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IAS

Institutional Advisory & SolutionsInstitutionalAdvisory&Solutions

The Institutional Advisory & Solutions (IAS) team conducts client research that focuses on asset allocation, portfolio construction, real assets, and manager allocation & selection.

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IAS Interactive Portfolio Construction Toolkit

Stock-Bond Correlation

Stock-Bond Correlation

Dec 6, 2022

Discover the evolution of developed market stock-bond correlations, their macroeconomic drivers, and how correlation impacts optimal portfolio construction.

Real Asset Sensitivity Analysis

Real Asset Sensitivity Analysis

Jul 26, 2021

Explore the benefits of real assets in addressing investors’ portfolio construction and asset allocation challenges.

Latest Newsletters, Webinars & Podcasts

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Allocators Face a Rising Risk of a Cash Crunch. Here's One Solution
In the News

Allocators Face a Rising Risk of a Cash Crunch. Here's One Solution

Feb 13, 2023

The long-term benefits of creating a Chief Liquidity Officer role are probably worth the effort.

Webinar Replay: Portfolio Implications of a Positive Stock-Bond Correlation World
Institutional Advisory & Solutions

Webinar Replay: Portfolio Implications of a Positive Stock-Bond Correlation World

By Dr. Noah Weisberger — Feb 13, 2023

What does a positive correlation between stocks and bonds mean for the future of portfolio construction?

The Differential
Institutional Advisory & Solutions

The Differential

Dec 22, 2022

Stay up-to-date on IAS group’s mission, latest publications, and research focus in the months ahead.

Illiquid Private Assets

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Is There a Need for a Chief Liquidity Officer?
Illiquid Private Assets

Is There a Need for a Chief Liquidity Officer?

Jan 25, 2023

Liquidity risk can be more severe than volatility risk. Funds may need a designated chief liquidity officer for integrated liquidity management.

Building Portfolios with Infrastructure: Performance, Cash Flows & Portfolio Allocation
Illiquid Private Assets

Building Portfolios with Infrastructure: Performance, Cash Flows & Portfolio Allocation

Nov 12, 2022

A framework to help CIOs determine the appropriate allocation of illiquid infrastructure investments.

Measuring the Value of a Portfolio Liquidity Line
Illiquid Private Assets

Measuring the Value of a Portfolio Liquidity Line

Sep 28, 2022

We provide CIOs with a framework to quantify the portfolio performance and liquidity consequences of using an external liquidity facility.

Strategic Portfolio Construction

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Portfolio Implications of a Positive Stock-Bond Correlation World
Strategic Portfolio Construction

Portfolio Implications of a Positive Stock-Bond Correlation World

Nov 12, 2022

While simultaneous large declines in stock and bond prices are likely temporary, a positive stock-bond correlation regime may persist.

Stock-Bond Correlation: A Global Perspective
Strategic Portfolio Construction

Stock-Bond Correlation: A Global Perspective

Jun 22, 2022

Stock-bond correlations are highly synchronized. A shift to positive correlation, driven by US policy settings, would likely be widespread.

US Stock–Bond Correlation: What Are the Macroeconomic Drivers?
Strategic Portfolio Construction

US Stock–Bond Correlation: What Are the Macroeconomic Drivers?

May 6, 2021

A shift to positive stock-bond correlation affects the tradeoff between portfolio expected return and risk.

Real Assets

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Inflation vs Stagflation - How do Real Asset Portfolios Differ?
Real Assets

Inflation vs Stagflation - How do Real Asset Portfolios Differ?

Jun 22, 2022

Be wary of economic growth sensitivities in your real asset portfolios if the economic environment were to be stagflationary.

The Four Elements of Successful Real Assets Investing
Real Assets

The Four Elements of Successful Real Assets Investing

Feb 28, 2022

There are four elements to successful real assets investing: sensitivities, investment horizon, estimation uncertainty and economic outlook.

Institutional Investing in Gold
Real Assets

Institutional Investing in Gold

Feb 28, 2022

What is the role of gold in an institutional portfolio? Inflation hedge? Growth hedge? Diversifier? What does the evidence show?

Manager Allocation & Selection

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Equity Portfolio Manager Active Risk and Information Ratio
Manager Allocation & Selection

Equity Portfolio Manager Active Risk and Information Ratio

Nov 25, 2020

Do high active risk equity portfolio managers realize a higher (or lower) IR compared to low active risk managers?

Measuring the Value of LP Fund-Selection Skill: A Fair Comparison Framework
Manager Allocation & Selection

Measuring the Value of LP Fund-Selection Skill: A Fair Comparison Framework

Apr 6, 2020

Using the IAS fair comparison framework, this publication explores the impact of choices an investor in private markets must make.

What is the Optimal Number of Equity Managers?
Manager Allocation & Selection

What is the Optimal Number of Equity Managers?

Feb 3, 2020

Introducing the Manager Allocation Programming (MAP) tool to help CIOs efficiently combine managers of different strategies.

Case Studies

IAS’ original MBA-style case studies designed to address challenges from the perspective of an institutional CIO, such as liquidity risk with allocations to illiquid private assets, performance and liquidity tradeoffs in the portfolio and overall asset allocation decisions.  

  • Cenland Corporation: The CIO and the Closing of the DB Plan — Dec 2019
  • Cenland Corporation (II): The CIO and the Freezing of the DB Plan — Dec 2020
  • Cenland Corporation (III): The CIO and the Transition to DC — Dec 2021

By Dr. Michelle (Yu) Teng

Meet the team

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Aili Chen, CFA

Senior Associate

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Junying Shen, CFA

Vice President
Co-Head of Private Assets Research Program

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Michelle (Yu) Teng, PhD, CFA

Vice President
Co-Head of Private Assets Research Program

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Noah Weisberger, PhD

Managing Director

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Xiang Xu, PHD

Senior Associate

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Bruce Phelps, CFA

Managing Director,
Head of IAS

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