Sections

European Central Bank

ECB appoints BlackRock to advise on possible ABS purchase programme

Thu, 28 Aug 2014By

Central bank says any decision on use of programme would be reached ‘in-house’

Accountancy

FRC's asset-ceiling proposals for DB sponsors draw mixed reactions

Thu, 28 Aug 2014By Stephen Bouvier

Financial Reporting Council seeks to clarify how sponsors will account under Generally Accepted Accounting Principles

Geneva, Switzerland

Cost-cutting no longer Swiss pension funds' chief concern – survey

Thu, 28 Aug 2014By

Credit Suisse survey points to growing importance of diversification, long-term returns

Shop sale

Pension fund for Dutch retailers leaves Syntrus Achmea for TKP

Thu, 28 Aug 2014By

Company concedes departure will lead to loss of 100 jobs

City Hall of Stockholm, Sweden

​Sweden pushes ahead with new pension fund model, framework

Wed, 27 Aug 2014By

Framework to bring country in line with revised IORP Directive, with stricter risk-based capital requirements

Millennium Bridge, Lowry Centre, Manchester

LaSalle wins £750m Greater Manchester Pension Fund property mandate

Wed, 27 Aug 2014By

Pension fund selects manager after deciding to outsource for first time

Stocks

Pension fund for Dutch hairdressers loses 0.7% due to rising rates

Wed, 27 Aug 2014By

Government bonds, derivatives produce 17% loss, according to 2013 annual report

The European Commission

Insurance to ‘dominate’ agenda if EIOPA stakeholder groups merged

Wed, 27 Aug 2014By

Industry associations, members of EIOPA pensions stakeholder group call on Brussels to reconsider abolition of OPSGs

Handshake

Wednesday people roundup

Wed, 27 Aug 2014By IPE Staff

AXA IM, MFS IM, Sustainalytics, GVO IM, bfinance, MyCSP

Lithuania's Trakai Castle

Lithuanian pension assets return more than 4% over first half

Wed, 27 Aug 2014By Gail Moss

All 26 pension funds make positive returns, according to Bank of Lithuania

Board room

Head of sales in Netherlands for Franklin Templeton put on leave

Wed, 27 Aug 2014By

Dirk de Vlaam to leave company on 1 December to pursue ‘other opportunities’

water tap

United Utilities scheme allocates to private debt after ‘positive’ valuation

Tue, 26 Aug 2014By

Fund to decrease reliance on internal inflation hedging mechanism, explore further de-risking options

All More News

Nobody's fool

September 2014 (Magazine)By Christopher O’Dea

Strategically Speaking - Greenlight Capital

Aisle four - asset management

September 2014 (Magazine)By ​Taha Lokhandwala

Steven Daniels (pictured), chief investment officer at Tesco Pension Investment, tells Taha Lokhandwala about his role as Tesco’s in-house asset manager

A balance of objectives

September 2014 (Magazine)By

What is your de-risking strategy?

All Interviews

Burying IFRS Stateside

September 2014 (Magazine)By Stephen Bouvier

For more than a decade, international accountants have dreamed of a single set of global accounting standards. But the failure of standard setters on both sides of the Atlantic to agree on a common treatment for bad-debt provisioning by banks leaves the world facing a multi-GAAP environment for at least a generation, writes Stephen Bouvier

Risk-sharing professionals

September 2014 (Magazine)By Gail Moss

Gail Moss compares how self-employed professionals are served by specialist collective DC pension funds in three European countries

Teenage years

September 2014 (Magazine)By

Fiona Reynolds faced a protest storm soon after coming on board at PRI as executive director. Jonathan Williams caught up with her 18 months into her job

Time to come together

July 2014 (Magazine)By Gail Moss

M&A activity is expected to increase as the global economy recovers. Gail Moss looks at the implications for pension funds that sponsors and trustees should consider

All Briefings

Time for a debate

September 2014 (Magazine)By Pieter Mullen

This autumn our government is orchestrating what it calls a ‘national debate’ on the future of our Dutch pension system. We at Wasserdicht Nederland have always taken a prudent approach to our pension schemes and we have remained well funded. Unlike many other Dutch funds, we have not had to implement benefits cuts – something I hope our members appreciate.

“The best CDC design is collective implementation with clear ownership rights”

September 2014 (Magazine)

Designing a robust retirement income solution is not easy – as with most complex issues, there are no silver bullets, only trade-offs. The challenge is to balance life-long retirement income stability with financial risk-taking, all within a framework that is understandable, transparent and fair and hence can be trusted by members.

Learning disabilities

September 2014 (Magazine)By Raj Thamotheram

Who would invest in a sector that has lagged the Stoxx 600 by 1.1% in overall growth and by 0.3% in EPS growth for the last 19 years on an annual basis?

Time for a change

July 2014 (Magazine)By Pieter Mullen

Earlier this year, the investment team had a briefing from Rolf, the long-standing chairman of trustees of the Wasserdicht Pension Funds here in the Netherlands. Things are changing, at least in terms of our internal governance, and Rolf came along to tell us about it.

