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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

Danish lighthouse

PFA, PensionDanmark lift H1 returns with all asset classes positive

Tue, 26 Aug 2014By

PensionDanmark sees half-year investment income outstrip gains seen throughout 2013, as PFA praises ‘historic’ high return

House fronts, Copenhagen, Denmark

ATP ready to increase real asset exposure after changes to pension guarantees

Tue, 26 Aug 2014By

Change to guarantees offered to members to allow fund to allocate around 25% of liability-matching portfolio to property, infrastructure

landscape Berlin

BVK behind €600m financing deal for Berlin mall

Tue, 26 Aug 2014By

 Bayerische Versorgungskammer provides €450m in funding for mall set to open in German capital next month

Copenhagen, Denmark

ATP half-year investment return doubles to 9.4% aided by equities

Tue, 26 Aug 2014By

Group halves hedging losses to DKK741m, down from DKK1.5bn losses seen during first six months of 2013

Binnenhof, The Hague

Pensions Federation highly critical of new FTK, warns framework will hand too much power to DNB

Tue, 26 Aug 2014By

Industry association criticises new framework will not achieve intergenerational balance, as unions warn funds could stay in recovery mode indefinitely

Gothenburg, Sweden

Kåpan keeps solvency stable despite liabilities uprating

Fri, 22 Aug 2014By

Scheme for public sector employees sees slight decrease in solvency as Alecta’s announces defined contribution return rises to 7.5%by June-end

All More News

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. 

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

The perfect match-up

July 2014 (Magazine)By

How do you use corporate bonds in your portfolio?

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

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.

“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. 

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.

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.

Bart Heenk, Managing director, Avida International

June 2014 (Magazine)

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

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. 

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

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: The last bastion of value

July 2014 (Magazine)By

Sluggish growth and subdued corporate confidence persuade sterling and euro credit managers that their asset class remains ‘the best house in a bad neighbourhood’, finds Martin Steward 

Investment Grade Credit: Electronic liquidity taps open up

July 2014 (Magazine)By

A recent paper from Pictet Asset Management paints a picture of fast-diminishing liquidity, but also some innovative responses. Martin Steward reports

Investment Grade Credit: Worth the weight

July 2014 (Magazine)By Joseph Mariathasan,

Smart beta has taken the equities world by storm in the past three years, and practitioners are now turning their attention to bond markets – including credit. Joseph Mariathasan and Martin Steward look at some of the strategies becoming available

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...

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

Danish lighthouse

PFA, PensionDanmark lift H1 returns with all asset classes positive

Tue, 26 Aug 2014By

PensionDanmark sees half-year investment income outstrip gains seen throughout 2013, as PFA praises ‘historic’ high return

House fronts, Copenhagen, Denmark

ATP ready to increase real asset exposure after changes to pension guarantees

Tue, 26 Aug 2014By

Change to guarantees offered to members to allow fund to allocate around 25% of liability-matching portfolio to property, infrastructure

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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