All IPE articles in December 2015 (Magazine) – Page 2
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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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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
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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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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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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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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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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Country Report
Infrastructure: Investing in real assets
Swiss pension funds are struggling to find value in infrastructure investments
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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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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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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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Features
Alternative Credit: Portfolio role for alternative credit
Alternative credit provides a breadth of diversity that can help investors create better risk-adjusted portfolios for outperformance in a tough market, writes Nimisha Srivastava
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Country Report
Asset allocation rethink
Pension funds are having to rethink their asset allocation policies to meet funding requirements. A more holistic, multi-dimensional approach is needed
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Features
Asset Allocation: The big picture
Risk markets have regained their poise after the China-triggered summer sell-offs, the mood aided by Chinese interest rate easing and the prospect of more European liquidity. The oil price, having fluctuated, appears to be finding an equilibrium which, given its proxy as a barometer of risk, may signal a pick-up in risk appetite.
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Country Report
Asset Allocation: Re-defining asset classes
Switzerland’s double whammy of a strong currency and negative interest rates represents a formidable challenge for the pension fund industry, says Daniel Ben-Ami
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Opinion Pieces
Guest Viewpoint: Peter de Proft & Alexander Schindler - EFAMA
The Action Plan for a Capital Markets Union, recently published by the European Commission, is both ambitious and sensible
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Features
Asset Allocation: Ahead of the Curve - Sales drive private-equity alpha
A recent study of 450 realised private-equity deals finds that sales growth is a key component for alpha generation, according to Ian Roberts
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Features
Research: A new mindset for a new age
In the second article on a new pension survey, Pascal Blanque and Amin Rajan argue that it is harder to make rational decisions in this age of ultra-low rates
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Features
African Private Equity: The bright continent
Carolyn Campbell describes how Africa’s expanding middle class, rising GDP and government policies are fuelling opportunities for private equity
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Special Report
Multi-Asset Strategies: Adaptive approaches
Once, institutional investors were happy to set a strategic asset allocation, ahead of market timing and security selection
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