All articles by Martin Steward – Page 16
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News
Survey reveals better alignment in emerging market private equity [AMENDED]
GLOBAL - A large majority of private equity limited partners (LPs) feel that their general partners (GPs) for emerging market funds are at least as well-aligned with them as their GPs for developed market funds, according to the latest EMPEA/Coller Capital Emerging Markets Private Equity Survey.
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Special ReportLiabilities & Matching Strategies: Stractical
There are several ways to make LDI implementation smarter, but practitioners differ significantly over whether or not these are tactical moves – and the extent to which they should deviate from the strategic de-risking journey plan. Martin Steward reports
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Special Report
Liabilities & Matching Strategies: Bespoke fit, chainstore refund policy
The benefit that swaps bring to liability driven investing, of being able to create a bespoke hedge across almost the entire tenor of a scheme-specific liabilities curve, comes at a price: concentrated counterparty risk. The interbank market in swaps has not had to worry about that since 1999, when LCH.Clearnet ...
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Features
Multi-asset inflation funds
There are several multi-asset funds mandated to match or beat inflation. Martin Steward asks whether they are anything more than re-packaged absolute return products
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Interviews
The full toolbox
Think Lyxor Asset Management’s brand-defining products and the word ‘barbell’ comes to mind: on one end, Lyxor ETFs and other index products (the cheapest and most passive vehicles); at the other, the market-leading hedge fund managed account platform (the most expensive and active investment strategies).
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News
Unipension drops hedge funds over lack of diversification
DENMARK - Unipension, the administration company managing some DKK80bn (€11bn) for Denmark's Architects’ Pension Fund (AP), the Pension Fund for Danish MAs, MScs and PhDs (MP) and the Pension Fund for Agricultural Academics and Veterinary Surgeons (PJD), is divesting from its fund of hedge fund investments.
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News
UK pensions allocate $300m to Bermudan catastrophe risk hedge fund
UK - Eleven UK pension funds allocated a total of $340m (€373m) to a $2.6bn catastrophe reinsurance strategy run by Bermuda-based Nephila Capital in the second half of 2009.
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Interviews
Modelling talent – and tails
We all know that finding alpha is tough. But managing a portfolio of alpha sources is also trickier than it seems. Many assume that a hedge fund manager’s idiosyncratic risk has a stable relationship with his beta exposures (which is unsatisfactory); and that idiosyncratic risk is normally-distributed and, by definition, non-correlated with other idiosyncratic risks (which is potentially disastrous). Very few have made significant progress beyond these assumptions, but it should come as no surprise that one of those few is fund of hedge funds Caliburn Capital Partners – because building portfolios of alpha is its raison d’être.
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Special ReportEurope's Pension Consultants: Rapid change
Twin trends of consolidation and thriving specialist boutiques coincide with an urgent debate about the role of advisers and ownership of responsibility within the pensions governance complex. Martin Steward looks at optimising the cooks-to-broth ratio
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Features
Bucking the trends
Martin Steward examines the big claims that are made for managed futures’ non-correlation with traditional assets, other hedge funds and even each other
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NewsFrijns proposals would transform pension funds' status - Ortec
[16:30 CET 05-02] NETHERLANDS - Guus Boender, the chairman and non-executive director of ALM and pensions advisor Ortec Finance, has welcomed proposals the Frijns committee’s recommendations suggesting FTK should target the real cover ratio and enforce a hard lower limit to that ratio.
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News
FundQuest predicts pooling will drive fiduciary business
[15:45 CET 01-02] EUROPE - FundQuest, the €85bn multimanager outfit of BNP Paribas Investment Partners, expects its asset pooling platform to boost the money it runs for the banking group’s institutional fiduciary management clients.
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FeaturesEnter the global dimension
There is no rule that says emerging market securities are the only – or even the best – source of emerging market exposure. Martin Steward looks at access points closer to home
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Special Report
Time to build the new world
The growth of Asia is undoubtedly one of the great investment stories of the coming generation, and infrastructure is one of the key areas of exposure for European investors. But Martin Steward finds that the opportunity might be surprisingly short-lived
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Asset Class Reports
Not just all-in on BRICs
Joseph Mariathasan and Martin Steward research some of the top performers in emerging market equities and finds considerable diversification, not only between top-down and bottom-up approaches, but between valuation methodologies
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News
Towers Watson eyes alternative emerging markets beta
[15:15 CET 15-01] GLOBAL - IPE has learned that pensions consultant Towers Watson is discussing the creation of GDP-weighted investable indices with product providers, to improve the efficiency of its clients’ emerging market equity exposure.
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News
CFTC proposals will affect 'few, if any commodity investors
[15:00 CET 15-01] GLOBAL - Proposals unveiled yesterday by the Commodity Futures Trading Commission in Washington, DC for position limits in energy market derivatives fall far short of the Draconian measures feared by traders.
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Special ReportRisk on or risk off?
The financial crisis and subsequent massive policy responses have dislocated asset markets from economics. Martin Steward attempts to delineate an investment framework to cope with the confusion
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Special Report
Hidden value
Klaus Blaabjerg tells Martin Steward that hunting down the size and value effects in high-yield credit spreads can minimise downside risk and maximise acquisition risk
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Special Report
The convexity of convertibles
The logic for a tactical position in convertibles was clear at the beginning of 2009. CQS told Martin Steward about the strategic case as we enter 2010
