All Features articles – Page 267
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Features
IAS19 impact on employee benefits disclosure
On 16 December 2004, the International Accounting Standards Board (IASB) published an amendment to IAS19. All EU-listed companies must comply with IAS19 (as amended) for accounting periods starting on or after 1 January 2005. Other EU companies may be required to adopt IAS19, or may be allowed to continue with ...
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Features
The coming IAS19 shockwave
Every inhabitant of the Netherlands is entitled to a state old-age pension which provides a minimum income after retirement. The majority of enterprises in the Netherlands provide a defined benefit (DB) plan in addition to the minimum state income. Many branches of industry have multi-employer plans, participation in which is ...
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Features
From acorns to sturdy trees
The strategic development of AXA Investment Managers, the e340bn investment arm of the AXA Group, typifies the kind of move from balanced to specialist asset management that has gained momentum over the past decade. In 2003 AXA IM decided to re-focus its business on areas where it felt it had ...
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Features
Will the directive affect asset allocation?
This year the directive on institutions for occupational retirement provision (IORP) must be implemented in all EU countries. How will it affect financial markets? The directive may affect asset allocation procedures and outcomes. It requires a cover ratio of 100% at all times (art 15 and 16), it sets quantitative ...
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Features
Again a year of mixed fortunes
The January markets rally has affected 2005’s opening figures for many categories of hedge fund. Data revealing strong foreign demand for US assets had calmed fears that the US will struggle to fund its ballooning trade deficit. Instead, investors have focused on dollar-positive factors. Going forward, it is the threat ...
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Features
Europe's high yield comes of age
Last year was good for European high yield – not just in terms of investment returns, but issuance volumes last year were at record levels, passing those achieved in the now notorious Year 2000 at the height of the telecom bubble. Although the period between the spring of 2000 through ...
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Features
Funds take their own approach
Every pension fund is, or should be, aware of its liabilities – the benefits it owes each one of its members, now or in the future. But although taking steps to tailor the investment mix to cover these liabilities may seem to make sense, in practice pension funds take different ...
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Features
Back with a bang
After years of near-neglect, asset allocation is now centre stage. The pensions world has (re-) discovered its importance for investment performance, liability matching and risk management. How quickly things can change. Only a few years back the view was widespread that there was not much value added to be gained ...
