Latest from IPE Magazine – Page 348
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FeaturesEuropean pension supervision
Dirk Broeders, Niels Kortleve, Antoon Pelsser and Jan-Willem Wijckmans assess EIOPA’s holistic balance sheet proposal
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FeaturesThe impact of Solvency II rules
Jurre de Haan, Agnes Joseph, Siert Jan Vos, Jan-Willem Wijckmans compare Solvency II with the FTK in terms of the likely coverage ratio shortfall
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Country Report
Austria: Focus on re-emerging Europe
Austrian institutions are finding new ways of dealing with low interest rates but are still waiting for reform, writes Barbara Ottawa
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Features
Low beta, high benefits
The significant outperformance of apparently ‘low-risk’ stocks over time is a well-known ‘anomaly’ in investment theory. Martin Steward asks, if it is an anomaly, won’t it eventually be corrected?
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Features
A nugget of risk reduction
Marcus Grubb summarises a new study of the diversification benefits that gold offers to a euro-based institutional investor
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FeaturesIn defence of pro-cyclicality
Adina Grigoriu asks, is pro-cyclical risk management necessarily a cost – or can it be an unexploited source of performance?
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Special Report
Boutique Asset Managers: Boutique snapshots
From the expense of building vital infrastructure, through choosing the right institutional partners, to reconciling the freedom to run high-conviction strategies with the challenge of selling them to suitable investors. Martin Steward speaks to a range of European asset managers about the boutique experience
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Special Report
Boutique Asset Managers: Best of both worlds?
Charlotte Moore looks beyond the familiar story about the advantages of the multi-boutique model, and finds that setting one up is easier said than done, and that some of the supposed benefits are contested
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Asset Class Reports
Credit: The cleanest dirty shirt
Non-financial corporate credit is perfectly poised for the macro environment, but spreads are tight – and other areas of the credit spectrum present considerable risks. Joseph Mariathasan reports
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Asset Class Reports
Credit: Balancing out the banks
Martin Steward finds corporate bond managers tip-toeing carefully around banks’ capital structures to limit their underweights – and ramping up other sources of risk to compensate
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Asset Class Reports
Credit: What’s in a name?
Confusing terminology aside, ‘short-duration high-yield’ looks like a compelling opportunity for low-volatility yield pick-up. Martin Steward assesses the risks, and underlines the importance of defining objectives
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Asset Class Reports
Credit: Coupons and principles
While corporates increasingly have to turn to capital markets for funding, now is the time for investors to push their ESG requirements, writes Joshua Hughes
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Special Report
Food for thought
Nina Röhrbein asks what pressure investors can put on food companies to improve their products and address health issues
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Features
Custody and banking reform
Iain Morse asks whether European banking reforms will have an adverse impact on securities services providers
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Interviews
Surviving the seven years of famine
Rogge Global Partners operates out of one of London’s most spectacular offices, the neo-Gothic Sion Hall, its traders toiling beneath the gaze of stained-glass images of heroes of the English Reformation.
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Features
Diary of an Investor: CIO talk
It is a cold Tuesday morning in March as I land at Copenhagen’s Kastrup Airport on my way to visit Rolf at PensionKøbenhavn, one of Denmark’s most innovative pension funds, to finalise our strategic co-operation in investment matters before board ratificiation. Geert, our recent graduate appointee in the investment department, is with me.
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Features
Boutique appeal
Two-thirds of respondents to this month’s Off The Record survey stated that their fund did not have any restrictions on allocating to boutique asset managers.
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Opinion Pieces
Funds join the fray
This proxy season in the US is likely to be highly politicised, with the public sector’s pension funds playing a big role. In fact, it will be a test for several rules introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, the 2012 presidential campaign is getting hotter, with the Republican candidates promising to repeal the Act, if elected. The Republicans already control the House of Representatives and might conquer the Senate, too. Moreover, if Barack Obama loses, the new Republican president will be able to nominate a new Securities and Exchange Commission chairman and the SEC will change from a Democratic majority to a 3-2 Republican majority.
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Features
There will be no escape
Iain Morse finds that custodians will face greater levels of liability for the assets they safeguard for clients under AIFMD rules
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Features
Big ain’t so beautiful
Since 2007, the number of Dutch pension funds has declined by about a third as more and more, predominantly small, corporate pension funds have disappeared and the total is predicted to drop to 100 by 2014.
