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CIO pleased with consistency of returns after poor 2013
Portfolio to hold illiquid and liquid higher-yielding debt
Earnings-related pension funds produce 4.4% average return over first half, says TELA
Fund size increases despite being significantly cash-flow negative
Seeks to increase investments in local economy on behalf of client PFZW
Industriens hails improvements in Danish industry’s employment figures
Fourteenth annual event returns to Hofburg Palace in Vienna on 20 November
Academic Alfred Slager, Robeco board member Hans Rademaker and PGGM’s Erik Goris advise on future of system
Traditional banks, asset managers change legal form to limit liabilities for owners
Swedish buffer fund says returns have outpaced income index
German regulator BaFin gives go-ahead to launch multi-employer Pensionsfonds
CEO questions why requirements proposed in light of EC’s decision not to include them in IORP Directive
Central bank says any decision on use of programme would be reached ‘in-house’
Registered users are entitled to the first digital issue of IPE with the compliments of the IPE.com team.
Strategically Speaking - Greenlight Capital
Steven Daniels (pictured), chief investment officer at Tesco Pension Investment, tells Taha Lokhandwala about his role as Tesco’s in-house asset manager
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
Gail Moss compares how self-employed professionals are served by specialist collective DC pension funds in three European countries
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
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
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
Green bonds, until very recently a niche product, are gaining in prominence as the market grows above $500bn (€369bn).
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
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
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
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
Credit Suisse survey points to growing importance of diversification, long-term returns
Pension fund selects manager after deciding to outsource for first time