All IPE articles in December 2013 (Magazine)
View all stories from this issue.
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Features
Variable solutions
Europe is moving slowly and deliberately away from defined benefit pensions to approaches that, if well considered, might prove a sustainable model for workplace retirement provision.
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Features
Sky-high yield
Paul Read acknowledges that further capital appreciation in high yield is unlikely, and argues that good bottom-up analysis is now crucial for capital preservation and decent returns
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Country Report
Switzerland: Solidarity put to the test
Peter Zanella assesses the hurdles pension funds must overcome when considering a variable pension model
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Features
Time to pool resources
Leen Preesman asks the CEOs of PGGM and PKA about their co-operation plans and about the development of supplementary pensions in Europe
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Country Report
Switzerland: A mountain of problems
The challenge of applying IAS 19 to Swiss pension provision is a burden that the IASB has done little to ease. Stephen Bouvier reports
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Opinion Pieces
A phoney war for KID
A phoney war is in operation. No guns are being fired. No bombs falling. But there a number of indications of an arms race over the matter of a simple two page information document known as KID – and its possible extension to cover the occupational pension sector.
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Features
Interesting properties
Malie Conway considers European MBS the ‘happy medium’ between liquid REITs and illiquid direct real estate, offering low-volatility returns and floating rates
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Features
Haggling with the hedge funds
For this month’s Focus Group Survey, we asked 19 readers about hedge funds.
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Asset Class Reports
Hedge Funds: Not just a lion at the gate
Liongate Capital Management understood from day one that hedge fund investing was more what you know than who you know. Ten years later, Martin Steward reports on how this became the institutional mainstream – and where it is going next
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Asset Class Reports
Hedge Funds: Fit for use
Craig Baker sets out six areas for improvement in the institutional fund of hedge funds model
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Features
The fiduciary fight
Should trustees feel constrained by the existing interpretation of their fiduciary duties?
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Features
Expect more scrutiny on systemic relevance
A transformation is taking place in the five-year performance track records of countless investment funds and strategies as this year fades out and the impact of the market collapse of late 2008 is erased.
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Features
The UK fiduciary duty straitjacket
Should trustees consider environmental concerns, or even more widespread systemic issues, when investing on behalf of their beneficiaries?
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Interviews
Low fashion, high durability
As Thornburg Investment Management’s fourth employee, Brian McMahon arrived in Santa Fe in 1984 around the same time as the firm acquired a second-hand fax machine from the unsuccessful presidential campaign of Walter Mondale.
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Country Report
Switzerland: East-west divide
There is a clear difference in the level of funding of public pension schemes across Switzerland, Nina Röhrbein finds
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Features
New combatants in an uncertain war
Despite the single market Commisoner Michel Barnier’s recent concession that the European Commission would not attempt to publish a draft of the revised IORP Directive with its controversial capital requirements attached, the European Insurance and Occupational Pensions Authority (EIOPA) is pushing ahead with several consultations on the holistic balance sheet (HBS)
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Features
Closing questions
David Paterson, former head of corporate governance at the UK’s powerful National Association of Pension Funds (NAPF) who retired in October 2013, held the last phase of his post during the Shareholder Spring of institutional investor action in 2012, when governance clashes were front page news.
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Country Report
Switzerland: A change of direction
The existing second pillar remains a holy cow in the Swiss social system. But it seems increasingly possible to convince members that there is no alternative to variable pension payouts, Barbara Ottawa finds
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Features
Focus Group: Resistant to change?
Less than half of the 19 investors polled for this month’s Off The Record survey (eight respondents) allocate to hedge fund strategies.
