All IPE articles in July 2014 (Magazine) – Page 2
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Features
Time for a change
Earlier this year, the investment team had a briefing from Rolf, the long-standing chairman of trustees of the Wasserdicht Pension Funds here in the Netherlands. Things are changing, at least in terms of our internal governance, and Rolf came along to tell us about it.
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Features
Burmese days
Rachel Fixsen finds mixed views about Burma as an investment destination for European pension funds
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Features
Bond managers are worryingly sanguine
ECB president Mario Draghi unveiled his latest measures to arrest disinflation and rouse dormant corporate lending markets in June. Soon afterwards, big records started tumbling.
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Features
Bolt the penthouse door
The apparent recovery in the UK and converging spreads in euro-zone bond markets mask deep structural flaws in economies that have seen little genuine reform, argues Eamonn Butler
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Features
Sounding boards
Charlotte Valeur argues that fund governance should be improved with more pro-active communication between investors and boards, independent of the investment adviser
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Special Report
Pension Fund Governance: Board effectiveness: From path dependency to integrative thinking
“One of the curses of our industry is path dependency,” says Keith Ambachtsheer, director emeritus of Toronto’s Rotman International Centre for Pension Management (ICPM) and academic director of the Rotman’s Board Effectiveness Programme (BEP) for pension funds.
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Features
The big picture
The ECB’s actions and words after its June meeting were met with approval throughout the world’s capital markets. As much of what was announced was already priced in, there was a fairly muted response, which wasn’t sufficient to weaken the euro too much.
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Features
Risk in emerging markets and beyond
Book review Emerging Markets in an Upside Down World: Challenging Perceptions in Asset Allocation and Investment, Jerome Booth (Wiley, £29.99)
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Features
Pensions cart before the horse
It may come a surprise that the UK, Europe’s leading pension market by assets, has been one of the least innovative in terms of benefit design – something the present government is keen to rectify.
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Country Report
Italy: Freedom beckons
Carlo Svaluto Moreolo outlines long-awaited changes that will liberalise investment rules for Italian pension funds
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Asset Class Reports
Investment Grade Credit: No bears threaten Goldilocks
After the big spread-tightening, managers warn against the shortest maturities and talk up senior bank debt, bottom-up bond-picking and relative value basis trades David Turner explores opportunities in the euro-zone credit sweet spot
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Asset Class Reports
Investment Grade Credit: The last bastion of value
Sluggish growth and subdued corporate confidence persuade sterling and euro credit managers that their asset class remains ‘the best house in a bad neighbourhood’, finds Martin Steward
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Asset Class Reports
Investment Grade Credit: Banks or supermarkets
The world’s banks are cutting debt and repairing balance sheets. The world’s non-financial companies are gearing up to take risk. Joseph Mariathasan explores why the choice for bondholders is not as clear as it sounds
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Country Report
Italy: In search of the right balance
Further scandals at casse di previdenza highlight the urgent need to promote better governance at Italian pension funds, finds Carlo Svaluto Moreolo
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Features
Put the trust back
Italy is a self-perpetuating paradox. Structural and historical forces keep the country under constant pressure; yet they drive a search for innovation to solve long-lasting problems. The pension system is a perfect example.
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Special Report
Pension Fund Governance: Avoid the bear traps
UK pension funds are increasing governance levels as they implement regulatory guidance on integrated risk management, says Pádraig Floyd. Professional trustees are playing a greater role
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Interviews
Success assured
When Russell Büsst was coaxed from Amundi in 2011 to head Conning’s expansion into Europe, he had three objectives: break even and hit $10bn (€7.38bn) under management within three years; use the firm’s insurance-industry relationships as a platform to build the pan-European business; and balance property-and-casualty (P&C) with life-and-pensions (L&P) assets.
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Country Report
Italy: The search for pension assets
Iain Morse surveys Italy’s custody market, which is undergoing sweeping changes
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Asset Class Reports
Investment Grade Credit: Any life in long-dated bonds
A recent reform announcement could significantly reduce the UK’s annuity market. Joseph Mariathasan asks what the knock-on effect might be for long-dated sterling bonds
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Features
How we run our money: My door is always open
Alfredo Granata and Paola Muratorio tell Carlo Svaluto Moreolo about their fund’s drive to invest in the real economy and its openness to new ideas
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