All IPE articles in April 2005 (Magazine) – Page 3
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Features
Business pioneers
There was no fanfare to announce the birth of commission recapture story in the US. It goes back to 1986, to two almost platitudinous observations: A Department of Labor pensions bulletin which commented that broker commissions are an asset of the pension plan and that the administrator of the plan ...
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Features
Commodities 'bull market'
The only place where there is currently a pure bull market is in commodities, investment guru Jim Rogers told the SuperHedge conference in Frankfurt last month. Allaying investor fears that commodities are dangerous, the author of bestselling books ‘Hot Commodities’ and ‘Adventure Capitalist’ pointed out that economic history shows there ...
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Features
Great hope of British pensions
It’s very difficult to find anybody to say a bad thing about Adair Turner. The former head of the industry group the Confederation of British Industry, who now heads the UK’s Pension Commission, has a lot of fans. Turner has a blue-chip background in public policy, academia and the financial ...
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Features
Merger brings sadness at Watsons
Partners at UK-based consulting firm Watson Wyatt LLP are sad over its plans to merge with its US affiliate, says managing partner Babloo Ramamurthy. Washington-based Watson Wyatt & Co said in January it would buy the Reigate firm for $451m(E338m) in cash and stock. “Many partners are experiencing sadness about ...
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Features
Best and worst of both worlds?
For all the benefits enhanced indexing may offer – close index tracking with vital extra points of performance – the depth of its acceptance varies from country to country within Europe. Frits Bosch, director of Netherlands consultancy Bureau Bosch, says enhanced indexing is very popular among pension funds in his ...
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Special Report
Directors behaving badly
PIRC, a UK-based provider of corporate governance, proxy voting and corporate social responsibility investment research has accused the UK government of complacency on the issue of directors’ pay and consultants Deloitte & Touche of being too soft in its report on the subject. PIRC published its latest set of shareholder ...
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Features
Funds: bouncing back
Alarm bells about the impending pension crisis seem to have faded away. US corporate and public pension funds have achieved good returns in 2004. If assets returns continue to perform in line with historical norms, and interest rates return to more normal levels, the funding pressures should ease, according to ...
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Features
JP Morgan walks away from FRR mandate
JP Morgan Investment Management, one of the fund managers lined up by the e19.2bn French reserve fund for stand-by mandates, has withdrawn, thereby giving up the chance to run Euro-zone large-cap and US mid-cap equities. The fund, the Fonds de Réserve pour les Retraites (FRR), said it would not re-award ...
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Features
The great alpha hunt
Europe’s pension funds are still reluctant to talk about their strategies in terms of alpha and beta. But there is still a need for pension funds and other large investors to gather all the outperformance that they can. The terms ‘alpha’ and ‘beta’ are used to name two investment management ...
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Features
Carried away with alpha
Although enhanced indexing is a strategy for generating limited levels of outperformance, portable alpha is another technique for adding value, and one which has the huge potential advantage in that it can be used to boost returns in an unconnected part of the portfolio. Portable alpha is generated using ...
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Features
Aligning assets with liabilities
Investment managers have been quicker than government to respond to the liability matching needs of UK pension funds. Before the UK government had announced plans for 50-year bonds, two leading European fund managers had rolled out solutions of their own. Both solutions tackle the shortage of suitable pooled liability matching ...
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Features
Aiming to go paperless
Swiss pension funds see technology primarily as a way of improving the efficiency of their business. Document imaging systems are enabling some funds to become paperless operations, while others are installing systems that will improve automation, lower the costs of investing and provide quicker, more accurate and comprehensive information. For ...
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Features
Alpha overlay: employing active management risk
In simplest terms, alpha overlay is the process of generating excess returns through active management, independent of an underlying asset class. Properly executed, alpha overlay leads to better investment results with no more risk than traditional investment management for the following reasons: q The total return of a portfolio equals ...
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