All IPE articles in December 2015 (Magazine) – Page 2
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Special Report
Multi-Asset Strategies: Apples and oranges
As multi-asset strategies have evolved, it has become less easy to assess and compare them on a like-for-like basis
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Special Report
Illiquid approaches
Some of the world’s largest institutional investors have had great success in illiquid investments such as private equity, infrastructure and lending
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Interviews
Strategically speaking: Pictet Asset Management - Starting from scratch
As in other walks of life, things go in and out of fashion in institutional investment. Multi-asset investing is a case in point. Once, a few balanced managers held centre stage in pension fund management in countries like the UK, the Netherlands and Switzerland. Then, in the 1990s and early 2000s, the orthodoxy was for manager diversification using segregated mandates or multi-manager approaches. Faith in the equity market premium was high, as was the thesis espoused by Gary Brinson that asset allocation is the primary driver of portfolio returns, ahead of market timing or stock selection.
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Country Report
Infrastructure: Investing in real assets
Swiss pension funds are struggling to find value in infrastructure investments
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Features
Auto-enrolment in Italy: An unlikely champion
Italy tried automatic enrolment in 2007 and it failed. Workers were given six months to decide whether their severance pay money, or TFR, should be kept on their company’s books or transferred to a second-pillar pension fund
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Features
Reject the behavioural myth
One of my hopes for 2016 is that awkward questions start to be asked about behavioural finance. Hardly an industry event went by this year without at least a passing positive reference to the approach
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Country Report
Investment Grade Bonds: Is there a substitute for high-grade bonds?
With interest rates expected to remain near zero, pension funds are looking for alternatives to fixed-income instruments
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Special Report
Commentary: The DGF super brand
Diversified growth funds have become a core investment for many UK pension funds with strong demand from countries. Will Mayne defines the concept
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Features
Briefing: Time for TEE?
The UK government is mulling over a massive shake-up of pensions tax relief in a bid to incentivise retirement savings
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Opinion Pieces
Letter from Brussels: Cross-border challenge for IORP II
IORP II may have cleared the European Parliament’s committee stage but amendments tabled to the second directive covering occupational pensions since 2003 are so radical that it would be unwise to forecast its future.
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Features
Equity Earnings: Burning the furniture
Many companies with strong balance sheets are using that position to bolster weak income statements
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Asset Class Reports
Investing In Hedge Funds: Case Study - PP Pension
Carlo Svaluto Moreolo discovers that Sweden’s PP Pension is still supporting hedge funds, despite the fact that they are not performing particularly well. So why is PP Pension doing this?
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Opinion Pieces
Letter from the US: Central States snag
A pensions bust-up is looming on the fringes of the 2016 Presidential campaign, involving the 115,500 retirees of the Central States Pension Fund (CSPF) who face a 28% average cut of their monthly pension. But the stakes are much larger. Senator Bernie Sanders, one of the Democratic presidential contenders, is championing the rights of those retirees. His attempt to stop the cuts with a new law could affect the whole pension industry.
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Features
Systemic challenges
Several asset managers and investors are raising concerns about liquidity in the public markets in 2016
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Features
NAPF Conference: Out with the old, in with the new
The recent National Association of Pension Funds (NAPF) annual conference in Manchester signalled significant change for the industry
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Special Report
Designed for DC
Best practice for defined contribution pensions inevitably involves well-designed default options. Multi-asset approaches are the best fit for most investors but views differ about how to best structure them
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Features
Focus Group: Future threats (and delights)
For one-quarter of respondents to this month’s Focus Group, the biggest credible threat to the global economy and financial markets in 2016 is the bursting of quantitative easing-fuelled asset price bubbles. “Inflationary effects can quite suddenly bring markets down, if confidence is lost,” says the CEO of a Dutch fund.
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Features
Diary of an Investor: A different world
Last month I was over in London for a short business trip to visit some credit managers. Before I headed back to the airport I meet up with Thijs, a good friend of mine. Thijs recently moved from his role as CIO of one of the large industry funds in the Netherlands to a big corporate pension fund in the UK.
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Special Report
Risk diversification ‘on’
Increasing sophistication and understanding of risk premia is leading to new approaches to combine them in a portfolio
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Special Report
Diversified Growth Strategies: Life in them yet?
Diversified growth strategies were first conceived in the aftermath of the tech bubble and have since amassed a huge volume of assets despite
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