All articles by Martin Steward – Page 6
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Special Report
Risk 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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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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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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News
The 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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News
Solvency 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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News
Euro 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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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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Special Report
Liability-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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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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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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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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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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News
SSgA 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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News
Martin 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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News
Consultant 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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Interviews
Surviving the seven years of famine
Rogge Global Partners operates out of one of London’s most spectacular offices, the neo-Gothic Sion Hall, its traders toiling beneath the gaze of stained-glass images of heroes of the English Reformation.
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Asset Class Reports
Credit: What’s in a name?
Confusing terminology aside, ‘short-duration high-yield’ looks like a compelling opportunity for low-volatility yield pick-up. Martin Steward assesses the risks, and underlines the importance of defining objectives
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Features
Low beta, high benefits
The significant outperformance of apparently ‘low-risk’ stocks over time is a well-known ‘anomaly’ in investment theory. Martin Steward asks, if it is an anomaly, won’t it eventually be corrected?