All articles by Martin Steward – Page 6
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Features
Greece will have to ‘win ugly’ again
With hindsight, it all peaked at 20.42pm, eight years ago on 4 July.
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Interviews
On avoiding hostages to fortune
There is no disputing Northern Trust’s powerhouse status in global custody and asset servicing in Europe. In the UK alone, a big custody contract was renewed by the London Borough of Hillingdon’s pension scheme in 2012, and, along with several similar renewals, it added €19.5bn in custody assets for 13 new clients during 2011, including major names such as the Lothian Pension Fund, the Lancashire County Council Pension Scheme and the Superannuation Arrangements of the University of London (SAUL). Transition management mandates were won from the likes of the Northumberland County Council and Royal Borough of Kensington and Chelsea pension funds. Losses – such as the East Riding Pension Fund custody mandate that went to State Street – were rare exceptions in the effort to remain a go-to service provider.
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Special ReportRisk Parity: The truly balanced portfolio
Martin Steward spoke with Ray Dalio of Bridgewater Associates, the pioneer of alpha/beta separation and risk parity, about strategic diversified beta portfolios
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NewsThe great Greek euro exit: Ready when you are
Europe's financial system may be as ready as it will ever be for an orderly Greek exit.
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NewsSolvency II 'designed for financial repression', says DWS
CIO at Deutsche Bank division cites negative yields on Finnish, German, UK and US bonds.
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NewsEuro will survive, but prepare for bumpy ride – Bini Smaghi
Former ECB board member laments authorities' 'inefficient' habit of reacting to market pressures.
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News
Call for fees re-think as hedge fund industry grows
Single-manager hedge funds growing while fund of funds numbers are in decline.
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Special ReportLiability-Driven Investing: Best foot forward
As short rates collapsed and curves steepened over the past three years, pension funds have become more attuned to forward rates when deciding to de-risk or to take active risk with their LDI portfolios. Martin Steward finds out why
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Asset Class Reports
Private Equity: ‘If you can’t meet demand, you’re finished’
Martin Steward meets Silk Invest, feeding Africa one investment at a time
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Features
QE – like pensions – isn’t just an over-60s issue
Here in the UK, the government’s Budget just changed personal tax allowances. Over-65s can earn about £2,500 (€3,055)more than under-65s before being taxed – but from April 2013 that allowance will be frozen until it comes into line with that for under-65s.
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Interviews
A new titan in Asian equities
The timing could have been better. Just days before the finalisation of the merger of the Sumitomo Trust & Banking Co and Chuo Mitsui Asset Trust & Banking Co, the latter was fined by Japan’s Securities and Exchange Surveillance Commission (SESC) for an insider trading breach that took place nearly two years ago.
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Asset Class Reports
Private Equity: Let’s work together
Private equity co-investment looks like a great deal for limited partners. But Martin Steward finds that it is demanding enough to require intermediation, even for large investors withestablished general partner networks
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Special Report
Liability-Driven Investing:Making the trend your friend
Do absolute- return bond strategies have a role to play in LDI? Martin Steward considers the possibilities
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NewsSSgA offers 'bespoke LDI' for smaller pension schemes with pooled funds
Asset manager to launch single-stock physical gilt funds and single-stock leveraged gilt funds.
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NewsMartin Steward: Is equity really a 'stranded asset'?
Why it is more important to diversify savers' time horizons than to lengthen them.
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NewsConsultant society warns of 'pullback' from pure DC
Growing elderly workforce unable to retire to exert financial cost on employers, SPC says.
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Special Report
Boutique Asset Managers: IMQubator: giving talent a push
Capitalised in January 2009 with €250m from the Netherlands’ APG following the recommendation of a working group from the Holland Financial Centre, IMQubator intermediates the allocation of seeding and operational capital from third-party institutional investors to early-stage boutiques. Martin Steward spoke to founder and CEO Jeroen Tielman about the business ...
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Features
Is capital undervalued and equity a ‘stranded asset’?
Adam Smith reckoned that division of labour in a pin factory boosted productivity 4,800-fold: in manufacturing, division of labour led to a collapse in the cost of labour. Similarly, diversity in the intermediation of capital in equity markets – between high and low-frequency traders and investors with various time horizons – should reduce the cost of capital.
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Special Report
Boutique Asset Managers: Boutique snapshots
From the expense of building vital infrastructure, through choosing the right institutional partners, to reconciling the freedom to run high-conviction strategies with the challenge of selling them to suitable investors. Martin Steward speaks to a range of European asset managers about the boutique experience
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Asset Class Reports
Credit: Balancing out the banks
Martin Steward finds corporate bond managers tip-toeing carefully around banks’ capital structures to limit their underweights – and ramping up other sources of risk to compensate
