmutualfunds,insurancecompanies,currencyreserves,sovereignwealthfunds,hedgefunds,orprivateequity.TheFederalOld−ageandSurvivorsInsuranceTrustFundintheUnitedStates,whichoversees2.62 trillion in assets, is the world's largest public pension fund.
Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.
Closed pension funds are further subclassified into:
Single employer pension funds
Multi-employer pension funds
Related member pension funds
Individual pension funds
A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law.
In certain countries, the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made sharply in law, with very specific requirements for administration and investment. For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, and these laws include provisions such as defining classes of permitted investments and a minimum municipal obligation.
The following table lists largest pension funds by total assets by the SWF Institute.
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A mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds.
Investment is traditionally defined as the "commitment of resources to achieve later benefits". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broader viewpoint, an investment can be defined as "to tailor the pattern of expenditure and receipt of resources to optimise the desirable patterns of these flows". When expenditure and receipts are defined in terms of money, then the net monetary receipt in a time period is termed as cash flow, while money received in a series of several time periods is termed as cash flow stream.
In finance, a bond is a type of security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time). The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds.
The aim of this course is to expose EPFL bachelor students to some of the main areas in financial economics. The course will be organized around six themes. Students will obtain both practical insight
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