Latest from IPE Magazine – Page 363
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Special ReportGermany: Kandlbinder 2011
Investor faith in Spezialfonds continues after the highest year of inflows since 1998, writes Till Entzian
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Special Report
Germany: Active and domestic
Nina Röhrbein reviews a recent study on Spezialfonds demand from the investor’s perspective
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Special Report
Germany: A new driver
In July, Thomas Richter took over as head of the German asset management association. He tells Barbara Ottawa he wants to improve the industry’s image in retirement provision
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Special Report
Germany: Investing in investors
Martin Steward asked Michael Klimek about his company’s innovative co-operation model in investment management
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Special Report
Germany: Lone wolf
Martin Steward meets a manager offering an unusual combination of small-cap and absolute-return option strategies
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Special Report
Germany: Long-term growth
The overall DAX pension funding level has risen slightly, according to Thomas Jasper and Alf Gohdes
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Asset Class Reports
Sovereign Bonds: Old certainties crumble
Politics, not economic fundamentals, will determine the future of the developed world’s bond markets. Joseph Mariathasan finds this causing fixed income managers untold headaches
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Asset Class Reports
Sovereign Bonds: Over-priced, over-exposed…
…over my dead body? Despite other options, Martin Steward finds pension funds struggling to let go of core government bonds
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Asset Class Reports
Sovereign Bonds: Dodging bullets
The US downgrade did not rock the foundations of the US Treasury market, and might even have sent a healthy signal to Washington’s elite, writes Emma Cusworth
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Asset Class Reports
Sovereign Bonds: Sustainable sovereigns will pay their way
Balazs Magyar shows that environmental and social, in addition to fiscal sustainability, have had a material effect on sovereign bond returns
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Special Report
Do ESG strategies hurt performance?
Iordanis Chatziprodromou asks if there are identifiable risks associated with general ESG-driven investment strategies
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Country Report
Portugal: The wind of change
Gail Moss assesses pensions policy in Portugal following the bail-out
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Features
Liam Kennedy: Two paths, not irreconcilable
Two books landed on my desk in September – one on the subject of good pension governance, the other on retirement income.
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Features
Martin Steward: Trigger unhappy
When does a tactical loosening of a strategy become a panic? And when does panic start to undermine the strategy itself? If your strategy is liability-driven investing (LDI), you might well ask. It wasn’t long ago that plummeting yields were trumpeted as the vindication of LDI. At the end of 2009, celebrating the sixth anniversary of the pioneering Friends Provident Pension Scheme/Merrill Lynch transaction, Redington observed that UK 30-year real yields had fallen 126bps in that time. Around the same time Lane Clark and Peacock compared the 10% loss on the average FTSE100 pension scheme’s assets with the 3% gain on Friends Provident’s during 2008.
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Features
From our perspective: A very bumpy ride
Bumpy flights have predictable and unpredictable outcomes: you know the ride will be more uncomfortable and some of the passengers may be sick. You just don’t know precisely when you’re going to hit the turbulence, or whether you or the person next to you is going to be the one who needs the sick bag. You might end up landing at a different airport altogether if the flight is diverted.
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Features
The attractions of age as an asset class
Delegates at September’s Longevity Seven conference in Frankfurt discussed the practicalities of a liquid longevity market and who might invest in it, should old age become an asset class.
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Features
Greek myths
Unless you managed to enjoy a proper holiday this summer, you cannot fail to have missed the rumbling Greek debt crisis. Hans Hoogervorst’s summer holiday seems to have been neatly bookended on 4 August by a letter written in his capacity as IASB chairman to Steve Maijoor, head of the European Securities and Markets Authority, and the publication of that letter on 31 August. Europe’s banks, it seems, might not have been observing the spirit of IAS 39’s impairment methodology.
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Features
Responding to the wake-up call
In the third article in the current series, Nick Lyster and Amin Rajan argue that only a gold standard in client engagement will deliver decent innovation outcomes
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Opinion Pieces
Peter Kraneveld: Adviser to APG: Is it time to change?”
“In the US, no one doubts public pension funds are a class apart. The distinction is rarely made in Europe.
