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New process distances ethical decisions from politics as Norges Bank Investment Management granted decision-making powers
Pension mutual hires former head of listed securities four years after departure for FIM Group
Think tank’s survey of sovereign and pension funds worth $7.8trn finds only 1% of allocated to asset class
Proposals put forward by Independent Project Board ’shockingly weak’, say critics
Scheme using consultancy Kirstein Finans in tender seeking active US equity manager
UK lifeboat fund publishes final levy determination documents, leaving structure agreed in October intact
Credit ratings agencies’ assessment of structured finance instruments unsatisfactory and must be improved
AXA IM says real-yields on UK Gilts not expected over 0.5% in long term due to supply, demand pressures
Publication of 2015 Work Programme sees revised IORP Directive retained, emphasis on removal of regulatory hurdles to infrastructure investment
Swiss company creates ‘centre of excellence’ to increase governance over different plans, maintain ‘decentralisation’
EU Single Resolution Board, Aviva Investors, PGGM, EFG Asset Management, BNP Paribas, PineBridge, BlueBay, Tikehau
Skandia teams up with Vattenfall to invest SEK2bn in wind farms
Vote comes after state secretary Jetta Klijnsma makes concessions on discount rate
Swedish buffer funds back statement alongside Dutch pension manager MN and California Teachers’ State Retirement System
French public sector pension fund to increase Pacific SRI equities with €400m mandate
Registered users are entitled to the first digital issue of IPE with the compliments of the IPE.com team.
As an investor, I focus on managing risk as well as return. Going forward, simply beating the index will no longer be enough, and that is why they will have to focus on risk-management in portfolio construction. At the same time, I believe it is important to look at the long-term cycle, as there is value added in identifying long-term risks and trends.
The major concern remains the low interest rate environment. We do not believe rates will increase as fast as in other cycles. The valuation on fixed income in general is rich, and equities are also valued on the high side, depending on the region. It is really difficult to hide right now. I am not that optimistic for the mid-term future, and therefore our internal expected returns are quite low for the next three years.
IPE’s October Focus Group poll looked at the issue of engagement with members’ views. This month, we take the debate further by asking leading opinion formers how they see the issue of member power versus pension boards’ investment discretion.
The International Accounting Standards Board has revealed plans to issue a due process document on the future of pensions accounting. Stephen Bouvier asks where this might lead
Here are 12 things arising from the Tesco accounting debacle that pension funds could deploy which would help prevent, or at least mitigate, similar implosions. This needs to be a two-way process. My questions are forward-looking and include some that investors can ask of asset managers.
Guest Viewpoint: “Asset owners and managers need to address the problems in the investment industry and focus on value for the ultimate beneficiaries”
We need to move on from today’s investment world, which essentially has been built by intermediaries for intermediaries. Their purposes have become too narrow and too self-centred to be of sustainable value to asset owners, who are charged with transporting and growing savings across time – affordably, securely and fairly.
While she might have abolished peculiarities such as yellow car headlights and the old-style caps of the gendarmerie, France’s pension system, based on répartition (redistribution), remains as distinct as ever.
Risk assets had a terrible time early in October. What was all the fuss about? Soft US retail sales data? Hardly. The geopolitical background? Unlikely. Weak numbers out of Germany and a lack of faith in the ECB? Jitteriness at the prospect of the Fed packing up QE? Quite possibly.
Does the vast amount of central bank liquidity in the system help to make sense of current equity valuations, and should investors therefore be worried about the ‘punch bowl’ being taken away? Joseph Mariathasan tries to evaluate today’s valuations
Martin Steward finds pure value and pure growth strategies starting to take the lead as the quality theme begins to run out of steam