Latest from IPE Magazine – Page 660
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Features
Sharing the upside
Inherently the concept of performance fees is appealing. The plan sponsor only pays for performance when the manager delivers, and the manager has additional motivation to perform. However, a lower fee is poor compensation for cost of the poor performance it accompanies, and managers, in the pursuit of higher performance, ...
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Features
Mapping out the road ahead
It wouldn’t have been hard to guess the theme dominating the concerns of CEOs from Europe’s leading asset management houses over the last year, but seeing it in black and white (pages 2-9) brings it home that much more firmly. Current equity market conditions, of course, are stretching the minds ...
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Features
Irish launch for Mercer 360
Mercer Investment Consulting has launched a new product allowing smaller Irish pension funds access to international investment managers. The new service, Mercer 360, combines the investment consulting experience of Mercer with the fund management skills of Attica Asset Management. Attica provides manager of manager products in the UK, and is ...
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Features
Who's for private equity?
Pension funds have been identified as one of the factors that could help in the development of the European private equity industry. The European Venture Capital Association says that it has identified 10 indicators – of which five are tax related – which can contribute to “shaping” a favourable environment ...
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Features
'Compromise of a compromise'
After years of debate and some false starts, in the end the European directive on occupational pensions came down to a “compromise of a compromise” worked out between a few key players meeting just before the crucial vote at the European Parliament. At stake was, in the words of European ...
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Features
Date with EM debt
Question: “Which asset class returned 15.1% during the last year, 11.3% per year for each of the last two years, and 13.2% per year for the 11 years from March 1992 until March 2003?” (Merrill Lynch). Answer: Non-G7 sovereign debt. Sound appealing? Possibly. Now if we said those returns were ...
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Features
Waiting for the peace dividend
It goes without saying that the aftermath of the US-led war against Iraq is the dominant theme for the US markets and economy. Or does it? For some market participants, while seeing a post-war rally, the pre-war picture still holds and the same problems remain. If unemployment is anything to ...
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Features
War against deflation
Although it may not currently be fashionable to admit it: we are fundamentalists. This relates to our investment and research, not ideological, approach. The first step in every investment decision is the analysis of the key long-term drivers of an investment. We then confront our findings with the consensus view. ...
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Features
The pendulum never stops half way
Are we going to see a double-dip recession? Will deflation hit? Surely the equity markets can’t get much worse, with the US and UK indices nearly halving (not to mention Germany which has gone down by nearly 75%)? After all, how sustainable is a situation where the dividend yield on ...
