Latest from IPE Magazine – Page 317
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IP Asia
Hedge Funds in 2013 - latest analysis
Albourne Partners’ Richard Johnston reviews returns for the industry in 2012 and looks ahead to 2013.
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Features
Is the fiduciary duty debate just for show?
It is hard to argue with the assertion that the fiduciary duty placed on investment intermediaries could be seen as a moral duty, a way of behaving, a form of conduct – to borrow a phrase recently employed by Daniel Godfrey, head of the UK’s Investment Management Association.
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Features
The EU-thanasia of the rentier
It was hardly a happy coincidence that the EC’s consultation paper on the long-term financing of Europe’s economy was published on the same day that the Cypriot bank ‘bail-in’ was agreed – but it was surely an instructive one.
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Features
Inflexion point
Finance directors, policy makers and academics already regret the period – right up until the 1990s – in which corporations and governments made what now seem extravagant pension promises to baby boomers.
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Features
Two sides of the longevity balance sheet
For Peter Drucker, writing in the Harvard Business Review in 1997, demographics were “the future that has already happened”.
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Features
The dangers of codifying fiduciary duty
Fiduciary duty is a vague concept under UK common law that can be used in arguments both for, and against, sustainable investing.
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Features
Battling for Poland’s second pillar
First came Hungary, then Portugal, followed by Ireland. The financial crisis has pushed governments across Europe to treat private pension savings as legitimate sources of cash to help reduce their national deficits.
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Opinion Pieces
Tipping point for ESG?
Over 16 months, a trust-building initiative between major private equity limited partners (LPs), private equity associations, and general partners (GPs) has delivered a ground-breaking environmental, social and governance (ESG) disclosure framework that could provide the transparency that LPs say they want. The framework shows that asset owners care about extra-financial risks and opportunities and can send aligned signals. Could this exciting guideline be a tipping point? Five challenges will define its success.
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Features
Bridgewater rated highest at IPE’s inaugural asset manager awards
Bridgewater Associates received the top commendation in the first IPE Pension Fund Perception Programme (PFPP) Awards for asset managers, winning the accolade for the manager highest rated by clients.
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Opinion Pieces
Daniel Godfrey, CEO,Investment Management Association (UK)
“I want to focus on the importance of our industry in a new expression of our purpose, which underlines the inherent value of our work”
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Features
Quest for the ‘golden’ discount rate
We cannot foresee the long-term future, however much we would like to think we can, argues Alf Gohdes
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Features
A few words of advice…
As the International Accounting Standards Board and the International Financial Reporting Standards Interpretations Committee continue to deliberate the discount-rate objective in IAS 19, Stephen Bouvier invited Falco Valkenburg, one of Europe’s leading consultant actuaries to set out the challenges facing the standard setters
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Features
Leave nothing to chance
The advent of auto-enrolment in the UK has heightened focus on the need for robust risk management systems for DC plans. Gail Moss looks at a range of approaches
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Features
Taking risk budgeting a step further
An analytical framework at the fund selection stage can help spare DC fund participants the pitfalls of a more advanced approach to diversification, writes Thierry Roncalli
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FeaturesRussian pensions are booming
Reform of Russia’s supplementary pension system is having a strong and positive impact, while further regulatory changes are on the cards for 2013, writes Alexander Lorenz
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Features
Playing it safe
Nina Röhrbein interviews Bernard Caroyez of the Belgian pension fund Pensio B
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Country Report
Nordic Region: Diversification desired
Nina Röhrbein reviews the recent asset allocation and mandate activity of Nordic pension funds
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Features
Stuck in the middle
The mezzanine-debt opportunity has not gone away. But Martin Steward finds that success will probably depend on both greater focus and flexibility
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Features
Choosing the middle way
René Biner offers a 21-year data set that reveals surprising facts about historical loss rates in European mezzanine debt – and the advantages of vintage-year diversification
