All IPE articles in November 2001 (Magazine) – Page 2
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Features
Battling over the benchmark
One of the most significant and explosive cases of the year got underway at London’s High Court last month. Significant, because the ramifications for the pensions industry are enormous, and explosive because neither side can afford to blink first in a case that could run for up to eight weeks. ...
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Features
Benefits of passive TAA rebalancing
The long-term investor has to make many decisions in response to certain problems within the investment process. One of these pertains to the tactical asset allocation (TAA) decision, which is the portfolio’s current deviation from the strategic asset allocation (SAA). This article considers how decisions on deviations from SAA should ...
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Features
Hefty blow to fragile market
Hurtling towards its fourth recession in 10 years, the Japanese economy is once again in a vulnerable state. And the terrorist attacks on the US on 11 September have dealt the fragile Japanese equities markets a hefty blow, say equity strategists. Export levels have contracted, and this vital source of ...
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Features
What's needed for bond indexation
The reputation of full-blown active portfolio management waned during the 1970s: the reliance on the manager’s gut feeling proved too narrow and insecure a basis to build consistent performance on. Furthermore, the sponsors wanted to exert a stricter risk control on their fund managers. There are several reasons for considering ...
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Features
Cutting the cake
When considering how the assets of a pension fund should be split, remember that ancient proverb: “Have your cake and eat it too.” In my view, a pension fund should aim to maximise returns over the long term without taking egregious degrees of risk. If we look at the returns ...
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Features
Clamour for information
Over the past year hedge funds have boomed. An estimated $8.4bn (€ƒ9.2bn) flooded into the sector in the second quarter of this year, and new alternative investment firms seem to appear on a weekly basis. But as capital flows towards hedge funds, there is a growing demand for greater transparency ...
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Features
Climbing the wall of worry
There is far too much liquidity in the markets but at long last some positive signs beginning to seep into economic data. This is the view of John Dreyer, head of equities at Fortis Investment Management (FIM) in Paris. “We are very happy right now. Basically, the bullish stance that ...
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Features
Construction of a customised and diversified portfolio
Hedge funds still present a number of difficult analytical problems for those who wish to integrate them into a traditional approach. To achieve success, it is important to ensure that the objective of the hedge fund allocation is clearly defined at the outset and that expectations regarding return potential and ...
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Special Report
Exploiting the correlation
Compelling evidence is emerging that strong financial performance and sound financial management are increasingly linked. Much has been written over the past few years about the presence or absence of a relationship between the environmental and financial performance of companies. On balance, most evidence suggests that a positive relationship does ...
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Features
The hunt for 'decorrelation'
In a climate of low interest rates and low growth, pension funds are finding it increasingly difficult to earn a reasonable return without an unacceptable increase in risk. A bull market in equities is now a distant memory, and returns from equities and bonds continue to converge. This is creating ...
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Features
Tracking the differences
The main marketing problem faced by index-tracking investment managers is the difficulty of differentiating themselves from the competition. Understandably, index-tracking investment management is often regarded as a commodity product and, like most of these products, it is price that matters. For index-trackers, the price is specifically the ongoing management charge ...
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Features
Dipping a toe in the water
As hedge funds continue to win a measure of acceptance from pension funds and other institutional investors, they seem set to change the dynamics of the relationship between consultants and their pension fund clients. Across the board, consultants are finding that their larger, more active clients are expressing curiosity about ...
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