Latest from IPE Magazine – Page 401
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Features
Solvency fears persist
The European Union’s decision to establish a special purpose vehicle with funds of up to €500bn to provide loans to euro-zone countries caused an initial rise in equity markets. But while it addressed liquidity problems, there remain concerns about solvency issues.
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IP Asia
India gives NPS members some incentive
The Government of India has recently announced it will add a 1000 Rupees (c. $25) co-contribution every year for the next three years for everyone who joins the New Pension Scheme.
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Opinion Pieces
Ratings war
Two new developments in the recent rating agency drama could radically change the way pension funds manage their bond portfolios. One is the a court decision allowing the California Public Employees’ Retirement System (CalPERS), the largest state pension fund in the US, to go ahead with a lawsuit against Moody’s, S&P and Fitch, which it claims caused it to lose about $1bn (€809m) because of inaccurate ratings. The other development is the US Senate’s approval of an amendment to the financial reform proposed by Florida Republican George LeMieux and Washington Democrat Maria Cantwell to remove references to the raters from the laws governing securities and banking.
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Opinion Pieces
Worse than it looks
The forthcoming loss of Jörgen Holmquist, director general, and David Wright, deputy director-general, two of the most senior and experienced officials from the European Commission’s division responsible for legislation for the banking, insurance, free movement of capital, pensions and capital reserves sectors is bad enough. But accusations that there is a shortage of personnel preparing a “crazy number of legislative initiatives” make the losses worse in this time of crisis.
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Special Report
Thematic Investing: Variations on a theme
There are as many definitions of thematic investing as there are thematic investors. Martin Steward asks how significant themes really are as drivers of managers’ risk
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Country Report
France: Tactical moves
In a country of defined contribution schemes, French pensions have historically been risk averse. Nina Röhrbein reports on whether this trend in asset allocation is continuing
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Asset Class ReportsPrivate Equity: Coping with the hangover
After the big binge on leverage, Joseph Mariathasan finds that the next generation of private equity investors will have to go cold turkey, not rely on a hair of the dog
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Special Report
Thematic Investing: Themes or fads?
Thematic investing in public markets is often biased towards small-caps with emerging business models or technologies. But Joseph Mariathasan finds that the process does not translate smoothly into private equity
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Special Report
Thematic Investing: Beloved, unloved cleantech
The market-wide sell-off, competition from Asia and the debacle at COP15 has put a dent in the cleantech theme for now, finds Nina Röhrbein. But this only makes the still robust long-term story look better value
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Country ReportFrance: A double tax burden
Gilles Dureuil outlines taxation changes that will affect defined benefit pensions in France
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Asset Class Reports
Private Equity: Don’t overlook the hidden costs
Cyril Demaria looks at factors that can generate substantial costs for large institutional investors apart from the usual direct and indirect costs associated with investing in private equity funds
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Special Report
Thematic Investing: Specialists or generalists?
There is more to sector specialist long/short equity funds than systematic sector risk, finds Stephane Macresy
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FeaturesDC: Lessons from around the world
Gail Moss asks whether Europe can learn lessons from the DC systems in countries such as Australia, Chile and the US
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Country Report
Norway: Active enquiry
The €346bn Norwegian Global Pension Fund lost more than 23% in 2008 but went on to book a stellar 2009 with returns of over 25%. However, transparency also means scrutiny, and an enquiry into active the benefits of active management followed, writes Pirkko Juntunen
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Country Report
France: Showing the way on ESG
ERAFP and FRR are two of the most socially and environmentally aware pension funds in France, writes Nina Röhrbein
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Country ReportSweden: Liabilities rule
Pirkko Juntunen reviews the activities and performance of Swedish pension funds and companies
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Features
EFRP surveys workplace pensions
Julie Henderson reports on the results of EFRP research into the state of workplace defined contribution schemes across Europe
