Latest from IPE Magazine – Page 425
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Opinion Pieces
A stockpickers’ market
History suggests a good decade ahead for equities, but good stockpicking will enjoy handsome returns even in a stagnating market, argue Habib Subjally and Perry Winfield
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Special ReportShining the light of transparency
Efforts are increasing to stamp out corruption and to restore confidence in global capital markets. Nina Röhrbein reports
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Special Report
Credit crunch reshapes custody
Demand for custodians’ services is rising as the credit crunch forces trustees and pension boards to pay attention to previously neglected areas of risk, finds Iain Morse
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Features
Regulatory Risk
Wasserdicht Pensionskasse in Frankfurt invited me to talk to them about risk. ‘You can tell us what you think we should do and what you think best practice should be in terms of risk management. And we have asked an EU regulator to talk to us. You will like him’.
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Features
A risky business
It’s no exaggeration to say that the parameters of investment risk and reward were thrown out in the final three months of 2008 following the bankruptcy of Lehman Brothers, as markets plunged at a time when interest rates plummeted and investment correlations approached zero.
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Interviews
Revolution for survival
Jan Straatman has chosen a quote from Charles Darwin as the motto for his plans to restructure €330bn Dutch investment management giant ING: “It is not the strongest of the species which survive, nor the most intelligent, but those most able to change.”
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Features
Undiminished allure
Last year’s equity market collapse made stocks look poor on a 10-year view against cash and bonds. But they remain the best way to get exposure to long-term economic growth. Lucy MacDonald makes the case for equities
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Asset Class ReportsBanking on animal spirits
Global equity valuations – both absolute and relative to credit – are proving difficult to pin down. Joseph Mariathasan finds managers tiring of paying a premium for defensiveness but are hopeful that ‘animal spirits’ can sustain an upward trend
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Features
Greeks bearing gifts
Volatility is one of the best diversifiers money can buy, and yet few pension funds recognise it as an asset class. Martin Steward explores the possibilities
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Special Report
Boost your hedge
Supplementing index-linked bonds with alternative investments in the liability-matching portfolio can take some pressure off of the return-seeking portfolio – thereby improving risk management, argues Lionel Martlellini
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Special Report
Maintaining the flow
Last year’s multi-faceted liquidity crunch will change the way funds of hedge funds manage their clients’ money, writes Beverly Chandler
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Special Report
Back to basics
Years of under-investment in risk management cannot be solved simply by buying the hottest new technology, warns Lynn Strongin Dodds
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Special Report
Sting in the tail
Extreme Value Theory and stress testing, in combination with factor-based risk models, can help investors around the shortcomings of VaR, says Jennifer Bender
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Special Report
Identify the true risks
Mean-variance optimisation’s static focus at the asset class level should be augmented with a dynamic management of risk factors, argues Crispin Lace
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Special Report
Time to be active
Market cycles must be managed dynamically and liabilities kept under control, says Paul Kemmer
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Special Report
Diversification isn’t dead…
… it’s just more complex than many of us thought. Haitse Hoos argues that fiduciary management can help solve the challenges of active correlation-risk management
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Special ReportGetting a grip
The financial crisis has uncovered the shortcomings of traditional asset-class and market diversification. Martin Steward asks whether there is a better way
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Country Report
A review of performance
Austria’s government has responded to the poor 2008 performance of pension funds by establishing a pension reform commission to discuss possible changes to the system. George Coats makes an assessment
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Country Report
The asset management view from Vienna
Nina Röhrbein asked two Austrian asset management CEOs about the impact of the financial crisis
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Country Report
Case for complexity
Liam Kennedy spoke with Dr Boy-Jürgen Andresen, a grandee of German pensions who is shortly to retire as chairman of the board of Watson Wyatt Heissmann
