Pavilion in the News

Texas Municipal hires 2 for private equity, adds transition managers
Pensions & Investments, October 4, 2018

Separately, the board approved hiring Northern Trust Corp. and Pavilion Global Markets and rehiring BlackRock (BLK), Citigroup and Russell Investments as transition managers. The retirement system began a shortlist search in March.

New Mexico State Investment Council commits $212 million to 3 funds
Pensions & Investments, September 28, 2018

The council made commitments to two of Vista’s earlier funds: $100 million each to Vista Equity Partners Fund V and Vista Equity Partners Fund V. Private equity consultant Pavilion Alternatives Group assisted.

Why industrial real estate is a good diversifier
Wealth Professional, September 27, 2018

Philip Cote, director at Pavilion Alternatives Group, an institutional consulting firm that works with pension plans and other institutions as well as high net worth investors, said the demand for the ‘last mile’ warehouses, property typically closest to the end consumer, has meant rental increases and stronger returns.

Commentary: Death of the J-curve
Pension & Investment, September 18, 2018

In “Death of a Salesman,” Willy Loman’s tragedy was primarily driven by the increasing divergence between reality and his perceptions of it. In contrast, the death of the J-curve is due, in part, to improvement in the measurement of returns (i.e., perception) relative to reality.

Retirement Income Solutions and Strategic Withdrawals
Plan Adviser, August 16, 2018

The importance of implementing a withdrawal plan once retirees initiate distributions from their defined contribution assets is well documented. Having a withdrawal plan significantly reduces or may even eliminate the risk of retirees depleting their resources.

Mercer Acquires Pavilion Financial, Summit Strategies Divisions
Chief Investment Officer, August 15, 2018

Daniel Friedman, Pavilion’s president and CEO, reflected on the firm’s expansion into “one of the industry’s top consulting teams, with deep expertise in specialized areas such as alternatives, not-for-profit healthcare, and retirement benefit consulting.” In regards to the Mercer deal, his sentiments echoed Nuzum’s optimism.

Mercer to Scoop Up Two Consulting Firms
Institutional Investor, August 14, 2018

“The more we learned, the more interested we became,” Pavilion CEO Daniel Friedman told Institutional Investor Tuesday. “Our clients can benefit from the scale, the research resources, and the global platform.”

The 3 Biggest Risks in Global Investing and How to Avoid Them
Barron’s, August 3, 2018

Strategists at Pavilion Global Markets expect China to shift its focus from tackling debt to stimulating the economy, stemming the currency decline and boosting stocks. That should help consumer-oriented businesses such as Tsingtao Brewery (168.HongKong), which gets 98% of its revenue from Chinese consumers and is flush with cash.

Consultant Divulges New Details on Fee Service
FundFire, July 27, 2018

Pavilion Alternatives Group, which offers alternatives investment consulting services for institutional investors, also does not tack on an extra charge for fee negotiations, says Brad Young, a managing director and head of global advisory for the group.

Cash is better than U.S. stocks for the first time in a decade — and that has some people worried
Financial Post, July 23, 2018

“This is reminiscent of the market action in the late 1990s,” Pavilion Global Markets strategists said in a recent report. During that period, interest rates were rising and the yield curve was flattening — eventually becoming inverted — and high-momentum stocks such as tech were outperforming in a big way.

Consumer Staples: Is That a Bottom I Spy?
Barron’s, July 17, 2018

“Pavilion argues that the lackluster earnings outlook for the sector is part of the reason investors have shied away from consumer staples; profits looked “particularly dim” when compared with the market as a whole.”

How to Build an All-Season, Real-Assets Portfolio: Practitioners Opine
Institutional Allocator, June 18, 2018

“The way we look at things when it comes to real assets, the starting point is what is the role within the portfolio?” said Gabriel Nelson, associate director, liquid alternatives, at Pavilion Advisory Group, which has offices in Montreal, Minneapolis and Chicago.

Retirement plan sponsors tread lightly with capital preservation
Investment News, May 29, 2018

“You need to know what you are buying and what are the provisions of the contract,” said Preet Prashar, associate director for Pavilion Advisory Group. “Chasing yields is not the highest priority. You must know the risks before making an informed choice.”

Morning Movers: Macy’s Jumps as Earnings Shine, 3M Slumps
Barron’s, May 16, 2018

The dollar may be just as important. It’s also been surging, and that could have an impact on global growth. “If a continued sharp rise in interest rates is accompanied by a stronger dollar, then we could reach the point of a U.S. and global slowdown much sooner,” writes strategists at Pavilion Global Markets.

Private equity firms seeing a lot to like with DC provider investments
Pensions & Investments, May 14, 2018

Technology plays a big role in what private equity firms can add to acquisitions, said Allen Waldrop, a Sacramento, Calif.-based managing director for Pavilion Alternatives Group, part of Pavilion Financial Corp. “There’s a lot of new technology that has the potential to reduce costs, improve synergies and increase scalability,”

The Kings of Commodities Have One Thing in Common: AIG
nstitutional investor, May 8, 2018

Raw materials should benefit from a reflationary wind blowing across developing markets as part of a synchronized global recovery, according to Alex Bellefleur, head of global macro research at Pavilion Financial Corp. in Montreal.

