All IPE articles in April 2009 (Magazine)
View all stories from this issue.
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Special Report
Time to be active
Market cycles must be managed dynamically and liabilities kept under control, says Paul Kemmer
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Features
Undiminished allure
Last year’s equity market collapse made stocks look poor on a 10-year view against cash and bonds. But they remain the best way to get exposure to long-term economic growth. Lucy MacDonald makes the case for equities
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Asset Class ReportsBanking on animal spirits
Global equity valuations – both absolute and relative to credit – are proving difficult to pin down. Joseph Mariathasan finds managers tiring of paying a premium for defensiveness but are hopeful that ‘animal spirits’ can sustain an upward trend
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Country Report
The asset management view from Vienna
Nina Röhrbein asked two Austrian asset management CEOs about the impact of the financial crisis
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Special Report
Back to basics
Years of under-investment in risk management cannot be solved simply by buying the hottest new technology, warns Lynn Strongin Dodds
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Interviews
Increase the checks and balances
On The Record: How are you dealing with risk management in the current climate?
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Features
Greeks bearing gifts
Volatility is one of the best diversifiers money can buy, and yet few pension funds recognise it as an asset class. Martin Steward explores the possibilities
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Special Report
Boost your hedge
Supplementing index-linked bonds with alternative investments in the liability-matching portfolio can take some pressure off of the return-seeking portfolio – thereby improving risk management, argues Lionel Martlellini
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Features
A risky business
It’s no exaggeration to say that the parameters of investment risk and reward were thrown out in the final three months of 2008 following the bankruptcy of Lehman Brothers, as markets plunged at a time when interest rates plummeted and investment correlations approached zero.
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Country Report
Case for complexity
Liam Kennedy spoke with Dr Boy-Jürgen Andresen, a grandee of German pensions who is shortly to retire as chairman of the board of Watson Wyatt Heissmann
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Opinion Pieces
University challenge
Even the ‘smartest’ money is suffering. US university endowments, the early adopters of alternative and esoteric investments, which were often recommended by their most brilliant alumni, are experiencing huge problems because of the market downturn and the illiquidity of those assets, compounded by the increase of expenses and the decline of revenues, including donations.
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Country Report
Funding in a changed world
Liam Kennedy assesses the measures German companies are taking to address pension funding issues and future plan design
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Features
Coffee-break standard
For International Accounting Standards Board (IASB) chairman Sir David Tweedie, a short coffee break is also a chance to determine how businesses should present defined benefit (DB) pension costs in their financial statements.
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Special Report
Diversification isn’t dead…
… it’s just more complex than many of us thought. Haitse Hoos argues that fiduciary management can help solve the challenges of active correlation-risk management
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Country Report
Two pairs of eyes
Clemens Schuerhoff and Hans-Jürgen Dannheisig argue that the German regulatory principles have helped maintain investors’ trust in the asset management and servicing sectors
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Special Report
Maintaining the flow
Last year’s multi-faceted liquidity crunch will change the way funds of hedge funds manage their clients’ money, writes Beverly Chandler
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Special ReportGetting a grip
The financial crisis has uncovered the shortcomings of traditional asset-class and market diversification. Martin Steward asks whether there is a better way
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Opinion PiecesGuest Viewpoint
“If the PPF were to be overwhelmed by claims, the taxpayer would almost certainly end up paying”
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Special Report
Identify the true risks
Mean-variance optimisation’s static focus at the asset class level should be augmented with a dynamic management of risk factors, argues Crispin Lace
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Country ReportKeep it simple
Frank Schnattinger gives an overview of the most recent IPE Institutional Investment survey of German investors attitudes and intentions
