All IPE articles in July 2006 (Magazine) – Page 2
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Features
Waiting to be discovered
When pension funds invest in traditional assets like equities and bonds they expose themselves to unintended sources of risk. The main sources unintentional risk are volatility and dividend yield for equities and credit spreads and liquidity for bonds. Once they detect these sources of risk most funds will either carry ...
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Features
Devil is in FX detail
Direct and in many cases very significant financial benefit can accrue to pension funds and investment managers that pay closer attention to their foreign exchange (FX) trades. UK-based benchmarking firm Amaces has launched a new module in its CMS analytical and benchmarking service that covers all FX deals. The module ...
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Features
Reducing the deficit top priority
With the third largest budget deficit in the world, Italy needs its bond market to be more attractive than ever to investors. Now that Romano Prodi is officially in charge, the realities of sorting out the burgeoning deficit hit home hard. He has acknowledged that the public accounts are in ...
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Features
Reform comes to a crossroads
After three and a half reforms during the past decade, restructuring the pension system is no longer a top priority in the Italian political agenda. The newly appointed Prodi government, however, will hardly be able to ignore the issue, as Mario Draghi, the new governor of the Bank of Italy, ...
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Features
Legislation changes in nutshell
The law decree 5 December 2005 n.252, in application of the last pension reform (law 23 August 2004 n.243), has significantly modified the current law on pension funds (law decree 21 April 1993, n.124). The new law is likely to pave the way for major change in Italian pensions, moving ...
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Features
Double challenge for open funds
COVIP (Italy’s pension fund regulatory authority) gave the first green lights to open pension funds OPFs) in July 1998 following legislation originally enacted in 1993. So far they have not been particularly effective. Therefore, the past government decided to pass a new reform originally scheduled for 2006 but which has ...
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Features
Burying heads in sand
The attitude to hedge funds among most UK pension funds never fails to amaze me. While happily (or at least willingly) accepting the volatility of equities, most trustees seem too frightened to make an investment in hedge funds, claiming that such an investment would be too risky despite the majority ...
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Features
When the state bows out
Latvia’s fledgling second pillar pension funds expect to receive a much-needed shot in the arm over the coming year if a plan to withdraw the State Treasury from the market is approved by parliament. “The State Treasury became involved in funded pensions because our pension reform was implemented in the ...
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Features
Shunning the black box
Imagine you are at a cocktail party by Lake Geneva on a warm summer evening, perhaps in Lausanne or Montreux. And as you sip a drink and enjoy the view of the sun setting behind the mountains you are aware of an ambiance of good feeling, you see people networking ...
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