Guest viewpoint: Why and how we need to change the conversation about pension reform
Pension funds on the record: inspiring confidence in inflationary times
Newton’s Euan Munro: Seeking the best of both worlds
Research: Pension investing in an inflation fuelled world
Asset Class Report - Fixed Income
Country Report – Pensions in Central & Eastern Europe 2023
Special Report - DC Pensions
Top news
Norway government must shoulder risks for green shipping investment, says KLP
‘We have the money, and we want to invest,’ says Sverre Thornes
Publica looks for real estate equity managers to invest in US, Canada
The pension fund plans to bolster its international allocation to real estate, adding Canada as a new market
Divestment has only limited impact on pension funds’ carbon footprint
Most of the reduction in carbon emissions can be explained by existing portfolio companies emitting fewer CO2, according to a study by Dutch pension regulator DNB
Interest rate rises propel Dutch pension fund losses to record high
Pension funds in the Netherlands lost some €300bn on their interest rate hedges in 2022, according to estimates
FCA’s clampdown on greenwashing requires clarity for success, say consultants
The SDR proposals should also apply to products marketed for institutional investors, including pension schemes, says Redington
ATP chief rejects investment strategy change after ‘black swan’ 2022 crash
Guarantees are a necessary part of ATP’s scheme, because it is part of Danish basic pension provision, says Martin Præstegaard
City of Berlin to issue €750m in sustainable bonds
The city’s first sustainable bond is being issued in line with the internationally recognised market standards of the International Capital Market Association
Wales Pension Partnership picks Schroders for £500m private equity mandate
The mandate will have a global investment focus, allocating across a number of industries including healthcare and technology
ISSB to finalise sustainability rules in February, tackles confidentiality concerns
The board is ‘very close to the objective of having made all substantive decisions’ about standards S1 and S2, says chair
People moves: Cardano picks deputy CEO for NOW: Pensions
New global commission launched to raise mining sustainability standards
NEST and Cushon consider forestry investments
Norges blacklists Indian, Chinese state firms on Myanmar risks, after holding €32.2m
Swiss pension funds’ funding ratios deteriorate, says Swisscanto
Compenswiss expands private debt programme
Nordic pension funds tilt equity portfolios to value amid high inflation
Low Countries’ COVID recovery funds contingent on pension reform
BaFin warns of sinking reserves for Pensionskassen with higher interest rates
UK roundup: Tioxide Pension Fund in £430m buy-in deal with L&G
British employers could face £34bn bill following new pension rules, says LCP
IPD calls for swift Danish, EU action on green energy in face of Biden’s rapid rollout
German Green Party defies idea of growing first pillar equity pension funds
VBV pension funds post negative returns in 2022
IPD calls for swift Danish, EU action on green energy in face of Biden’s rapid rollout
Danish pension funds will make their renewable infrastructure investments in US if Denmark, EU don’t move now, says lobby
PRI adds biodiversity to global climate policy forecast
FSP+N assesses the likelihood of ‘forceful responses’ by rulemakers seeking to address climate change and biodiversity loss out to 2030 and 2050
Newton’s Euan Munro: Seeking the best of both worlds
Euan Munro has built a formidable reputation in asset management, developing a major multi-asset absolute return strategy at Standard Life Asset Management in the 2000s. But the fortunes of his once mighty Global Absolute Return Strategy (GARS), now managed by Abrdn, have wavered as multi-asset strategies have fallen out of favour.
Dutch medical specialists: focus on healthy pensions
Marcel Roberts (right), CIO, and Ravien Sewtahal, investment manager of SPMS, the Dutch pension fund for medical specialists, talk to Carlo Svaluto Moreolo about risk management and sustainability
Pension funds on the record: inspiring confidence in inflationary times
Rising inflation affects portfolio as much as morale, which is why many pension schemes are making extra efforts to advise their members
Mirova’s Philippe Zaouati: realistically optimistic
Asset management CEOs tend to be a clever bunch, but there cannot be many who are familiar with the work of Antonio Gramsci, the 20th century Italian socialist philosopher.
Delivering pensions ‘like a Bosch’: Bosch pensionsfonds
Dirk Jargstorff (pictured right), CEO of the pioneering Bosch Pensionsfonds, and Christian Zeidler, CFO, talk to Carlo Svaluto Moreolo on the fund’s 20-year anniversary
People moves: M&G picks Natixis head for chief role
Franklin Templeton, BNP Paribas AM, Aon, Allspring, M&G, Pictet, Natixis, TPT, XPS Pensions Group, Pollination, Mercer, Federated Hermes, LCP, AP4, Arkwright
People moves: NOW: Pensions names director of public affairs and policy
Capital Cranfield, Nomura, Partners Capital, ABN AMRO, Amundi, UBP, AP1, NOW: Pensions, Quilvest, Aon, Blue Sky Group
ESG: Germany’s energy options
The country’s reliance on Russian gas means its change of energy sources will carry a larger environmental cost
European Commission announcement brings some clarity to derivatives clearing
Many unanswered questions linger after the departure of the United Kingdom from the European Union. However, a recent announcement by the European Commission (EC) promises to bring some much-needed clarity to the derivatives market.
