Institutional investors may need to rethink their total portfolio approach , according to a new study by CPP Investments.

“[The TPA model] puts the entire investment problem in — risk, liquidity, leverage, diversification, implementation and long-term resilience — so the performance framework has to be broad enough to assess the whole decision,” said Geoff Rubin, senior managing director at CPP Investments and one of the authors of the report, in an emailed statement to Benefits Canada.

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A level of hype around this method needs to be matched with compelling measures of delivered performance developed through transparency and accountability, he added.

Earlier this year, CPP Investments received criticism due to its latest disclosed investment performance not matching that of its........

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