Columns
Viewpoint: Long-term lenders ideally placed to drive ESG conversations
With the world facing considerable and pressing environmental and social problems, the investment world has a critical role to play in addressing issues such as climate change, inequality and discrimination
Viewpoint: Blended finance and impact
Delivering the 2030 Agenda in the COVID-19 era and beyond
Social purpose: the new dimension
Investors’ attention turned to human capital issues in 2020 as COVID-19 took hold – including the treatment of staff and other stakeholders, as well as dividend policy and executive pay in cases where companies have received taxpayer support.upport.
Japan is not that different
One of the abiding myths about Japan is that it is different from everywhere else. Not just distinctive in the sense that all countries have peculiarities but uniquely different.
The real meaning of engagement
Empirical evidence suggests that individuals are unengaged with DC pensions. This is demonstrated by the vast majority of DC members remaining in default funds and reluctant to increase contributions.
Uncertain conditions call for a steady course
The impact of COVID-19 has made long-term strategies that embrace resilience a high priority for pension funds to ensure there is a smoother ride during turbulent times.
Viewpoint: How trustees can create practical carbon journey plans
Dealing with climate change is a responsibility we all share – but trustees may be wondering how they get from their starting point to the required end-goal. This ‘carbon journey’ needs a plan.
Viewpoint: The Norwegian Government Pension Fund is plain wrong!
The UN PRI is right to get real and dismiss those who sign up under false pretences – good riddance to hypocrisy
Resilience: how investors can secure it
Back in March 2020 as the extent of the coronavirus in western Europe was becoming clear, Risto Murto, president and CEO of the €49bn Finnish pension insurer Varma, called for the creation of “healthcare buffers” to mitigate the effects of future pandemics.
Jobs crisis threatens pension provision
Hopefully one of the few benefits of the COVID-19 crisis will be to show that the impact of an ageing population is exaggerated. There are other key elements informing the ability of a society to provide decent pensions by whatever means.
Deleveraging is no free lunch
After temporarily shutting down the global economy, governments are pursuing a massive fiscal expansion in order to support struggling businesses and consumers.
Improvement required
Climate change will continue to be one of the most economically impactful events as it affects us all. It requires immediate and ambitious action to prevent the worst effects on people and biodiversity and it signals a message that nations need to build a more resilient and sustainable global financial system.
Letter from US: Don’t anticipate radical reform
The new Joe Biden administration is unlikely to revolutionise US pension plans, but it could broaden the base of workers able to join defined contribution plans such as 401(k)s. It may also cancel recent rules and return to the previous regulations set under Barack Obama.
Letter from US: COVID-19 places new demands on university endowments
COVID-19 has hit a special category of institutional investors in the US hard – college and university endowments. In fact, higher education institutions are facing a decline in revenues because of fewer students enrolling and paying tuition, as well as current students asking for more financial aid. Colleges and universities are withdrawing substantial amounts from their endowments to cover these extra expenses. How is this affecting endowments’ investment strategies?
Letter from Australia: Reforms not super for default funds
A string of government reforms due to come into effect from July 2021 has caught the superannuation sector off-guard.
Letter from US: Gold investment returns to favour
“Negative real interest rates and unconventional monetary policies have been the catalyst of the new-found interest in gold,” says Jim McKee, a gold expert at Callan’s alternatives consulting group.
Letter from Australia: Funding the future world
A handful of Australian superannuation funds are committing their members’ savings to the future world in terms of energy, water, technology and ideas. There will be successes and failures as ideas are developed and marketed.
Letter from US: All eyes on CalPERS as CIO quits
The $405bn (€342bn) California Public Employee’ Retirement System (CalPERS) is the bellwether of US public pension funds.
Books: It all boils down to the three Ds
Paul Marshall’s pocket guide to fund management covers multiple subjects, each of which really deserves its own book. Nonetheless, he writes well, and has produced a diverse and entertaining work.
Book review: Radical Uncertainty by John Kay and Mervyn King
Within the terms of their own analysis, the authors of Radical Uncertainty might be remembered for a prescience they could neither possess nor aspire to
Book review: The Signs Were There - Spilling the saucerful of secrets
Tim Steer’s romp through the world of dodgy accounting practices and share price debacles is beyond shocking. He brings together his forensic examinations of publicly quoted companies’ accounts, and demonstrates clearly that “the signs were (indeed) there” in a way that induces reader incredulity.
Book review: Only the Best Will Do
Peter Seilern, the founder of Seilern Investment Management, has a reputation for investing in ‘quality growth companies.’ In reading his credo ‘Only the Best Will Do,’ you realise this career-long passion reaches almost religious dedication. Never mention ‘value investing’ in his presence.
Book review: Achieving Investment Excellence
Fix asset allocation and the numbers will follow. This rule of thumb originated from an influential study published in 1986, which showed that 93.6% of variations in a portfolio’s returns are due to asset allocation policy.
Book review: The Rise of the Working-Class Shareholder
David Webber is well placed to rehearse the legal and political arguments around public pension funds’ power to change companies
