Latest from IPE Magazine – Page 337
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Features
Latin lessons in sovereign default
Emerging market debt managers are brave souls. Take Thomas Brund of Sydinvest, one of the managers featured in this month’s strategy review, who deliberately bought the Ivory Coast before it defaulted. “We were happy to take that default to make sure that we were well-positioned for the upside,” he explains.
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Features
Breaking up is hard to do
In July, Dutch transport pension fund Vervoer sued its former fiduciary manager Goldman Sachs Asset Management (GSAM) for a number of breaches of contract, filing a €250m lawsuit in the UK High Court.
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Features
From our perspective: Armour-plating won’t do
Many criticisms of the quantitative impact study consultation of the European Insurance and Occupational Pensions Authority (EIOPA) on its holistic balance sheet proposal focused on the exercise itself – that it is too complex and opaque, and only large pension funds have the resources to do it.
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Features
Taking the time to assess the risk
The latest consultation paper for the holistic balance sheet (HBS) within the revised IORP Directive has aroused great interest across Europe. The European Insurance and Occupational Pensions Authority (EIOPA) gave the pensions industry until 1 August to submit its input on the controversial first quantitative impact study (QIS) for the implementation of the HBS.
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Features
The long haul
Speaking a little over 200 days into his tenure as EFRP secretary general, Matti Leppälä was a busy man. His secretariat was working on its response to the quantitative impact study of EIOPA (the European Insurance and Occupational Pensions Authority) on the holistic balance sheet proposal, and he was looking forward to the Brussels close season when the city’s politicians, officials and interest groups head for Europe’s holiday spots.
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Features
Making a virtue out of necessity
While investors have grown weary of new risks, they are unwilling to forego a bargain when they see it, according to Jim McCaughan and Amin Rajan
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Opinion Pieces
Peter Kraneveld, Secretary of the Association for European Retirement Education
“Supervision should be made responsible for pension quality, not just for solvency”
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Interviews
On the Record: Cost concerns
What impact will the EMIR regulation have on your LDI strategy?
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FeaturesCrucial assumptions
Norman Dreger and Andrew Arbour outline why companies with pension obligations in multiple countries should consider carefully which mortality tables to use for accounting valuation
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Features
Steadying the ship
Andrew Waring of the UK Merchant Navy Officers Pension Fund tells Nina Röhrbein how the 2008 financial crisis led to a fiduciary management structure
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Country Report
UK: No more ‘set and forget’
Gill Wadsworth examines current practice among UK pension funds and their trustees in the management of liability risk
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Features
Who turned out the lights?
Dark liquidity, which started as a way to hide big trades,now mostly offers liquidity in bitty, small packages. But Martin Steward finds signs that the pendulum is swinging back again
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Features
Speed is good
Richard Olsen argues that, far from slowing down, transaction volumes need to increase by a factor of thousands, and that pension funds should benefit from its uncorrelated alpha
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Features
Lost horizons
The growing gap between trading and investing is changing the face of equity markets, argues Per Lovén
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Features
World Bank rates green bonds
Nina Röhrbein looks at instruments that aim to combine solid SRI credentials with precious yield and a high standard of transparency and stability
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Special Report
Extracting the true cost of gold
Institutional investors have been integral to the boom in gold prices over the past five years, but are they fully aware of the high-impact nature of their investments? Nina Röhrbein reports
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Special Report
OTC Swaps Regulation: A new wave of bond repo?
With the arrival of EMIR, users of derivatives suddenly need to get their hands on a lot of cash. Cécile Sourbes asks if the biggest collateral-transformation market, repo, is up to the task
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Asset Class Reports
Emerging Market Debt: The real issue
Do negative real rates in inflating economies make a case for taking emerging currency exposure without the bond duration? Joseph Mariathasan finds a complex picture
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Asset Class Reports
Emerging Market Debt: Beyond Brazil
Martin Steward talks with Jorge Unda of BBVA Asset Management, who warns that Latin America’s biggest economy is heading in the wrong direction if it wants to keep up with its more successful neighbours
