Asset Allocation – Page 264
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Features
Grappling with liability overhang
The current reform of Germany’s pension system has signalled a change in attitude to liabilities. The belief that assets can always match liabilities was summed up in the complacent government catchphrase “your pension is safe”. This certainty has been replaced by a growing sense that liabilities have grown too large ...
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Features
'Interest rates and hope'
The markets have at last begun to rally from the year’s lows recorded in September, but analysts already wonder if the recovery is sustainable. “The recovery since the September lows has been really quite rapid, especially in telecoms and technology, but the markets are still plagued by uncertainty, in respect ...
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Features
Poor understanding of risk
It has been a busy autumn for UK pension funds. There has been so much going on, so many important issues to consider. The problem is where to start commentating. One of the more fascinating subjects is the current court action between The Unilever Superannuation Fund and Merrill Lynch Investment ...
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Features
Return of the 'R' word
Equity and bond markets have exhibited heightened volatility in the aftermath of the terrorist attacks in the US. The slowdown in global economic activity since the beginning of this year and the associated deterioration in corporate profits growth has caused equity markets to fall sharply, leaving equity valuations at attractive ...
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Features
Post the 11th
Reports in the media suggest that the terrorist attack in the World Trade Center on September 11 have ‘changed the world forever’. For those directly involved that must tragically be true. However, in the broader sense, what has changed in the professional lives of those of us involved in the ...
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Features
No almighty black box
There are currently a number of high profile risk assessment services available to the investment management industry. Upon closer examination, few of these appear to be delivering the goods. The basic thrust of each of the services is that a statistical model of risk is calibrated by reference to historic ...
