Columns – Page 15

  • Opinion Pieces

    Long-term Matters: Taxing questions

    February 2015 (Magazine)

    Tax wasn’t a material issue for ESG – let alone traditional – investors a few years ago, but now it is. So how did this happen and what does it tell us about other issues which are currently dismissed as non-material?

  • Opinion Pieces

    Guest viewpoint: Bernhard Wiesner - Bosch Group

    February 2015 (Magazine)

    Does the new IORP II Directive reflect the needs of sponsoring companies and their IORPs in Europe?

  • Features

    Diary of an Investor: When bigger isn’t better

    February 2015 (Magazine)

    These days, we at Wasserdicht Pension Funds are something of a rarity as the asset management bureau of a standalone company pension fund. Many of our brethren in the Netherlands have merged with a larger industry scheme or outsourced their investments to a fiduciary manager.

  • Opinion Pieces

    Guest viewpoint: Con Keating - BrightonRock Group

    January 2015 (Magazine)

    With 78% of pension funds considering themselves long-term investors in an IPE Focus Group survey, it would be tempting to believe that dramatic progress had been made towards achieving the objectives of the Kay Review on UK equity markets.

  • Opinion Pieces

    Every lesson helps

    December 2014 (Magazine)

    Here are 12 things arising from the Tesco accounting debacle that pension funds could deploy which would help prevent, or at least mitigate, similar implosions.

  • Opinion Pieces

    Guest Viewpoint: “Asset owners and managers need to address the problems in the investment industry and focus on value for the ultimate beneficiaries”

    December 2014 (Magazine)

    We need to move on from today’s investment world, which essentially has been built by intermediaries for intermediaries. Their purposes have become too narrow and too self-centred to be of sustainable value to asset owners, who are charged with transporting and growing savings across time – affordably, securely and fairly.

  • Opinion Pieces

    Research: Ageing demographics are an asset allocation game changer

    December 2014 (Magazine)

    Two of the four worst bear markets of the last century rocked the world of investing over just seven years in the last decade. They sidelined conventional wisdom on risk premia and diversification. 

  • Features

    Diary of an Investor Praise indeed

    December 2014 (Magazine)

    My wife Jeanette is from France and it has been a great pleasure over the years to discover that country through her eyes and to get to know her family. This year, at the start of the autumn holidays, we drive down to Lyon with the children to stay with Jeanette’s sister Marie and her husband Jean-Baptiste.

  • Opinion Pieces

    Guest viewpoint: “Macro matters. We ignore it at our peril”

    November 2014 (Magazine)

    Open a newspaper. Any newspaper. Read the front page and then the business pages. Absorb, assimilate, repeat. After half a dozen goes, you may notice a pattern. 

  • Features

    Diary of an Investor: Generation games

    November 2014 (Magazine)

    Now that my children are getting older they ask me more about what I do for a living and the questions are getting a bit more demanding. My eldest, especially, is at an age when questions come thick and fast. 

  • Opinion Pieces

    Crony capitalism

    October 2014 (Magazine)

    The public gets it. Academics and financial analysts get it. In fact, many experts say it is the most important governance and democracy issue of our time. So why do investors have so little to say about political donations and the corporate capture of politics?

  • Opinion Pieces

    “Governance can serve as a stimulus to improve and nurture pension organisations”

    October 2014 (Magazine)

    Once a year, the US professional basketball league organises its all-star competition. Players from teams across the country are selected as the best in their respective positions. Could we have an all-star pension industry, uniting the best standards and practices under one roof?

  • Features

    Diary of an Investor: A happy median

    October 2014 (Magazine)

    A couple of weeks ago, my old friend Pim came over to the Wasserdicht offices in Utrecht to tell me about his new proposition. I’ve known Pim for many years and he has pitched to me many times, although each pitch has been from a different company.

  • Features

    Time for a debate

    September 2014 (Magazine)

    This autumn our government is orchestrating what it calls a ‘national debate’ on the future of our Dutch pension system. We at Wasserdicht Nederland have always taken a prudent approach to our pension schemes and we have remained well funded. Unlike many other Dutch funds, we have not had to implement benefits cuts – something I hope our members appreciate.

  • Opinion Pieces

    Learning disabilities

    September 2014 (Magazine)

    Who would invest in a sector that has lagged the Stoxx 600 by 1.1% in overall growth and by 0.3% in EPS growth for the last 19 years on an annual basis?

  • Opinion Pieces

    “The best CDC design is collective implementation with clear ownership rights”

    September 2014 (Magazine)

    Designing a robust retirement income solution is not easy – as with most complex issues, there are no silver bullets, only trade-offs. The challenge is to balance life-long retirement income stability with financial risk-taking, all within a framework that is understandable, transparent and fair and hence can be trusted by members.

  • Opinion Pieces

    Is divesting working?

    July 2014 (Magazine)

    OK, it  doesn’t work very well. We’re still on track for runaway climate change, according to Fatih Birol, chief economist of the International Energy Authority.

  • Opinion Pieces

    “Italian employees have great need of consistent additional pension coverage”

    July 2014 (Magazine)

    Assets managed by pension funds in Italy equate to about 6% of its gross domestic product. In a country where the social security system provides an adequate level of coverage at retirement that would not be a concern. But in Italy, after all the recent reforms, this situation represents a relevant risk for both employees and employers. Benefits provided by the social security system have strongly decreased over the last 20 years and the retirement age raised considerably. 

  • Features

    Time for a change

    July 2014 (Magazine)

    Earlier this year, the investment team had a briefing from Rolf, the long-standing chairman of trustees of the Wasserdicht Pension Funds here in the Netherlands. Things are changing, at least in terms of our internal governance, and Rolf came along to tell us about it.

  • Opinion Pieces

    M&A medicine

    June 2014 (Magazine)

    The debate about Pfizer’s proposed takeover of the UK’s AstraZeneca – which should have resolved itself by the time you read this – reminds us that there are some big unanswered questions relating to institutional investors and M&A activity.