All IPE articles in November 2001 (Magazine) – Page 3
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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
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
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
Hunting for the bargains out there
Magnifying an existing trend appears to be the consensus view emerging among fixed income fund managers as to the main economic effects of the terrorist attacks and subsequent retaliations. For Matthieu Louanges and his colleagues at Allianz-PIMCO, the markets have moved rapidly – over the space of a few days ...
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Features
The attractions of real estate
UK and other European pension funds are going to have start taking property seriously again. It has taken some time but over the 10 years to 30 September 2001 property has at last overtaken the other main asset classes. With UK equities returning 10.1 % per annum, overseas equities ...
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Features
Tax breaks needed to get assets moving
A year ago Spanish companies were working against the clock to meet the government’s deadline for externalising their pension reserves through a pension fund or an insurance contract before the end of the year. The industry, which has been quite since the first pension funds were created at the beginning ...
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Features
An emerging asset class
It’s 20 years since the UK government started issuing index linked bonds, and unlike the fixed rate bond market, the sector has until recently been largely bereft of corporate issuance. That’s changing, as low yields and strong demand from key investors encourages mainstream UK companies to borrow money in index ...
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Features
Down to earth approach
The electricity sector in Spain is among the industries that historically have always provided a benefit to complement the social security pension system for their employees, and Unión Eléctrica Fenosa is no exception. Until 1993, the company itself was responsible for looking after this complementary benefit which was provided directly ...
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Features
Taking a 'pure' approach to long-short equity
CDC IXIS Asset Management has recently enlarged its investment capabilities through the creation of a ‘Long-Short’ Equity Fund. This hedge fund will, in turn, reinforce company expertise in alternative investment products, targeting an institutional clientele of qualified investors. The acquisition of the American holding company Nvest at the end of ...
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Features
An 'untraditional' multi-manager approach to alternatives
Transparency? Defined risk management? Short lock-up periods? Fee-sensitive? A fund that can handle critical mass? Do these sound impossible? Think again. These are hedge fund characteristics that investors have been seeking with little or no success in recent years – and with the new problems that lie ahead since the ...
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Features
Transparency/liquidity needs of alternative investment
In the past, alternative investment strategies (AIS), such as hedge funds and managed futures investing has been dominated by high net worth investors. They were willing to bear the disadvantages of the mostly illiquid and non-transparent but steadily returning investment strategies. Due to the attractive risk-reward characteristics of AIS as ...
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Features
No almighty black box
There are currently a number of high profile risk assessment services available to the investment management industry. Upon closer examination, few of these appear to be delivering the goods. The basic thrust of each of the services is that a statistical model of risk is calibrated by reference to historic ...
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Special Report
Added impetus for SRI?
The UK government has announced in its response to the consultation on principles of operation for UK pension schemes proposed by Paul Myners that it will legislate to incorporate the US ERISA principles on shareholder activism into UK law. This would make it a duty for fund managers and pension ...
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