Latest from IPE Magazine – Page 269
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Interviews
On The Record: Publica, Switzerland Stefan Beiner Head of asset management and deputy CEO
The major concern remains the low interest rate environment. We do not believe rates will increase as fast as in other cycles. The valuation on fixed income in general is rich, and equities are also valued on the high side, depending on the region. It is really difficult to hide right now. I am not that optimistic for the mid-term future, and therefore our internal expected returns are quite low for the next three years.
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Features
Briefing: The force of member power
IPE’s October Focus Group poll looked at the issue of engagement with members’ views. This month, we take the debate further by asking leading opinion formers how they see the issue of member power versus pension boards’ investment discretion.
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Features
Briefing: Pensions Accounting, Back to basics
The International Accounting Standards Board has revealed plans to issue a due process document on the future of pensions accounting. Stephen Bouvier asks where this might lead
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FeaturesHow we run our money: Hans de Ruiter, CIO of Pensioenfonds TNO
Having rationalised the fund’s portfolio, Hans de Ruiter, CIO of Pensioenfonds TNO tells Carlo Svaluto Moreolo about his fund’s positive attitude towards private equity and why he sees alternative credit as a first line of defence against challenging markets
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Country Report
Pensions in Switzerland: Cost wary could lose out
All sides agree that the new cost transparency regulation is a great success. But the federal government has more ideas up its sleeve, finds Barbara Ottawa
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Country Report
Cost transparency: What Switzerland can learn from the Netherlands
The discussion on asset management costs is not limited to Switzerland. In the Netherlands, similar regulatory requirements have been in place for a couple of years, transparency is completely accepted now, and the discussion has moved to cost levels.
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Country Report
How Swiss funds have achieved transparency
As part of the structural reform, §48a fig. 3 of the BVV law governing Pensionskassen investments was put in place to raise transparency in the reporting of asset management costs in the second pillar.
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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.