UK fiduciary managers wrangle with LDI fallout
UK Gilt yields rose throughout 2022, even before September’s well-publicised spike caused by the unfunded mini budget. Fears of global inflation, exacerbated by the energy crisis and geopolitical uncertainty following Russia’s invasion of Ukraine, took UK 10-year yields from around 1% in January to 3% in mid-September.
COP15: Biodiversity develops investment ecosystem
Biodiversity is fast catching up with climate change as a priority for investors and supervisors, and developments last year have set the stage for a productive 2023.
Germany’s equity pension plan raises questions
The current legislative period could bring substantial changes to Germany’s pension system. The government is pursuing reforms to fund first-pillar pensions through a buffer fund invested in equities, although there is little consensus on its feasibility.
European authorities must focus on derivatives risk
Opinions may differ on whether Brexit has had a positive or negative impact on either of the parties involved. However, it could be argued that an idiosyncratic event such as the liquidity crisis that took place in the United Kingdom at the end of September could have been averted, had the country been part of the bloc. Investors lost confidence in the UK government, now more isolated than before Brexit, and its ability to maintain its fiscal balance, after the announcement of a massive fiscal spending plan at the end of September. That sent yields on UK Gilts soaring and led to a spiralling lack of liquidity, as pension funds rushed to post collateral on their interest-rate derivative positions.
Viewpoint: Climate-related scenario analysis – part of the problem or part of the solution?
‘I’ve yet to see a board of trustees that has made significant changes to its asset allocation as a result of scenario analysis,’ says Julis Pursaill at Cushon
Viewpoint: And if we trusted the market to improve ESG information?
What trust would one put in financial information that is solely reserved for investors and not published, that no independent analyst could challenge, given that the regulator would have no way of guaranteeing its veracity either?
Viewpoint: Escape from Flatland
A two-dimensional, return-and-volatility view of investments may not allow you to see important risks
Guest viewpoint: Why and how we need to change the conversation about pension reform
In their new book, Power and Prediction, on the disruptive economics of artificial intelligence (AI), authors Ajay Agrawal, Joshua Gans and Avi Goldfarb write about the ‘between times’ between an important new discovery and the time it takes for that discovery to go mainstream. In 1879, Thomas Edison demonstrated the potential of the electric light bulb to change the world, yet 20 years later only 3% of US households had electricity. It would take another 20 years for that number to reach 50% of the population. For electricity the ‘between times’ were 40 years. This prompted the authors to wonder how long the ‘between times’ will be for AI.
COP15: Biodiversity develops investment ecosystem
Biodiversity is fast catching up with climate change as a priority for investors and supervisors, and developments last year have set the stage for a productive 2023.
Asset Class Report - Fixed Income
Last year was the worst in recent decades for both government bonds and credit, with portfolio returns worse than most professionals have experienced in their careers. But is the tide finally shifting as inflation starts to moderate and terminal policy rates are in sight? In any case, geopolitical risks and inflation are not set to go away, and recession will inevitably take a toll on corporate issuers.
Asset Class Report - Equities (December 2022)
Factor investment strategies were once the ‘new black’ - scientific, quant driven approaches that could deliver the ‘smart beta’ nirvana of lower volatility returns and optimised exposure to robust return premia from small cap, value and quality stocks. Pundits always warned adopters that not all factors would perform all of the time - and indeed they didn’t. But investors are taking a fresh look at factor strategies now the extended spell of outperformance of growth stocks has passed, and value has reasserted itself.
Private Markets Report
Our report looks at the impact of economic uncertainty on private debt strategies and on venture capital. We focus on the rising role of pension funds in the private equity secondaries market. We explain in detail what ‘tokenisation’ of private assets is and how it could change this market for institutional investors.
Emerging Market Debt Report (October 2022)
This year has seen hefty losses on the main emerging market debt indices, in both hard and local currency denominated bonds. Investors are left assessing whether these price moves are justified. Or has the market overreacted to US rate rises and the war in Ukraine, leaving markets as a whole underpriced?
Equities: Are Paris-aligned benchmarks a climate gamechanger?
Inflexible annual carbon reduction targets and weak data can lead to flawed decision-making
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