Latest from IPE Magazine – Page 123
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AnalysisInvestors react to EU Green Deal
PensionsEurope and EFAMA have reacted positively to a European Commission climate change-driven growth strategy
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InterviewsInterview: Miranda Carr, Haitong International
It is all too easy to forget that the markets are in a peculiar state. For example, nominal yields on US 10-year Treasuries have trended downwards since 1981. Real interest rates – that is, adjusted for inflation – have also trended downwards from about the same time. Estimates vary but there are also many trillions of euros worth of negative yielding debt.
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InterviewsOn the Record: Retirement income
IPE asked three pension funds how they help members to ensure investment returns are turned into good retirement outcomes
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InterviewsHow we run our money: Xerox UK Final Salary Pension Scheme
Jeffrey McMahon, head of pension investment and risk at Xerox UK, tells Carlo Svaluto Moreolo about the plan to make the company’s legacy DB scheme self-sufficient
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FeaturesChina: On a long climb up the ESG ladder
China is the world’s biggest emitter of greenhouse gases, compels imprisoned Muslims in Xinjiang to toil in factories, and has Communist Party committees embedded in companies, exercising a shadowy influence over management. It is, in other words, not exactly a poster child for good ESG performance.
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FeaturesESG Report: SAAving the world?
Integrating ESG has become commonplace in institutional investment, but generally the discussion has focused on areas such as security selection and stewardship
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InterviewsStrategically speaking: QMA
QMA’s CEO Andrew Dyson explains why current market dislocations arguably represent the biggest investment opportunities of the last decade – if not of the last 25 years – for value investors
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FeaturesPerspective: Carlo Cottarelli
Carlo Cottarelli, the Italian economist and former IMF director, says fixing the European economy will mean taking difficult decisions
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Opinion PiecesGDP numbers spread fake news
GDP is a measure of economic activity rather than wealth creation. As such, it can give misleading signals about the health of an economy
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FeaturesAccounting Matters: Inflation measurement dilemma
If there is one issue that has seized the attention of defined benefit (DB) sponsors this reporting season, it is whether inflation should be measured using the consumer prices index (CPI) or the retail prices index (RPI). And Lane Clark & Peacock (LCP) partner Alex Waite is clear why: “There is a formula [for RPI] and the formula is wrong. It is like having an error in a spreadsheet,” he says.
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Opinion PiecesLetter From US: Concerns over common ownership unabated
No matter who wins the presidential election this November the issue of concentration of US corporate ownership by the Big Three money managers – BlackRock, Vanguard and SSGA – will not go away
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AnalysisResearch: Back to basics will drive asset allocation
In the final article on a new report, Pascal Blanqué and Amin Rajan conclude that liquidity management has become vital as quantitative easing reaches a point of diminishing returns
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Opinion PiecesGuest Viewpoint: Fabrice Demarigny, Joachim Nagel & Corien Wortmann-Kool
“A reboot of the CMU has moved up the European policy agenda”
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FeaturesDutch hedging strategies: Dynamic approaches in favour
Levels of interest rate hedging cover used by Dutch industry-wide pension funds vary widely, according to figures published late last year by pensions supervisor De Nederlandsche Bank (DNB).
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FeaturesPensions depositaries: IORP II’s new consolidation option
European pensions legislation raises the possibility of a new kind of consolidation vehicle that could also accommodate large Dutch mandatory industry-wide pension funds
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FeaturesHow to improve EIOPA’s stress test
EIOPA’s 2019 stress tests already included substantial improvements, but the cash flow analysis could be improved further
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FeaturesAsset management faces systemic risk questions
When will the next financial crisis hit? Over 80% of respondents among a sample of 500 institutional investors surveyed by Natixis Investment Managers expect a crisis to take place within the next five years.
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FeaturesWhen safe haven assets aren’t safe
In the current environment, investors look set to lose money on European government bonds – a quintessential safe-haven asset
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FeaturesFixed income, rates, currencies: Better than expected
Although packed with geopolitical surprises 2019 turned out to be better than expected for financial assets. Equities and bonds rallied together reversing last year’s ‘unusual occurrence’ of both performing badly.
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FeaturesAhead of the Curve: Measuring the right thing
The old adage, ‘measure twice, cut once,’ only works if you measure the right thing. The prominence of GDP growth as the ultimate gauge of economic performance, for example, is increasingly a case of measuring the wrong thing. A single metric cannot hope to capture all the complex trends that develop below the surface of a modern knowledge and services-based economy.
