All IPE articles in July 2011 (Magazine) – Page 2
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FeaturesNordic investors warm to EMD
Investors in Nordic countries show rising interest in emerging market debt as a way to take part in the emerging market story. Jan Willers reports on findings of a recent survey
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Features
Event horizons
Martin Steward finds an unusual corporate event cycle teeing up opportunities for event-driven hedge funds – but not necessarily classic merger arbitrage or distressed debt
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Features
MNOPF to reshape UK fiduciary landscape?
When the Merchant Navy Officers’ Pension Fund (MNOPF) announced it was appointing Towers Watson as delegated CIO, the UK pension industry took notice. While the £3.3bn (€3.7bn) scheme may not be big compared with some of the Dutch pension giants, it is influential in the UK, especially with its appointment establishing Towers in UK fiduciary management.
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Opinion Pieces
MiFID II
The European Commission is preparing its revision of the Markets in Financial Instruments Directive (MiFID I) that provides harmonised regulation for investment services. MiFID II is due to be published in September 2011, slightly delayed from the earlier deadline of July.
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Features
Keen on illiquidity
Peter Wallach of the UK’s Merseyside Pension Fund tells Nina Röhrbein how the scheme’s philosophy affects its investment strategy
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Special Report
Measuring social impact
Work needs to be done to standardise the measurement of the social impact of investments. Michele Giddens warns against oversimplifying the question
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FeaturesInvestment innovations: a scorecard
Pension plans have an open mind about innovations, say Neeraj Sahai, Jim McCaughan and Amin Rajan
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Features
Risk remains a top issue
Over three-quarters of respondents to this month’s Off The Record survey stated that risk management had been raised as an agenda item on their board in the past 12 months. This was slightly lower than reported at the same time last year (85%), but still clearly shows its importance as an issue for pension funds.
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Country Report
Italy: Uncertainty reigns supreme
The Italian pension sector is facing a period of overdue reform, the second-pillar needs strenghtening and the restrictive law 703 hampers investment decisions. But Carlo Svaluto Moreolo wonders if the government has any desire for change
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Opinion Pieces
A labour of love
This is a busy time for pension fund professionals in the US as they try to figure out the impact of new rules issued by the department of labor (DoL) on fee disclosure and fiduciary responsibility. Changes are likely to occur soon for plan sponsors, providers, investment managers, brokers, and advisers of 401(k)s and other defined contribution plans, which reached a record $4trn (€2.8trn) in total assets and 82m participants at the end of 2010, according to Plan Sponsor.
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Features
What do regulators need?
Pension regulators come in a variety of shapes and forms. Sometimes those forms change to reflect prevailing wisdom on the best constitution of financial regulatory and supervisory bodies.
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Special Report
A tailor-made trend
Nina Röhrbein reports on a recent surge in demand for sustainable indices, but questions whether they match client needs
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Country Report
Italy: Hamstrung by law 703
Armando Piccinno reviews Italian pension funds’ asset allocation behaviour
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Special ReportPortfolio Construction: Preparing for all probabilities
Emma Cusworth discusses strategic asset allocation weights adjusted for the economic cycle
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Special ReportPortfolio Construction: The changing asset allocation framework
Stacy Cuffe, Lisa Goldberg and Frank Nielsen describe the move from asset-class allocation to risk-based allocation, and the problem of ‘risk-grouping’
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Special ReportPortfolio Construction: Hedge fund ALM
The 2008 crisis showed how liquidity mismatches can undermine apparently robust hedge fund portfolios. Peter Meier and Jann Stoz argue that measuring returns autocorrelation can enable investors to assess mismatches using only fund of fund-level information
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Country Report
Italy: Amundi SGR SpA Seconda Pensione Fondo Pensione Aperto
The supplementary pension fund of Amundi Asset Management is a defined contribution plan, founded in 1999. Subscription is voluntary and open to employees of Amundi and other individuals, independent of profession.
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Special Report
Portfolio Construction: Risk as a profit centre
Managing and monitoring tail risk is not just about insuring against extreme losses. Boryana Racheva-Iotova describes the potential for expected tail loss measures to feed into tactical portfolio optimisation where variance is traditionally deployed
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Country Report
Italy: Fondo Pensione Complementare Pegaso
Fondo Pensione Complementare Pegaso was founded in 1997 as the contractual pension fund for the Italian utilities sector. Its membership base consists of mainly electricity, gas and water companies, at present it has around 500 member companies.
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Special Report
Portfolio Construction: Convexity complexities
Buying absolute return or tail-risk insurance strategies complicates the portfolio rebalancing process. But Martin Steward finds that a solvency management framework can re-impose some objectivity on that process
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