“Italian employees have great need of consistent additional pension coverage”

July 2014 (Magazine)By

Assets managed by pension funds in Italy equate to about 6% of its gross domestic product. In a country where the social security system provides an adequate level of coverage at retirement that would not be a concern. But in Italy, after all the recent reforms, this situation represents a relevant risk for both employees and employers. Benefits provided by the social security system have strongly decreased over the last 20 years and the retirement age raised considerably. 

Is divesting working?

July 2014 (Magazine)By Raj Thamotheram

OK, it  doesn’t work very well. We’re still on track for runaway climate change, according to Fatih Birol, chief economist of the International Energy Authority.

All Columns

Collective lessons from professionals

September 2014 (Magazine)By Liam Kennedy

Experience shows that the benefits of intergenerational solidarity and collective pension risk sharing are often not appreciated, particularly by those who feel they are shouldering a greater share of the burden than they ought.

I’ll have my bond; I will not hear thee speak

September 2014 (Magazine)By

The court scene from The Merchant of Venice dramatises the balance between justice and equity. Argentina’s conflict with its ‘holdout’ creditors, which led to default on its New York-law bonds, suggests that it ought to be required reading for sovereign debt investors.

The shore will turn the ship

September 2014 (Magazine)By

After five years of intense negotiations and acrimonious disputes, the Dutch have finally settled on a new financial framework (FTK), expected to take effect, at least in part, as of January 2015.

Pension pot pitfalls

September 2014 (Magazine)By IPE Staff

Like compulsory voting, compulsory pensions have not taken off to a great extent: Australia practices both, Switzerland has had mandatory supplementary pensions since the 1980s, and pensions are compulsory for most workers through collective labour agreements in the Netherlands.

The changing bond climate

September 2014 (Magazine)By

Green bonds, until very recently a niche product, are gaining in prominence as the market grows above $500bn (€369bn).

All Analysis and Opinion

Emerging Market Debt: Carry through the crises

September 2014 (Magazine)By

Navigating the switch from fundamentals-driven volatility to carry-driven calm in 2013-14 has been a challenge for emerging market debt managers, Martin Steward writes. The eruption of political crises simply adds to the complexity

Emerging Market Debt: Default judgement

September 2014 (Magazine)By

The US Supreme Court judgement that led to Argentina’s eighth debt default is an alarming precedent for both emerging and developed sovereigns, argues Rani Mina

Emerging Market Debt: Grade deflation

September 2014 (Magazine)By Joseph Mariathasan

Take out the 2008-09 crisis, and the past 18 months have seen emerging market credit rating downgrades outnumber upgrades for the first time in over a decade. Joseph Mariathasan  asks if the loss of momentum in ratings convergence is a sign of weakening fundamentals or a return to old prejudices

Emerging Market Debt: Bonds and the ballot box

September 2014 (Magazine)By Joseph Mariathasan

Amid a rash of important elections, the rumble of ongoing territorial disputes, a deteriorating situation in coup-plagued Thailand and an alarming rise in tensions between Hong Kong and Beijing, Joseph Mariathasan looks into the impact of political risk on Asia’s bond markets

All Investing in...

Asia emerging market cash banknotes

AP2 moves most EM mandates in-house as exposure grows

Fri, 29 Aug 2014By

 Fund’s chief executive echoes AP3 in calling for re-think of buffer fund system reform

Hamburg

Swedish buffer fund subsidiary snaps up Germany office property

Fri, 29 Aug 2014By IPE Staff

AP1 and AP2’s Cityhold acquires Hamburg office

Geneva, Switzerland

Cost-cutting no longer Swiss pension funds' chief concern – survey

Thu, 28 Aug 2014By

Credit Suisse survey points to growing importance of diversification, long-term returns

Millennium Bridge, Lowry Centre, Manchester

LaSalle wins £750m Greater Manchester Pension Fund property mandate

Wed, 27 Aug 2014By

Pension fund selects manager after deciding to outsource for first time

water tap

United Utilities scheme allocates to private debt after ‘positive’ valuation

Tue, 26 Aug 2014By

Fund to decrease reliance on internal inflation hedging mechanism, explore further de-risking options

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No place like homes

September 2014 (Magazine)By

Christophe Caspar looks into whether or not European housing is a safe home for fixed income investors

Bolt the penthouse door

July 2014 (Magazine)By

The apparent recovery in the UK and converging spreads in euro-zone bond markets mask deep structural flaws in economies that have seen little genuine reform, argues Eamonn Butler

Rates of change

June 2014 (Magazine)By

Carolyn Tavares argues that the roller-coaster start to 2014, with its disconnect between economic indicators and bond yields, makes the case for holding to strategic, funding level-based de-risking programmes

Rates of change

May 2014 (Magazine)By Stephen Cohen

A multi-polar growth and monetary landscape will require a less constrained approach to fixed income, argues Stephen Cohen. Right now emerging markets look like an attractive prospect

All Ahead of The Curve