Latest from IPE Magazine – Page 232
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Special Report
Outlook 2016: Regulation - Modified IORP still a headache
As a raft of financial directives continue to flow from the EU, two are raising the most concerns among pension schemes
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Special Report
Risk diversification ‘on’
Increasing sophistication and understanding of risk premia is leading to new approaches to combine them in a portfolio
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Special Report
Illiquid approaches
Some of the world’s largest institutional investors have had great success in illiquid investments such as private equity, infrastructure and lending
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FeaturesFrom our perspective: Off to the right start?
What could the UK learn from other countries as it seeks to consolidate the LGPS? There are clear arguments in favour of consolidation, and one recent proposal involves asset pools
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Features
Q3 Returns: China volatility hits Europe’s funds
Volatile equity markets caused third-quarter losses for most of Europe’s pension funds, as fears over China’s economy spread.
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Features
NAPF Conference: Out with the old, in with the new
The recent National Association of Pension Funds (NAPF) annual conference in Manchester signalled significant change for the industry
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Features
Auto-enrolment in Italy: An unlikely champion
Italy tried automatic enrolment in 2007 and it failed. Workers were given six months to decide whether their severance pay money, or TFR, should be kept on their company’s books or transferred to a second-pillar pension fund
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Features
Pensions Accounting: Is it enough?
The bid of the International Accounting Standards Board (IASB) to persuade the European Union to endorse International Financial Reporting Standard 9 (IFRS9) on financial instruments, remains controversial.
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Features
Interview: Nigel Stapleton - National Grid UK Pension Scheme
Nigel Stapleton tells Liam Kennedy about the decision this year to dispose of National Grid UK Pension Scheme’s in-house manager Aerion and how the scheme will be managed in future
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Features
Research: A new mindset for a new age
In the second article on a new pension survey, Pascal Blanque and Amin Rajan argue that it is harder to make rational decisions in this age of ultra-low rates
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Opinion Pieces
Guest Viewpoint: Peter de Proft & Alexander Schindler - EFAMA
The Action Plan for a Capital Markets Union, recently published by the European Commission, is both ambitious and sensible
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Interviews
On the Record: What is your outlook for 2016?
Three pension funds share their views on the outlook for 2016
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Features
Briefing: Time for TEE?
The UK government is mulling over a massive shake-up of pensions tax relief in a bid to incentivise retirement savings
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Features
Pan-European Funds: DC across borders
Running a single pan-European pension scheme is an attractive idea for employers with staff in more than one country
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FeaturesHow we run our money: Fondo Pensione Priamo
Osvaldo Marinig, chairman of Fondo Pensione Priamo, talks to IPE about how it is building a new asset allocation to manage its high rate of maturity
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Features
ESG: A new reporting paradigm
A new EU directive mandates non-financial corporate disclosures. In light of the Volkswagen emissions scandal, Elisabeth Jeffries finds reason for praise as well as for caution
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Features
Focus Group: Future threats (and delights)
For one-quarter of respondents to this month’s Focus Group, the biggest credible threat to the global economy and financial markets in 2016 is the bursting of quantitative easing-fuelled asset price bubbles. “Inflationary effects can quite suddenly bring markets down, if confidence is lost,” says the CEO of a Dutch fund.
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Features
Diary of an Investor: A different world
Last month I was over in London for a short business trip to visit some credit managers. Before I headed back to the airport I meet up with Thijs, a good friend of mine. Thijs recently moved from his role as CIO of one of the large industry funds in the Netherlands to a big corporate pension fund in the UK.
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Interviews
Strategically speaking: Pictet Asset Management - Starting from scratch
As in other walks of life, things go in and out of fashion in institutional investment. Multi-asset investing is a case in point. Once, a few balanced managers held centre stage in pension fund management in countries like the UK, the Netherlands and Switzerland. Then, in the 1990s and early 2000s, the orthodoxy was for manager diversification using segregated mandates or multi-manager approaches. Faith in the equity market premium was high, as was the thesis espoused by Gary Brinson that asset allocation is the primary driver of portfolio returns, ahead of market timing or stock selection.
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Special Report
Designed for DC
Best practice for defined contribution pensions inevitably involves well-designed default options. Multi-asset approaches are the best fit for most investors but views differ about how to best structure them
