All articles by Martin Steward – Page 2
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Interviews
Of orange blood and quieting storms
It has been a stormy four years at ING Investment Management – but the skies are finally starting to clear.
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Special Report
The Euro-Zone: From imminent catastrophe to exuberant recession
One of our six European chief economists’ views, from BNP Paribas Investment Partners’ William De Vijlder, sums up a theme of this month’s special report: “Depending how one looks at it, a lot or very little has changed in the last nine months.”
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Asset Class Reports
Credit: Smuggling in some spread
Martin Steward finds risk-averse managers picking up spread from asset-backed bonds, subordinated financials and ‘rising-star’ high-yield issuers
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NewsPantheon hires Verizon pensions innovator to head private equity for DC
NORTH AMERICA – Private equity fund of funds aimed at 'mini-DB' 401k default strategies.
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Special ReportLongevity: The great age of divestment
Martin Steward looks at evidence for the demographic ‘asset meltdown’ theory, some investment strategy implications – and the major caveats attached to putting too much store in it
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Asset Class Reports
Private Equity: Bridging the gap
Martin Steward meets the co-founders of OceanBridge Partners, whose flexible new model aims to maximise the potential of private equity investing
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Special Report
Longevity: Living longer, costing more
In 1985, for every person turning 65, there were 10 new people of working age. According to estimates from the UN, by 2040, for every person turning 65, there will be less than one additional person in the 20-64 years age groupage
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Interviews
An emerging markets coup
After a burst of acquisitive growth during its years as the investment division of Lehman Brothers, Neuberger Berman’s time as an independent asset manager has instead been spent redefining its brand, building track records and expanding its global reach.
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Features
The EU-thanasia of the rentier
It was hardly a happy coincidence that the EC’s consultation paper on the long-term financing of Europe’s economy was published on the same day that the Cypriot bank ‘bail-in’ was agreed – but it was surely an instructive one.
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Features
Stuck in the middle
The mezzanine-debt opportunity has not gone away. But Martin Steward finds that success will probably depend on both greater focus and flexibility
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News
QE1 hurt UK pension funds, but not QE2, says JP Morgan
UK – Asset manager to discuss findings of new research with Bank of England next week.
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News
iShares 'working on' ETF solution for UK pension funds
UK – Non-FSA registered institutions currently unable to trade ETFs.
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News
ING IM commits to re-building EM debt team with new hire
NETHERLANDS – Marco Ruijer hired, asset losses ‘relatively low’ after seven departures.
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Special Report
Insurance-Linked Investments: AQR Re: where quakes meet quants
Martin Steward met the reinsurance team established by quantitative asset manager AQR Capital Management
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Special Report
Insurance-Linked Investments:Integrating catastrophe risk
Reinsurance risk is clearly diversifying against pension funds’ core financial market risks. But Martin Steward writes on the importance of defining objectives beyond simple diversification when investing in this asset class
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Special Report
Insurance-Linked Investments: Herding cats... and other insurance-linked risks
It is not always easy to tell what someone means when they talk about ‘insurance-linked investments’ – but distinctions are imperative because the various components of this complex market present very different risk and return profiles.
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Interviews
Degrees of freedom
It has been a busy Q1 for Artisan Partners. At the time of writing, the 19-year-old firm was on the brink of its IPO. Aiming to raise almost $330m with which to clear its loans, buy back shares and reward its pre-IPO partners, the event feels like the foundation for the firm’s next stage of growth.
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Asset Class Reports
US Equities: Growth – but at what price?
US equity managers’ performance has been determined by a long period of convergence between value and growth strategies. Martin Steward outlines these characteristics in four portfolios and asks if this era is coming to an end
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Features
‘Great rotation’, or liquidity-trap trade?
There’s a puzzle at the heart of this month’s Strategy Review on US equities. All four interviewees run defensive portfolios – one is so bearish, he expects a re-rating to 10 times earnings – but have struggled to keep pace with a rally led by quality defensives.
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Interviews
Emerging markets, changing world
Julian Mayo, co-CIO at emerging markets specialist Charlemagne Capital, has a memory from the early 1990s that serves as a corrective to the idea of ‘de-coupling’.
