All IPE articles in January 2015 (Magazine) – Page 2
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Opinion Pieces
Guest viewpoint: Con Keating - BrightonRock Group
With 78% of pension funds considering themselves long-term investors in an IPE Focus Group survey, it would be tempting to believe that dramatic progress had been made towards achieving the objectives of the Kay Review on UK equity markets.
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Features
Letter from Brussels: Snail’s pace on new rules
An EU-wide framework for third-pillar personal pension products (PPPs) with an optional set of ‘second regime’ rules is inching forward.
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Country Report
Pension in Central & Eastern Europe: Rumours of nationalisation persist in Bulgaria’s second-pillar system
The Bulgarian press was full of speculation last November about the nationalisation of second-pillar assets. When the Hungarian government froze all contributions to the second pillar in 2010 and appropriated most of the assets, pension industries in the region, including Bulgaria, have lived in fear of similar attempts.
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Features
Savvy execution is the new silver bullet
In the third article in a new series, Pascal Blanqué and Amin Rajan argue that the ex post returns no longer match the ex ante promises
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Asset Class Reports
Investing In Small & Mid-Cap Equities: Starved of capital
Central bank policies are heading for divergent paths. Joseph Mariathasan looks into the likely impact on small and mid-sized stocks, where valuations are already exhibiting marked differentiation
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Features
Cash is king
There is a reason why business people judge their success by money in the bank. Alistair Wittet asks why equity investors focus more on accounting values that obscure this crucial number
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Country Report
Pensions In Central & Eastern Europe: A fresh start for pensions
Polish pension funds have been taking stock of a drastically changed landscape following last year’s large-scale asset transfer to the state system. Krystyna Krzyzak asseses how they have managed the process
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Country Report
Pensions In Central & Eastern Europe: The freeze continues
Regulatory uncertainty is clouding the Russian second pillar system. The market outlook following international sanctions over Ukraine and a drastically lower oil price is almost certain to hit returns, finds Krystyna Krzyzak
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Country Report
Pensions In Central & Eastern Europe: A closing chapter
Pension fund reforms launched in 2013 by the government of Petr Nečas have fallen flat. The voluntary second pillar is to be abolished as of January 2016, while many of the third pillar funds will have to be merged to meet capital requirements.
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Country Report
Pensions in Central & Eastern Europe: Growing pains
Carlo Svaluto Moreolo assesses Croatia’s mandatory pension system as it digests new rules creating lifestyle strategies and loosening restrictions on domestic equity and foreign investments
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Country Report
Pensions in Central & Eastern Europe: Unwanted child no longer
Romania’s privatisation programme is providing domestic pension funds with more investment opportunities, finds Carlo Svaluto Moreolo
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Country Report
Pensions in Central & Eastern Europe: In search of size and scale
Rachel Fixsen speaks to the CEOs of two of Latvia’s open pension funds about strategy, consolidation and communication
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Special ReportSpecial Report, The M&A Cycle: When CEOs go shopping
The charts on this page, which you will find illustrating articles elsewhere in the January 2015 issue of IPE, tell of the M&A cycle that we explore in this month’s special report.
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Features
Investors are ‘ill prepared’ for climate change
Investors are ill prepared for a loss of asset value due to climate change, according to a poll conducted at the 2014 IPE Conference.At the event, 83% of delegates said they were badly or very badly prepared for such a development.
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Features
Frozen conflict
Since a 1964 report on road pricing in the UK, authored by one RJ Smeed, the idea of charging citizens for use of public highways has been repeatedly raised in Britain.
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Special ReportSpecial Report, The M&A Cycle: Credit over-reaching
Joseph Mayo advises bond investors on what to look out for during the ‘reach’ phase of the credit cycle – and what to do about it
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Special Report
Special Report, The M&A Cycle: Will it be different this time?
In the past, studies have questioned whether M&A adds long-term value and there is plenty of academic and anecdotal evidence of badly-botched integrations. “There are plenty of train wrecks out there,” as Steve Allan, M&A practice leader at Towers Watson, puts it.
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Special Report
Special Report, The M&A Cycle: Feeding frenzy
While European valuations have dipped recently thanks to growth fears, cash and equity-rich trade buyers are still competing for assets against the private equity titans like never before, finds Lynn Strongin-Dodds
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Special ReportSpecial Report, The M&A Cycle: Raw Deals
Mergers and takeovers can be traumatic for bondholders. Beverly Chandler finds portfolio managers carefully scrutinising their covenant protections
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Special Report
Special Report, The M&A Cycle: The M&A premium
There is no doubt that when M&A picks up, potential acquisition targets attract inflated bids. But Christopher O’Dea finds little evidence of a market-wide M&A premium, and even sectors that are usually targets are seeing prices driven much more by other factors
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