Asset Allocation – Page 225
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Features
Getting the admin sorted
The slow pace of development of defined contribution (DC) pension plans across Europe – whether at the national or pan-European level – has frustrated the growth plans of the investment management industry. While many of the political and social factors impeding DC plans are outside the direct control of the ...
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Features
All change ahead for spread options
European companies operating share option plans for their employees are likely to see their reported earnings reduced, if draft accounting standards come in to force. In November 2002, the UK and International Accounting Standards (IAS) Boards published draft accounting rules (FRED31 and ED2) requiring share-based payments to be recognised in ...
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Features
Mapping out the road ahead
It wouldn’t have been hard to guess the theme dominating the concerns of CEOs from Europe’s leading asset management houses over the last year, but seeing it in black and white (pages 2-9) brings it home that much more firmly. Current equity market conditions, of course, are stretching the minds ...
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Features
The bond error
Only an actuary or an accountant could think that pension liabilities are at all like fixed interest bonds, not subject to the whims of price and wage inflation. Yet Germany is about to make the same mistake that the US, Britain, and Holland have already made, of thinking that bonds ...
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Features
Borsa's place in the sun
When Borsa Italiana, the Italian Stock Exchange, introduced a central counterparty (CCP) for its cash markets on 23 May, it was the latest step in a re-engineering of Italy’s post-trade environment aimed at greater integration of the country’s markets with those of Europe. The ultimate aim of a series of ...
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Features
Building a pension factory
It was more than two years ago that HypoVereinsbank, the second largest German retail bank, decided to strengthen its position in the pensions area. This was a brave move at the time, as for decades pensions had been a stronghold of the insurance industry, protected by tax regulations that provided ...
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Features
Dollar's fall divides market
The recent realignment of the euro with the dollar has created clearly defined winners and losers in the Eurozone equities market. The winners are companies that import their raw materials from outside the Euro-zone while the losers are companies like semiconductors that export outside the Euro-zone. Catherine Reilly, chief economist ...
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Features
Wall Street fall out
American pension funds will not get a penny of the $399m accused restitution fund paid by 10 of the biggest Wall Street firms found ‘guilty’ of conflicts of interest. In fact the settlement between them and the US government, following New York State Attorney General Eliot Spitzer’s investigation, should benefit ...
