All Features articles – Page 87
-
Features
Warning: contents may vary
Michel Barnier, the European Commissioner for the internal market, seems determined to end his period in office with a blizzard of activity ahead of this month’s European Par- liament elections. The (much watered down) draft directive for IORP II and a paper on long-term financing of the European economy were closely followed by a draft directive revising shareholder rights legislation, complete with a controversial proposal for a mandatory say-on-pay vote at EU listed companies.
-
Features
Growing pensions China style
China launched a massive stimulus pro- gramme in 2008 in its bid to fend off the ravages of the global downturn. While that largely succeeded, there are now long-standing fears of an asset bubble, particularly in property. Growth is predicted to slow this year to its lowest rate since 1990. The country is in the midst of an anti-corruption drive, which is hitting sales of luxury goods, and air quality is still awful.
-
Features
Rates of change
A multi-polar growth and monetary landscape will require a less constrained approach to fixed income, argues Stephen Cohen. Right now emerging markets look like an attractive prospect
-
Features
Creativity in captivity
After Iceland’s banking collapse, capital restrictions meant pension funds had to invest significant assets in the domestic market. Gylfi Jónasson, CEO of the Festa Pension Fund tells Jonathan Williams that being captive does not have to breed contempt
-
Features
Brinksmanship
The Dutch pension system has been on the brink of a large-scale overhaul for five years now. In 2009 the government postponed a wholesale revision of Dutch second- pillar pensions with two major studies into the sustainability of the Dutch second pillar. Their findings led to a slew of reform proposals – some sensible, some outrageous, all contentious.
-
Features
Little red box full of radical tricks
Every spring, the UK chancellor presents the public with a red box full of tricks, setting out the government’s economic plans. While pension tax relief has often been tinkered with, this year George Osborne announced a wide-ranging reform of the defined contribution (DC) at-retirement system, the implications of which will be far-reaching.
-
Features
Outward bound
We seem to get out of the office so rarely these days. All of us spend more time dealing with electronic communications that simple, face-to-face contact takes place less often than it used to.
-
Features
Geology doesn’t end at the border
Europe sits atop abundant shale energy reserves and Moscow’s annexation of Crimea has catalysed interest in unlocking it to reduce dependence on Russian gas. Tapping those reserves will be a long-term investment proposition, says Christopher O’Dea
-
Features
Bond platform rivalry heats up
Pension funds and other institutional investors are searching for alternative ways to find liquidity in fixed income. Bond platforms are vying for the job, writes Maha Khan Phillips
-
Features
Viva Aviva? Well, maybe
Gail Moss looks in detail at Aviva Staff Pension Scheme’s £5bn longevity risk transfer which, although still part of a relatively small club, could open the door to similar deals
-
Features
Exploding the asset allocation myth
The old dictum of ‘fix asset allocation and the numbers will follow’ no longer works, says Amin Rajan, and a world-class strategy is now worthless without world-class execution
-
Features
Three is a magic number (again)
Last month I wrote about how bond-market valuations are supported by the shape of the yield curve. This month (inspired by a presentation by BNP Paribas’ Kokou Agbo-Bloua I saw recently) we will turn to equities.
-
Features
Sailing towards sustainability
Antony Barker, of the UK Santander Group Pension Scheme, tells Jonathan Williams how his fund is on a path towards sustainability, and how property and consumer disposable income play a key role in the new asset allocation
-
Features
Three is a magic number
Ever since US 10-year yields bounced off of a low of 1.4% in July 2012, the investing commentariat has been predicting the end of the bond bull market and sky-high levels for benchmark rates.
-
Features
Long tech, short toil
Bob Swarup likens today’s environment with the second industrial revolution and the six-year depression it unleashed, and advises investors to get on the right side of the current technological revolution
-
Features
IORP II: Stand by for a saga
Pity the poor European Commission when it announces its long-awaited plans for a complete upgrade of EU rules governing occupational pensions.
-
Features
A few reactions…
The leaked draft of the IORP II Directive has generally received positive reactions from experts in the European pensions industry.
-
Features
Favour Europe and the euro
Lorenzo Naranjo and Carmen Stefanescu argue that balance of payments and current accounts suggest Europe is strengthening while China weakens
-
Features
Farmland, infrastructure and ESG
At this year’s National Association of Pension Funds Investment Conference, delegates gathered in Edinburgh looking to bridge ideas and investment strategies for the future. Sessions on smart beta, liability-driven investing (LDI) and multi-asset solutions were popular.
-
Features
Two sides to private equity
A recent NBER working paper suggested that private equity delivered absolutely no risk-and-cost-adjusted return beyond what is available in public markets. Anthony Harrington takes a closer look at this surprising finding
