Latest from IPE Magazine – Page 400
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IP Asia
Call for greater alignment of interests
The concept of ‘outcome oriented investing’ is now being talked about in the context of Asia’s fund management market. Several speakers at the recent Fund Forum event in Hong Kong suggested that a sea-change is occurring, and a greater alignment of interests will result. Richard Newell reports
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IP Asia
Special opportunities in China
The property market in China is going through something of a consolidation phase, after an extended bull run that he was led many to question whether it could undermine economic stability. Richard Newell finds out where the opportunities might lie.
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IP Asia
Private equity in Asia – Smart or dumb money?
The growth of activity in private equity raises concerns about the quality of deals being done. Joseph Mariathasan reports
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IP Asia
Currency as an independent return source
Neil Record has built a company managing $34bn of currencies. He and his team have recently been touring Asia to explain the ‘forward rate bias’ of high interest rate currencies. Here he describes how that can be incorporated into an institutional portfolio.
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IP Asia
Second chance - an Asian hedge fund perspective
The upheaval caused by the financial crisis has meant that anyone involved in the hedge funds industry in Asia has had to reassess their business. Richard Johnston looks at how the landscape has changed.
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IP Asia
Asian policy-makers must remain vigilant
by Kevin Hebner - We are likely to see a wave of defaults. T this is what typically occurs within a couple years of a major financial crisis.
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Features
Funds talk tactics
In this month’s Off The Record survey, 56% of the 34 pension fund respondents stated that they implement tactical or some other form of intermediate/interim asset allocation. A Danish fund described their process as such: “We review the allocation periodically, at least every six months, to enhance potential returns by exploiting perceived market misalignments, utilise momentum, or take early profits”. A UK fund added: “[We employ] in-house tactical asset allocation relative to the benchmark set by the investment committee, primarily using derivative overlays with clear limits [plus or minus] per asset class.”
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Features
Diary of an Investor: Every ash cloud has a silver lining
A short excursion to London at the end of April turned into a longer stay than I had expected. I had flown over on a Thursday morning for a day trip to make site visits to one or two of our investment managers, and to see our global investment consultant.
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Special ReportThe environment factor
Nina Röhrbein reports on the progress of sustainable real estate
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Features
Old structures on the way out
Iain Morse reports on the transformation taking place in the Italian custody market
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Interviews
Steady hand in a storm
These are interesting times at Copenhagen’s BankInvest. Its 20-strong global equities team was recently reduced to 17 as its head, David Dalgas, resigned, followed by chief portfolio managers Klaus Ingemann Nielsen and Kenneth Graversen. The team still boasts an average of 10 years’ experience, and it maintains that the resignations would not lead directly to changes in its (low turnover, fundamentals-based) global equity portfolios.
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Asset Class ReportsUS Equities: Style bias
Joseph Mariathasan uncovers a wide range of strategies among top performers in US equities
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Special ReportPortfolio Construction: Broaden your horizons
On the hunt for truly diversified sources of risk, Martin Steward takes aim at different investment time horizons
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Features
Survival of the fittest
Surviving the financial meltdown has left the strongest names ready to monopolise the wave of public and private sector refinancing. But Richard Hemming still finds that a return to the heady valuations of the pre-crisis unlikely
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Country Report
Turkey: Foreign pension players
Expect market consolidation in Turkey’s young private pensions sector. Reeta Paakkinen outlines the issues behind this as 13 pension insurance companies battle for a market of two million, with the potential to grow tenfold
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Features
Does compulsion work?
Gail Moss looks at whether compulsory contributions make for better workplace pensions
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Opinion Pieces
Con Keating, head of research at Brighton Rock Group
“The optimal distribution of risk between member and sponsor is complex”
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Features
Open and above board
A chat about catching a plane would seem on the face of it to be a fairly innocuous event. Indeed, amid much fanfare, North Korea’s Kim Jong-Il recently jetted into China. Chairman of the International Accounting Standards Board (IASB) Sir David Tweedie’s staff, however, demanded that his trip to Japan be shrouded in more secrecy than the dictator’s.
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Features
Regime change effects
UK pension funds, consultants and asset managers had been hoping for some form of political certainty ever since the run-up to the general election in May. The outgoing Labour government had set in train a number of pension reform measures, including the launch of its National Employment Savings Trust (NEST) in 2012, designed to sweep up UK workers with no existing pension provision through new auto-enrolment regulations.
