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IAS

Institutional Advisory & SolutionsInstitutionalAdvisory&Solutions

About IAS

The Institutional Advisory & Solutions (IAS) team conducts bespoke, quantitative client research that focuses on strategic asset allocation, and portfolio and asset class analysis across both public and private markets.

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Latest Insights

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Equity Portfolio Manager Active Risk and Information Ratio
Manager Allocation

Equity Portfolio Manager Active Risk and Information Ratio

By Wenbo Zhang — Nov 25, 2020

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

Building and Maintaining a Desired Exposure to Private Markets
Portfolio Performance & Markets

Building and Maintaining a Desired Exposure to Private Markets

By Dr. Vishv Jeet — Nov 9, 2020

This paper describes and simulates a simple commitment pacing plan that is generic, flexible and can be tailored to meet many situations.

Next Generation Commodity Benchmarks
Investments

Next Generation Commodity Benchmarks

By Dr. Harsh Parikh — Nov 5, 2020

The RASA™ framework identifies commodities sensitive to high inflation or low growth and provides commodity weights to construct customized benchmarks.

Portfolio Construction

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Modeling Private Investment Cash Flows with Market-Sensitive Periodic Growth
Portfolio Construction

Modeling Private Investment Cash Flows with Market-Sensitive Periodic Growth

By Dr. Vishv Jeet — Oct 30, 2020

In this paper, IAS explores a modification to the TA model in which a series of periodic growth rates are used to model distributions and valuations.

Building a Better Portfolio: Balancing Performance and Liquidity
Portfolio Construction

Building a Better Portfolio: Balancing Performance and Liquidity

By Junying Shen — Apr 6, 2020

This paper examines how liquidity measurement and cash flow management is integrated into a multi-asset, multi-period portfolio construction process.

Asset Allocation for "End-State" Portfolios
Portfolio Construction

Asset Allocation for "End-State" Portfolios

Sep 30, 2019

Using OASIS™ framework to help CIOs quantify the tradeoff between performance and constrains in an “End-State” DB portfolio with allocations to private assets.

Manager Allocation

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Equity Portfolio Manager Active Risk and Information Ratio
Manager Allocation

Equity Portfolio Manager Active Risk and Information Ratio

By Wenbo Zhang — Nov 25, 2020

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

What's In Your Real Assets Portfolio? Introducing RASA™
Manager Allocation

What's In Your Real Assets Portfolio? Introducing RASA™

By Dr. Harsh Parikh — May 21, 2020

There is a wide mix of real asset funds, which complicates fund selection, using RASA™ investors can identify funds aligned with their investment objectives.

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

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

By Dr. Vishv Jeet — Apr 6, 2020

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

Portfolio Performance & Markets

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Building and Maintaining a Desired Exposure to Private Markets
Portfolio Performance & Markets

Building and Maintaining a Desired Exposure to Private Markets

By Dr. Vishv Jeet — Nov 9, 2020

This paper describes and simulates a simple commitment pacing plan that is generic, flexible and can be tailored to meet many situations.

Riders in the Storm: How Volatility Events Affect Private Asset Class Performance
Portfolio Performance & Markets

Riders in the Storm: How Volatility Events Affect Private Asset Class Performance

By Junying Shen — Jun 21, 2020

This paper examines public and private asset average performance during the VIX spike quarter and in the pre- and post-volatility spike periods.

The Probability of Recession: A Critique of a New Forecasting Technique
Portfolio Performance & Markets

The Probability of Recession: A Critique of a New Forecasting Technique

By Dr. Noah Weisberger — May 25, 2020

We evaluate a new recession probability model that depends on economic and market inputs. The model tends to predict economic downturns but not equity declines.

Investments

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Next Generation Commodity Benchmarks
Investments

Next Generation Commodity Benchmarks

By Dr. Harsh Parikh — Nov 5, 2020

The RASA™ framework identifies commodities sensitive to high inflation or low growth and provides commodity weights to construct customized benchmarks.

Institutional Gold!
Investments

Institutional Gold!

By Dr. Harsh Parikh — Nov 29, 2019

There is a place for gold-related assets in portfolios separate from commodities and energy equities for its diversification and macroeconomic hedging benefits.

The Diversity of Real Assets
Investments

The Diversity of Real Assets

Jun 24, 2019

A wide diversity in macroeconomic and market sensitivities across real asset classes and subsectors implies choice of assets differs with investment objectives.

Latest Webinars

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Investing in Energy
Real Assets

Investing in Energy

Dec 7, 2020

PGIM’s IAS and Jennison discuss the role of energy equities and opportunities for investors during the energy transition.

Managing Portfolios with Private Assets
Portfolio Construction

Managing Portfolios with Private Assets

Sep 10, 2020

PGIM and the Institute for Private Capital (IPC) joined together for a special research workshop which convened eight academics and practitioners.

Investing in Agriculture
Real Assets

Investing in Agriculture

Aug 31, 2020

PGIM’s IAS and PGIM Real Estate discuss role of agriculture, particularly farmland, in an institutional investor’s portfolio.

IAS Real Assets Research Program

Real assets can play a vital role in institutional portfolios, and PGIM’s Institutional Advisory & Solutions (IAS) group has done extensive research estimating real asset sensitivities to both macroeconomic variables and traditional financial market performance.

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REAL ASSETS BLOG

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Investing During the Energy Transition
Blog

Investing During the Energy Transition

By Harsh Parikh — Dec 21, 2020

PGIM IAS provides insights on evaluating the role and composition of energy equities in transition.

Investing in Agriculture – Wedging the Yield Gap
Blog

Investing in Agriculture – Wedging the Yield Gap

By Harsh Parikh — Sep 16, 2020

Various ways to approach investing in agriculture and how allocating to agriculture may help improve outcomes in scenarios of concern.

Opportunities in Sustainable Farming Practices
Blog

Opportunities in Sustainable Farming Practices

By Harsh Parikh — Aug 3, 2020

PGIM IAS uses the example of alfalfa to show how farmland, can provide an answer to reducing greenhouse gas emissions.

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
A case study to address various asset allocation challenges a corporate DB plan CIO faces when the plan is closing.  

Cenland Corporation (II): The CIO and the Freezing of the DB Plan
Dec 2020
A case study to address many challenges a corporate DB plan CIO faces when the plan is transitioning from a closed plan to a frozen plan in a lower-for-longer environment.  

Connect with us to learn more

PGIM’s Institutional Relationship Group connects clients to the IAS team and its range of capabilities, including customized client research.

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Meet the team

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Vishv Jeet, PhD

Vice President

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Harsh Parikh, PhD

Principal and
Head of Real Assets Research Program

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Junying Shen, MS

Vice President

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Michelle (Yu) Teng, PhD, CFA

Vice President

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Noah Weisberger, PhD

Managing Director

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Wenbo Zhang, MS

Senior Associate

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Robin Stern

IAS Program Manager

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Bruce Phelps, CFA

Managing Director,
Head of IAS

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PGIM does not establish or operate pension plans.

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