Sections

Handshake

Friday people roundup

Fri, 25 Jul 2014By

Cambridge Associates, Momentum Global Investment Management, Mercer, Capital Cranfield, Schroders, MFS Investment Management

Jet airplane taking off

Pension funds for Dutch carrier KLM report strong second-quarter returns

Fri, 25 Jul 2014By , Maarten van Wijk

Funding improves marginally due to falling interest rates

merger joint venture

Legg Mason acquires UK equity manager Martin Currie

Thu, 24 Jul 2014By

Deal will see company retain own branding as US house seeks to grow equity expertise 

City of London

Now Pensions overhauls investment strategy, predicts cash withdrawal

Thu, 24 Jul 2014By

Single-fund provider removes annuity-matching portfolio as part of default investment strategy

Market data

NEST CIO warns of ‘regret risk’ in alternative indexing

Thu, 24 Jul 2014By

National Employment Savings Trust to consider alternatives to target-date at retirement

Forests in Finland

Environment Agency Pension Fund drops currency hedge

Thu, 24 Jul 2014By

EAPF’s active fund on track to allocate 25% of assets to green economy

Government London

IPE Views: UK pension industry needs to gear up for significant change

Thu, 24 Jul 2014By Adrian Kennett

Dalriada’s Adrian Kennett looks at what’s to come after the government’s ‘clear statement of intent’ on reform

Town hall in Brasov, Romania

Romanian regulator to expand pension fund corporate investment

Thu, 24 Jul 2014By Krystyna Krzyzak

Prime minister says move is ‘preferred option’ to nationalisation

Copenhagen skyline

First-half return for Denmark's PFA leaps to DKK23bn from zero

Thu, 24 Jul 2014By

Domestic equities propel overall profits; year-earlier return depressed by rate rises

Moscow, Russia

Norwegian oil fund may be forced to drop investments in Russia

Thu, 24 Jul 2014By

Foreign Ministry to weigh EU restrictions, with €5.7bn of assets at stake

The European Commission

IORP II risk-evaluation rules must be drafted before directive can pass – AEIP

Wed, 23 Jul 2014By

Organisation insists ‘sensitivity’ of risk-assessment framework should be part of directive

Handshake

Wednesday people roundup [updated]

Wed, 23 Jul 2014By

APG, Belgacom, BP Pension Trustees, Avida International, Horeca, MN, Société Générale Securities Services, UBS Global Asset Management

All More News

The perfect match-up

July 2014 (Magazine)By

How do you use corporate bonds in your portfolio?

My door is always open

July 2014 (Magazine)By

Alfredo Granata and Paola Muratorio tell Carlo Svaluto Moreolo about their fund’s drive to invest in the real economy and its openness to new ideas

Success assured

July 2014 (Magazine)By

When Russell Büsst was coaxed from Amundi in 2011 to head Conning’s expansion into Europe, he had three objectives: break even and hit $10bn (€7.38bn) under management within three years; use the firm’s insurance-industry relationships as a platform to build the pan-European business; and balance property-and-casualty (P&C) with life-and-pensions (L&P) assets. 

Pragmatic approaches

June 2014 (Magazine)By ,

How do you manage your liabilities?

Counting on the krona

June 2014 (Magazine)By

Erik Callert, chief investment officer of SPP Livförsäkring, tells Jonathan Williams how an overhaul of its portfolio left it better equipped to deal with Solvency II

All Interviews

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

What are the benefits?

June 2014 (Magazine)By Gail Moss

The European Commission unveiled its proposals for a uniform pension benefit statement this spring. The idea has had a mixed reception, as Gail Moss finds

So sue me

June 2014 (Magazine)By Stephen Bouvier

European institutional investors have been more reluctant to use the law to enforce their rights than their US counterparts. But recent actions suggest this might be about to change, writes Stephen Bouvier

Smaller firms, better mousetraps

June 2014 (Magazine)By Christopher O’Dea

While innovation can take place in companies of any size, smaller companies sometimes get the edge through fresh thinking and nimble structures. Christopher O’Dea finds that innovation opportunities are abundant both abroad and at home 

All Briefings

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.

Look to the north

June 2014 (Magazine)By Pieter Mullen

In the Netherlands we are sensitive to environmental problems and are aware of our vulnerability as a low-lying nation to rising sea level. After all, you have to if a fifth of your land and a fifth of your people are below sea level. 

