All IPE articles in December 2012 (Magazine) – Page 2
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Features
I know it when I see it
In 1964, Justice Potter Stewart, weighing in on the possible obscenity of the film Les Amants, wrote: “I shall not attempt to define the kinds of material I understand to be embraced within that shorthand description ‘hard-core pornography’. But I know it when I see it.”
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Features
Insurance inspiration
Building an internal model under Solvency II costs time and money. Cécile Sourbes asks what pension funds can learn as insurers edge towards implementing the new framework
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Features
Shaking up high yield
Considering the trend to combine loans and high-yield bonds in the same products, Martin Steward finds the sub-investment grade landscape changing and new opportunities becoming apparent – especially in senior secured
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FeaturesHBS: room for improvement
The concept of a holistic balance sheet is intellectually tempting but could be improved and it is still unclear whether it will be workable in practice, argue Jurre de Haan, Karin Janssen and Eduard Ponds
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Features
German re-engineering
Iain Morse reviews Germany’s custody market as it experiences externally-driven transformation
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Features
Generational imbalances
Nowadays, it is much harder to define the broad interest groups that are representative of a country as a whole. Previous decades were notable for the division between capital and labour, which persists in the consensual political and decision-making models of continental Europe. But tripartite decision-making between employers, unions and government now seems rather antiquated as membership of organised labour groups has declined over the past 20-30 years and western economies have deindustrialised.
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Asset Class Reports
Hedge Funds: Taking the ‘fund’ out of hedge funds
Martin Steward spoke to PGGM’s Jan Soerensen about how its managed account platform allows it to take control of its hedge funds – and their costs
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Features
Falling Irish yields scupper pension relief
Ahead of Ireland’s successful, if timid, re-entry into the bond market in July, some within the pensions industry expressed concerns that the government was seeking to ‘incentivise’ investment in Irish debt through the new funding regime for defined benefit schemes.
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Special Report
ESG: Sunny side up
Investors in solar power are responding to changes in the markets and finding new ways of gaining exposure, says Nina Röhrbein
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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
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Features
Dutch pension system knocked off its perch
The Netherlands, after leading the Melbourne Mercer Global Pensions Index for three years in a row, has been dethroned by Denmark – a new entry and the first country to ever claim the top grade.
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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
Denmark: not one to rest on its laurels
The Danish pension system is the envy of many developed countries. Ranked as the world’s best by Melbourne Mercer, the system also won plaudits from the OECD in September for being home to the best-performing pension funds. But far from resting on their laurels, politicians, regulators and the funds are constantly trying to improve.
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Features
Diary of an Investor: A tale of two cities
Last week we visited the offices of two asset managers for finals for a European equities mandate. The experiences were instructive.
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Asset Class Reports
Hedge Funds: Changing models
The fund of funds model is having to adapt fast to survive. Joseph Mariathasan finds that the new models also require a different approach to thinking about the hedge fund opportunity set
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Opinion Pieces
Letter from Brussels: Deaf ears for EC claims
Summer 2013 might be some way off but it is when the European Commission intends to publish its proposals for IORP II. And signs from the Commission are that the usual procrastination is no longer intended.
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Features
Institutions suited to bridge the lending gap
Infrastructure as an asset class is at a crossroads. While European banks traditionally provided debt to infrastructure projects pre-2008, the financial crisis and new regulation requiring banks to hold larger amounts of capital have changed the rules.
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Features
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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Interviews
Boutique ambition
Natixis Asset Management (NAM) might be less well known than other firms in the Natixis Global Asset Management (NGAM) empire, such as Boston’s Loomis Sayles or Chicago’s Harris Associates. But the Paris firm is by far the largest asset manager in its parent’s multi-affiliate structure in asset terms, in part thanks to its historic ties with France’s Caisse d’Epargne and Banque Populaire network, and its strong local roots.
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