Latest from IPE Magazine – Page 427
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Features
Time is money
Gail Moss looks at German time-value accounts, which provide a model for flexible DC saving and early retirement provision
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Interviews
Increase the checks and balances
On The Record: How are you dealing with risk management in the current climate?
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Opinion PiecesGuest Viewpoint
“If the PPF were to be overwhelmed by claims, the taxpayer would almost certainly end up paying”
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Features
Coffee-break standard
For International Accounting Standards Board (IASB) chairman Sir David Tweedie, a short coffee break is also a chance to determine how businesses should present defined benefit (DB) pension costs in their financial statements.
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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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Opinion Pieces
University challenge
Even the ‘smartest’ money is suffering. US university endowments, the early adopters of alternative and esoteric investments, which were often recommended by their most brilliant alumni, are experiencing huge problems because of the market downturn and the illiquidity of those assets, compounded by the increase of expenses and the decline of revenues, including donations.
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Features
Governance: more questions than answers
At IPE’s Pension Fund Governance Forum last month, Karel Stroobants, independent trustee and former director of the Belgian Amonis fund, wanted to know why there was so little debate on how the guardians of $20-plus trillion in retirement wealth actually govern themselves.
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Features
Crisis blame game at NAPF conference
It was no surprise that the main focus of the UK National Association of Pension Funds (NAPF) annual investment conference was less on what strategies schemes can or should adopt and more on whether trustees were to blame for the current economic crisis.
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Features
Most returns firmly in the red
The continuing downward trend of pension fund solvency levels means even those funds which came even close to zero return could see their asset allocation scrutinised by colleagues.
