All Features articles – Page 131
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Features
Crisis blame game at NAPF conference
It was no surprise that the main focus of the UK National Association of Pension Funds (NAPF) annual investment conference was less on what strategies schemes can or should adopt and more on whether trustees were to blame for the current economic crisis.
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Features
Most returns firmly in the red
The continuing downward trend of pension fund solvency levels means even those funds which came even close to zero return could see their asset allocation scrutinised by colleagues.
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FeaturesA horror year for the German fund market
The year 2008 will go down in history as the worst ever for the German fund business. The financial crisis created not only created a catastrophic climate on the financial markets but with it a poor environment for inflows to retail mutual funds and institutional Spezialfonds.
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Features
Bearish sentiments dominate
Our Sovereign Lord the King chargeth and commandeth all persons, being assembled, immediately to disperse themselves, and peaceably to depart to their habitations, or to their lawful business, upon the pains contained in the Act made in the first year of King George, for preventing tumults and riotous assemblies. God ...
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Features
Across borders
Cross-border arrangements and recognition of local employment and social laws – a difficult task, but it must be kept simple to work, argues Christian Reichel
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FeaturesA very private affair
Listed equities have fallen out of favour with most European pension funds since the financial crisis struck last year. How has private equity fared?
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FeaturesInvestor case study: APG
The Dutch giant is not about to turn away from convertibles as a way to tap into equity upside while retaining some downside protection in a falling market, says Lynn Strongin Dodds
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Features
Uprating benefits
Recent falls in interest rates have also affected pension funds that enhance members’ benefits through indexing or guarantees. Gail Moss charts how funds in the Netherlands, Germany and Switzerland are affected
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FeaturesThe big picture
It would be silly to predict the bottom of a deep recession on the basis of a single month’s volatile manufacturing PMI data
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Features
Returns: looking bleak
Evidence is now emerging of just how tough a year 2008 was for pension funds. Individual schemes have begun to report their investment results and the division between those who favour equities over bonds and liability-driven investment strategies is becoming all too apparent.
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Features
A page or a phone book?
In case anyone has forgotten, the objective underpinning the IASB’s bid to overhaul IAS19 is to ensure that the users of financial statements, or analysts, have access to what the board likes to call timely and decision-useful information.
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FeaturesManager Profile: CAAM
Convertible bonds might be taking a battering from the current crisis but CAAM is banking on its experience in the sector to see it through, finds Lynn Strongin Dodds
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Features
Time to call a specialist?
The credit-market dislocation has opened up opportunities well beyond core corporate bonds. Martin Steward asks whether pension funds should get specialists onboard, or just loosen their existing bond mandates
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FeaturesCan’t live with them, can’t live without them
Pension funds tend to hire investment consultants for reasons such as their specialist knowledge and ability to provide independent advice. But do they hold up to these expectations?
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FeaturesDeath of common sense
In his final article on a new report, Amin Rajan concludes that without a sea change in the existing practices, pension funds will continue to stumble from one crisis to another
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Features
Diary of an Investor: Consultants enter tiger’s lair
We had our yearly get-together last week. All the investment directors of Wasserdicht Pension Funds descended on Amsterdam. Yoshi from Tokyo, Hans from Frankfurt, Jim from Boston, Geert from Jo’Burg and Clive from London.
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FeaturesThe riot continues
The conquistador Hernando Cortez once said: “We Spaniards know a sickness of the heart only gold can cure.”
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Features
How convertible securities are valued
Convertibles’ hybrid nature presents valuation challenges and trading opportunities, says Joseph Mariathasan
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FeaturesConvertibles: why now?
Convertible bonds as an asset class had one of the worst years in their history in 2008.
