Latest from IPE Magazine – Page 16
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Features
Pancakes for lunch with Nobel laureate Harry Markowitz
Harry Markowitz, Nobel Laureate and founder of Modern Portfolio Theory, passed away in June this year. Much has been written about his contribution to the development of modern finance theory. Less, though, on Harry as a person.
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Features
ISSB: Green future or more green washing?
Imagine a world where investment professionals can make decisions based on standardised environmental, social, and governance (ESG) data. Well, that may no longer be a pipedream, thanks in no small part to the publication on 26 June of the International Sustainability Standards Board’s (ISSB) board’s first two sustainability reporting standards.
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Features
Open-ended investment funds face up to the shadow banking dragnet
The debate over the systemic risk of non-bank financial institutions (NBFIs) – sometimes called shadow banks – is a recurrent theme but it has recently moved to the forefront thanks to tighter monetary policies, geopolitical risks and factors such as the UK’s LDI crisis. While regulators are assessing the threats posed, most market participants believe changes will not happen for years. For some, there are fears that largely unleveraged segments like open-ended investment funds could be unfairly targeted
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Features
Fixed income, rates & currency: Uncertainty persists
As the major central banks in developed markets reach, or at least near, the end of their hiking cycles, markets, rather than identifying when policy rates will peak, focus is now on the conundrum of just how long these policy peaks will be maintained.
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Features
Qontigo Riskwatch - September 2023
*Data as of 31 July 2023. Forecast risk estimate for each index measured by the respective US, World and Emerging Markets Qontigo model variants
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Features
IPE Quest Expectations Indicator: September 2023
US officials are talking up the Ukrainian advance towards Melitopol, a sign that all is not well. Contrary to expectations, the biggest problem is not the Russian air force, but land mines. Trump’s legal problems are as worrisome as his inexplicable lead among Republicans. US abstinence in the struggle against climate change is a potential cause for a major trade war as the EU realises it must expand its regulations on importing ‘dirty’ products to prevent a free rider problem undermining its climate efforts. In the UK, Labour’s lead over the Conservatives remains crushing, making it difficult to claim the government has a popular mandate.
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Special Report
Iceland: Government faces pension fund ire over housing bond controversy
Pension funds have welcomed a relaxation in foreign investment rules but would have preferred a more liberal regime
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Special Report
Ireland: All systems go for national auto-enrolment
Irish government aims to launch auto-enrolment retirement system in 2024
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Special Report
Italy: Government eyes pension reform despite lack of resources
Giorgia Meloni’s right-wing government wants to lower retirement age and secure retirement income for young workers, but it faces an uphill battle against inflation
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Special Report
Netherlands: Pension funds to switch to DC by 2028
Long-awaited transition to happen despite complications of the Dutch pension system
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Special Report
Norway: Public-sector pensions consultation set for autumn
Occupational pensions could form part of a new review following last year’s Pension Commission report
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Special Report
Portugal: Social security surplus funds pension boost
The Socialist government aims to reduce pensioner poverty but faces considerable demographic hurdles
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Special Report
Spain: New regulation introduces lifestyling
Government pushes through legislation package before elections last July
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Special Report
Sweden: FTN’s large mandate overshadows Alecta’s position
Government authority sets out first tender in its bid to ensure pension funds access to quality funds to provide safer and higher pensions
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Special Report
Switzerland: Heated debate ahead of second-pillar referendum
The workplace pension system reform must clear the final hurdle of a national referendum and Pensionskassen will have to start to follow new guidelines on ESG
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Special Report
UK: Encouraging UK growth through consolidation
The UK government is pursuing plans to leverage pension assets to boost economic growth while generating best returns for members
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Opinion Pieces
Capital competition: where does it leave sustainability goals?
For pension funds and other similar large institutional pools of capital, there is significant pressure from politicians to invest in politically favoured domestic sectors – like renewables or high-growth sectors like venture capital.
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Country Report
Country report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
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Asset Class Reports
Portfolio strategy – Fixed income & credit
Factors including rising inflation and interest rates, the war in Ukraine, and the uncertainty surrounding the global economy might have significantly slowed down the growth of an alternative asset class like private debt. But this has not been the case, and while fundraising by private debt managers for 2022 and 2023 might be challenging, investors are making new long-term commitments.