Latest from IPE Magazine – Page 114
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AnalysisEquities – The valuation conundrum
The huge gap in current equity valuations, depending on which metrics are used, presents a tricky challenge for investors
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Opinion PiecesSuper asset managers: size matters
Institutional investors must question how the emergence of super asset managers have really benefited them over the years, especially since the cycle of mergers and acquisitions seems to have continued 10 years on.
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AnalysisCheers and concerns over DWP climate amendments to pension bill
Climate change-related amendments to draft pension fund legislation tabled by the UK government have prompted words of welcome as well as concern from the pension industry.
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Opinion PiecesDavos Diary: Benefitting all stakeholders
January’s World Economic Forum meeting in Davos captured the spirit of the early 21st century with the overall theme of “stakeholders for a cohesive and sustainable world
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FeaturesLong term matters: To investors who care about the climate crisis – act before COP26
Rather belatedly, we have a new president of COP26 in the form of Alok Sharma, former UK international development secretary. But this sorry saga seems quite symbolic – we know that we need to do something big but we can’t quite get our act together.
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InterviewsHow we run our money: Pirelli DB pension funds
Flavio Cateni (pictured), former head of DB pensions at Pirelli, now acting as an adviser to the company, outlines a far-sighted fiduciary management strategy and a robust risk management approach
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FeaturesIntegrated reporting: Accounting goes sustainable
Combining conventional financial reporting with non-financial reporting in a single integrated framework presents challenges
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Opinion PiecesLetter from the US: Lower rates, deeper holes
Something unprecendented happened in the US in the first weeks of January when the Milliman 100 PFI discount rate fell 35bps to a 20-year low of 2.85% “It was a very poor month for defined benefit (DB) plans, not a good start of the year and it dug an even deeper hole in their financial situation,” points out Zorast Wadia, principal, consulting actuary at Milliman. He is also author of the Milliman 100 pension funding index (PFI), an annual study of the 100 largest DB pension plans sponsored by US public companies.
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Book ReviewBook review: The Signs Were There - Spilling the saucerful of secrets
Tim Steer’s romp through the world of dodgy accounting practices and share price debacles is beyond shocking. He brings together his forensic examinations of publicly quoted companies’ accounts, and demonstrates clearly that “the signs were (indeed) there” in a way that induces reader incredulity.
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InterviewsPerspective: Striving for net zero
Günther Thallinger, a member of the board of management at Allianz and chair of the steering group of the UN-convened Net-Zero Asset Owner Alliance, spoke in Davos about the role of asset owners in reducing carbon emissions
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Opinion PiecesGuest Viewpoint: Gregg McClymont
If the purpose of a pension system is to deliver a stable income in retirement, then the UK, strictly speaking, is on a path to leaving pensions behind.
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FeaturesEmerging market outlook
Emerging markets have a knack for being in the headlines for the wrong reasons. They also stand out as sources of growth for investors who face low interest rates and muted economic performance in the developed world
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FeaturesDollar/sterling: The road ahead for cable
The twisting path of the dollar/sterling relationship over 2020 will provide ongoing theatre, punctuated by moments of intensity
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FeaturesGeopolitical risk: The new norm
Geopolitical risk is now the norm and not the exception, and brings with it a rise in volatility,” says Joyce Chang, chair of global research at JP Morgan, adding: “This volatility has tended to create more noise than trend.”
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FeaturesESG: What drives ATP to divest?
Short of flying someone to Mexico City to knock on the door of the mining and transport company’s headquarters, the Danish pension fund had done all it could. Selling off its DKK13m (€1.7m) block of shares in Grupo México was not what ATP really wanted to do at the end of last year.
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Interviews
Strategically speaking: Old Mutual Alternative Investments
Africa looks set to account for over half of the world’s population growth between now and 2050, according to the UN. Thanks to a young population and a high fertility rate, Africa’s population could exceed 2bn, making it the fastest-growing continent in that respect.
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AnalysisFixed income, rates, currencies: China’s woe hits rest of world
While the speed and breadth of the spread of infection was unknown, it was apparent that the outbreak of the new coronavirus, named COVID-19 by the World Health Organization (WHO), would cause considerable disruption to economic activity in China.
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FeaturesAhead of the Curve: The trade war and Asia
The rivalry between the US and China looks set to dominate Asian affairs in the future and cannot be ignored by responsible investors. The escalation of tensions at the start of Donald Trump’s presidency led to an increase in trade barriers and impacted growth; now a temporary truce has been agreed but uncertainty remains, as do tariffs on Chinese exports to the US. The new bilateral agreement is a positive step, but investors should take a long-term view; the economic and strategic rivalry looks set to continue and some sectors are better placed than others to adapt to this landscape.
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