All articles by Martin Steward – Page 13
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Interviews
Breaking the bonds
Last month’s Strategically Speaking looked at how the dynamics of ageing, pension fund decumulation and tighter capital adequacy had influenced Schroders’ transformation from UK equities investor to global multi-asset manager.
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NewsMartin Steward on Stewardship
The Stewardship Code can be a valid investment strategy, but it certainly isn't for everyone.
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Special Report
The Engaged Investor: Philosophy… or strategy?
Martin Steward talks to activist investors about how they justify the costs and risks of engaged ownership
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Features
Still at the station
Investors cursing themselves for missing the private equity secondaries train in 2009 can still get onboard, finds Martin Steward
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Interviews
Positioned for the new era in pensions
There are some clear long-term trends in pension asset management in Europe. Collective is giving way to individual provision. Defined benefit (DB) schemes are closing, crystalising liabilities and deficits, and implementing LDI programmes. This, together with accounting and capital adequacy standards and the decumulation phase of an ageing demographic, is pushing funds into fixed income. Where growth assets are still required, investors look beyond domestic markets because growth is expected to come from emerging economies.
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Interviews
Consolidating and concentrating
There has been a lot of change at Finasta Asset Management over the last two years. In 2009 parent company Finasta Group was sold by Lithuanian heavyweight Invalda to Bank Snoras, which had its own asset management outfit. This division was merged with Finasta Asset Management at the beginning of 2010, creating a rather odd-looking entity that was ripe for ‘synergies’.
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Asset Class Reports
Small & Mid-Caps: Small is beautiful
epoThe global small-caps universe is one of great diversity and opportunity. Joseph Mariathasan and Martin Steward speak to some top managers about their portfolios
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NewsATP Private Equity Partners 'optimistic' about venture capital
Partner Klaus Rühne argues macroeconomic environment is now right for VC.
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NewsEmerging markets, growth and income next for PIMCO equities
US fixed income giant to hire team for global growth and global income equities.
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NewsHedge fund assets back to pre-crisis levels, says HFR
Assets managed in the hedge fund industry are almost back to their pre-crisis highs.
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NewsStewardship 'may be incompatible' with pension fund governance
GLOBAL – Stewardship, far from being a good fit with the aims and interests of long-term investors, may require a radical re-think of, and may be incompatible with, the way pension funds invest.
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NewsInvestors bringing private equity in-house, says Coller survey
GLOBAL – Well over a third of US and European private equity investors will reduce or end their exposure to funds of funds over the next three years, and among pension funds, half believe they could improve returns if they were allowed to hire more investment staff.
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Interviews
Latin translation
“We have a saying in Spain,” says BBVA’s head of global asset management Luisa Gómez Bravo. “‘No vendas la piel del oso antes de haberlo cazado’.” Don’t sell the bearskin until you’ve hunted the bear. The proverb comes in response to the question of how the €140bn asset management unit of one of the biggest global banking brands remains so little-known among Europe’s institutional investors.
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Special Report
Fees: Just rewards
Unfairness, high levels, perverse incentives: fees are always guaranteed to raise temperatures. Martin Steward considers some imaginative proposals for alignment of interests
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Special Report
Fees: Beta-zero fees
Bernd Scherer tells Martin Steward that asset managers should take a good look at – and possibly hedge – the market risk embedded in their fees. How might that change the relationship with clients?
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NewsEDHEC survey shows modest but growing use of ETFs by pension funds
EUROPE – European pension funds remain modest users of ETFs, but their participation is growing.
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Asset Class Reports
Hedge Funds: The view from the Hilltop
Martin Steward talks to Rory Hills about what went wrong with the fund of hedge funds industry – and about how to put it right
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Asset Class Reports
Hedge Funds: Making the illiquid liquid
The secondary market in hedge funds is on the rise as investors snap up illiquid portfolios coming onto the market, says Martin Steward
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Interviews
Winton’s global equity strategy
The West London offices of Winton Capital Management, best known for the diversified managed futures programme that has helped it grow into one of Europe’s biggest hedge funds, feel more like a university campus than an HQ of an asset management firm.
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Features
Get converted
The convex payoff of convertible bonds is well-suited to these uncertain times. But Martin Steward asks how easy – or desirable – it is to maintain optimal convexity
