Latest from IPE Magazine – Page 314
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FeaturesUnlocking alpha
New statistical techniques and the computing power to put them to work is opening a space for effective factor modelling of hedge funds, writes Robert J Frey
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Special Report
Beyond microfinance
Nina Röhrbein finds evidence for a sea-change in impact investing with more varied products in developed as well as emerging economies
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Interviews
Of orange blood and quieting storms
It has been a stormy four years at ING Investment Management – but the skies are finally starting to clear.
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Asset Class Reports
Credit: Signs of exuberance
More high yield, more security, more hybrids. Joseph Mariathasan surveys the changing European credit markets and asks, are they changing for better or worse?
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Asset Class Reports
Credit: Where credit is due
Joseph Mariathasan finds there is more to credit hedge funds than an inflated fee structure
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Asset Class Reports
Credit: Smuggling in some spread
Martin Steward finds risk-averse managers picking up spread from asset-backed bonds, subordinated financials and ‘rising-star’ high-yield issuers
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Features
The fallacy of CB independence
Central banks are no longer independent of politics, argues Kommer van Trigt, and investors should take that into account
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Features
They want our money
In the Netherlands, our politicians want our money. They’ve got some of it already, in the form of our government bond holdings, and now they want some more.
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Special Report
Top 400 Asset Managers: Active and passive come together
Far from being a threat to traditional active management, smart beta could represent a great opportunity for active managers, argues Noël Amenc
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Special Report
Risk & Portfolio Construction: The only way is up?
Jennifer Bollen looks into what rising bond yields would mean for risk-parity portfolios
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Special Report
Risk & Portfolio Construction: ‘All equities are black boxes’
In January 2011 the PNO Media Pension Fund terminated its US and European equity enhanced-index mandates with Barclays Global Investors and brought the assets in-house. However, it did not go passive – or at least, not in the sense in which most of us would understand the term.
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Special Report
Risk & Portfolio Construction: Time to diversify
Investors diversify across asset classes, risk factors and investment styles. Maha Khan Phillips asks if trading time horizon brings anything extra to the process
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Special Report
Risk & Portfolio Construction: Always in style
Four or five equity-investing ‘styles’ appear to be systematically rewarded over time. Maha Khan Phillips asks if it is possible to use them to diversify a long-only portfolio
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Special Report
Risk & Portfolio Construction: Taming alpha, harnessing beta
Rachel Fixsen looks at how a more sophisticated understanding of hedge fund risks is changing the way investors integrate these strategies into their portfolios
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Special Report
Top 400 Asset Managers: Global assets back on the rise
Total AUM of top 400 managers = €39.2trn (2012 = €36.3trn; 2011 = €36.2trn). Increase in AUM of 8% over 2012. BlackRock is the largest manager (€2.9trn) and accounts for 7.4% of overall assets. Top 100 managers account for 83.7% of the assets (€32.8trn).
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Opinion Pieces
A long-term dream
Philippe Maystadt, former Belgian finance minister and European Investment Bank (EIB) president, recently fleshed out the European Commission’s policy paper to promote long-term investment.
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Opinion Pieces
Fink’s nod to Australia
Are mandatory saving accounts coming to the US? It looks possible after BlackRock chairman and CEO, Laurence Fink, said they should be part of a comprehensive solution to the retirement funding crisis.
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Features
Condemning ‘beautiful’ Dutch pensions
The Netherlands’ Social Economic Council (SER) has proposed a ‘macro-stable’ discount rate for pension liabilities. This new discount rate would apply to real, conditional pensions – a new type of pension contract favored by the SER that would replace existing nominal guaranteed pension rights.
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Features
Manager selection in a volatile world
Amin Rajan and Roland Meerdter find that short-term performance is the primary motivation behind the selection of managers and funds
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Country Report
Nordic Region: A lone rider?
Is the closure of Swedish energy company Vattenfall’s pension foundation a one-off or the shape of things to come? Nina Röhrbein reports
