Sections

Guild Halls in Brussels, Belgium

Belgian pension funds return nearly 6% over first half

Fri, 19 Sep 2014By Jeremy Woolfe

Belgian Association of Pension Institutions expresses concern over low rate of return on government bonds

A map of Amsterdam, the Netherlands

Dutch policy institute calls for end of average pension contribution

Thu, 18 Sep 2014By

Removing redistribution would ‘help build sustainable pensions system’

Euros

Consultancy dismisses Dutch Treasury's net pension scheme

Thu, 18 Sep 2014By

Mercer criticises unattractiveness, complexity of government’s proposals 

Wind farm

Climate policy 'gaps' hindering low-carbon investment, investors say

Thu, 18 Sep 2014By

Investors with $24trn in assets urge governments to take action over climate change, proposing regulatory changes to enable low-carbon, renewable-energy investment

Swiss scene

Second-pillar funding in Switzerland reaches post-crisis high

Thu, 18 Sep 2014By

Swisscanto estimates 4% return for first half of year, lifting average funding levels

Oil platform

Oil giant BP laments impact of late AGM voting on investor engagement

Thu, 18 Sep 2014By

Head of governance says shareholders fail to communicate intentions, as FRC chairman warns of breach in ‘principle’ of Stewardship Code

Manchester

Greater Manchester pension fund returns 7% despite hit on global bonds

Wed, 17 Sep 2014By

Fund shows strong returns from private equity, commits to further real estate and infrastructure exposure

Knights' Hall at Binnenhof in The Hague

Mercer throws support behind new Dutch financial assessment framework

Wed, 17 Sep 2014By

Consultancy cites indexation potential with returns of 6%-7% and rising interest rates

An oil refinery in Japan

AP4, France's FRR earmark €2bn for new MSCI low-carbon index

Wed, 17 Sep 2014By

Swedish buffer fund, French reserve fund jointly develop index with MSCI, Amundi

Handshake

Wednesday people roundup

Wed, 17 Sep 2014By IPE Staff

Syntrus Achmea, SSgA, BlackRock, Amundi, USS, Sussex Partners, Putnam, Schroders, BlueBay, Aon Hewitt, KNEIP, SYZ, Advent Capital Management

Moscow, Russia

CEE roundup: Russia, Poland, Czech Republic

Wed, 17 Sep 2014By Krystyna Krzyzak

Russian second-pillar mandatory system faces another year of withheld contributions

Geneva, Switzerland

Swiss pension fund tenders $1.5bn commodity swap mandate

Wed, 17 Sep 2014By IPE Staff

Using IPE-Quest, public fund seeks manager for enhanced commodity swaps 

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

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: 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

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

All Investing in...

Close-up of a 100-dollar bill

Dutch giant PMT to divest holdings in 'expensive' hedge funds

Fri, 19 Sep 2014By

Pension fund to drop €1bn hedge fund allocation in favour of investments in local residential mortgages

Manchester

Greater Manchester pension fund returns 7% despite hit on global bonds

Wed, 17 Sep 2014By

Fund shows strong returns from private equity, commits to further real estate and infrastructure exposure

Hamburg

German roundup: Nord/LB, KAS Bank

Mon, 15 Sep 2014By

Versorgungswerke help grow Nord/LB institutional asset management business

Helsinki, Finland

Partners Group buys out investors in Nordic Niam portfolio

Tue, 9 Sep 2014By

Finnish, Swedish portfolio bought for €300m, allowing Niam Fund III to wind up

The city of Glasgow

Strathclyde in debut deal for new Clydebuilt venture

Fri, 5 Sep 2014By

First investment for local opportunity fund launched by UK’s largest local authority pension scheme

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

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