Latest from IPE Magazine – Page 343
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Interviews
On avoiding hostages to fortune
There is no disputing Northern Trust’s powerhouse status in global custody and asset servicing in Europe. In the UK alone, a big custody contract was renewed by the London Borough of Hillingdon’s pension scheme in 2012, and, along with several similar renewals, it added €19.5bn in custody assets for 13 new clients during 2011, including major names such as the Lothian Pension Fund, the Lancashire County Council Pension Scheme and the Superannuation Arrangements of the University of London (SAUL). Transition management mandates were won from the likes of the Northumberland County Council and Royal Borough of Kensington and Chelsea pension funds. Losses – such as the East Riding Pension Fund custody mandate that went to State Street – were rare exceptions in the effort to remain a go-to service provider.
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Features
Diary of an Investor: We all agree… but
Everyone agrees about the problems. And everyone agrees that institutional investors need diversified, long-term, risk-managed portfolios to help them meet their liabilities. At least, that is what I concluded after I attended the latest Worldwide Institutional Investing Conference in London last month.
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Special ReportRisk Parity: The truly balanced portfolio
Martin Steward spoke with Ray Dalio of Bridgewater Associates, the pioneer of alpha/beta separation and risk parity, about strategic diversified beta portfolios
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Special Report
Top 400: Chief concerns
We asked 28 asset management CEOs, CIOs and other senior figures about institutional investment, regulation and corporate governance
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Special Report
DC in Europe: Avoiding a sticking-plaster solution
It is not enough that DB schemes have failed for investors to switch to DC schemes – the latter have to succeed in their own right, argues Amin Rajan
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Special Report
DC in Europe: Opening Pandora’s box
Cécile Sourbes considers how the European Commission plans to regulate defined contribution pensions
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Special Report
DC in Europe: A slow but necessary transition
Rachel Fixsen assesses Denmark’s transition away from DC with guarantees to unit-linked schemes – a move accelerated by the EU’s Solvency II regime
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Special Report
DC in Europe: Waiting for reforms
Talks on reforming Italy’s pension fund legislation to allow schemes to invest in a greater choice of asset classes have been going on for years. Nina Rohrbein reports
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Special Report
DC in Europe: Lower conversion rate plans
The Swiss government is looking to lower the second-pillar pension system’s conversion rate to avoid the need for further adjustments in the near future, finds Nina Rohrbein
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Special Report
DC in Europe: Transition market
The UK trend from defined benefit to defined contribution schemes is expected to intensify with the advent of auto-enrolment and to trigger innovation in investment options, finds Nina Rohrbein
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Special Report
DC in Europe: Australia at a crossroads
Australia has been the poster child of the DC world – yet some are now asking whether there is a better alternative, writes Michael Block
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Opinion Pieces
Letter from Brussels: HFT debate hots up
The debate in Brussels on high-frequency trading (HFT) is heating up. The main forum is the European Parliament’s economic and monetary affairs committee (ECON), which in July will clarify its position with a vote.
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Opinion Pieces
Wisdom of independence
In the aftermath of the 2008 financial crisis, independent US asset managers have increased their revenues and profitability more than the asset-management subsidiaries of the larger US financial institutions. Publicly traded asset managers posted median profitability of 35% last year, compared with 25% for subsidiaries, and grew revenues 15% during 2011, compared with 6% for subsidiaries, according to recent analysis from Casey, Quirk & Associate, a consultant to the global asset management industry.
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Features
Northern lights
Iceland’s Frjalsi is starting to feel the effects of economic recovery but capital controls weigh heavily over its investment policy. Nina Röhrbein spoke with Arnaldur Loftsson and Marinó Tryggvason
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Country Report
France: Pensions on the move
With no domestic IORP-compatible regime and with Solvency II looming, two of France’s supplementary pension providers are looking to move their domicile. Cécile Sourbes assesses the pros and cons of their plans
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Country Report
France: Hope beyond the figures
Alain Lemoine assesses some important implications for pensions and institutional investment in an election campaign notable otherwise for its silence on retirement issues
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Country Report
France: On track for change
“You become responsible forever for what you have tamed,” the French writer Antoine de Saint Exupéry once wrote. This maxim might describe the team’s mindset at the French €5.9bn public pension fund IRCANTEC, as it approaches this spring a pivotal moment in its investment lifetime. After 63 years of existence, ...
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Country Report
France: Paradigm shift
Richard Bruyère comments on a difficult year for the French institutional market
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Country Report
Nordic Region: Green shoots
Iceland’s economic recovery is inflating domestic asset prices as capital controls persist. And the consequent lack of investment opportunities is restricting pension funds’ room for manoeuvre, writes Nina Röhrbein
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Country Report
Nordic Region: The right skills on board
Rachel Fixsen outlines controversial requirements designed to improve the governance of financial companies’ supervisory boards
