Asset Allocation – Page 222
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Features
Germany goes for TAA
German institutional investors are increasingly focusing on the possibilities for tactical asset allocation (TAA) within their portfolios. “What we are seeing in the market is that there is a very large interest in TAA,” says Klaus Esswein, State Street Global Advisors’ managing director, based in Munich. “You find immediate interest ...
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Whose hands on the tiller?
The importance of the asset allocation decision has been highlighted by the market volatility of recent years. This has encompassed phases when both equities and bond have moved in the same direction, albeit at different paces (mid to late 1990s) and the more recent past where performance has diverged radically. ...
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Bringing consistency to schemes in 19 countries
As a growing multinational with a young workforce, Vodafone faces atypical challenges when compared to more traditional companies. The pension benefits provided to its employees must be relevant to their expectations and must fit within a total reward package, which also has an emphasis on Vodafone shares. The Vodafone group ...
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Fund aims for 5% real estate share with overseas focus
To bring diversification into ATP’s overall investment portfolio, approximately 4.3% has been invested in property – equivalent to €1.4bn. The strategic goal is to reach a 5% allocation (+/– 3 percentage points) in property by the end of 2003. Until the beginning of 2002, ATP invested solely in Danish real ...
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Features
ABP hits IPE-Awards jackpot
European superfund ABP scooped the board at the 2003 IPE-Awards in Amsterdam on November 20th by carrying off no fewer than five of the trophies - including the coveted Gold award for European Pension Fund of the Year. The incredible haul by the Dutch public pension fund for government, ...
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Sound returns and efficient admin
The Victoria-Volksbanken Pensionskassen is a multi-employer pension fund offering DB and DC pension schemes. The administered plans are funded both by employer and employee contributions. With a capital value topping E308m at the end of 2002, its major shareholders are Österreichische Volksbanken, Victoria Volksbanken Versicherungs and ERGO International für Beteiligungen. ...
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Diversified strategy aims to keep returns coming in
With a capital value of some €14.5bn in 2002 but with returns in decline, Finland’s llmarinen Mutual Pensions Insurance Company (Ilmarinen) is looking to incorporate structured products, derivatives and commodities into its investment strategy as a means of helping it achieve its main objective of ensuring the best possible long-term ...
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Keeping it simple, but also flexible
Founded by the parties negotiating the collective labour agreement for Denmark’s industrial sector, notably the Confederation of Danish Indsutry (Dansk Industri) and trades union cartel, Centralorganisationen af Industriansatte (CO), the Copenhagen-based Industriens Pension is a joint stock life insurance company, with all profits going back into the company as members’ ...
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Alternative investments shifts efficiency frontier
In 2002 the Seventh Swedish National Pension Fund (AP7) added hedge funds and private equity to its portfolios. Prior to this decision, however, together with Watson Wyatt Investment Consulting, AP7 built a model that captures the key features of the Swedish pension system. In particular, the model takes into account ...
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High dividend aspirations with a choice of styles
The objective of Länsförsäkringar Liv is to achieve the market’s highest dividend interest over the long term. Containing costs, along with achieving the highest possible risk-adjusted returns, are the keys to doing so. As the life insurance arm of the Länsförsäkringar group, it benefits from substantial economies of scale by ...
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Features
Assessing impact of next year's French reforms
To give it its full title the French Law 2003-775 on pensions was definitively approved on August 21 this year and will be applicable as of January 1, next year. Its objective is to achieve an actuarial equivalence between private and public sector. This harmonisation principle of this law has ...