Bart Heenk, Managing director, Avida International

June 2014 (Magazine)

“A balanced scorecard enables trustees to monitor, assess and improve outsourced services”

M&A medicine

June 2014 (Magazine)By Raj Thamotheram

The debate about Pfizer’s proposed takeover of the UK’s AstraZeneca – which should have resolved itself by the time you read this – reminds us that there are some big unanswered questions relating to institutional investors and M&A activity.

All Columns

Time for trusteeship

July 2014 (Magazine)By

Senior staff at China Investment Corporation (CIC) are talking about investment governance these days, reflecting growing recognition of the importance of sound non-executive or supervisory board oversight for all kinds of entities, be they global companies, sovereign wealth entities or pension funds.

Bond managers are worryingly sanguine

July 2014 (Magazine)By

ECB president Mario Draghi unveiled his latest measures to arrest disinflation and rouse dormant corporate lending markets in June. Soon afterwards, big records started tumbling.

Put the trust back

July 2014 (Magazine)By

Italy is a self-perpetuating paradox. Structural and historical forces keep the country under constant pressure; yet they drive a search for innovation to solve long-lasting problems. The pension system is a perfect example. 

Pensions cart before the horse

July 2014 (Magazine)By IPE Staff

It may come a surprise that the UK, Europe’s leading pension market by assets, has been one of the least innovative in terms of benefit design – something the present government is keen to rectify.

What price opportunity?

July 2014 (Magazine)By

An overhaul of the Norwegian oil fund’s active management approach should free it from most of its current investment restrictions, according to a report co-authored by the former chief executive of the Canada Pension Plan Investment Board (CPPIB), David Denison.

All Analysis and Opinion

Developed Market Sovereign Bonds: From ruin to recovery

June 2014 (Magazine)By Joseph Mariathasan

Fundamentals, technicals and sentiment have come together to change the fortunes of peripheral euro-zone bonds. Joseph Mariathasan finds that, while these markets may never again be considered core, yield-hungry investors are happy to provide continuing support

Investment Grade Credit: Banks or supermarkets

July 2014 (Magazine)By Joseph Mariathasan

The world’s banks are cutting debt and repairing balance sheets. The world’s non-financial companies are gearing up to take risk. Joseph Mariathasan explores why the choice for bondholders is not as clear as it sounds

Investment Grade Credit: Any life in long-dated bonds

July 2014 (Magazine)By Joseph Mariathasan

A recent reform announcement could significantly reduce the UK’s annuity market. Joseph Mariathasanasks what the knock-on effect might be for long-dated sterling bonds

Investment Grade Credit: No bears threaten Goldilocks

July 2014 (Magazine)By David Turner

After the big spread-tightening, managers warn against the shortest maturities and talk up senior bank debt, bottom-up bond-picking and relative value basis trades David Turner explores opportunities in the euro-zone credit sweet spot

Investment Grade Credit: When the flows reverse

July 2014 (Magazine)By Charlotte Moore

Jittery investors at the top of markets and liquidity mis-matches within investment products could exacerbate the current lack of market-maker liquidity in corporate bonds. Charlotte Moore assesses the risk

All Investing in...

Forests in Finland

Environment Agency Pension Fund drops currency hedge

Thu, 24 Jul 2014By

EAPF’s active fund on track to allocate 25% of assets to green economy

Boston

Norges Bank to acquire US office assets worth nearly $1bn

Tue, 22 Jul 2014By Jon Peterson

Sovereign fund buys in Boston, San Francisco with MetLife, TIAA-CREF

Canary Wharf, London

Kames Capital awarded £150m in indirect real estate mandates

Tue, 22 Jul 2014By

Corporate pension fund, university pension scheme select Aegon subsidiary

Tropical rainforest

Investible green bond indices 'not quite there yet' – Climate Bond Initiative

Fri, 18 Jul 2014By

Admission comes despite market’s exceeding $500bn, with 2014 issuances set to double compared with 2013

Chicago, Illinois

Kempen appointed fiduciary manager of TNO real estate portfolio

Wed, 16 Jul 2014By

Asset manager to act as strategic adviser, selecting new investments for €102m portfolio

IPE-QUEST

Your first step in manager selection...

IPE-Quest is a manager search facility that connects institutional investors and asset managers.

Begin Your Search Here

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

Favour Europe and the euro

April 2014 (Magazine)By Lorenzo Naranjo and Carmen Stefanescu

Lorenzo Naranjo and Carmen Stefanescu argue that balance of payments and current accounts suggest Europe is strengthening while China weakens

All Ahead of The Curve