Latest from IPE Magazine – Page 412
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Features
Decisions, decisions
This month’s Off The Record survey looked at pension funds’ approach to their asset allocation. The majority of respondents – 55.5% – said their pension fund was subject to asset allocation restrictions by the respective regulator or fund-specific regulations.
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Features
Nordic lights shine
Iain Morse assesses trends in the custody markets of the Nordic countries
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Interviews
American half-century
f you are wondering why it took 50 years for American Century Investments to open its first offices outside the US, it is instructive to look at who owns the business. Among the partners, primary control is held by the cancer research group associated with the Stowers Institute for Medical Research in the firm’s home town of Kansas City. About eight years ago American Century’s founder, Jim Stowers, now an octagenarian cancer survivor, donated almost all of his wealth to establish the institute. Since 2000, 40% of the firm’s profits have been paid as an annual dividend to the institute – a total of more than $750m.
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Special Report
Surviving stagflation
As the dreaded ‘s’ word edges onto the periphery of economists’ radar screens, Martin Steward assesses the options for defending against it – and the risks those options present
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Asset Class ReportsCrowded out
One might imagine small-caps markets to be hives of alpha-generating inefficiency and anomaly – and yet Joseph Mariathasan finds that returns in Europe are dominated by beta
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Country Report
Under scrutiny
Gert Verheij discusses new rules concerning structure and risk management at Portuguese pension companies
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Features
Under my roof
If you manage money in-house you must ask yourself whether your aim is to add value or to save on fees. Now is also a good time to find talented staff, finds Gail Moss
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Features
A Selective Focus
ABN AMRO’s Dutch pension fund believes its focus on all stakeholder interests has helped prevent it from dropping below its statutory funding level. Liam Kennedy spoke to Rob Meuter, chairman of the trustee board, and Geraldine Leegwater, head of investments for the fund’s in-house pension bureau
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Country Report
Supplementing social security
As parametric reforms, which have been gradually coming into force in Portugal since 2002, are set to reduce the first pillar state pension benefits, the government needed to bring in a system to compensate for loss of income.
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Opinion Pieces
Fund fees challenged
Mutual funds managed $1.8trn (€1.2trn), or 48%, of assets in 401(k) and other defined contribution plans in the US as of end-June 2009. Annual management fees earned were more than $10bn but these are now at risk of being cut because of two pending legal decisions. One will be made by the Supreme Court on a case about how much money-management firms can charge. The other one will be made in Congress. The House education and labour committee has already approved the 401(k) Fair Disclosure and Pension Security Act, while the Senate special committee on ageing has its own legislation.
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Opinion Pieces
WMD under fire
Brussels is set to regulate the over-the-counter derivatives market, but it could still be some time, perhaps years, before the European Commission achieves implementation of any legislative steps across the member states.
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Opinion Pieces
Con Keating, head of research, BrightonRock Group
The September edition of IPE contained articles on valuation, securities lending, collateral management and lessons from the financial crisis. Observations such as: ‘any exposure needs to be collateralised’ and ‘an aggressive move to daily margining’ set the tone but also brought to mind the Vietnam War era expression ‘collateral damage’.
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Features
Turning a crisis into an opportunity
In the fourth article on a new study, Amin Rajan and Jervis Smith argue that extraordinary times offer an opportunity to create businesses of enduring value
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Country ReportDanes fly the green flag
New reporting rules will ensure that Denmark’s pension funds continue to push out the boundaries of social responsiblity in a country that’s already a world leader in green energy development, finds Rachel Fixsen
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Country Report
Finland:New law to boost retirement saving
Pirkko Juntunen gives a roundup of the Finnish government’s proposals to boost pension saving and expose mutual pension providers to outside competition
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Country Report
Iceland:One year on
Iceland’s pension funds were subject to emergency currency controls as the country underwent unprecedented turmoil and de facto insolvency. Nina Röhrbein assesses the problems faced by Iceland’s pension funds as the country searches for a route to economic recovery
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Country Report
Sweden AP funds prepare for future
Sweden is far from resting on its pension reform laurels, the social security minister tells Pirkko Juntunen
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Country Report
AP1 New strategic focus
Shifting its focus to asset allocation and risk management and realising the importance of finding new and more efficient ways of managing assets was already apparent to Sweden’s AP1, the First National Pension Fund, ahead of what has become the worst financial crises and economic downturn in modern history.
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Country Report
AP2 Back to basics
It is often said that there is nothing like a crisis to focus the mind. This is certainly true of AP2, the Second Swedish National Pension fund, which has come through the turmoil with a new focus and a streamlined investment team.
