All articles by Martin Steward – Page 2
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NewsECB's larger-than-expected QE programme welcomed by markets
Asset manager to Europe’s largest pension fund says announcement meets expectations, will not impact asset allocation
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NewsECB quantitative easing: Question everything
IPE’s Martin Steward analyses today’s long-awaited European Central Bank announcement
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NewsAQR launches research institute with London Business School
US-based asset manager sees 10-year partnership as part of commitment to EMEA region
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Asset Class Reports
Investing In Small & Mid-Cap Equities: Focus from diversity
Rummaging through successful small-caps portfolios reveals a diversity of opportunity, finds Martin Steward. This diversity enables portfolio managers to express very well-defined styles in their portfolio risk
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Features
A divergent opinion
If there is one big idea running markets around the world at the moment, it’s the ‘great policy divergence’. I’ve articulated the idea more than once: just last month I suggested it would take a “brave, brave soul to bet against the dollar”.
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Special ReportSpecial Report, The M&A Cycle: Turning the ratchet
Convertible bonds are not only a good way for fixed-income investors to protect themselves against the ravages of M&A. Martin Steward and Anthony Harrington find that they are a great risk-managed way to exploit the cycle, too
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Special ReportSpecial Report, The M&A Cycle: When CEOs go shopping
The charts on this page, which you will find illustrating articles elsewhere in the January 2015 issue of IPE, tell of the M&A cycle that we explore in this month’s special report.
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InterviewsStrategically speaking: Aberdeen Asset Management
The timing of Aberdeen Asset Management’s £600m (€757m) acquisition of Scottish Widows Investment Partnership (SWIP) at the start of 2014 could not have been better.
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NewsPrivate equity to woo DC pension funds, says Coller Capital survey
Quarterly Barometer of institutional LPs also signals appetite for direct investing, buy-and-build and credit
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NewsBradesco AM offers Latin American smart beta, appoints new CEO [updated]
Brazilian giant works with FTSE to launch smart-beta index, SICAV as it begins search for Joaquim Levy replacement
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NewsRosy economic forecast has 'hidden sting in tail' for UK DB schemes
UK official forecasts point to £500bn linker shortfall
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Features
I need a dollar
Risk assets had a terrible time early in October. What was all the fuss about? Soft US retail sales data? Hardly. The geopolitical background? Unlikely. Weak numbers out of Germany and a lack of faith in the ECB? Jitteriness at the prospect of the Fed packing up QE? Quite possibly.
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FeaturesInterview, John Corrigan, CEO, NTMA: Europe’s comeback kid
John Corrigan must have known he was not taking on the world’s easiest job when he became CEO of Ireland’s National Treasury Management Agency (NTMA) in November 2009. The National Asset Management Agency (NAMA) ‘bad bank’ had been set up to recapitalise the country’s ruined financial institutions, and plans were afoot to carve out a chunk of the National Pension Reserve Fund (NPRF) for the same purpose.
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Interviews
Strategically speaking: Grandmaster Capital Management
“Under no circumstances should you play fast if you have a winning position,” advised Hungarian chess Grandmaster Pal Benko. “Use all your time and make good moves.”
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Interviews
Strategically speaking: Assicurazioni Generali
It has been just over two years since Generali CEO Mario Greco took the reins of a company whose governance was in disarray, and whose performance was reflected in a loss of almost 75% of its stock-market value. His appointment immediately stemmed those losses, and the market has since been proved right.
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Special Report
Special Report – Outlook 2015: Political & Geopolitical Risk
It’s 2014, and geopolitical risk is back. It’s not as if nothing happened since the Berlin Wall came down, but the sudden confluence of a US government shutdown, Russia’s annexation of Crimea, the march of Islamic State and the polling successes of anti-EU parties, not to mention the threatened break-up of the UK, has concentrated minds. Citigroup research confirms there have indeed been more frequent elections and public protests since 2011 than in the preceding decade.
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Asset Class Reports
Investing In Global Equities: Global rotation
Martin Steward finds pure value and pure growth strategies starting to take the lead as the quality theme begins to run out of steam
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Special Report
Special Report – Emerging markets: Buying opportunity, or structural setback?
Over the past six years, few investment themes have invited such gyrations in sentiment, or generated so much contention, as the emerging markets. After an initial sell-off during the worst of the 2007-08 financial crisis, they clearly outperformed through 2009-11.
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Interviews
Strategically speaking - Majedie Asset Management: Global, naturally
Before this year, Majedie Asset Management had rolled out just five products since it was established in 2002 – one of which was a concentrated version of another. By those standards, 2014 has seen riotous activity, with the summer launches of a US equities fund and two global funds adding to the existing line-up of UK equity and global long/short funds.
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Special Report
Active Management: Alpha? Bravo!
One of the interviewees who contributed to this month’s special report recalls meeting someone with an unusual business card. Instead of a run-of-the-mill job title – ‘Managing Director’, say – this person styled himself ‘Alpha Generator’.
