All IPE articles in March 2009 (Magazine) – Page 3
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Features
Stay dry in a crisis
Nina Röhrbein spoke to Gerhard Neustädter, head of asset management at Bonus Pensionskassen in Vienna, about his fund’s approach to managing assets and risk
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FeaturesConvertibles: why now?
Convertible bonds as an asset class had one of the worst years in their history in 2008.
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Features
How convertible securities are valued
Convertibles’ hybrid nature presents valuation challenges and trading opportunities, says Joseph Mariathasan
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FeaturesThe riot continues
The conquistador Hernando Cortez once said: “We Spaniards know a sickness of the heart only gold can cure.”
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Features
Diary of an Investor: Consultants enter tiger’s lair
We had our yearly get-together last week. All the investment directors of Wasserdicht Pension Funds descended on Amsterdam. Yoshi from Tokyo, Hans from Frankfurt, Jim from Boston, Geert from Jo’Burg and Clive from London.
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Opinion Pieces
A consultant union
A new investment consulting player was born this year, the result of the merger between Mercer and Callan. The combined Mercer-Callan entity employs around 375 people, controls about 20% of the US market and has offices in 14 cities.
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FeaturesDeath of common sense
In his final article on a new report, Amin Rajan concludes that without a sea change in the existing practices, pension funds will continue to stumble from one crisis to another
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Special ReportOutperformance claims in doubt
Recent research into the French SRI market finds no evidence of outperformance, says
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FeaturesCan’t live with them, can’t live without them
Pension funds tend to hire investment consultants for reasons such as their specialist knowledge and ability to provide independent advice. But do they hold up to these expectations?
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Features
Time to call a specialist?
The credit-market dislocation has opened up opportunities well beyond core corporate bonds. Martin Steward asks whether pension funds should get specialists onboard, or just loosen their existing bond mandates
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FeaturesManager Profile: CAAM
Convertible bonds might be taking a battering from the current crisis but CAAM is banking on its experience in the sector to see it through, finds Lynn Strongin Dodds
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Opinion PiecesBrave new world?
When liquidity was abundant, serious bottom-up credit analysis was neglected in favour of spurious correlation assumptions. The credit crisis brings us back to a more cautious new world, writes Roger Sadewsky
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Country ReportBoost for new formations
The financial freeze is certain to speed up the trend towards consolidation in the pensions arena as costs soar and companies seek to hand over pension liabilities, finds Mariska van der Westen
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Features
A page or a phone book?
In case anyone has forgotten, the objective underpinning the IASB’s bid to overhaul IAS19 is to ensure that the users of financial statements, or analysts, have access to what the board likes to call timely and decision-useful information.
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Features
Returns: looking bleak
Evidence is now emerging of just how tough a year 2008 was for pension funds. Individual schemes have begun to report their investment results and the division between those who favour equities over bonds and liability-driven investment strategies is becoming all too apparent.
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FeaturesThe big picture
It would be silly to predict the bottom of a deep recession on the basis of a single month’s volatile manufacturing PMI data
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Features
Uprating benefits
Recent falls in interest rates have also affected pension funds that enhance members’ benefits through indexing or guarantees. Gail Moss charts how funds in the Netherlands, Germany and Switzerland are affected
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Special ReportIssues around healthcare
Opinions differ on the reputational issues of companies in sectors like healthcare and mining. Nina Röhrbein asks if investors really need to abstain
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FeaturesInvestor case study: APG
The Dutch giant is not about to turn away from convertibles as a way to tap into equity upside while retaining some downside protection in a falling market, says Lynn Strongin Dodds
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Opinion Pieces“Any ALM study should consider the effects of Black Swan events”
Pension schemes are suffering a double blow at the moment. As well as increased deficits there are also concerns about the strength of the sponsor.
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