All articles by Liam Kennedy

  • Liam Kennnedy
    Opinion Pieces

    Time to rethink defined contribution pensions design

    December 2022 (Magazine)

    This year is shaping up to be the worst for investment returns since before the great financial crisis, according to IPE’s latest performance analysis of the leading European pension funds.

  • Kent Damsgaardfinal-1600px
    Country Report

    Nordic region: Danish pension funds on track to fund climate commitments

    December 2022 (Magazine)

    Denmark’s pension industry is calling for greater clarity from government on the timing of green projects and on the roles of different stakeholders 

  • Copenhagen, Denmark
    Country Report

    Country Report - Pensions in the Nordic Region (December 2022)

    December 2022 (Magazine)

    Nordic pension funds are getting to grips with biodiversity and natural capital in their investment portfolios, seeking to measure both the impact of companies they invest in and ways they can limit adverse effects on nature. Like other investors globally, many are just at the early stages of thinking about this - how they measure biodiversity, which metrics and approaches are gaining acceptance, and how best to report to stakeholders.

  • Stocks
    Asset Class Reports

    Asset Class Report - Equities (December 2022)

    December 2022 (Magazine)

    Factor investment strategies were once the ‘new black’ - scientific, quant driven approaches that could deliver the ‘smart beta’ nirvana of lower volatility returns and optimised exposure to robust return premia from small cap, value and quality stocks. Pundits always warned adopters that not all factors would perform all of the time - and indeed they didn’t. But investors are taking a fresh look at factor strategies now the extended spell of outperformance of growth stocks has passed, and value has reasserted itself.

  • ESG report November 2022 cover
    Special Report

    Special Report - ESG

    November 2022 (Magazine)

    Our report looks at the ESG through the prism of private markets, with coverage of SFDR and an interview with Anner Follèr, head of sustainability at Sweden’s national private equity investor AP6

  • Liam Kennnedy
    Opinion Pieces

    Lessons on LDI: learn from the Dutch cultural revolution

    November 2022 (Magazine)

    Around 20 years ago, UK occupational pension liabilities underwent a structural change. With assets weighted towards UK equities, still cashflow positive and open to new members and future accrual, liabilities were not too greatly discussed. 

  • Spain
    Country Report

    Country Report - Pensions in Spain & Portugal 2022

    November 2022 (Magazine)

    In Spain, the pension sector is giving a cautious thumbs up to workplace pension reform plans, even if they fall short of the industry’s wish list. Top of that list was mandatory auto-enrolment, which won’t now happen. But the planned national so-called Macro-fondo ‘super fund’ has met with general approval. It will be managed by the private sector but supervised by a control committee comprising government, employer and union representatives.

  • Zurich, Switzerland
    Country Report

    Country Report - Pensions in Switzerland 2022

    November 2022 (Magazine)

    Our report on Swiss pensions also looks at the growing demand for so-called 1e plans, additional pension vehicles for higher earners. The 1e sector is ripe for consolidation, like the market for multi-employer pensions (Anlagestiftungen), where the federal regulator is concerned about a build-up of complexity and supervisory risks. We also cover the annual survey of the consultancy Complemeta and assess Swiss pension funds’ asset allocation plans.

  • 010.Pierre-Antoine-de-Selancy-scaled
    Features

    17Capital’s Pierre-Antoine de Selancy: Navigating NAV lending

    November 2022 (Magazine)

    Pierre-Antoine de Selancy has just left a meeting with his company’s new majority shareholder, Oaktree, and is running a little late. His days are busy. De Selancy is founder and managing partner of 17Capital, a London-based boutique specialised in providing NAV finance to private equity managers.

  • Liam Kennnedy
    Opinion Pieces

    Solvency II: Rule changes can’t force risk taking

    October 2022 (Magazine)

    Changing the rules can often seem like a very sensible policy choice – whether a sweeping deregulatory reform or more of a technocratic adjustment to regulations.  

  • Michelle Scrimgeour USE THIS VERSION
    Features

    LGIM’s Michelle Scrimgeour: ambitions for growth

    October 2022 (Magazine)

    Michelle Scrimgeour and her executive team set out their strategic growth priorities in November 2020, a little more than a year after she had taken over as CEO of Legal & General Investment Management (LGIM). They agreed to grow the business by focusing on existing strengths: to modernise, diversify and to internationalise.

  • BoE
    News

    Bank of England intervention eases pressure on DB schemes facing margin calls

    2022-09-28T16:49:00Z

    Pension funds should proactively look for ways to shore up liquidity, says consultancy

  • In search of capital
    Features

    CEE private equity: in search of capital

    September 2022 (Magazine)

    War in Ukraine is just one factor deterring investment in private equity and growth capital in Central and Eastern Europe 

  • Liam Kennnedy
    Opinion Pieces

    Institutional capital for energy resilience

    September 2022 (Magazine)

    Ukraine’s independence day on 24 August also marked six months since the start of Russia’s invasion and with it a profound shift in the global geopolitical and economic balance. 

  • Special Report

    Belgium: Limited agreement on pension changes reached

    September 2022 (Magazine)

    A minimum monthly first-pillar pension will apply from 2024 but there has been little effort to boost supplementary schemes  

  • Top 1000 2022 cover
    Special Report

    Top 1000 Pension Funds 2022: Pension assets increase reflects 2021’s markets

    September 2022 (Magazine)

    The assets of the leading 1000 European pension funds increased by well over €600bn in our latest survey – a large portion of which can be attributed to strong investment returns on the back of a sustained post-COVID rebound over the course of 2021. Developed market equities returned over 30% in euro terms in 2021, compared with losses of around 4.7% in global aggregate bonds.

  • approved -photo-candid-employee-Minaya_J-03
    Interviews

    Strategically speaking interview: Jose Minaya, Nuveen

    July/August 2022 (Magazine)

    Asset managers with a yield-hungry pension investor as a parent nowadays usually have to diversify their footprint into private markets, often by acquisitions in one form or another. 

  • Liam Kennnedy
    Opinion Pieces

    How to bridge a most obvious pension investment gap?

    July/August 2022 (Magazine)

    Investment luminaries were recently invited by the CFA Institute to give their opinion on the financial system in a publication to mark the quarter century of the institute’s research award to commemorate Jim Vertin.

  • Rome, Italy
    Country Report

    Country Report – Pensions in Italy 2022

    July/August 2022 (Magazine)

    Italy’s pension industry continues to develop, albeit at a slow pace. Italian pension funds are adapting their strategies to the volatile and uncertain market regime, by purchasing inflation-linked assets and by taking advantage of potentially higher yields on domestic government bonds. However, as our lead article highlights, they are generally staying true to their long-term diversification strategies, which consist of gradually allocating to alternatives including private equity, private debt and infrastructure. Some have bought shares in the Bank of Italy, a private equity-like investment.

  • Special report - Outlook
    Special Report

    Special Report: Outlook

    June 2022 (Magazine)

    It’s hardly news that inflation is high on asset owners’ minds right now. We asked eight seasoned asset allocators, CIOs and strategists the same question: how do you rate the chances of stagflation? And what to do about it?