Markets – Page 193
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Pensions insurance might work long-term - advisers
[16:30 CEST 20-05] GLOBAL – Some form of insurance or ‘lock-in protection’ might be a solution to the risk of investing in defined contributions pensions, but the industry must in the short-term do much more to inform members about the risks they face, say consultants.
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Overlay touted as swaps alternative
[16:00 CEST 19-05] EUROPE – Pimco, the asset manager, has suggested pension funds who were considering applying an interest rate swap to their portfolios should instead look to a gilts overlay or equity futures to gain better returns.
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Reforms urged on sterling corporate bond market
[17:10 CEST 15-05] UK – The Investment Management Association has warned appropriate reforms are needed in the UK corporate bond market, to prevent the sector from becoming a “backwater” and in turn presenting both a lack of funding and higher costs for all investors concerned.
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NAPF backs UK short-selling strategy
[16:40 CEST 15-05] UK – The National Association of Pension Funds (NAPF) has urged the UK’s Financial Services Authority to steer clear of a blanket ban on short-selling of equities, arguing certain investments strategies “depend on the ability to go short”.
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Pension funds act on negative swap spread
[13:00 CEST 14-05] GLOBAL - Pension funds have been lining up to take profits from the interest-rate swaps they have put in place for liability-driven investing (LDI), according to their fixed income managers and advisers.
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PPF diversifies investment portfolio
[17:25 CEST 11-05] UK – The Pension Protection Fund (PPF) is diversifying its investment strategy to include three new portfolios including global tactical asset allocation (GTAA).
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Shropshire reduces UK equities for new global mandate
[17:20 CEST 11-05] UK – Shropshire County Council is seeking one or more managers to run a new global equity portfolio for the £740m (€824m) Shropshire Pension Fund.
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FTSE pensions made conservative shift to bonds
[16:45 CEST 11-05] EUROPE – FTSE 100-listed companies have sought to reduce their pension liability risk within the last year by re-weighting assets by an average 7% to bonds, suggests a study published by Pension Capital Strategies.
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Swaps should be favoured over gilts – F&C
[16:55 CEST 08-05] UK – Pensions funds are being warned to tread carefully at present when deciding whether to hedge their liabilities against UK gilts, as the huge level of government borrowing is likely to mean yields will need to rise in the short-term to attract borrowers.
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Aberdeen AM sees fixed income outflows
[16:00 CEST 05-05] UK – Aberdeen Asset Management saw its asset under management fall in the first half of its financial year to the end of March by almost £8.5bn (€9.55bn) thanks largely to outflows from its fixed income.
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Economic crisis could lengthen deficit recoveries
[16:00 CESt 30-04] UK – Calculations made by Towers Perrin suggest the current levels of corporate bond yields alongside growing defined benefit pension scheme deficits could lengthen funds’ recovery times to as much as 20 years.
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Finnish pensions are helping recovery - Katainen
[15:45 CEST 27-04] FINLAND – The Finnish finance minister, Jyrki Katainen, has local praised pension funds for their investment in corporate loans as doing so is expected to contribute to the country’s economic recovery.
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Pension funds turn to specialists and alternatives
[14:30 CEST 23-04] EUROPE – Pension funds are increasingly moving into alternatives but the next growth area could be in the expansion of specialist fixed income mandates and single strategy hedge funds, according to Mercer’s review of pension fund asset allocation.
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PMA recovery to alter asset allocation
[16:40 CEST 20-04] NETHERLANDS - The €889m pension fund for pharmacies’ staff PMA expects to recover from its reserve shortfall within 15 years by adjusting its yearly indexation and changing its asset allocation strategy.
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Property and infra to see investment resurgence - study
[16:30 CEST 20-04] GLOBAL – A study of pension funds and institutional investors suggests funds will increase their listed and private equity holdings this year, but the asset classes of most interest for future years are likely to be property, infrastructure and hedge funds of funds.
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Asian equities eyed via external manager
[16:15 CEST 17-04] IPE-QUEST – A Swiss investor is conducting an initial manager screening for a potential $100m (€76m) large-caps Asia (ex Japan) equity mandate, using IPE-Quest.
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Industriens diversifies to tap high-yielding dividends
[16:00 CEST 17-04] DENMARK – Industriens Pension, the €8.3bn pension fund, has diversified its equity holdings a fraction to tap potential opportunities linked to dividend income.
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S&P warns 3 in 10 high-yield debts could default
[16:10 CEST 16-04] EUROPE – Standard & Poor’s has predicted as many as 29% of existing Western European speculative-grade companies could default on their debt agreements by the end of 2010.
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Bonds downgrading ‘artificially lowered’ deficits – Hymans
UK – A downgrading in the credit rating of some of General Electric’s corporate bonds has in turn artificially lowered the reported pension deficits at the UK’s top 350 listed firms in the first quarter of this year, according to Hymans Robertson.
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Investors eyes growth in biotechnology
[16:45 CEST 15-04] IPE-QUEST – A continental European investor is looking to hire a manager to look after a $20m (€15.2m) biotechnology equity mandate, using IPE-Quest.
