Asset Allocation – Page 194
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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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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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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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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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Managing in a cold climate
For Theo Jeurissen, investment manager of the e22bn Pensioenfonds Metaal en Techniek (the Dutch metalworking and mechanical engineering sector pension fund), the two newest issues are: how to deal with the rule changes requiring pension fund valuations to use market rates when valuing a portfolio rather than a fixed 4% ...
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Smoothing over the differences
Since the beginning of this year all companies listed on stock exchanges within the EU have been required to prepare their consolidated financial statements in accordance with the new International Financial Reporting Standards (IFRS). Companies listed on exchanges outside the EU have a further year before the requirement applies to ...
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Prepensions refuse to lie down
The trade unions, in particular FNV and CNV, in cooperation with the employer’s organisations, such as the VNO-NCW and MKB, have stopped the current Dutch liberal-Christian Democrat government from totally overhauling the pension sector. Nonetheless, further changes are due to come in the coming months. The Museumplein-agreement between social partners ...
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Working until you drop
The touchy subject of retirement age. Should people be compelled to retire at a certain age, and what age should that be? Many European states and employers impose official or mandatory retirement ages at which employees are expected to retire. However, these age limits were set at times when life ...
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Duration extension - to do or not to do?
The Dutch pension-funds regulator has issued a new consultation document in October 2004. This contains provisions which will form the basis of financial regulation from 2006, when the new Dutch Pensions Act comes into force. The new regulatory framework (Financieel Toetsingskader, or FTK in Dutch) will consist of a solvency ...
