Investment Policy at New England Healthcare

Jay O. Light; Luis M. Viceira; Akiko M. Mitsui

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Case | HBS Case Collection | July 2003 (Revised December 2003)

Investment Policy at New England Healthcare

by Jay O. Light, Luis M. Viceira and Akiko M. Mitsui

Abstract

The Investment Committee of New England Healthcare must decide how to invest three long-term investment pools: a long-term, endowment-type fund and two pension plans. In particular, the committee is evaluating whether the two pension funds--one is a "final salary" pension plan, the other a "cash balance" pension plan--should have special investment considerations due to the unique characteristics of these plans' liabilities.

Keywords: Decisions; Asset Management; Investment; Investment Portfolio; Policy; Taxation; Health Industry; England;

Format: Print

14 pages

Educators Purchase

Citation:

Light, Jay O., Luis M. Viceira, and Akiko M. Mitsui. "Investment Policy at New England Healthcare." Harvard Business School Case 204-018, July 2003. (Revised December 2003.)

About the Authors

Jay O. Light

George F. Baker Professor of Administration, Emeritus

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Luis M. Viceira

George E. Bates Professor
Senior Associate Dean, Executive Education

Finance

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Case | HBS Case Collection | January 2019 (Revised March 2020)

Blackstone Alternative Asset Management in 2018

Emil Siriwardane, Luis M. Viceira and Shawn O'Brien

In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must decide on strategic growth options for the firm as its traditional FOF business is maturing and growth in its nearly $80 billion in assets under management (AUM) is plateauing. In the recent past, BAAM had expanded into other investing businesses, making direct investments, seeding early-stage hedge funds, taking general partner stakes in investment management firms, and offering alternative investment products to retail investors. To determine the appropriate path forward, McCormick must assess whether BAAM has a competitive edge in each of these platforms, as well as if further expansion could create internal conflicts of interest within BAAM and, more broadly, Blackstone.

Keywords: Asset Management; Expansion; Strategy; Decision Choices and Conditions; Financial Services Industry;

Citation:
Siriwardane, Emil, Luis M. Viceira, and Shawn O'Brien. "Blackstone Alternative Asset Management in 2018." Harvard Business School Case 219-063, January 2019. (Revised March 2020.) View Details

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Teaching Note | HBS Case Collection | January 2019 (Revised March 2020)

Blackstone Alternative Asset Management in 2018

Emil Siriwardane and Luis M. Viceira

Citation:
Siriwardane, Emil, and Luis M. Viceira. "Blackstone Alternative Asset Management in 2018." Harvard Business School Teaching Note 219-092, January 2019. (Revised March 2020.) View Details

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Case | HBS Case Collection | August 2019 (Revised December 2019)

Zillow Offers: Winning Online Real Estate 2.0

Luis Viceira, Marco Di Maggio and Allison Ciechanover

Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically derived primarily from advertising fees paid by realtors and mortgage lenders, totaled $1.3 billion in 2018. This was in the process of changing, however. The company had entered the direct home buying and selling market in 2017. To Zillow, the move was a logical extension of its business model. Research showed that there was pent up desire to sell homes, but that sellers disliked the conventional process. Zillow Offers made home selling easy and fast – for sellers of homes that met certain criteria, Zillow Offers made an offer within 48 hours of the seller submitting a request for an offer online. Zillow Offers provided sellers a fair price and a guaranteed cash close, then performed renovations and hoped to sell the home within a target of 90 days, although actual times varied by market. The company’s stock was more volatile in the period since launching Zillow Offers and some industry observers wondered if it was in part due to the market’s perception of the risks associated with the new business. CEO Rich Barton believed the “instant buyer” or iBuyer market could one day account for up to 30% of all domestic real estate transactions and that Zillow Offers could bring in an additional $20 billion in annual revenue within three to five years. But there remained work to be done to improve transaction metrics, fend off competition from well-funded startups and incumbent realtors, and convince shareholders of the attractiveness of the new businesses.

Keywords: real estate; corporate culture; Intermediation; brokerage; Startup; Evaluating business investments; Property; Technology; Business Model; Expansion; Business Startups; Real Estate Industry; Media and Broadcasting Industry; United States;

Citation:
Viceira, Luis, Marco Di Maggio, and Allison Ciechanover. "Zillow Offers: Winning Online Real Estate 2.0." Harvard Business School Case 220-021, August 2019. (Revised December 2019.) View Details

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Investment Policy at New England Healthcare

Abstract

Citation:

About the Authors

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