Latest from IPE Magazine – Page 676
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Features
Get to grips with hedge funds
‘More talk than action’ is a comment often made during discussions about hedge funds for European pension funds. In this article, I would like to present the perspective of a pension fund trustee on this topic. The conclusion will be, in short, that the debate about the use of hedge ...
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Features
State Street's carve out
The ‘Big Dig’ is how Bostonians refer to the enormous civil engineering project that runs through their city and has sucked in more dollars than the city probably cares to contemplate. The day of its completion appears to be as problematic as ever. In Franklin Street, not far from this ...
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Features
European platform
State Street went into the Deutsche deal from a position of strength, according to its president and COO Ron Logue. “We won more business in 2002 than in any other year. All in all, wins exceeded business losses in a ratio of three to one. “Relative to the competition we ...
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Features
Making it happen
Ralph Vitale is the man with the mission of planning and implementing the integration of the Deutsche global securities services (GSS) business with State Street, where he is executive vice president, responsible for securities finance. “This is an enormously complex transaction, as it covers a lot of people in a ...
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Features
Last days of GSTPA
At the beginning of 2002 it was widely predicted that, come the following November, one of the securities industry’s more ambitious projects to streamline the transaction chain – involving a major step change in technology and processes – would have degenerated into farce. Well, sure enough, a debacle duly occurred, ...
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Features
Follow first principles
It is important to recognise that asset allocation is inherently a two-stage process. The first step should be to formulate a benchmark position, based on weighing the investor’s return desires against their tolerance for risk, be it in absolute terms or relative to a liability ‘benchmark’. Once the investment policy ...
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Features
Make liabilities the starting point
As we head for the third straight year of falling equity markets with pension fund surpluses no longer the norm, we are all too painfully aware of the importance of aligning pension strategies with their ultimate objective. Pension assets need to be invested with reference to pension obligations (ultimate cashflows) ...
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Features
Using benchmarks with right focus
Pension fund investors are demanding more of their benchmarks in the 21st century. The traditional qualities required of a benchmark index are: that it fairly represents an asset class; and is a measure which fund managers are happy to use in running and monitoring portfolios. However, this is no longer ...
