All IPE articles in December 2009 (Magazine)
View all stories from this issue.
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Features
Global macro lessons
They may seem worlds apart, but global macro managers might have some useful things to teach pension funds, writes Martin Steward
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Features
Spreading the risk
Diversified growth lives up to its name, covering a diverse range of institutional strategies with diverse potential uses for pension funds, finds Christine Senior. But is the strategy discredited?
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Special Report
Dark forces
Uncertainties govern any future projection of the equity risk premium, argue Wim Barentsen and Svetlana Rodionova, making scenario analysis essential to APG’s asset-liability matching process
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Opinion Pieces
AIFM Directive delayed
Delayed scheduling in Brussels of the Alternative Investment Fund Directive — by about six months — might be bringing smiles to the faces of the anti-reform lobby. They would not mind at all that the Directive’s final clearance, through a European Parliament plenary session, is now estimated for June or ...
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Features
Ong’s law of finance
When leading financial practitioners and academics convened in Qatar earlier in the autumn at the launch of QFinance to discuss the future of financial services regulation, it seemed that the economic tsunami of 2008 was finally receding and normality was returning. Banks have spent most of the year rebuilding their ...
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Opinion Pieces
Will Price, International Organisation of Pension Supervisors
We live in a world of integrated markets where co-operation and cohesion of our diverse regulatory approaches is key to understanding and mitigating the impact of the global financial turmoil.
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Special ReportPricing equity risk appetite
Historic excess returns from equities tell us little about the risk premium embedded in valuations at any given time. Toby Nangle and Hartwig Kos explain how a forward earnings-based model allows them to take account of extreme economic scenarios that could disrupt those earnings
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Special Report
Dynamic alpha risk budgeting
Dynamic management of core/satellite allocations might seem an ideal strategy for maximising return while minimising costs. But this approach can be difficult to execute, argues Daniel Wallick
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FeaturesGoing beyond sound-bite leadership
In the final article in this series, Neeraj Sahai and Amin Rajan conclude that asset mangers can no longer afford to confuse the buzz of the investment function with leadership
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Special Report
SMART portfolio management
Static portfolio management techniques fail because they cannot respond to changing economic conditions. Arun Muralidhar offers an alternative
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Special Report
SWFs – case for ALM
Work needs to be done to develop optimal asset allocation and liability-management strategies for sovereign wealth funds, argues Lionel Martellini. The first step is to define each fund’s purpose and source of revenue
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Features
Private equity and the ‘new normal’
Swings between deflationary and inflationary economic cycles will play havoc with private equity investments, says Nicholas Doimi de Frankopan, but also separate the men from the boys
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Special Report
Copenhagen – will it matter?
Conclusive climate change strategies probably won’t emerge in Copenhagen but investors must start planning for them as the clever money needs to think ahead, says Nina Röhrbein
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Features
Over the worst of it?
Today we received seven e-mails and four telephone calls asking for meetings. Over the month we have seen 63 such requests. Times are changing and we see this as another indicator of the worst being over.
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Country Report
Spain after the deluge
Most Spanish pension funds increased exposure to equities in 2009, finds Gail Moss. What will they do next?
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Country Report
Spain: Social security still rules
Ninety per cent of Spanish workers do not have access to a secondary pension fund, and are reliant on the first pillar social security pension. Nina Röhrbein looks at the measures taken by the Spanish government as it seeks to readdress this imbalance
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Country Report
Portugal on the beaten path
Nina Röhrbein discusses how the prudent person approach, coupled with global financial crisis, has affected asset allocation at Portuguese pension companies
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Special Report
Surviving stagflation
As the dreaded ‘s’ word edges onto the periphery of economists’ radar screens, Martin Steward assesses the options for defending against it – and the risks those options present
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Country Report
Supplementing social security
As parametric reforms, which have been gradually coming into force in Portugal since 2002, are set to reduce the first pillar state pension benefits, the government needed to bring in a system to compensate for loss of income.
