All Briefing articles – Page 20
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Features
The EM lending gap
Bank lending to emerging markets is falling sharply – but David Creighton writes that the growth in bond issuance isn’t filling the lending gap
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It’s a war out there
Anthony Harrington finds optimism among active currency managers, and that a top-down discretionary approach might be best-suited to surviving and thriving through the ‘currency wars’
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A tale of two jurisdictions
Expatriate pensions are still an offshore game, and Luxembourg and Liechtenstein are vying for supremacy, writes Gail Moss
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Banks back in favour
Fund managers are overweight banking stocks for the first time since 2007. But Maha Khan Phillips finds that not everyone is convinced that now is the time to buy
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Regulating Europe
Gail Moss reviews pension regulation and law changes under discussion in seven European countries
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Yielding results
Ultra-low bond yields and high dividend yields suggest low-risk investors should consider equity income funds. Joseph Mariathasan looks at the options
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AIFMD: the rush to regulate
With its mid-year implementation deadline looming, Giuseppe Rumi and Giorgio Tosetti update us on the state of play for the Alternative Investment Fund Managers Directive
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Contagious junk?
Speculation that European downgrades could squeeze EM corporate bond issuers is overblown, finds Martin Steward
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FeaturesThe correlation myth
Patrick Burke d’Orey argues that factor analysis shows that correlations are not at all-time highs – and that even in 2008 there was wide dispersion in pair-wise factor correlations
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The middle way
Gail Moss outlines how public sector pension entities can get the best out of the procurement process
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Pensions Accounting: Can they fix it?
Stephen Bouvier sets out the problems facing the IFRIC interpretation committee on the treatment of single-A corporate bonds in discounting pension liabilities
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Don’t be afraid to ask questions
Gail Moss finds out the kind of information pension fund trustees should seek from their asset managers since they cannot realistically be expected to understand the many complex products and strategies that are used to manage risk
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Australia: gateway to Asia?
It is right on Asia’s doorstep, but James Dunn finds that outside the big resource names there is surprisingly little Asia exposure in Australia’s stock market
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Don’t be surprised by inflation
Nicholas Johnson, Berdibek Ahmedov and Ronit Walny argue that now is the time to build a real asset bucket in diversified portfolios
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The inflation trade-off
Hedging against unexpected inflation can be costly. But Karsten Jeske and Anjun Zhou argue that active management can shift the efficient frontier in investors’ favour While inflation and inflation volatility were relatively subdued until the late 1990s, inflation volatility has picked up again in the 2000s. Evidence shows us that more uncertainty about inflation lies ahead.
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FeaturesLiving longer, working longer?
Chris Madsen and Martijn Tans explain their concept of equilibrium retirement age as a tool to help individuals and employers manage longevity risk and plan for retirement
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In your own back yard
Gail Moss looks at how a number of regional pension funds are investing in their own localities
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FeaturesVolatility regimes and risk drivers
Using factor model to break down two similar-looking periods of declining implied volatility in Europe and the US, Rachael Smith uncovers surprising differences in the actual sources of risk
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Features
An equity substitute
David Newman argues that equities have a similar credit profile to high-yield bonds but offer less protection, worse returns and higher volatility. Add in low correlation, and there is a strong case for replacing some equity exposure with high yield
