Latest from IPE Magazine – Page 343
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Special ReportRisk Parity: Risk parity for pension schemes?
Gearing-up on bonds looks remarkably like LDI, notes Gwion Moore. So what does this tell us about the suitability of risk parity for an investor whose starting point is a significant short position in long-dated interest rates?
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Special Report
Risk Parity: ‘Risk parity is not sufficient’
Martin Steward discusses the philosophy behind the risk-factor allocation approach adopted by Danish pension fund ATP with CIO Henrik Gade Jepsen – and the impact of a new risk environment on its strategy
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Special Report
Risk Parity: I’m a (cautious) believer
The principles of risk parity may be sound, the CEO of AIMCo tells Joel Kranc, but the exuberance must be tempered by the current economic climate
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Special Report
Risk Parity: A better balance
Joel Kranc discusses the rationale for a gradual shift to the risk parity model with Bill Estabrook, executive director with Ohio Police & Fire Pension Fund
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Features
Greece will have to ‘win ugly’ again
With hindsight, it all peaked at 20.42pm, eight years ago on 4 July.
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Features
Straitened times, new measures
This year’s IPE Top 400 Asset Managers survey charts a flatlining global asset management industry with total AUM of €36.3trn at end-2011, a whisker up from the previous year’s total of €36.2trn. And despite striking a rare note of optimism in this month’s magazine as we report projections for the Turkish pension market to grow to €100bn in 10 years, the outlook is also gloomy for Europe’s pension markets. European institutional assets were down 3.5% in 2011, according to our survey.
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Features
From our perspective: The belt tightens
Europe’s economic turmoil is depressing defined benefit (DB) pension funding levels as yields drop and coverage ratios move in tandem. The fall in the 30-year euro swap rate from 2.54% to 2.19% between 25 Apr and 15 May makes certain that rights cuts will have to take place at Dutch pension funds, which have little hope of recovery in the short term. UK pension funding levels, and those in other countries, have also moved south, with implications for asset allocation and policy making.
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Features
Regulation more worrying than contagion
News last month that JP Morgan Chase reported more than $2bn (€1.6bn) in trading losses brought to mind the fears of 2008, when the collapse of Lehman Brothers shook the financial world to its core. But the main difference between now and then is that participants in the derivatives market seem more concerned about new regulation than about the threat of contagion.
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Features
Engagement prompts accountability
Proposals for a binding vote on shareholder remuneration, as set out by the UK department for business, innovation and skills earlier this year, could give institutional shareholders a platform to speak out on an issue that has grown in importance since the crisis.
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Features
Faith in the long term
A notable feature of the institutional investors’ panel at the Milken Global Conference in Los Angeles at the end of April was a faith in the ability of investors to reap long-term risk premia and a determination to do so.
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Features
Moment of reckoning
The 300 Club, a grouping of leading investment professionals, believes that modern portfolio theory and practice are failing institutional investors at a time when depressed funding levels require smarter ways of investing. It has issued its first paper, The Death of Common Sense, written by Amin Rajan, a member of the 300 Club and a regularcontributor to IPE. We asked him some questions
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Opinion Pieces
Long-term Matters: Shareholder Spring?
The recent AGM votes on executive pay at UBS, Barclays, Aviva and Citi are obvious signs of fundamental change, no?
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Features
Pensions Accounting: Don’t hold your breath
In short, the answer is ‘no’. The International Accounting Standards Board (IASB) is not going to add a pensions accounting project to its agenda.
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Opinion Pieces
Virginie Maisonneuve & Katherine Davidson, Schroders
“Maternity wards and primary schools in London are experiencing a spike in births, and retailers should benefit”
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Features
Bad news travels
Thanks to potential underfunding, most Dutch pension schemes have already announced they will cut pension payments.
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Features
A safe harbour
Nina Röhrbein spoke with Cees Blokzijl, director of pensions at Vopak Pension Fund, about the interaction between the fund and its fiduciary manager
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Country Report
The Mediterranean: Uncertainty reigns
Cyprus’ economic proximity to Greece is causing uncertainty. Nina Röhrbein looks at the effect of regional economic turmoil on the investment strategies of pension funds
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Country Report
The Mediterranean: Pensions in crisis
Pension reform proposals have been put forward, writes Roxane McMeeken. The trick will be to implement them amid the current political and economical chaos
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Features
Boarding time approaches
For liquid investors with an eye on the medium term, investing in the maritime industry could be just the ticket, argues Marcel C. Saucy