Calgary comes last in Moneysense ranking of best cities for real estate investment
The Star Calgary, April 18, 2018

A study done by Pavilion Investment House in Edmonton found that when compared with stocks and bonds over a 55 year period, real estate investments in our sister city did not see returns that were as high, and homeowners experienced higher investment risk.

Energy: Looks Like a Comeback
Barron’s, April 14, 2018

Stable—or even peaking—oil prices don’t mean the end of the energy-sector rally, however. U.S. oil producers have already started to lock in higher oil prices using futures contracts, explain Pavilion Global Markets strategists led by Alex Bellefleur.

Cost-cutting takes precedence in competitive environment
Pension & Investment, March 19, 2017

Preet Prashar, Chicago-based senior research analyst at Pavilion Advisory Group Inc., agreed: “If one target-date manager lowers fees, then there is certainly some pressure on other managers to lower fees if their funds are priced higher.”

Intraday Update: When the Dow Drops 250 Points, Everything Looks Like Trouble
Barron’s, March 14, 2018

Chinese companies’ balance sheets are showing price pressure, write Pavilion Global Markets strategists in a morning note. Even though sales growth has rebounded for industrial companies, profit margins have been narrowing.

After the Bell: Dow Gains 93 Points as Tariffs Cheer Market
Barron’s, March 8, 2018

Sentiment about the drought continues to deteriorate, and some of that pessimism is already beginning to leak into the agribusiness sector, weighing on agricultural machinery and fertilizer stocks. Weaker wheat production forecasts from the U.S. Department of Agriculture won’t help, warns Pavilion.

U.S. dollar likely to weaken as deficit rises, political uncertainty persists
Financial Post, February 23, 2018

“This deleveraging removes demand for dollars, particularly as U.S. rates rise,” Pavilion said. “While we do think there could be short-lived bouts of dollar strength, we see broader dollar weakness continuing.”

How investors can identify the best of the bunch.
Private Debt Investor, February 19, 2018

Private credit markets have seen rapid growth in recent years as many institutional investors seek a broader opportunity set to increase returns in their fixed income portfolios. Consequently, private credit is enjoying a strong fundraising market.

What fuelled the stock market roll coaster?
The National, February 17, 2018

“Companies have buyback policies that get reconsidered every quarter, so if you told shareholders that you’re going to buy back stock, and then a market blow-up that had no impact on your fundamentals made the price fall more than expected, maybe it’s not a bad thing to step in.”

2018 Year of the women
Shine UK Magazine, Spring 2018 (p50-51)

“For women it is difficult to balance it all and not feel guilty! We feel guilty about everything, parenting, taking time off, taking time for ourselves…how do we not feel guilty?! Maybe we can have it all; a high flying career, a happy family whilst looking the part but you will need a lot of support, especially from your spouse.”

Should investors expect another stock market selloff?
Financial Post, February 13, 2018

Pavilion Global Markets noted that the large “short-volatility” trade still exists in many parts of the world and in many asset classes. However, the outright shorting of VIX futures was turned on its head last week, forcing speculators in the VIX to cover their shorts and move to a net long position.

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, SNAP, TSLA)
Business Insider, February 8, 2018

The idea that this was a rate-induced sell-off is incorrect, because “we would have seen the interest rate-sensitive sectors underperform broader equity indices severely, which was not the case,” Pavilion Global Markets wrote.

One of the biggest narratives behind why the stock market just went haywire is wrong
Business Insider, February 7, 2018

Risk-parity funds, which invest in a combination of stocks and bonds based on factors including volatility, may have contributed to the sell-off as stock fea increased, Pavilion said.

A Retirement Draw Down Strategy Starts With Education
PlanSponsor, January 17, 2018

Darren Headley, consultant for Pavilion Advisory Group in Chicago says, “Plan administrators are investing in technology for participant use that will help them address the question of how much can they withdraw in retirement.

What Would 2018 Look Like for Private Equity Investors?
Funds Society, January 11, 2018

2018 is expected to have an increase in global growth and, according to William Charlton, Managing Director at Pavilion Alternatives Group, most institutional investors are maintaining or increasing their allocations to private equity.

The 4% rule: Withdrawal rates in review
Benefits Pro, January 4, 2018

With the demise of defined benefit plans and ascendancy of defined contribution plans, participants not only must make decisions regarding investment strategy, but must decide on a withdrawal strategy once they retire.

Seeking status
Vietnam Economic Times, January 1, 2018

Analysts at the Montreal-based Pavilion Financial Corp., a diversified global investment services firm, argue that Vietnam’s stock market is the best way to play the country’s growth story, noting that Vietnamese stocks had outperformed regional peers and other export-oriented economies up to 2016.