All IPE articles in April 2015 (Magazine)
View all stories from this issue.
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FeaturesWater: Trickle-down value
Jonathan Williams looks at disclosure of water risk and why asset owners should pay as much attention to it as people do to carbon emissions
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Features
From our perspective: A meeting of minds?
Germany is the undisputed political and economic leader of Europe and the euro-zone but it has been notably less proactive on pensions
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Features
Trading liquidity for yield
Investing in illiquid, private debt markets is undeniably hard work but the rewards can be significant diversification and improved risk-adjusted return
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Asset Class ReportsOil price impact on high-yield
The oil price fallout in high-yield has so far been contained within sub-sectors of US energy and migh have opened up energy sector value opportunities
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Special Report
Hybrid securities revolution is here to stay
In just three years corporate and financial hybrid securities have become a major new feature of the fixed-income landscape
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FeaturesHow we run our money: Linde Group
Christoph Schlegel, head of pension investments at Linde, outlines his fund’s economic scenario planning and dynamic investment approach
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Country ReportSector fund proposals: A new tune for German pensions?
The German government wants more companies to participate in the second pillar with the introduction of §17b sector pension plan. But the pension industry is hard to please
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Features
Focus Group: Regulatory overkill
Twenty-three of the pension funds polled for this month’s Focus Group survey find their regulators’ approach affects their investment strategy.
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Features
Success (and failure) factors
Most of the success or failure of a pension system can be attributed to design and input factors
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Special Report
Non-financial hybrid securities: Fixed-income exotica
Hybrids have taken off because they marry the current needs of both issuers and fixed-income investors. David Turner looks at how this sweet deal could go sour
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Asset Class Reports
High Yield: US issuers, euro spreads
A substantial spread differential is attracting US investment-grade issuers across the ocean to issue bonds in euros
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Special ReportHybrid Securities: Financial duck-rabbits
Recently someone from the Outer Hebrides posted online a photo of a dress, the colour of which had apparently caused endless debate among family and friends
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Opinion Pieces
Long-term Matters: Dear Finance Minister
In March 2015, leading investment consultants gathered at the residence of a leading UK financier to discuss dangerous climate risk. This is a hypothetical letter from one of the participants.
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Country Report
Germany's corporate funds: Status quo needs a makeover
Nigel Cresswell looks at how German corporate pension funds are dealing with the current economic headwinds and tailwinds
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Special Report
Convertibles and Solvency II: Preaching to the unconverted
Joseph Mariathasan asks whether convertible bonds might offer Solvency II-regulated investors some equity upside with a limited capital charge
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Features
NAPF Conference Report: The grand European plan
The language coming out of Brussels in the first three months of 2015 has centred heavily on the Capital Markets Union (CMU). At this year’s NAPF Investment Conference, in Edinburgh, the European Commission was nothing if not on-message.
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Special Report
Convertibles and Solvency II: Commentary
Nicolas Delrue argues that mixing convertible bonds with equities preserves equity upside exposure with lower downside risk
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Country Report
German Versorgungswerke: Infrastructure, here we come
German Versorgungswerke have the go ahead to increase infrastructure lending – but a shortage in supply hinders growth
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Opinion Pieces
Letter from the US: Move to put clients first
Who will manage the new My Retirement Account (MyRA) pension savings vehicle? This is a big question for the US pension fund industry now that President Barack Obama has created the new programme.
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Opinion Pieces
Guest viewpoint: Karel Lannoo - Centre for European Policy Studies
Despite years of harmonising regulation and a single currency, Europe’s capital markets remain fragmented
