Latest from IPE Magazine – Page 260
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Country Report
Pensions in Switzerland: Drawing a line under supervision
Switzerland’s top supervisor wants to move towards a more pre-emptive approach based on risk parameters but the pension fund community is sceptical, according to Barbara Ottawa
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Country Report
Pensions in Switzerland: What can I expect from my pension fund?
For any pension scheme, the purpose of investing is to fund future benefits. A pension fund can offset investment risks in two different ways – either by taking advantage of existing risk capital (reserves), or by adjusting future contributions and benefits.
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Country Report
Pensions in Switzerland: Tectonic plates
The business models of Swiss private banks have been under pressure, leading many to target institutional business, as Carlo Svaluto Moreolo finds
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Special Report
Special Report – Outlook 2015: Political & Geopolitical Risk
It’s 2014, and geopolitical risk is back. It’s not as if nothing happened since the Berlin Wall came down, but the sudden confluence of a US government shutdown, Russia’s annexation of Crimea, the march of Islamic State and the polling successes of anti-EU parties, not to mention the threatened break-up of the UK, has concentrated minds. Citigroup research confirms there have indeed been more frequent elections and public protests since 2011 than in the preceding decade.
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Special Report
Special Report – Outlook 2015: A year of eerie calm
While geopolitical activity has picked up markedly, financial market volatility has remained well below long-term averages. Emma Cusworth asks, are investors ignoring a build up of risk, or has the nature of the geopolitical game changed?
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Special Report
Special Report, Fees & Costs: Winds of change
Brendan Maton reports on the anxious vigilance around costs in pension fund management, but finds progress to be frustrated and incomplete.
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Special Report
Special Report, Fees & Costs: If the price is right
Surveys suggest that investors feel more could be done to make private equity fund terms fairer. But Jennifer Bollen finds that pension funds also recognise that simply squeezing costs may not be the wisest approach.
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Special Report
Special Report, Fees & Costs: Selling fees short
Hedge fund fees have fallen and managers have come around to the idea of negotiating on them, writes Joseph Mariathasan. But structures still need to be more sophisticated.
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Special Report
Special Report, Fees & Costs: Coming together to cut costs
Caroline Liinanki finds Danish pension providers merging and teaming up to cut investment costs as they reach the limits of what they can achieve themselves.
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Features
Briefing, Investment: Gulf in expectations
Oil revenues act as a source of diversification in Persian Gulf markets, but there is more to them than the black stuff, writes David Turner. The forthcoming opening of the Saudi market to foreign investors promises a new opportunity for institutional investors to participate.
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Features
Commentary, Investment: Cash-flow liquidity
Joe McDonnell describes how carefully modelling cash flows can open opportunities for investing in a wider range of semi-liquid and illiquid assets
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Features
ESG: A sustainable capital markets union
The European Commission has proposed to launch a capital markets union by 2019. But what could it entail and will it be a boon for those pursuing sustainable returns? Jonathan Williams reports.
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Interviews
Strategically speaking: Assicurazioni Generali
It has been just over two years since Generali CEO Mario Greco took the reins of a company whose governance was in disarray, and whose performance was reflected in a loss of almost 75% of its stock-market value. His appointment immediately stemmed those losses, and the market has since been proved right.
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Interviews
Strategically speaking: Grandmaster Capital Management
“Under no circumstances should you play fast if you have a winning position,” advised Hungarian chess Grandmaster Pal Benko. “Use all your time and make good moves.”
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Asset Class Reports
Investing In Hedge Funds: About turn for top-down
Macro, the darling of the hedge fund world through the drama of 2008-09, has struggled in the subsequent low-volatility, low-rates environment. Joseph Mariathasan asks whether recent outperformance signals a more conducive backdrop for this family of strategies
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Asset Class Reports
Investing in Hedge Funds: Is the trend your friend?
Alex Greyserman looks at how trend-following at different speeds has fared in equity markets during the post-crisis bull market and over the longer term, and finds compelling diversification benefits
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Asset Class Reports
Investing in Hedge Funds: Uncut hedges
US pension giant CalPERS may have stopped investing in hedge funds, but despite heightened short-term scrutiny, Christopher O’Dea finds that most plans are retaining their allocations, and expecting them to deliver greater value through bespoke strategies
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Features
Asset Allocation Fixed Income, Rates, Currencies: The big picture
When the Fed embarked upon its first round of quantitative easing five years ago, there were fears of an inflation time bomb. The Fed has already purchased its last lot of Treasuries under QE3, but is still executing regular MBS purchases, as forward inflation expectations in the US and Europe are as low as they have been for years.
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Features
Ahead of the Curve: Europe is the new China
George Saravelos sees ‘euroglut’ – and consequently one of the biggest capital outflows in history as excess savings flee aggressive ECB easing, sending the euro plunging against the dollar.
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Features
From Our Perspective: Ready for action
Industry figures like Roger Urwin of Towers Watson have long advocated that pension funds should use their fee budget effectively according to their size and scale, perhaps foregoing costly alternative strategies in favour of recruiting in-house staff.