Latest from IPE Magazine – Page 236
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Special ReportDC/Hybrid Strategy - NEST
Judge’s comment: “NEST remains at the forefront of the defined contribution market in Europe with its innovative strategies and, predominantly, its risk approach.”
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Special ReportEmerging Markets 2015 - Royal County of Berkshire Pension Fund
Judge’s comment: “Wide ranging and well-thought out approach to investing in emerging markets incorporating a broad universe of asset classes”
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Special Report
Diversification 2015 - Bosch Pensionsfonds
Judge’s comment: “Very solid diversification management combining standard diversification in terms of assets, sectors, styles and dynamic monitoring”
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Special ReportESG 2015 - ERAFP
Judge’s comment: “A solid, active and credible policy and implementation, with good transparency and monitoring and a serious approach to climate change.”
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Special ReportIn-house Investment Team 2015 - British Steel Pension Fund
Judge’s comment: “A very convincing entry practically setting the standard in defined-benefit asset liability management and overall investment governance”
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Special ReportInnovation 2015 - Merchant Navy Officers' Pension Fund
Judge’s comment: “A big step to have been able to hedge one of the main liability risks by not allowing itself to be limited by standard hurdles.”
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Special ReportReal Estate 2015 - Merseyside Pension Fund
Judge’s comment: “Highly commendable, especially the relative performance versus peers. To move from bottom quartile to almost top quartile is a fantastic achievement.”
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Special ReportPortfolio Construction 2015 - FRR
Judge’s comment: “A very detailed and well-thought out approach and clear commitment to develop the portfolio further in terms of diversification and risk.”
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FeaturesFrom our perspective: Numerical expectations
What’s in a number? Quite a lot can rest on the choice of a single figure when it represents a pension fund’s long-term return assumptions. Much rides on these assumptions, which affect current and future contribution rates. There is a great deal to lose if the balance between current and future generations gets out of kilter.
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Features
UK Local Government Pension Scheme: The only certainty is change
After years of uncertainty, UK chancellor of the exchequer George Osborne has signalled his desire for radical structural change among the UK’s local authority pension funds.
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Features
Capital Markets Union: A single market for capital
Pledging to “knock down barriers” and let capital flow freely across the European Union, Jonathan Hill, commissioner for financial stability, announced in September how he would achieve the European Commission’s pledge for a Capital Markets Union (CMU).
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Features
Greece’s Private Sector: Hope lies in SMEs
Is the EU a community of states or just a trade organisation structured to stimulate demand in favour of the stronger economies? That existential question can provoke much discussion, but the relationship between the EU and Greece in the years ahead may provide the real answer.
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Opinion Pieces
Letter from Brussels: Focus on low returns
Dismally low returns on EU pension fund investments over 15 years? The allegation comes in a study by Better Finance, the European Federation of Investors & Financial Services Users. The report, Pensions Savings: The Real Return, points to excessive fees, points to other charges, and badly framed taxation rules, as the culprits.
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Opinion Pieces
Letter from the US: Lower expectations
Most US state retirement systems are cutting their investment return predictions. But this is still not enough, according to critics, and a minority of public pension funds are retaining optimistic assumptions and aggressive strategies.
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Features
Pensions Accounting: Sometime, never… maybe?
On 31 July, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) addressing three aspects of pension-plan accounting.
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Features
The perils and promise of financial repression
In this first article in a series on a new survey, Pascal Blanqué and Amin Rajan argue that quantitative easing leaves pension plans at the wrong end of an arbitrary redistribution of wealth
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Special ReportInfrastructure 2015 - PensionDanmark
Judge’s comment: “Good international as well as reasonable sector diversification, albeit focused on renewable energy, with evidence of being a first mover.”
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Special Report
Risk Management 2015 - Superannuation Arrangements of the University of London (SAUL)
Judge’s comment: “Very strong performance that reflects the clear innovation involved in SAUL’s solid pensions risk management framework.”
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Special ReportSmart Beta 2015 - SEB Pension
Judge’s comment: “Incredibly impressive smart beta programme built on a solid theoretical foundation, while its implementation is cutting edge with outstanding results.”
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Special ReportSpecialist Investment Managers 2015 - PenSam
Judge’s comment: “Other schemes might identify the return source, fail to find a manager and give up. Not these guys. To set up their own programme is very innovative.”
