Latest from IPE Magazine – Page 279
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Special Report
Pension Fund Governance: A market in maturity
Fiduciary management has come a long way since its introduction in the Netherlands in 2001. Leen Preesman traces the chequered history that has led to six out of 10 Dutch funds, representing €700bn, embracing various forms of the model
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Special Report
Pension Fund Governance: Independent thinking
As the world gets more complex, professional independent trustees may come into their own. But, as Lynn Strongin Dodds writes, the choices have to be thoroughly considered, and some potentially serious pitfalls avoided
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Special Report
Pension Fund Governance: Objectives then implementation
Martin Steward talks to Roger Urwin about the thinking behind Towers Watson’s ‘transformational change’ projects with the world’s leading large institutional investors
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Special Report
Pension Fund Governance: Board effectiveness: From path dependency to integrative thinking
“One of the curses of our industry is path dependency,” says Keith Ambachtsheer, director emeritus of Toronto’s Rotman International Centre for Pension Management (ICPM) and academic director of the Rotman’s Board Effectiveness Programme (BEP) for pension funds.
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Features
Vital statistics
Headline numbers may obscure the fact that smarter business models are reversing outflows in the fund of hedge funds industry. Emma Cusworth looks at the trends behind the figures
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Features
Financing the real economy
The credit funds industry is evolving fast to meet the needs of the world’s SMEs. Claudio Bocci and Gianmatteo Guidetti provide a survey of the products on offer
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Features
Sounding boards
Charlotte Valeur argues that fund governance should be improved with more pro-active communication between investors and boards, independent of the investment adviser
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Features
Burmese days
Rachel Fixsen finds mixed views about Burma as an investment destination for European pension funds
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Interviews
Success assured
When Russell Büsst was coaxed from Amundi in 2011 to head Conning’s expansion into Europe, he had three objectives: break even and hit $10bn (€7.38bn) under management within three years; use the firm’s insurance-industry relationships as a platform to build the pan-European business; and balance property-and-casualty (P&C) with life-and-pensions (L&P) assets.
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Asset Class Reports
Investment Grade Credit: No bears threaten Goldilocks
After the big spread-tightening, managers warn against the shortest maturities and talk up senior bank debt, bottom-up bond-picking and relative value basis trades David Turner explores opportunities in the euro-zone credit sweet spot
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Asset Class Reports
Investment Grade Credit: Any life in long-dated bonds
A recent reform announcement could significantly reduce the UK’s annuity market. Joseph Mariathasan asks what the knock-on effect might be for long-dated sterling bonds
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Asset Class Reports
Investment Grade Credit: When the flows reverse
Jittery investors at the top of markets and liquidity mis-matches within investment products could exacerbate the current lack of market-maker liquidity in corporate bonds. Charlotte Moore assesses the risk
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Asset Class Reports
Investment Grade Credit: Worth the weight
Smart beta has taken the equities world by storm in the past three years, and practitioners are now turning their attention to bond markets – including credit. Joseph Mariathasan and Martin Steward look at some of the strategies becoming available
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Asset Class Reports
Investment Grade Credit: The last bastion of value
Sluggish growth and subdued corporate confidence persuade sterling and euro credit managers that their asset class remains ‘the best house in a bad neighbourhood’, finds Martin Steward
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Features
The big picture
The ECB’s actions and words after its June meeting were met with approval throughout the world’s capital markets. As much of what was announced was already priced in, there was a fairly muted response, which wasn’t sufficient to weaken the euro too much.
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Features
Bolt the penthouse door
The apparent recovery in the UK and converging spreads in euro-zone bond markets mask deep structural flaws in economies that have seen little genuine reform, argues Eamonn Butler
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Features
Time for a change
Earlier this year, the investment team had a briefing from Rolf, the long-standing chairman of trustees of the Wasserdicht Pension Funds here in the Netherlands. Things are changing, at least in terms of our internal governance, and Rolf came along to tell us about it.
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Features
Focus Group: Do you get what you pay for? (Part 2)
Just half of the participants to this month’s Focus Group think diversity on a pension fund board is important – but three respondents ranked it as “very unimportant”. “[It is important] both in terms of employer representation, member representation, cultures and gender. Diversity is a key aspect of our communication strategy,” said a UK fund.
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Country Report
Italy: Moves to improve standards
Following scandals at casse di previdenza, we asked leading pension funds and advisers: Is there a problem with governance at Italian pension funds and what steps should be taken to improve standards? Carlo Svaluto Moreolo reports
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Country Report
Italy: Your country needs you
Pension fund assets are in demand for infrastructure and SME lending as bank credit dries up. Carlo Svaluto Moreolo finds mixed views about whether funds will take up this opportunity
