Latest from IPE Magazine – Page 636
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Features
'Highly dependent on advisers'
A new report commissioned by the UK government’s pensions department says fund trustees are “highly dependent” on investment consultants. It points out that consultants’ contracts tend not to be based on formal performance assessment. “Investment consultants were involved in many different aspects of investment decision-making, and trustee boards were highly ...
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Features
IMF critical of Belgacom move
The Belgian government’s takeover of the Belgacom pension fund has been criticised by the International Monetary Fund as an “ad hoc” measure which masks the country’s true fiscal position. “The current framework that relies on maintaining balanced budgets has served as a valuable policy communication tool,” the organisation said in ...
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Features
Germany goes for TAA
German institutional investors are increasingly focusing on the possibilities for tactical asset allocation (TAA) within their portfolios. “What we are seeing in the market is that there is a very large interest in TAA,” says Klaus Esswein, State Street Global Advisors’ managing director, based in Munich. “You find immediate interest ...
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Features
Two funds opt for hedge strategies
Two European pension funds have made commitments to hedge funds as part of a growing trend. The E1.3bn pension fund of Dutch research institute TNO has allocated E30m to hedge funds, while in the UK, the Kvaener pension fund has allocated £25m (E35m). The Rijswijk-based TNO has awarded two E15m ...
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Features
Why Lamfalussy is worried
Late last year the European Commission set up European occupational pensions regulatory and supervisory committees as part of a broad package which also saw the formation of committees to cover banking and investment funds. The European Council had asked the Commission in December 2002 to extend the committee structure applied ...
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Features
Consultation at heart of process
“Consultation has been the heart of our proposal,” says Baron Alexandre Lamfalussy. His words provide a valuable insight into the right way to construct workable legislation at the European level. He says the process that bears his name – while not necessarily making disagreements disappear, does at least bring them ...
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Features
Where politicians fear to tread
Falling equity values and the continuing commitment to a defined benefit scheme have combined to turn local government pension schemes (LGPS) into a landscape of black holes. The chickens well and truly come home to roost as at 31 March this year, when the next tri-annual valuations take place. The ...
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Features
Where the dollar takes us
As is customary, end-of–year preparations have deterred many investors from actively participating in bond markets, so trading volumes have shrunk and trading ranges have narrowed. Foreign exchange markets, on the other hand, have been moving in to distinctly new territories. The US dollar has continued its downward trajectory, as the ...
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Features
Credit spreads: a great year, from the bottom up
Last year was an excellent year for credit throughout the world’s capital markets. Spreads across all levels of the credit spectrum narrowed markedly over the course of the first 11 months of the year. Figures from Standard & Poor’s show that investment grade credit spreads among US non-financials declined from ...
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Features
US to dictate Europe's 2004
Two developments in the US hold the key to how the Euro-zone equities market is likely to perform in 2004. One is the recovery of the US economy and the other is depreciation of the US dollar. The questions the European markets are asking are – will the fall in ...
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Features
Job market fugures confirm story
Our big picture for the global economy remains one of higher growth, with the US leading the global upturn. The US economy is changing for the better. Last quarter it grew at its highest pace since early 1984, with both capital spending and consumer spending posting big advances. The improvement ...
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Features
Equities to benefit from recovery
Short-term volatility will always feature in equity markets and should be expected. But overall, we believe that equity markets will maintain their positive trend in the months ahead because of the strength of improvement in economic and profits data around the globe. Not only has the US economy reported a ...
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Features
Why pressure is mounting on DB plans in UK
The last few years have seen troubled times for all involved with the management of defined benefit (DB) pension plans within the UK, with large numbers of employers either closing their DB plans to new entrants or shutting down their plans for future accrual altogether. Based on the National Association ...
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Features
Getting the pensions message across
Good communication is essential in the pension fund business, according to a panel of leading figures in the European pensions industry. Panellists at the third annual IPE Awards in Amsterdam agreed that communication with plan members was an important part of the job of a pension fund manager. And with ...
