Latest from IPE Magazine – Page 345
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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
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Country Report
Nordic Region: Seeking emerging rewards
Norway’s Pension Fund Global – one of the largest institutional investors worldwide, with over €425bn in assets – is reconsidering its European exposure. Jonathan Williams looks at the motivation for the changes
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Features
Private assets on public markets
Listed private equity struggles to drum up interest even from private investors. Anthony Harrington asks, does it have any role to play in institutional portfolios?
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Special ReportLiability-Driven Investing: Best foot forward
As short rates collapsed and curves steepened over the past three years, pension funds have become more attuned to forward rates when deciding to de-risk or to take active risk with their LDI portfolios. Martin Steward finds out why
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Special Report
Liability-Driven Investing: Enhancing returns while managing risk
Lynn Strongin Dodds surveys the active management techniques and diverse set of instruments that are now found in
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Asset Class Reports
Private Equity: Escaping the crowd
Overview Supplying the mid-market Joseph Mariathasan finds a changing environment altering how established managers approach the market – which in turn alters the market itself
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Asset Class Reports
Private Equity: ‘If you can’t meet demand, you’re finished’
Martin Steward meets Silk Invest, feeding Africa one investment at a time
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Asset Class Reports
Private Equity: Pioneering spirit
In frontier markets, private equity is often the first source of investment for business. However, as Joseph Mariathasan reports, there are pitfalls as well as the opportunities
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Asset Class Reports
Private Equity: Harvesting illiquidity premia
Private equity outperforms public equity – not least thanks to its illiquidity premium. But, as Cyril Demaria writes, using public equity as a benchmark for valuation can make it difficult to harvest this benefit
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Country Report
Nordic Region: Funding the baby boomers
One of the brains behind the Swedish pension reform of the late 1990s, Bo Könberg, then the country’s minister for health and social security, has now come up with a way to handle the increasing healthcare costs for the largebaby-boom generation. He spoke with Pirkko Juntunen
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Opinion Pieces
EC backing for VC
Radical changes in opportunities to invest in venture capital (VC) are emerging via the EU, including in Brussels, where the European Parliament is now vetting a draft Regulation on European Venture Capital Funds. The package aims to make it easier for VC funds to raise capital from across the EU.
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IP Asia
Korea’s major public funds are marching in
Stella Kim looks at the new breed of institutional investors in the northeast Asian nation.
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IP Asia
SWFs make long-term commitment to emerging markets
Ramthan Hussain looks at the growing investments of sovereign wealth funds and large fund managers in global emerging markets and in Asia in particular.
