All articles by Carlo Svaluto Moreolo – Page 3
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Country ReportUK: A review of the LDI debacle
The UK Parliamentary inquiry into the LDI crisis has shed light on its causes, but the debate over the lessons learned for the UK DB industry is far from over
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Opinion PiecesBlame will not solve the issues raised by the LDI crisis
The chain of events that led to the UK’s liability-driven investment (LDI) crisis, a high-profile inquiry by the UK Parliament, and a time of anxiety and introspection in the country’s pension industry, started well before then prime minister Liz Truss’s government and its somewhat reckless ‘growth plan’.
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Opinion PiecesEmerging market investors should take the long view
For institutional investors, investing in emerging markets is a true test of fiduciary duty. The asset class – if it can be defined as such – has enormous potential, yet it is also risky, not just in terms of volatility but also of reputation.
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InterviewsPZU TFI: Building the future of Polish pensions
Marcin Żółtek (pictured), CEO of PZU TFI, one of Poland’s largest managers of DC pension savings, tells Jakub Janas and Carlo Svaluto Moreolo about the firm’s role in the Polish pension system
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FeaturesUkraine: The mother of all impact investments
Institutional investors can play a crucial role in rebuilding Ukraine in a post-war future
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Asset Class ReportsPortfolio strategy – Private debt
The rise in interest rates and inflation throughout 2022 brought traditional fixed-income assets back into focus for investors. The threat of a recession, the pressure on investors to maintain liquidity in portfolios and the ‘denominator effect’, which sees investors over-allocated to unlisted assets after a torrid 2022 for listed equities and bonds, are all facts that would suggest that private debt markets will suffer. However, investors are still backing experienced private debt managers and allocations to the asset class are forecast to grow further in the medium term.
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InterviewsBain Capital: Vintage private equity
“In our world, it is quite easy to describe what we do, but it is very hard to do it,” says Robin Marshall, partner at Bain Capital. That statement encapsulates the concept of private equity and is also an effective introduction to his firm. Private equity may be a straightforward idea, but in reality it is an incredibly complex undertaking, which is why the asset class remains a non-core allocation within institutional portfolios.
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Asset Class ReportsPrivate debt: Managers take back control
Steady demand for private credit puts lenders in a strong position to negotiate beneficial terms, but discipline in lending remains crucial
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InterviewsAP4: A pension fund investing 40 years into the future
Niklas Ekvall (pictured), CEO of Fjärde AP-fonden (AP4), one of the Swedish buffer funds, talks to Carlo Svaluto Moreolo about building a robust and sustainable long-term portfolio
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InterviewsDutch medical specialists: focus on healthy pensions
Marcel Roberts (right), CIO, and Ravien Sewtahal, investment manager of SPMS, the Dutch pension fund for medical specialists, talk to Carlo Svaluto Moreolo about risk management and sustainability
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Opinion PiecesEuropean authorities must focus on derivatives risk
Opinions may differ on whether Brexit has had a positive or negative impact on either of the parties involved. However, it could be argued that an idiosyncratic event such as the liquidity crisis that took place in the United Kingdom at the end of September could have been averted, had the country been part of the bloc. Investors lost confidence in the UK government, now more isolated than before Brexit, and its ability to maintain its fiscal balance, after the announcement of a massive fiscal spending plan at the end of September. That sent yields on UK Gilts soaring and led to a spiralling lack of liquidity, as pension funds rushed to post collateral on their interest-rate derivative positions.
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FeaturesEuropean Commission announcement brings some clarity to derivatives clearing
Many unanswered questions linger after the departure of the United Kingdom from the European Union. However, a recent announcement by the European Commission (EC) promises to bring some much-needed clarity to the derivatives market.
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NewsEC proposes EMIR amendments to make EU clearing more attractive
The Commission aims to build a ‘safe and resilient’ clearing system, by strengthening the EU supervisory framework for CCPs
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NewsIPE Conference: New renaissance
‘A greater share of our wealth is being spent on what economists call non-tradable,’ says Ian Goldin
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NewsIPE Conference: Positive mega-trends
The level of conflict in the world is also lower than in the past, says Erik Solheim
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InterviewsMirova’s Philippe Zaouati: realistically optimistic
Asset management CEOs tend to be a clever bunch, but there cannot be many who are familiar with the work of Antonio Gramsci, the 20th century Italian socialist philosopher.
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InterviewsPension funds on the record: Reflections on a sobering year
Pension fund managers reflect on an extremely challenging year for markets and look to the future, considering questions such as what is risk-free, how to secure inflation-linked assets, the role of central banks and the risk of liquidity crises
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InterviewsDelivering pensions ‘like a Bosch’: Bosch pensionsfonds
Dirk Jargstorff (pictured right), CEO of the pioneering Bosch Pensionsfonds, and Christian Zeidler, CFO, talk to Carlo Svaluto Moreolo on the fund’s 20-year anniversary
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Special ReportProspects 2023: Asset management roundtable
The past year was one of the most challenging ever for institutional investors. Here, asset allocators and others assess the current and future risks to portfolios and identify the opportunities in an environment that remains highly uncertain
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Special ReportSpecial Report – Prospects 2023
The past year will be remembered as one of the most challenging for institutional investors ever. The outlook for 2023 is brighter, if anything because valuations of major asset classes have come back to historical levels.
