Latest from IPE Magazine – Page 394
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Country Report
UK: Fund in the news
British Airways (BA) completed a £1.3bn (€1.58bn) pension buy-in transaction with Rothesay Life, the insurance entity of Goldman Sachs, in the summer, which will approximately cover 20% of the pensioner liabilities of its Airways Pension Scheme (APS).
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Country Report
UK: The promise of the future
The regulator, associations and funds themselves are increasingly grappling with the issue of defined contribution pensions, writes Nina Röhrbein
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Country Report
UK: Good pensions now – please!
Adrian Waddingham, founding partner of consulting actuaries Barnett Waddingham, sets out his pension priorities for the new government
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Country Report
UK: Questions of governance
The regulator, associations and funds themselves are increasingly grappling with the issue of pension fund governance, writes Gill Wadsworth
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Country Report
UK: Changes to pensions indexation
David Bennett outlines the implications of the UK government’s decision to change the metric for pension benefit indexation. These are not as straightforward as some might have believed
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Country Report
UK: DMGT Pensions DC scheme
Ten years after creating its first trust-based defined contribution (DC) pension scheme, Daily Mail & General Trust plc (DMGT) set up a contract-based DC plan in October 2007. It now has five contract DC plans, covering three divisions and two associated companies.
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Country Report
UK: Risk…or de-risk
While the market for bulk annuities and partial buy-outs continues to grow, many funds have not even started to hedge interest rate or inflation risk, finds Gill Wadsworth
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Country Report
UK: Opportunities and challenges
Thinking of recruiting a CIO to your pension fund? Sarah Dudney outlines some of the challenges
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Country Report
UK: Beyond the contingent
John O'Brien outlines alternatives to pension funding through contingent assets.
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Asset Class ReportsEmerging Market Debt: Localising, globalising
Joseph Mariathasan finds that fast developing emerging debt markets present opportunities for risk-taking and challenges for benchmarking and performance measurement
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Asset Class Reports
Emerging Market Debt: What role do indices play?
The key sub-components of the emerging market debt (EMD) are the original hard currency sovereign debt, followed now by local currency sovereign debt and, increasingly, hard currency corporate debt. At some stage local currency corporate debt may also come to have significant size. There are two questions that need to ...
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Asset Class Reports
Emerging Market Debt: Local currency bonds
Emerging market debt (EMD) originated as a hard currency debt market but today it is the local currency issuance that dominates the sovereign debt marketplace, while hard currency issuance in 2007-08 was 70% corporate.
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FeaturesNatural Catastrophe Risk - Cats land on their feet
Catastrophe risk delivered positive returns in 2008 amid rising downside correlation but was not immune from credit exposure, finds Martin Steward
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Asset Class Reports
Emerging market debt: Emerging market debt goes local
Building out term structures, liquidity and diversity in emerging market debt will improve the efficiency of both emerging economies and investors portfolios, write Peter Botoucharov and Edouard Stirling
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Special Report
Securities Services: Managed accounts: an efficient way to build hedge fund portfolios?
There has been a buzz around managed accounts for some time – but the problems with liquidity mismatches and outright fraud that bubbled up in 2008, and investors like CalPERS setting out plans to use them wherever they can, seem to have made the case even more airtight.
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Special Report
Securities Services: One-frastructure
Working with ATP, Citi has developed a single data management platform that can facilitate risk management across the life cycle of the investment process, says Nick Roe
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Special Report
Securities Services: Regulatory arbitrage: herd mentality
Systemic wrisk has to be limited say industry bodies, inter-dealers, consultants, lawyers and those on the operational side of the OTC market. But they also say that, following the financial crisis, there have been changes in markets that are heading in the exact direction that the regulators would want. They ...
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Special ReportSecurities Services: Clearing for take-off
Central clearing of OTC derivatives is supposed to increase transparency and reduce systemic risk. But Richard Hemming finds that pension funds might be among those counting the costs
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Special Report
Securities Services: Liabilities into assets
As large, maturing pension schemes turn to liability-driven investing, Benjie Fraser talks to Martin Steward about the opportunities available to custodians that can draw on broader institutional capacity and expertise
