Asset Allocation – Page 183
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Features
Demographics looming in Asia
The annual Asian Pension Fund Roundtable has established a reputation as a high level think-tank on best practice and corporate governance. Under the heading ‘Demographic pressures in Asia: Driving retirement system reform and capital market development’, this year’s event, held in Beijing, brought together representatives from pension funds, government agencies ...
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Optimising asset structures
Following the substantial growth of its asset base, in 2002 WPV hired an independent consultant to conduct an asset/liability study for the first time. As a result of this study, WPV set up a master fund with Deutsche Asset Management (DeAM) comprising one passive and two active mandates. The scheme ...
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More attractive than ever
According to Jerome Booth at London-based specialist asset manager Ashmore: “In emerging markets, debt outperforms equities except in a rally, so the definition of an emerging market is one where the equity risk premium is negative.” While you may believe that his view is prejudiced since Ashmore is a leading ...
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Joint award reflects range of skills and strengths
The aim of the Cepsa Group Pension Fund is to achieve adequate returns for the members and beneficiaries of the scheme, over the medium and long term and using a low risk profile. The fund defines ‘adequate’ as two to three points above the Spanish consumer price index. As a ...
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Don't look back
The Finnish pension system is still over-regulated and not structured in way that meets the long-term interests of pension funds. Lobbying has had some impact but as yet this is insufficient . It appears that the market has yet to convince its regulator that the idea that taking a forward-looking ...
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Balancing risk and return to protect value of benefits
In recent years, liability-side issues have had a very substantial influence on Danish pension fund ATP’s investments. During the past year, therefore, ATP has radically changed its approach to liability-driven investments. Its work in splitting the investment portfolio into separate alpha, beta and liability hedge portfolios has helped ATP carry ...
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Basque fund develops venturesome role
Geroa EPSV is a defined contribution pension fund which was set up to complement the Spanish state pension scheme. It covers employees in Gipuzkoa, one of the three provinces making up the Basque Country region. The fund has 100,000 contributing members and is currently worth about €500m. Geroa was started ...
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Focus on liabilities that safeguards future benefits
To win an individual country or themed IPE Award for pension fund excellence sets you up as something of a benchmark. To walk away with overall Best European Pension Fund Award 2005, however, means you are defining your industry. There can be no doubt Denmark’s ATP fund won this highly ...
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Features
Limits set by risk budget help to boost funding rating
Over the past year, Danish pension fund ATP has amended its approach to liability-driven investments, splitting the investment portfolio into separate alpha, beta, and liability hedge portfolios. This approach has won it the themed award for risk management. Risk management has been a cornerstone in the fund’s investment management for ...
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Features
Confidence and diversity builds portfolio that protects
Given its innovative and efficient approach to building its portfolios, it’s no wonder Inarcassa continues to be one of Italy’s leading pension funds and has won the IPE Award 2005 for portfolio construction. The objective behind the €3bn self-employed engineers’ and architects’ fund is generating maximum returns with minimum risk, ...
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The poisoned chalice?
Germany’s got a new minister responsible for pensions – which is interesting for two reasons. First is the scale of the problem, then there is the minister himself. Out of the turmoil of the election and the horse-trading behind the grand coalition, the SPD’s Franz Muentefering has emerged in the ...
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Embracing the challenge of a changing pensions system
It will come as no real surprise to see Barclays walk away again with IPE’s Country Award for the United Kingdom. Last year, it won for its innovative ‘afterwork’ concept, a hybrid defined benefit and defined contribution scheme. This year, its success is thanks to its excellent stakeholder engagement policy. ...
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Features
More challenges to come
If they haven’t already, many pension fund investment managers will shortly be considering how to position their funds to meet the challenges of the new year and it certainly looks as though the new year will produce just as many challenges as this year has. It does not look like ...
