Asset Allocation – Page 193
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Features
Risk budgeting takes centre stage
How does ‘new balanced’ asset management work in practice? Allianz Global Investors’ (AGI) product Global Vision provides one example. Global Vision is the brainchild of Lee Thomas, a managing director of PIMCO and the head of its international portfolio. Thomas got the idea when PIMCO, 70% owned by Allianz, absorbed ...
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New fashion balanced
The progressive move by pension funds from balanced to specialist management has been one of the dominant trends in the asset management industry over the past 10 years. The process, which began in the US, has extended to Europe and now seems irreversible. The main reason for the move is ...
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Back with a bang
After years of near-neglect, asset allocation is now centre stage. The pensions world has (re-) discovered its importance for investment performance, liability matching and risk management. How quickly things can change. Only a few years back the view was widespread that there was not much value added to be gained ...
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Will the directive affect asset allocation?
This year the directive on institutions for occupational retirement provision (IORP) must be implemented in all EU countries. How will it affect financial markets? The directive may affect asset allocation procedures and outcomes. It requires a cover ratio of 100% at all times (art 15 and 16), it sets quantitative ...
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IAS19 impact on employee benefits disclosure
On 16 December 2004, the International Accounting Standards Board (IASB) published an amendment to IAS19. All EU-listed companies must comply with IAS19 (as amended) for accounting periods starting on or after 1 January 2005. Other EU companies may be required to adopt IAS19, or may be allowed to continue with ...
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Working to standards
Eighteen months ago, consultants and managers Russell kick-started the process of establishing a standard for measuring portfolio performance during transitions. The result is the T Standard, which sets out the success and performance of a transition. “From the word go, we didn’t want to say that Russell says this is ...
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Doing it in phases
There is no doubt that reallocating millions in portfolio assets carries huge risks. But while transition managers can smooth the more complex asset shifts and keep costs and dangers to a minimum, there are often less expensive ways of dealing with change, say consultants. Typically, pension funds are turning to ...
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Swiss MM starts to motor
One particular feature of the Swiss pension fund market has been a big driver in the development of multi-manager investment. “Swiss pension funds have been in the vanguard when it comes to hedge fund investment, with some very substantial allocations. And hedge fund investment almost always uses the MM approach”, ...
